Mr. Rich Sumner reports

METHANEX CORPORATION TO TEMPORARILY IDLE NEW ZEALAND OPERATIONS TO ASSIST IN IMPROVING ENERGY BALANCES

Methanex Corp. 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 third quarter and fourth quarter, 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 chief executive officer, 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.

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