MX Gold Corp. — Capital/Financing Update 2022

Oct 14, 2022

FORM 51-102F3 Material Change Report

1. Name and Address of Company

MX Gold Corp. (the “ Company ”) 1300 Redonda Street Winnipeg, MB R2C 3T7

2. Date of Material Change

October 7, 2022

3. News Release

The news release was issued on October 7, 2022 through BayStreet and Stockwatch and filed on SEDAR on October 7, 2022.

4. Summary of Material Change

The Company closed its non-brokered private placement offering (the “Offering” ). 10,000,000 units (each a “Unit” ) of the Company were issued at a price of $0.05 per Unit (the “Offering Price”) for gross proceeds of $500,000.

5. Full Description of Material Change

• 5.1 Full Description of Material Change

The Company closed the Offering of 10,000,000 Units of the Company at a price of $0.05 per Unit for gross proceeds of $500,000.

About the Offering

Each Unit is comprised of one common share in the capital of the Company (each, a “ Share ”) and one non-transferable share purchase warrant (each, a “ Warrant ”). Each Warrant will entitle the holder to purchase one additional Share in the capital of the Company (each, a “ Warrant Share ”) for a period of 12 months from the closing date at an exercise price of $0.10, subject to the Acceleration Provision (as defined below). If the volume weighted average trading price of the Shares equals or exceeds $0.25 for 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice via news release to the holders thereof and, in such case, the Warrants will expire on the 31st day after the date on which the news release is disseminated by the Company (the “ Acceleration Provision ”).

The Shares, the Warrants, and any Warrant Shares issuable upon exercise of any of the Warrants are subject to a four month and one-day restricted resale period expiring on February 8, 2023.

The Company intends to use the net proceeds from the Offering for working capital and payment of certain debts and liabilities.

3D Investments Ltd., a company wholly owned and controlled by Dan Omeniuk, the Chief Executive Officer and a director, purchased 1,500,000 Units in the Offering, and a portion of the Offering is therefore considered to be a “related party transaction”, as defined in Multilateral Instrument 61-

2

101, Protection of Minority Security Holders in Special Transactions ( “MI 61-101” ) and Policy 5.9 of the TSX Venture Exchange, which require that the Company, in the absence of exemptions, obtain a formal valuation for, and minority shareholder approval of, the related party transaction. However, the Offering is exempt: (i) from the formal valuation requirement of MI 61-101 (and Policy 5.9) pursuant to the exemption contained in section 5.5(b) of MI 61-101 as none of the Company’s securities are listed on any of the markets specified in section 5.5(b) of MI 61-101, and (ii) from the shareholder approval requirement of MI 61-101 (and Policy 5.9) pursuant to the exemption contained in section 5.7(1)(a) of MI 61-101 because the fair market value of the securities sold to related parties in the Offering did not exceed 25% of the Company’s market capitalization.

See Item 4 above and the attached news release for a additional details of the material change.

MI 61-101 Requirements

3D Investments Ltd. (“ 3D ”), a company controlled by Dan Omeniuk, the Chief Executive Officer and a director of the Company, entered into a subscription agreement with the Company, whereby 3D acquired 1,500,000 Units at a price of $0.05 per Unit for proceeds of $75,000. As such, a portion of the Offering was a “related-party transaction” as such term is defined in MI 61-101.

MI 61-101 requires that issuers obtain a formal valuation and minority shareholder approval of related party transactions unless an applicable exemption is available. The Company has determined that exemptions from both such requirements were available, given that the aggregate amount of proceeds derived from 3D did not exceed 25% of the Company’s market capitalization and the Company is not listed on a specified market as set out in MI 61-101.

