XMG:CC - MGX Minerals Announces Lithium Discovery in British Columbia; Infrastructure Plans for Gibraltar Solar Silicon and Driftwood Magnesium and Supreme Court of Canada Action Against the Province of BC and Names David Ebby for Failure to Repsond

(TheNewswire)

VANCOUVER – TheNewswire - October11, 2022 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (FKT:1MG) (OTC:MGXMF) announces assays are imminent at itswholly owned GC Lithium Pegmatite Claims in British Columbia. Visual 1 dentification of pegmatite has indicated a reasonablelikelihood of a hardrock lithium deposit. MGX Minerals has carried out geological mapping andgeochemical sampling of the GC and Grail) pegmatite.  A total of 7rock chip samples of mineralized pegmatite have been sent to ALSGlobal for ME-MS89L for sodium peroxide fusion geochemical analysisincluding Li-Cs-Rb-Ta-Be-Y and rare earth elements.

The GC claims are on the south flank of theFrenchman's Cap gneiss dome in the Shuswap Metamorphic Complex.Gneiss, quartzite, schist, calc-silicate rocks, minor marble andargillite are isoclinally folded with easterly trending structures.Folding and jointing are common with planes intruded by swarms ofpegmatite and lamprophyre dikes. Locally, the area is underlain bycalc-silicate metamorphic and paragneiss units of the Proterozoic toLower Paleozoic Monashee complex. Granitic pegmatite bodies of therare metal LCT (lithium-cesium-tantalum) variety occur onthe GC Property.  LCT pegmatites are known to contain anomalouslevels of beryllium, niobium and tantalum. A 3 to 6- metre widepegmatite dike of coarse-grained quartz, feldspar with black and pinktourmaline is hosted by a biotite (lepidolite) schist. Minor amountsof beryl and rose quartz are also reported. The pegmatite trends 062degrees and has been followed for 65 metres.  In 1968, the area wasprospected, silt sampled and mapped by Stampede Oils asthe GC claim.  In 2013, two rock samples (48193 and 48194) of thepegmatite dike assayed up to 0.111 per cent caesium and greater than0.2 per cent lithium and rubidium, respectively (Assessment Report34293). In 2015, rock sampling yielded values up to 1.72 per centlithium, 0.124 per cent caesium and greater than 0.2 per cent rubidium(Assessment Report 36579).

LCT pegmatites are a petrogenetically defined subset ofgranitic pegmatites that are associated with certain granites. Theyconsist mostly of quartz, potassium feldspar, albite, and muscovite.Common accessory minerals include garnet, tourmaline, and apatite. LCTpegmatite deposits can contain extractable amounts of a number ofelements, including lithium, cesium, tantalum and niobium.  The mostwell-known granitic LCT pegmatite in Canada is the highly fractionatedTanco Pegmatite, located 180 km northeast of Winnipeg, Manitoba thatconsists of a subhorizontal saddle-shaped body measuring 1,500 m longby 1,000 m wide by up to 100 m thick that does not outcrop. Highlyfractionated pegmatite fields in northwestern Canada, including LittleNahanni Pegmatite Group and O’Grady batholith in the NorthwestTerritories, have only recently been discovered.

Silicon

The Company announces advancement of its solar silicon feedstockproject in the area of Canal Flats, British Columbia.  Its initialproposal to the Federal Government has received no response from the Natural ResourceCanada - Zero Emission Vehicle InfrastructureProgram .  Therefore, the Company is nowfocussed on Provincial and Indigenous support for itssilicon mining operations.  The mine to market strategy(“ M2M ”) is to initially supply feedstock andto replace Chinese imports with high availability of metallurgicalgrade silicon feedstock (3303# grade), for upgrading, and component insolar panels, silicon carbide steel for automotive use, and otherindustrial applications.

Metallurgical testing on an one ton sample from theCompany’s Gibraltar Silica deposit, located 95 kilometers north-eastof Cranbrook, British Columbia, has indicated that the material ischemically suitable, as medium quality feedstock, formetallurgical-grade silicon.  The one ton sample of quartzite fromGibraltar was shipped to an independent lab, Dorfner Anzaplan, formineralogical analyses through X-ray diffraction analysis, chemicalanalyses through X-ray fluorescence spectroscopy, grain sizedistribution, mineral processing analysis, automated optical sorting,and thermal stability testing. The sample was crushed and screenedinto fractions between 20–120 mm for evaluation of applicability ofthese fractions as feedstock for metallurgical-grade siliconproduction.  Results indicate that the material, after comminutionand classification fraction, is of high initial purity (99.5 wt.-%),making the fraction chemically suitable as medium quality feedstockmaterial for metallurgical-grade silicon metal production.

Gibraltar Silica

The Gibraltar Silica Property islocated approximately 95 kilometres northeast of Cranbrook, BC. It covers a sedimentary clastic-carbonate rock packagelocated near the confluence of Kootenay and White River. Sedimentaryrocks generally have a north-northwest strike, but locally anorth-northeast strike is prominent. Minor folding was noted in thecarbonate sequence immediately adjacent to quartzite unit. Twowesterly dipping thrust faults (Hay, Carter, 1988) are believed to runnorth-south close to the eastern edge of the Gibraltarproperty.

