Methanex Corporation to Temporarily Idle New Zealand Operations to Assist in Improving Energy Balances Seite 1

VANCOUVER, British Columbia, Aug. 12, 2024 (GLOBE NEWSWIRE) — Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that it has entered into short-term commercial arrangements to provide its
contracted natural gas into the New Zealand electricity market. As a result, it is temporarily idling its manufacturing operations in New Zealand until the end of October 2024. These commercial
arrangements are expected to positively impact Methanex’s Q3 and Q4 2024 earnings with after-tax proceeds expected to meaningfully exceed the margin lost on New Zealand methanol production
delivered to customers. The commercial arrangements are structured to provide Methanex with a base price for each unit of gas delivered with further incremental value shared between the parties
depending on electricity pricing over the period.

Rich Sumner, President and CEO, commented, “New Zealand’s energy balances are currently very strained due to seasonally high demand combined with low hydro levels and relatively lower gas supply in
2024 compared with previous years. We have been working closely with energy providers, other gas users and the government of New Zealand on how we can be part of the solution. We believe these
agreements will play an important role to support the energy sector and to facilitate this we’re making the appropriate adjustments to utilize our global supply chain to ensure we continue to
provide our customers with methanol supply security. We have natural gas contracted in New Zealand through 2029 and are committed to working with all parties to improve the structural energy
balances in the country.”

Methanex is a Vancouver-based, publicly traded company and is the world’s largest supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock
Exchange in Canada under the trading symbol “MX” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”. Methanex can be visited online at www.methanex.com.

Inquiries:
Sarah Herriott
Director, Investor Relations
Methanex Corporation
604-661-2600 or Toll Free: 1-800-661-8851
www.methanex.com

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