VANCOUVER – The press wire – December 29, 2021 – MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG) (CNSX: XMG.CN) (FKT: 1MG) (OTC: MGXMF) announces the following updates to the Management cessation order (“MCTO“) Issued by the British Columbia Securities Commission (“BCSC”) Within the framework of the Company filing of its annual audited financial statements and its management report for the year ended July December 31, 2021.

The Company appointed Mr. Mo Ahmad of Westmark Tax as a corporate accountant replacing Ms. Sandey Wang who stepped down as a corporate accountant (and CFO) due to previous appointments. Mr. Ahmad has over 17 years of experience as the founder of Westmark Tax. Prior to founding Westmark, Mr. Ahmad worked for over 12 years at Ernst & Young and other major accounting firms. Mr. Ahmad holds an undergraduate degree in management accounting from Wilfred Laurier University, an economics degree from the University of Western Ontario and a law degree from the University of Toronto. Mr. Ahmad is a member of the Law Society of Upper Canada.

A new CFO is expected to be appointed shortly.

The Company also advises that its auditor SHIM & Associates LLP (the “Listener“) remains the same.

In addition, the Society Remarks this:

  1. theSocietyhas beenobligatoryatto filehisJuly31,2021checkedannualfinancialstatements, management report and analysis andthe CEO concerned andCFO certifications inrespect for suchdeposits (collectively the AnnualDeposits”)all in accordance with IFRS by November 29, 2021 (the Deadline for submission“), likerequired under NI 51-102. The Company has not been able toCompletedits annualDepositstoor beforetheDepositDeadline.

  1. The Company, along with its new corporate accountant and auditor, are working diligently to prepare and file annual documents. Due to recent delays, staff changes and the Christmas vacation, the Company now plans to complete its annual filing no later than January 21, 2021 and has sufficient resources to do so.

  1. The Company confirms thatthisforatpublishstatusreporttobiweekly as long as there is no Deposit Deadline with regard to theAnnualDeposits.

  1. There is no other material information concerning the affairs of the Company which was not disclosed.

  1. The Company currently holds over $ 1,000,000 in cash, restricted and unrestricted securities; all restricted securities that become negotiable within six months or less.

The Company has imposed a blackout on insider trading pending the filing of the Annual Deposits, and will adhere to alternative disclosure guidelines outlined in National Politics 12-203 Termination of management To exchange Orders during Phone period.

About MGX Minerals

MGX Minerals is a diversified Canadian resource and technology company with interests in advanced and precious metals.

Contact details:

Andris kikauka

Chief executive officer

[email protected]

604 373 8565

Forward-looking statements

This press release contains forward-looking information or forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, included in this document areinformation search. Forward-looking information contained in this press release includes, without limitation, statements regarding the holding of the postponed meeting and the filing of an amended notice of meeting and a record date for the postponed meeting. Forward-looking information is usually, but not always, identified by the words “expects”, “anticipates”, “foresees”, “in the event”, “if”, “believes”, “affirms”, “position”. “,” Intends “,” considers “,” assumes “,” recommends “,” estimates “,” approximate “,” projects “,” potential “,” indicates “and similar expressions, or that events or “shall”, “would”, “may”, “could” or “should” conditions occur.

The Company’s forward-looking information is based on the assumptions and applicable factors that the Company considers reasonable as of the date hereof, based on information available to the Company at that time, including, without limitation, the ability to to host the postponed meeting to a later date and the ability to find a suitable location that can host a meeting of shareholders in person. The Company cautions investors that forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those of forward-looking information due to various risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic and general economic or financial market conditions. The reader is referred to the Company’s public documents for a more complete discussion of these risk factors and their potential effects, which can be viewed through the Company’s profile on SEDAR at www.sedar.com. Unless required by securities law, the Company does not intend and assumes no obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

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