Gold X Mining Corp. to provide an update on its ongoing licensing activities on the Toroparu Project in Guyana. This announcement is a follow on to the May 5th news release on the status of engineering studies at the Toroparu Project. In November 2011, the Company and ETK Inc., its Guyana subsidiary, entered into the Toroparu Mineral Agreement (“TMA”) with the Government of Guyana (“GoG”), the first mineral development agreement completed in the gold sector in Guyana since the Omai Mine in 1991.  Mineral development in Guyana is primarily regulated by the Guyana Geology & Mines Commission (“GGMC”) and the Ministry of Natural Resources (“MNR”). ETK has operated in accordance with the TMA since it was signed in 2011. The Mineral Agreement provides for (i) the waiver of import duties and VAT (value added tax) for imported equipment and supplies required to develop the Project, (ii) a corporate tax rate of 27.5%, (iii) 20% straight-line depreciation of fixed assets, (iv) the deductibility of Guyana based exploration and development expenses and (v) the treatment of royalties as an expense in the calculation of taxable income. The TMA contains fiscal stability and most-favored-nation clauses in favor of the Company. The TMA also sets forth the agreement of the GoG to issue the Mining License under a specific set of conditions which include: Receipt of an Environmental Authorization from the Guyana EPA (Environmental Protection Agency). Demonstration to the GoG that the Toroparu project meets GoG Economic Standards. Establishment of a Timeline for commencement of production. Environmental Authorization: The Environmental Authorization for the Toroparu Project was issued by the Guyana EPA in 2012 and renewed by the EPA in August of 2019.  The Mining License application was reactivated by ETK and GGMC in October 2019.  Both the Environmental Authorization and Mining License applications are being amended to include the Sona Hill satellite deposit and Northern Access Route to Toroparu (“Access Road”). The Mining License Application includes eight Medium Scale Mining Permits, one Medium Scale Prospecting Permit and seven small scale licenses surrounding the Toroparu, SE Zone, and Sona Hill deposits covering 3,176 hectares (37.16 km2). In addition, authorization to build and operate the Tailings Management Facility (TMF), camp, and other infrastructure will be provided under the Mining License. GoG Economic Standards: The demonstration that the Project met the GoG Economic Standards was originally acknowledged by GGMC after its review of the 2013 Prefeasibility Study2 (the “2013 PFS”) in 2015.  The License process was suspended by mutual agreement due to the prevailing bear market in gold and gold equity prices in late 2015. The 2013 PFS was replaced by a Preliminary Economic Assessment in June 2019 (the “2019 PEA”) in which Measured, Indicated, and Inferred Resources were used, replacing the Proven and Probable Reserves in the 2013 PEA3. The 2019 PEA defined a 5.02 M-oz Gold Resource and mine plan producing 188 thousand ounces of gold per year over a 24-year mine-life.   The 2019 PEA has been delivered to the GoG and it is being reviewed as part of the Licensing process. A PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The PEA documentation of mining production quantities replaces the 2013 Prefeasibility Study (the “2013 PFS”) Statement of Mineral Reserves.   The PEA is based on exploitation of measured, indicated and inferred mineral resources while the 2013 PFS is based on the exploitation of proven and probable mineral reserves.  Inferred resources from the Mineral Resource Estimate comprise 5% of the resources used in the production schedule reported in the PEA.  Mineral Resources that are not mineral reserves do not have demonstrated economic viability.  The conclusions and results of the PEA replace the conclusions and results from the 2013 PFS. Environmental Authorization –Guyana EPA (issued in 2012). Mining License Application – pending GGMC (reactivated in Aug. 2019). Environmental Management Plan – GGMC (filed in 2014). Cyanide Management Plan - GGMC (filed in 2014). Explosives Management Plan - GGMC (filed in 2014). Mineral Prospecting, Mining and Stone Quarrying Agreement – GRA (approved in 2011 and extended through present date). Final regulatory review and approval of the Mining License steps include: Technical review of 2019 Technical Report4 & 2013 PFS reports - GGMC Mines & Geology Dept. Property Ownership Assessment - GGMC Land Mgmt. Dept. Review of 2015 Draft Mining License - GGMC Legal Dept. GGMC Staff recommendations to Commissioner of GGMC. GGMC Commissioner & Board of Directors recommendation to Minister of Natural Resources. No Objection Letter issuance by Minister of Natural Resources. Resolution by Board of Directors of GGMC and License Issuance by Commissioner. Generally, the final permitting review phase can be expected to take six to nine months to complete.  While Guyana regulatory agencies have indicated that the review process is progressing, given the reduced level of governmental activity due to the COVID-19 pandemic, these timelines could be extended. COVID-19 Update:  The Company has not experienced any cases of COVID-19 at any of its offices or field locations.