The following table sets out the effect of the Offering on the percentage of securities of the Company beneficially owned or controlled by Mr. Omeniuk:

				Percentage of		Percentage of
				Issued and		Issued and
	Dollar		No. of Shares	Outstanding	No. of Shares	Outstanding
	Amount of	Number of	Held prior to	Shares prior to	Held After	Shares After
Name and	Units	Securities	Closing of the	Closing of the	Closing of the	Closing of the
Position	Purchased	Purchased	Offering	Offering	Offering	Offering
		1,500,000	Undiluted:	Undiluted:	Undiluted:	Undiluted:
Dan Omeniuk,		common	936,9411)	6.56%(3)	2,436,941(5)	10.03%(7)
CEO and	$75,000	shares and
Director		1,500,000	Diluted:	Diluted:	Diluted:	Diluted:
		warrants	1,270,274(2)	8.69%(4)	4,270,2746)	16.35%(8)

• (1) Comprised of: (i) 346,483 Shares held directly, (ii) 402,300 Shares held indirectly by 3D Investments Ltd. (“ 3D ”), a company wholly owned and controlled by Dan Omeniuk, and (iii) 188,158 Shares held indirectly by Trappers Transport Ltd. (“ Trappers ”), a company wholly owned and controlled by Dan Omeniuk.

• (2) Comprised of: (i) 346,483 Shares held directly, (ii) 402,300 Shares held indirectly by 3D, (iii) 188,158 Shares held indirectly by Trappers, (iv) 200,000 share purchase warrants (each, a “ Warrant ”) held indirectly by 3D, each of which is exercisable into one Share at an exercise price of $3.00 per Share until January 3, 2023, and (v) 133,333 Warrants held indirectly by Trappers, each of which is exercisable into on Share at an exercise price of $3.00 per Share until January 3, 2023.

• (3) Based on 14,272,362 Shares outstanding prior to the completion of the Offering on October 7, 2022.

• (4) Based on 14,605,695 Shares comprised of: (i) 14,272,362 Shares outstanding prior to completion of the Offering on October 7, 2022, and (ii) 333,333 Shares that may be issuable upon exercise of warrants of the Company held indirectly by Mr. Omeniuk.

• (5) Comprised of: (i) 346,483 Shares held directly, (ii) 1,902,300 Shares held indirectly by 3D, (iii) 188,158 Shares held indirectly by Trappers.

• (6) Comprised of: (i) 346,483 Shares held directly, (ii) 402,300 Shares held indirectly by 3D, (iii) 188,158 Shares held indirectly by Trappers, (iv) 200,000 Warrants held indirectly by 3D, each of which is exercisable into one Share at an

3

exercise price of $3.00 per Share until January 3, 2023, (v) 133,333 Warrants held indirectly by Trappers, each of which is exercisable into one Share at an exercise price of $3.00 per Share until January 3, 2023, and (vi) 1,500,000 Warrants held indirectly by 3D, each of which is exercisable into one Share at an exercise price of $0.10 per Share until October 7, 2024.

• (7) Based on 24,272,362 Shares outstanding following the completion of the private placement of Units on October 7, 2022.

• (8) Based on 26,105,695 Shares comprised of: (i) 24,272,362 Shares outstanding prior to completion of the private placement of Units on October 7, 2022, and (ii) 1,833,333 Shares that may be issuable upon exercise of warrants of the Company held indirectly by Mr. Omeniuk.

The Company did not file a material change report 21 days prior to closing of the Offering as the Company was not aware of all details of the insider participation in the Offering until just before closing.

5.2 Disclosure for Restructuring Transactions

Not applicable.

6. Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

7. Omitted Information

None.

8. Executive Officer

Dan Omeniuk, CEO and Director, (204) 697-7640

9. Date of Report

October 14, 2022

• ?? !?"#$%?&'?()

• ??* ?+,-./012 �

• ?56-78?7-9/9:0;<=,/:7=+/>/?,

• � � � � � � � �

• ?=?+-@</02 A?AB?56-78?-0CA� DEFGH� $GIJKLDM?FH�NOPL� �DN('QGH�$GIRML� D?S?T?->C=?UV 6-78VL????W?X?Y?S? S?YX?Z![???? ?Y!??\ ?WY[]????W?X?????^_??`????!? \??? � � �

