Mr. Andris Kikauka reports

MGX MINERALS ANNOUNCES EXPLORATION AT GC LITHIUM (LCT) PROJECT, BRITISH COLUMBIA

Exploration has been completed at MGX Minerals Inc.'s wholly owned GC lithium project. Exploration, led by MGX CEO, Andris Kikauka (PGeo), including geochemical sampling and geological mapping in support of future diamond drilling. Fourteen rock chip samples were taken from three pegmatite showings in the main zone. The total strike length is 2,400 metres with multiple lithium-bearing pegmatite zones. As previously announced (see press release dated May 9, 2023) a notice of work for drilling has been filed with the British Columbia Ministry of Energy, Mines and Low Carbon Innovation. Drilling will be targeted to detect depth extension of surface mineralization and detail zonation of various rare-metal-bearing minerals. Pegmatites in the Boulder Mountain and Turbo Ridge area contain variable lepidolite and pink (or green) tourmaline mineralization. Granitic pegmatite bodies of rare metal LCT (lithium-cesium-tantalum) variety occur on the GC mineral claims.

The company has proposed an initial diamond drill (DDH) program of five holes from four drill pads, utilizing NQ size core, in close proximity to GC and Grail pegmatite occurrences where surface sampling in 2022 returned assay values up to 1.04 per cent lithium, 0.1 per cent cesium and 0.35 per cent rubidium. The pegmatites generally range one to eight metres width, 40- to 200-metre strike length, and exhibit tabular and dike or sill-like form. The width and coarse crystalline texture of the pegmatites increase where they intersect cross structures and other pegmatites. Lithium-bearing lepidolite and other rare metal (Cs, Rb, Be, Ta, REE) bearing minerals. Geology of the GC occurrence compares favourably with the Tanco mine at Bernic Lake, Man., which features extensive cesium-bearing pollucite mineralization in a highly fractionated sill that is not exposed on surface.

Geology

The GC occurrence (082LNE024 MINFILE), is characterized by subvertical pegmatite dikes three to seven metres in width that follows a trend of 062 degrees cutting the well-developed fabric of the host biotite gneiss. It is exposed discontinuously for at least 65 m along strike. The GC pegmatite dyke is approximately three- to seven-metre width over 60-metre strike length trending ENE, dip 80 NNW (north-northwest)). The pyrrhotite and magnetite zones may have potential for rare-earth-element-bearing minerals related to nepheline syenite (the Mount Copeland area is known to contain rare earth elements associated with magnetite, limonite and pyrrhotite).

Previous exploration

Mineralized pegmatite was mapped and five rock chip samples were analyzed in 2022, and two grab samples analyzed in 2023. Five chip samples were shipped to ALS North Vancouver for aqua regia method (ME-MS41). Two hand specimens (grab samples) from the first two rock chip samples were analyzed in 2023 using method ME-MS89L (super trace DL Na2O2 by ICP-MS). Five chip samples were shipped to ALS North Vancouver for aqua regia method (ME-MS41). Analysis results from four samples taken from the GC pegmatite (22GC 1-4), and one country rock sample (22GC5) located 30 metres distance from the pegmatite are listed (ALS certificate VA22228222) in the attached table.

The geochemical analysis results of the GC pegmatite (high in lithium and cesium), suggests it is an LCT type of pegmatite. Also, there are phosphate minerals (for example, apatite) and phosphorous-bearing rose quartz present in the GC pegmatite (rock samples 22GC1-4). The feldspar-quartz-biotite gneiss country rock (rock sample 22GC5) with minor pyrrhotite and magnetite, contains high phosphorous and higher Ce values in comparison to the pegmatite (rock samples 22GC1-4). Relatively high boron values are noted in the pegmatite and correlates with increased tourmaline.

Corporate update

The company continues to await final comments on its fiscal year 2021 audit from its auditor. Due to the length of time for audit completion, management, in conjunction with its securities counsel and accountant, has begun to pursue an alternative strategy to return the company to trade and allow the company access to equity financing through any and all means including merger, acquisition, joint venture or otherwise. The company retains significant assets including the above mentioned GC lithium project, and the advanced phase Fran gold and Driftwood Creek magnesium projects.

Qualified person

Andris Kikauka (PGeo), chief executive officer of MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent qualified person within the meaning of National Instrument 43-101.

About MGX Minerals Inc.

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

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