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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 October 27 , 2021 Except where otherwise noted , all currency amounts are stated in United States dollars . METHANEX REPORTS STRONG THIRD QUARTER 2021 RESULTS AND MEANINGFUL CASH FLOW GENERATION WITH A ROBUST OUTLOOK FOR THE FOURTH QUARTER • • • • • Methanol prices reached multi - year highs leading to net income attributable to Methanex shareholders of $ 71 million and Adjusted EBITDA of $ 264 million Restarted construction on our advantaged Geismar 3 project which has been substantially de - risked and is well- positioned to be completed on - time and on budget with commercial operations targeted by late 2023 / early 2024 Recently announced a reset of our quarterly dividend to $ 0.125 per share and approval of a 5 % share repurchase program Robust outlook for the fourth quarter as global energy shortages and rising feedstock costs are leading to a sharp increase in methanol prices and a significant steepening of the industry cost curve In early October , restarted production at our Chile IV plant ( annual operating capacity of 830,000 tonnes ) , which was idle for 18 months VANCOUVER , BRITISH COLUMBIA - For the third quarter of 2021 , Methanex ( TSX : MX ) ( NASDAQ : MEOH ) reported net income attributable to Methanex shareholders of $ 71 million ( $ 0.93 net income per common share on a diluted basis ) compared to net income of $ 107 million ( $ 1.31 net income per common share on a diluted basis ) in the second quarter of 2021. The decrease in net income is due to the change in the mark - to - market impact of share - based compensation . Adjusted EBITDA for the third quarter of 2021 was $ 264 million and Adjusted net income was $ 99 million ( $ 1.29 Adjusted net income per common share ) . This compares with Adjusted EBITDA of $ 262 million and Adjusted net income of $ 95 million ( $ 1.24 Adjusted net income per common share ) for the second quarter of 2021 . Our Adjusted EBITDA results of $ 264 million , reflecting a higher average realized price offset by lower sales of Methanex- produced methanol , continue to highlight the significant leverage that our earnings have to methanol prices . Methanol market conditions remained tight with continuing industry supply challenges through the third quarter of 2021. We increased our average realized price to $ 390 per tonne in the third quarter , a $ 14 per tonne increase compared to $ 376 per tonne in the second quarter . We ended the third quarter with $ 932 million in cash . We recently finalized definitive agreements for our recently announced strategic shipping partnership between Methanex , Waterfront Shipping ( a Methanex subsidiary ) and Mitsui O.S.K. Lines , Ltd. ( " MOL " ) whereby MOL will acquire a 40 % minority interest in Waterfront Shipping for $ 145 million . The closing is subject to all customary conditions being met , including regulatory approval . We recently restarted construction on our Geismar 3 project , a 1.8 million tonne methanol plant adjacent to our existing Geismar 1 and Geismar 2 plants . 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 . John Floren , President & CEO of Methanex , said , “ Our outlook for the methanol industry is positive , and we believe that new industry supply will be needed to meet growing methanol demand over the coming years . Our strategy of industry leadership , low cost and operational excellence enables us to generate robust free cash flow across the methanol price cycle . Our capital allocation priorities remain the same . We are well positioned to maintain our business , pursue value accretive growth METHANEX CORPORATION 2021 THIRD QUARTER NEWS RELEASE PAGE 1