• D?S?T:0;<=,/:7=+/>/?,VL#?Y??YX? _?? Y!??YY??[??Y?Y?a??!??Z_??&?#&b &c#&?&&# � �� � �

• dS XS S?Y YYW?? ?""??"????a??#???#???W? ?YD??XS# T??;,VL !? X??ae?J?f!??g? ?#

• "??YY!??X???Y?aef??#???J � � � � � � � � � ������������� ��3433� � � � � �

• � �� � � � � � � � � � � � �T?5�

• � � �� � � � � � � �![?X?Z???�

• � � � � �� � � �� � � � � � �!W?YW???�

• � �� � � � � � � � �� ��� � � � � �a??� � �� �

• F?XS�g? ?� Y�X?Z!? Y??�?a�???�X?ZZ??�YS???� ?�?S?�X?! ??[�?a�?S?�'?Z!??]�D??XS#�?�T h=0/VL�???�???� ???^????Ya???_[?�YS???�!W?XS?Y?�d??????�D??XS#�?�T?=00=?,VLJ�F?XS�???????�d [[�??? ?[?�?S?�S?[???�??� !W?XS?Y?�???�??? ? ???[�?S???� ?�?S?�X?! ??[�?a�?S?�'?Z!??]�D??XS#�?�T?=00=?,� h=0/VL�a??�?�!?? ??�?a� ?&�Z???SY�a??Z�?S?�X[?Y ?"�????�??�??�?i??X Y?�!? X?�?a�e?J??#�YW_j?X?�??�?S?�kXX?[???? ??�l??\ Y ??�D?Y� ??a ???�_?[?dLJ�ma�?S?�\?[WZ?�d? "S???�?\???"?�???? ?"�!? X?�?a�?S?�?S???Y�?nW?[Y�??�?iX???Y�e?J&f�a??� &?�X??Y?XW? \?�???? ?"�??]Y#�?S?�'?Z!??]�Z?]�?XX?[?????�?S?�?i! ?]�????�?a�?S?�???????Y�_]�" \ ?"� ??? X?�\ ?�??dY�??[??Y?�??�?S?�S?[???Y�?S????a�???#� ?�YWXS�X?Y?#�?S?�???????Y�d [[�?i! ??�??�?S?�??Y?�??]� ?a???�?S?�????�??�dS XS�?S?�??dY�??[??Y?� Y�? YY?Z ?????�_]�$G�R?[?�D?S?�T ++/7/0=,;-?�:0-<;9;-?VLJ� (S?�'?Z!??]� ?????Y�??�WY?�?S?�!??X???Y�a??Z�?S?�l? \???�l[?X?Z???�a??�"?????[�d?? ?"�X?! ??[�???� !?]Z???�?a�X???? ?�??_?Y�???�[ ?_ [ ? ?YJ� N??� ?Y ???�?a�?S?�'?Z!??]�YW_YX? _??�a??�?�????[�?a�?#f??#???�g? ?Y�W????�?S?�l? \???�l[?X?Z???#� dS XS� Y�?�T??[????�!???]�????Y?X? ??V�d ?S ?�?S?�Z??? ?"�?a�$W[? [?????[�m?Y??WZ???�o?^???�pqrstusvrwx ryxzvwrqvs{x|tu}qvs{x~r€tqxvwx|‚tuvƒx„qƒwƒusvrw�DT??�…†‡†4†VLJ�(S?� YYW??X?�??�?S?� ?Y ???� Y�?i?Z!?� a??Z�?S?�\?[W?? ??�??nW ??Z???�?a�$m�o?^???�_]�\ ??W?�?a�?S?�?i?Z!? ??�X???? ???� ?�Y?X? ??�fJfD_L�?Y� S?�'?Z!??]ˆY�YS???Y�???�???�[ Y???�??�?�Y!?X a ??�Z????�???�a??Z�?S?�Z ??? ?]�YS???S?[???�?!!??\?[� ?nW ??Z???Y�?a�$m�o?^???�_]�\ ??W?�?a�?S?�?i?Z!? ??�X???? ???� ?�Y?X? ??�fJ)D?L�?a�$m�o?^???� ?�?S??� S?�a? ?�Z????�\?[W?�?a�?S?�X??Y ????? ??�?a�?S?�Y?XW? ? ?Y� YYW??�??�?S?�??[????�!???]�? ?�???�?iX???� &f‰�?a�?S?�'?Z!??]ˆY�Z????�X?! ??[ Š?? ??J� (S?�Y?XW? ? ?Y� YYW??�W????�?S?�l? \???�l[?X?Z???#�???�?S?�YS???Y�?S??�Z?]�_?� YYW?_[?�??�?i??X Y?�?a� S?�???????Y#�???�YW_j?X?�??�?�Y???W???]�S?[?�!?? ??�?i! ? ?"�??�M?_?W??]�b#�&?&?J�

• ?????? ??!#? $%&'(() ??*

• :9;65<:7=>:9

• ????�??� � � ��??????????�??? �? ?�? ?????�?????????�????�??� ??? ?? ??�???? �? ?�??????� � " " " �? �???????)�???�??� ?? � ??? ???? �??*�??�???? ??�? � ???�??�? ?�??????� ???? ??????)