The Company has completed 5 drill holes at Gibraltar.The holes were located at the Red Cloud (Gibraltar) quarry that wasoperated on a small scale in 1967. The objective of the drill programwas to test subsurface dimensions of high purityquartzite. The Gibraltar North Zone has beensampled, mapped and the area located about 400 meters north of thesouth zone, represents the continuation of the Mount Wilson Formationquartzite.

Table 1. Gibraltar DrillResults

( BritishColumbia Assessment Report38566)

Koot Silica

The Koot Silica project is located proximate (5kilometres) to Gibraltar. T he 2018 core drillingand geochemical sampling was carried out to evaluate mineral potentialin a 180 meter X 600 meter area (elongated northwest), located in theeast portion of the Koot Silica property in the area where quartziteis well exposed on a low relief ridge. This coincides with the generalarea where Cominco Ltd Drilled 8 holes in 1981. Exploration drill results from 2018 are as follows:

Table 2. Koot Drill Results

( BritishColumbia Assessment Report37630)

Processing

The processing of silica to silicon requiressignificant power, the Company continues to work with the ProvincialPower Monopoly BC Hydro in this regard.  BC Hydro has advised MGXthat while major transmission lines flow through the area, these areprimarily for export to the United States and there is little to nopower available north of Kimberly, BC.  MGX has contacted Teck andthe regional authorities for advise on available land and finds itregrettable that MGX cannot acquire low cost hydro electricity due tothe the focus of BC Hydro export focus,   MGX is asking the Provinceand other parties to reconsider their provincial power strategy infavor of First Nation and the best interest of the jobs creation ofthe Kootenay region and that the Province and BC Hydro  correct theirways, depriving the people of BC of jobs over profits.

Notice of Gold Commissioner

MGX advises shareholders that the Gold Commissioner ofBritish Columbia (“GC”) has advised MGX that he intends to revokethe FMC license of MGX for failure to remediate open portals at HeinoGold,  These portals have been open for some 30 years and beenignored. Nevertheless it has come to MGX and after repeated requeststo the GC he has refused to advise David Ebby Premier of the Provincein grave disregard for the interest of the citizen.  Never the lessMGX is prepared to litigate for the loss of its FMC and controls $10B in situ assets in BC.  The GC has refused to advise thePremier of a potential $10B impending litigation. Therefore MGX hasretained counsel consulted with the opposition party and will protectshareholder rights. The Company had requested a half dozen conformityholes for the purpose of sale and offtake to Kinross Buckhorn Milll.Although 400 previous holes had been drilled and some 7000 tonnes bulksample at over 0.5 oz per tonne Gold had been achieved MGX was deniedbasic drill permits and as above.  It is accepted this will go toSupreme Court of Canada.

Corporate Update

The Company announces that it has returned itsaccounting to Malaspina Consultants (“ Malaspina ”).  Itsauditor Dong and Associates remains the same.  Malaspina is workingclosely with the auditor to complete outstanding filings, with thingsproceeding expeditiously.

Advisement to Shareholders

Qualified Person

Andris Kikauka (P. Geo.), CEO of MGX Minerals, hasprepared, reviewed and approved the scientific and technicalinformation in this press release. Mr. Kikauka is a non-independentQualified Person within the meaning of NI 43-101.

About MGX Minerals

MGX Minerals is a diversified Canadian resource andtechnology company with interests in advanced materials, metals andenergy technologies.

ContactInformation:

mgxminerals.com

Andris Kikauka

Chief Executive Officer

andris@mgxminerals.com

604 373 8565

Forward-LookingStatements

This press release containsforward-looking information or forward-looking statements(collectively, "forward-looking information") within themeaning of applicable securities laws. All statements, other than statements ofhistorical fact, included herein are forward ? looking information. Forward-looking information in this pressrelease include, but are not limited to, statements with respect toholding the postponed Meeting, and the filing of an amended notice ofmeeting and record date for the postponed Meeting. Forward-lookinginformation 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-lookinginformation are based on the applicable assumptions and factors theCompany considers reasonable as of the date hereof, based on theinformation available to the Company at such time, including withoutlimitation, the ability to host the postponed Meeting at a later date,and the ability to find a suitable location which can accommodate anin-person shareholders’ meeting. The Company cautions investors thatany forward-looking information provided by the Company is not aguarantee of future results or performance, and that actual resultsmay differ materially from those in forward-looking information as aresult of various risk factors. These factors include, among others,uncertainties arising from the COVID-19 pandemic, and general economicconditions or conditions in the financial markets. The reader isreferred to the Company's public filings for a more completediscussion of such risk factors, and their potential effects, whichmay 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, toupdate or revise any forward-looking information, whether as a resultof new information, events or otherwise.

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