MGXMF - MGX Minerals Announces Review of Driftwood Creek Mg for use of Magnesium as a Solid Metal Fuel Propellant for Rocket Engines

(TheNewswire)

VANCOUVER – TheNewswire - October26, 2021 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) announces a review of the Driftwood Creekmagnesium project, including process and engine specifications, for use of magnesium as a propellant in Mg/CO2 type thrusters.  Theignition, combustion, and performance of magnesium carbon-dioxide typerocket engines has been experimentallystudied. The ignition temperature of magnesiumparticles of medium sizes in CO2 is about 960 K.  The calculatedspecific impulse of powder rocket engines is higher than that oftraditional propulsion systems.  Although broad applications mayexist for powder fuel rockets, Mg/CO2 engines have been primarilystudied for Mars exploration, ascent and return to Earth by NASA, due to the abundance of CO2 onMars.

Driftwood CreekMagnesium

MGX has completed a ResourceEstimate and Preliminary Economic Assessment at the Driftwood Creek magnesiumproject:

• - Measured 2.8 million tonnes grading 43.3%plusIndicated 5.2 million tonnes grading 43.3% (M+I) mineral resourcetotaling 8.028 million tonnes grading 43.3% magnesium oxide(MgO)

  - Inferred mineral resource totaling 846,000 tonnesgrading 43.20% MgO

  - Bulk of resource is located less than 100 meters fromsurface

Qualified Person

Andris Kikauka (P. Geo.), Chief Executive Officer ofMGX Minerals, has prepared, reviewed and approved the scientific andtechnical information in this press release. Mr. Kikauka is anon-independent Qualified Person within the meaning of NI43-101.

About MGX MineralsInc.

MGX Minerals is a diversified Canadian resource andtechnology company with interests in advanced metals, industrialminerals, and energy technologies.

ContactInformation:

Andris Kikuaka

Chief Executive Officer

andris@mgxminerals.com

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 thanstatements of historical 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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