MGX Minerals Issues Clarification: Jared Lazerson Remains CEO

VANCOUVER, October 7, 2019 - MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG )(FKT:1MG )(OTCQB:MGXMF) issues a clarification regarding an unauthorized news release emailed to and published on the Stockwatch financial news website earlier today. At a meeting of the Directors held on October 7, 2019, two directors of MGX Minerals Inc., Lyndon Patrick and Michael Reimann attempted to move a resolution to remove Jared Lazerson as CEO. That motion was ruled out of order by the meeting chair due to procedural irregularities. In addition, the motion was defeated by a vote of 3-2 with Patrick and Reimann voting in favour of the resolution, and Lazerson and the fourth director, Andris Kikauka voting against the resolution. Pursuant to the company's Articles, Lazerson exercised the casting vote as the meeting chair.

The directors were advised during the meeting by the company's legal counsel that neither the company's Articles nor the British Columbia Business Corporations Act necessarily prohibited Lazerson from voting on the resolution to remove him as CEO.

Patrick and Reimann left the directors' meeting shortly after the motion to remove Lazerson was defeated, and prior to the business of the meeting being completed.

Patrick and Reimann were notified by the company following the meeting that they are not authorized to issue any press release on behalf of the company. The press release issued by Reimann earlier today was not authorized by the company and it is incorrect.

Lazerson continues to serve as CEO of the company. The company intends to call a shareholders meeting shortly.

About MGX Minerals Inc.

MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.

Contact Information

Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any 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 in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.

SOURCE: MGX Minerals Inc.