MX Gold Corp. — Capital/Financing Update 2022

Sep 22, 2022

AMX

GOLD CORP.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

1300 Redonda Street Winnipeg, MB R2C 3T7

FOR IMMEDIATE RELEASE

September 21, 2022

MX Gold Announces Private Placement

Vancouver, B.C. – MX Gold Corp. (NEX: MXL.H) (FSE: ODV) (OTCQX: MXLGF) (the “Company” or “MX Gold”) announces a private placement financing of up to 10,000,000 units (each a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one common share and one share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional common share at a price of $0.10 per share for a period of two years from closing of the financing.

All securities issued in the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the NEX Exchange.

Proceeds of the financing are anticipated to be used as follows: 20% to general working capital and 80% to payment of certain debts and liabilities.

A portion or all of the financing may be completed pursuant to BC Instrument 45-534 – Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders (the “Existing Security Holder Exemption”). Under this exemption, existing shareholders resident in BC may purchase up to $15,000 in securities from the Company without qualifying as an accredited investor or an unlimited amount if the shareholder has obtained advice regarding the suitability of the investment from a person that is registered as an investment dealer. Similar exemptions exist in certain other jurisdictions. The Company has set September 21, 2022 as the record date for the purpose of determining shareholders entitled to participate in the financing in reliance on the Existing Shareholder Exemption and those interested in shareholders should contact the Company before September 22, 2022. Existing shareholders who wish to participate in the financing should contact the Company at the contact information set forth herein. In the event that aggregate subscriptions for Units under the financing exceed the maximum number of securities to be distributed, then Units will be sold to qualifying subscribers on a pro rata basis based on the number of Units subscribed for.

---

• 2 -

None of the securities issued in the financing will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

On behalf of the Board of Directors,

"Dan Omeniuk"

For further information, please contact

Dan Omeniuk, CEO

Email: dano@mxgoldcorp.com

Phone: 204-697-7640

Or at: info@mxgoldcorp.com

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are projections and are subject to various risks and uncertainties. Forward-looking statements in this press release include those concerning MX Gold Corp.'s intent to undertake a private placement financing, the amount and timing of that financing and the approval of that financing by the regulatory authorities (including the NEX), and the anticipated use of the proceeds of the financing. There are numerous risks and uncertainties that could cause actual results and MX Gold Corp.'s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the mineral exploration industry in general or otherwise disclosed in MX Gold Corp.'s periodic disclosure documents filed on SEDAR; and (iii) the possibility that the NEX or other regulator withholds approval of the private placement. Actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are based on estimates and opinions of management which management believes were reasonable on the dates made and are expressly qualified in their entirety by this notice. Except as required by law, MX Gold Corp. does not intend to update these forward-looking statements.

Neither the NEX nor its Regulation Services Provider (as that term is defined in policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.