MGX Minerals Provides Update on Shareholders’ Meetings and Petitions Court for Extension of Statutory Deadline to Hold Meetings

VANCOUVER, June 1, 2020 - MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTC PINK:MGXMF) announces that it has been forced to postpone its annual general meeting and requisitioned meeting of shareholders (together, the "Meeting"), originally scheduled for June 30, 2020.

The postponement of the Meeting is necessary due to public health measures currently in place with regard to the COVID-19 pandemic. The Company has been advised that it is not possible to hold a contested virtual-only meeting in Canada and a suitable location which can accommodate an in-person meeting is not available at this time, given the restrictions on public gatherings and in the best interest of the health and safety of our employees, shareholders, and directors.

The Company has therefore filed a petition with the British Columbia Supreme Court (the "Court") seeking relief from statutory meeting deadline requirements and asking the Court to grant the Company the ability to hold the Meeting at any time prior to the end of the year. The Court has ordered that any interested party may provide response materials to the Company's petition by providing copies of those response materials to the Company's legal counsel by June 8, 2020. Any interested party who would like to obtain a copy of the Company's petition materials can do so by emailing the Company's legal counsel at: nathan.lapper@nortonrosefulbright.com.

Once a new Meeting date is determined, the Company will file an amended notice of meeting and record date on its SEDAR profile. Shareholders are not required to take any action at this time. Shareholders will receive detailed information about how to vote and the matters presented at the Meeting in a management information circular to be sent to shareholders in advance of the Meeting.

Advisors

Kingsdale Advisors is acting as strategic shareholder and communications advisor and Norton Rose Fulbright Canada LLP is acting as legal advisor to MGX Minerals Inc.

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:

Patrick Power
Chief Executive Officer
ppower@mgxminerals.com
Web: www.mgxminerals.com

Media:

Andy Radia
Director, Communications and Marketing
Kingsdale Advisors
Ph: 416-867-2357
aradia@kingsdaleadvisors.com

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 herein are forward?looking information. Forward-looking information in this press release include, but are not limited to, statements with respect to holding the postponed Meeting, and the filing of an amended notice of meeting and record date for the postponed Meeting. Forward-looking information is generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "asserts", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.

The Company's forward-looking information are based on the applicable assumptions and factors the Company considers reasonable as of the date hereof, based on the information available to the Company at such time, including without limitation, the ability to host the postponed Meeting at a later date, and the ability to find a suitable location which can accommodate an in-person shareholders' meeting. 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 risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic, and general economic conditions or conditions in the financial markets. 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. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

SOURCE: MGX Minerals Inc.