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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 July 28 , 2021 Except where otherwise noted , all currency amounts are stated in United States dollars . METHANEX SECOND QUARTER 2021 RESULTS DEMONSTRATE FAVOURABLE METHANOL INDUSTRY FUNDAMENTALS AND STRONG CASH GENERATION CAPABILITY • • Robust methanol prices supported an increase in net income attributable to Methanex shareholders to $ 107 million and Adjusted EBITDA to $ 262 million Strong liquidity and financial strength supported by a healthy cash balance , deleveraging initiatives and meaningful cash generation Announced key decisions aligned with our capital allocation priorities , including a restart of construction on the Company's advantaged Geismar 3 project , agreement on key commercial terms for a strategic shipping partnership and a reset of the quarterly dividend to $ 0.125 per share VANCOUVER , BRITISH COLUMBIA - For the second quarter of 2021 , Methanex ( TSX : MX ) ( NASDAQ : MEOH ) reported net income attributable to Methanex shareholders of $ 107 million ( $ 1.31 net income per common share on a diluted basis ) compared to net income of $ 105 million ( $ 1.19 net income per common share on a diluted basis ) in the first quarter of 2021. Adjusted EBITDA for the second quarter of 2021 was $ 262 million and Adjusted net income was $ 95 million ( $ 1.24 Adjusted net income per common share ) . This compares with Adjusted EBITDA of $ 242 million and Adjusted net income of $ 82 million ( $ 1.07 Adjusted net income per common share ) for the first quarter of 2021 . We increased our average realized price in the second quarter of 2021 to $ 376 per tonne from $ 363 per tonne in the first quarter of 2021. Strong methanol demand and ongoing industry supply challenges supported higher methanol prices in the second quarter , with tight market conditions continuing into the third quarter of 2021. Our Adjusted EBITDA of $ 262 million increased by $ 20 million over the first quarter of 2021 , demonstrating the significant leverage our earnings have to methanol prices . We ended the quarter with over $ 750 million in cash , a $ 600 million undrawn construction facility , a $ 300 million undrawn revolving credit facility and no debt maturities until the end of 2024. In addition , we recently announced an agreement on key commercial terms for a strategic shipping partnership between Methanex , Waterfront Shipping ( a subsidiary of Methanex ) and Mitsui O.S.K. Lines , Ltd. ( " MOL " ) . We anticipate this partnership will realize strategic benefits for our Waterfront Shipping business and unlock $ 145 million in non - dilutive capital to further strengthen our financial position . We also recently announced a restart of construction on our Geismar 3 project , a 1.8 million tonne methanol plant located adjacent to the existing Geismar 1 and 2 plants . The project is significantly de - risked and is well - positioned to be completed on- time and on budget . We will restart construction in October 2021 with commercial operations targeted at the end of 2023 or early 2024 . John Floren , President and CEO of Methanex , commented , " Current methanol industry dynamics are favourable , and our outlook for the methanol industry is positive . We believe that new industry supply , including our Geismar 3 project , will be needed to meet growing methanol demand . Our Geismar 3 project has distinct project advantages and robust project economics that will strengthen our asset portfolio and significantly increase our future cash generation capability . We recently increased our quarterly dividend to $ 0.125 per share , and Geismar 3 will support a substantial increase in our shareholder distribution potential in the coming years . We believe that Geismar 3 will deliver significant long - term value to our shareholders . " METHANEX CORPORATION 2021 SECOND QUARTER NEWS RELEASE PAGE 1