Page 1

NEWS RELEASE methanex the power of agility Methanex Corporation 1800 200 Burrard St. Vancouver , BC Canada V6C 3M1 Investor Relations : ( 604 ) 661-2600 www.methanex.com For immediate release April 28 , 2021 Except where otherwise noted , all currency amounts are stated in United States dollars . METHANEX REPORTS STRONG FIRST QUARTER 2021 RESULTS • Net income attributable to Methanex shareholders rose to $ 105 million , supported by higher methanol prices . • Adjusted EBITDA rose to $ 242 million , the highest quarterly result since the third quarter of 2018 . • • Completed a planned turnaround at the Geismar 2 plant and we expect to complete the Geismar 2 debottlenecking project by mid - 2021 . Strong liquidity position and financial flexibility with over $ 850 million in cash , a $ 300 million undrawn credit facility and no debt maturities until the end of 2024 . VANCOUVER , BRITISH COLUMBIA - For the first quarter of 2021 , Methanex ( TSX : MX ) ( NASDAQ : MEOH ) reported net income attributable to Methanex shareholders of $ 105 million ( $ 1.19 net income per common share on a diluted basis ) compared to a net loss of $ 27 million ( $ 0.35 net loss per common share on a diluted basis ) in the fourth quarter of 2020. Adjusted EBITDA for the first quarter of 2021 was $ 242 million and Adjusted net income was $ 82 million ( $ 1.07 Adjusted net income per common share ) . This compares with Adjusted EBITDA of $ 136 million and Adjusted net income of $ 12 million ( $ 0.15 Adjusted net income per common share ) for the fourth quarter of 2020 . We increased our average realized price in the first quarter of 2021 by $ 81 per tonne , to $ 363 per tonne , compared to the fourth quarter of 2020. Steady methanol demand recovery and lower industry operating rates supported higher methanol prices . Strong methanol demand combined with low global inventory levels and ongoing industry supply challenges continue to drive tight market conditions into the second quarter of 2021 . Our production in the first quarter of 2021 was similar to the fourth quarter of 2020. Higher production at the Atlas and Medicine Hat facilities offset lower production at the New Zealand and Geismar facilities . We completed a planned turnaround at our Geismar 2 plant in the quarter . The debottlenecking project at our Geismar 1 plant ( completed in 2020 ) and our Geismar 2 plant ( to be completed by mid - 2021 ) will increase the annual operating capacity at our Geismar facilities to 2.2 million tonnes , a 10 % increase over our 2020 annual operating capacity . Our Adjusted EBITDA of $ 242 million increased by $ 106 million over the fourth quarter of 2020. These results highlight our earnings leverage to higher methanol prices and demonstrate the value of our business model . We ended the quarter with $ 856 million in cash , a $ 300 million undrawn revolving credit facility and no debt maturities until the end of 2024 . We expect to spend approximately $ 60 million on our Geismar 3 project , during the care and maintenance period , over the next six months . We have a robust decision - making process for evaluating the project . Before deciding whether to restart construction , management and our Board will carefully consider many factors including the global economic recovery , methanol industry outlook , the Company's financial position and our ability to execute on the project . John Floren , President and CEO of Methanex , commented , " We are pleased to see favorable industry conditions continue through the first quarter with positive momentum leading into the second quarter . We are cautiously optimistic that manufacturing activity will rebound and the economy will fully recover in the medium term as vaccine rollouts accelerate and as governments announce METHANEX CORPORATION 2021 FIRST QUARTER NEWS RELEASE PAGE 1