Gold X Mining Corp. — Capital/Financing Update 2020

Sep 14, 2020

3123 - 595 Burrard Street Vancouver, BC V7X 1J1 CANADA NEWS RELEASE 20-14: SEPTEMBER 14, 2020

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GOLD X RECEIVES AN ADDITIONAL $2.5 MILLION FROM EXERCISE OF WARRANTS

September 14, 2020 – Vancouver, BC – Gold X Mining Corp. (TSX.V: GLDX, OTCQX: GLDXF) (“Gold X” or the “Company”) reports that, further to its Press Release of September 8, 2020, all of the remaining 710,832 warrants with an exercise price of $2.40 which expired September 11, 2020 and all of the remaining 639,473 warrants with an exercise price of $1.30 set to expire on September 24, 2020 have been exercised. Proceeds from both exercises were $2,537,312. The Company currently has 52,734,877 million common shares issued and outstanding and 77,053,153 on a fully diluted basis.

Following the exercise of these warrants, the Company has $13.2 million to fund its activities.

On behalf of the Board of Directors of Gold X Mining Corp.

“Paul Matysek”

Director and Chief Executive Officer

About Gold X Mining Corp.

Gold X Mining Corp. is a Canadian junior mining company developing the Toroparu Gold Project in Guyana, South America. Gold X has spent more than US$150 million on the Project to date to both classify 7.35 million ounces of Measured and Indicated and 3.15 M-oz of Inferred Gold Resources[1] , develop engineering studies for use in a feasibility study, and define a number of exploration targets around Toroparu on its 53,844 hectare (538 km[2] ) 100% owned Upper Puruni Concession. Gold X has 52.7 million issued and outstanding common shares with more than 40% of the shares closely held by Insiders and the Company’s executive management team.

A Preliminary Economic Assessment study (Preliminary Economic Assessment Report, Toroparu Gold Project, Upper Puruni River Area, Guyana, dated July 18, 2019 completed by SRK Consulting (U.S.), Inc.) (the “Technical Report”) defined a 5.02 M-oz Potentially Mineable Gold Resource producing 188 thousand ounces of gold per year over a 24-year mine-life. The Technical Report is available on SEDAR (www.sedar.com) and on the Company’s website (www.goldxmining.com).

Visit Gold X’s website at www.goldxmining.com.

Contact Gold X Mining Corp.

Telephone: +1 (604) 609-6132 Email: investors@goldxmining.com

1 Preliminary Economic Assessment Report of the Toroparu Gold Project, Upper Puruni River Area, Guyana, Effective Date: June 11,2019 (SRK Consulting (USA) Inc.) filed on www.sedar.com on July 18, 2019 and is available on SEDAR (www.sedar.com).

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