• � � � �??�?++???????�?,??+????�? ??�? ?� ??? ? ?????� ?-?? ????? .�/ ? �??? � � � � � �???? �??� ???�? �? ?� ???????????�??�??�???? �??�?�?? � ???�? ? ?�??�??� PQ1

• ???�??� � �� �0? ? ???????�??�? ?? � ?? �???? )� ???????????�? � ???�?????�??�????????.� QM7@8R 12345678933 3 33?@=5A;:=BC3 T6:25R?UV�WXY�YWVU DEFG"HI?G??JK" L? �?? ? ? � �+??? ?�???????� Z[]^_`a[[bcdegh^hijidhk ?7231M52@NOC3 3 ?o?F!??$G F?G!

• ��????S?,?????? +.???�!?wv?? $xF??$?!

• G?o?q?� m$!??$G???G?Gs� m? G?I??$?!1=37;R�????S?,?????? +.???�??!J!FGq " " f f

• " lm?!"n??!!" " "%$?pF?qro$$J?Gs"! F ?I?G !t""u$?pF?qro$$J?Gs"! F ?I?G !"F??"n?$v?? ?$G!" FGq"F??" " " "??!J!"FGq"?G??? F?G ??!t""u$?pF?qro$$J?Gs"! F ?I?G !"?G" m?!"n??!!"??o?F!?" " " " "FG ???nF ?q"?!?"$%" m?"n?$???q!"$%" m?"y??xF ?"yoF??I?G t"lm???"F??" " " "?G??? F?G ??!" mF "?$?oq"?F?!?"F? ?Fo"??!?o !"FGq"z{"|$oq"}$?nt~!"noFG!"FGq"

• $wv?? ?x?!" $"q?%%??"IF ???Foo"%?$I" m$!?"?€n??!!?q"?G" m?"%$?pF?qro$$J?Gs"?G%$?IF ?$G"?G?o?q?Gs‚"ƒ?„" Fqx??!?"IF?J? "?$Gq? ?$G!…"FGq"ƒ??„"??!J!"?Gm???G "?G" m?"I?G??Fo"?€no$?F ?$G"?Gq?! ?"?G"s?G??Fo"$?" $ m??p?!?"q?!?o$!?q"?G"z{"|$oq"}$?nt~!"n???$q??"q?!?o$!???"q$??I?G !"%?o?q"$G"?†E#‡t""#? ?Fo"??!?o !" FGq"%? ???"?x?G !"?$?oq"q?%%??"IF ???Foo"%?$I" m$!?"FG ???nF ?q"?G"!??m"?G%$?IF ?$Gt"lm?!?"%$?pF?qr o$$J?Gs"! F ?I?G !"F??"wF!?q"$G"?! ?IF ?!"FGq"$n?G?$G!"$%"IFGFs?I?G "pm??m"IFGFs?I?G "w?o??x?!" p???"??F!$GFwo?"$G" m?"qF ?!"IFq?"FGq"F??"?€n??!!o"ˆ?Fo?%??q"?G" m???"?G ??? "w" m?!"G$ ???t""†€??n " F!"??ˆ????q"w"oFp"z{"|$oq"}$?nt"q$?!"G$ "?G ?Gq" $"?nqF ?" m?!?"%$?pF?qro$$J?Gs"! F ?I?G !t" ‰?? m??" m?"‰†{"G$?"? !"‡?s?oF ?$G"???x???!"y?$x?q??"ƒF!" mF " ??I"?!"q?%?G?q"?G"n$o????!"$%" m?"‰†{„" F???n !"??!n$G!?w?o? "%$?" m?"Fq?ˆ?F?"$?"F????F?"$%" m?!"??o?F!?t"