Ms. Nicole Blanchard reports

ABDERRAOUF GHALI ACQUIRES SHARES AND WARRANTS OF ARGEX TITANIUM

On Sept. 16, 2016, and Sept. 21, 2016, Abderraouf Ghali acquired, directly or indirectly, 1,120,609 common shares of Argex Titanium Inc. at a deemed price of 7.89 cents per share, for an amount of $88,416.09, and five million common share purchase warrants of Argex at a deemed price of three cents per warrant, for an amount of $150,000. The shares and warrants were issued in a prospectus-exempt transaction for the settlement of debt owing to 7932375 Canada Inc., a company controlled by Mr. Ghali, by Argex in the amounts of $88,416.09 and $150,000, respectively. The transaction was approved by Argex's shareholders at an annual and special meeting held on Sept. 15, 2016, and is described in Argex's management information circular dated Aug. 17, 2016, a copy of which is available on SEDAR under Argex's profile.

Each warrant entitles the holder thereof to acquire one common share of the corporation at a price of eight cents per share until Sept. 16, 2021.

Immediately prior to the closing of the transaction, Mr. Ghali held, directly or indirectly, 163.083 secured convertible notes of the corporation in an amount of $163,083, convertible into a total of 5,436,045 shares and 4,620,630 warrants, as well as 7,456,667 additional warrants. Each of the warrants entitles the holder to acquire one additional share. Assuming the conversion and exercise of all notes and warrants held by Mr. Ghali prior to the closing of the transaction, he would have owned 17,513,342 common shares, representing 9.32 per cent of the corporation's shares that would then be issued and outstanding.

Immediately following the closing of the transaction, Mr. Ghali holds, directly or indirectly, 1,120,609 shares, representing 0.65 per cent of the issued and outstanding common shares of the corporation on Sept. 21, 2016, 163.083 notes in an amount of $163,083, convertible into a total of 5,436,045 shares and 4,620,630 warrants, as well as 12,456,667 warrants. Each of the warrants entitles the holder to acquire one additional share. Assuming the conversion and exercise of all notes and warrants held by Mr. Ghali, he would own 23,633,951 common shares, representing 12.09 per cent of the corporation's shares that would then be issued and outstanding.

Mr. Ghali acquired ownership of the shares and warrants in connection with the settlement of debt owing to 7932375 by Argex in the amounts of $88,416.09 and $150,000, respectively.

In accordance with applicable securities laws, Mr. Ghali may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments of the corporation in the open market or otherwise, and he reserves the right to dispose of any or all of his securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of the corporation and other relevant factors.

A copy of an early warning report filed by Mr. Ghali in connection with the transaction is available on SEDAR under the corporation's profile. This news release is issued under the early warning provisions of Canadian securities legislation.

To obtain a copy of the early warning report filed by Mr. Ghali, please contact Nicole Blanchard, corporate communications and investor relations, Argex Titanium, at 514-843-5959 or by e-mail at nblanchard@argex.ca.