Early Warning Report and News Release Regarding Securities of Methanex Corporation Held by Sunil Jagwani

Item 1 - Security and Reporting Issuer

1.1

State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities.

This Report relates to common shares (the "Common Shares") in the capital of Methanex Corporation (the "Issuer"), and certain put and call options as referred to in Item 2.2 (the "Options") under which the Acquiror (as defined below) had either the right or the obligation to acquire additional Common Shares on the date of the Initial Report.

The Issuer's address is:

Methanex Corporation
1800 Waterfront Centre
200 Burrard Street
Vancouver, British Columbia
V6C 3M1

1.2

State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place.

Not applicable. The requirement to file this Current Report was triggered by the expiry of certain Call Options (as defined in Item 2.2 below).

Item 2 - Identity of the Acquiror

2.1

State the name and address of the acquiror.

This Current Report is filed by Mr. Sunil Jagwani ("Mr. Jagwani"), whose address is c/o Key Group Long Term Investments LP, McKinney Bancroft & Hughes, Mareva House, 4 George Street, P.O. Box N-3937, Nassau, Bahamas.

The term "Acquiror", as used in this Current Report, includes both Mr. Jagwani and Key Group Long Term Investments LP ("KGLTI"), a Bahamas limited partnership. KGLTI is the holder of the Common Shares and the Options, all of which are ultimately beneficially owned by Mr. Jagwani as the sole general partner and sole limited partner of KGLTI. Mr. Jagwani also has direction and control over the Common Shares and Options as all investment decisions relating to them are made by Mr. Jagwani.

2.2

State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence.

The requirement to file this Report was triggered on August 21, 2026, upon the expiry of 35,000 call options previously entitling the Acquiror to acquire an aggregate of 3,500,000 Common Shares until August 21, 2026, at a price of U.S. $75.00 per Common Share (the "Call Options", as referenced in the Original Report).

The 35,000 put options previously sold by the Acquiror, under which the Acquiror has the obligation to acquire an aggregate of 3,500,000 Common Shares until December 18, 2026, at a price of U.S. $40 in respect of 17,500 options relating to 1,750,000 Common Shares (the "Group 1 Put Options") and at a price of U.S. $45 in respect of 17,500 options relating to 1,750,000 Common Shares (the "Group 2 Put Options" and, collectively with the Group 1 Put Options, the "Put Options"), remain outstanding. The Call Options and the Put Options are collectively referred to as the "Options".

This Report was not timely issued as a news release or filed with the Canadian Securities Administrators through inadvertence as the Acquiror had overlooked the applicable timing requirements of Section 5.2(1) of National Instrument 62-104 Take-Over Bids and Issuer Bids ("NI 62-104") in connection with the expiry of the Call Options. The Acquiror arranged to issue this Report as a news release and file it with the Canadian Securities Regulators as promptly as practicable thereafter.

2.3

State the names of any joint actors.

Not applicable.

Item 3 - Interest in Securities of the Reporting Issuer

3.1

State the designation and number or principal amount of securities acquired or disposed of that triggered the requirement to file the report and the change in the acquiror's security holding percentage in the class of securities.

Prior to the expiry of the Call Options which occurred on August 21, 2026, the Acquiror was deemed to beneficially own, and have direction and control over, a total of 9,935,000 Common Shares, representing approximately 12.84% of the 77,364,263 Common Shares then issued and outstanding.

Immediately following the expiry of the Call Options on August 21, 2026, the Acquiror was deemed to beneficially own, and have direction and control over, a total of 6,435,000 Common Shares, consisting of: (i) 2,935,000 Common Shares held by the Acquiror; and (ii) the 3,500,000 Common Shares that the Acquiror has the obligation to acquire as a result of its sale of the Put Options. As a result, the Acquiror currently is deemed to beneficially own, and to have control and direction over, approximately 8.32% of the 77,364,263 Common Shares currently issued and outstanding.

3.2

State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered the requirement to file the report.

As a result of the expiry of the Call Options, the Acquiror disposed of deemed beneficial ownership of, and direction and control over, the 3,500,000 Common Shares that it previously had the right to acquire upon the exercise of the Call Options. See Item 3.1.

3.3

If the transaction involved a securities lending arrangement, state that fact.

Not applicable.

3.4

State the designation and number or principal amount of securities and the acquiror's security holding percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report.

The Acquiror held approximately 12.84% of the issued and outstanding common shares prior to the transactions triggering the requirement to file this Report, and approximately 8.32% thereafter. See Item 3.1.

3.5

State the designation and number or principal amount of securities and the acquiror's security holding percentage in the class of securities referred to in Item 3.4 over which

3.6

If the acquiror or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the related financial instrument and its impact on the acquiror's security holdings.

Not applicable.

3.7

If the acquiror or any of its joint actors is a party to a securities lending arrangement involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement.

State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.

Not applicable.

3.8

If the acquiror or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the acquiror's economic exposure to the security of the class of securities to which this report relates, describe the material terms of the agreement, arrangement or understanding.

Not applicable.

Item 4 - Consideration Paid

4.1

State the value, in Canadian dollars, of any consideration paid or received per security and in total.

Not applicable, as this Current Report relates to the expiry of the Call Options.

4.2

In the case of a transaction or other occurrence that did not take place on a stock exchange or other market that represents a published market for the securities, including an issuance from treasury, disclose the nature and value, in Canadian dollars, of the consideration paid or received by the acquiror.

Not applicable, as this Current Report relates to the expiry of the Call Options.

4.3

If the securities were acquired or disposed of other than by purchase or sale, describe the method of acquisition or disposition.

Not applicable, as this Current Report relates to the expiry of the Call Options.

Item 5 - Purpose of the Transaction

State the purpose or purposes of the acquiror and any joint actors for the acquisition or disposition of securities of the reporting issuer.

Describe any plans or future intentions which the acquiror and any joint actors may have which relate to or would result in any of the following:

Item 6 - Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer

Describe the material terms of any agreements, arrangements, commitments or understandings between the acquiror and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities, except that disclosure of standard default and similar provisions contained in loan agreements need not be included.

Not applicable.

Item - 7 Change in material fact

If applicable, describe any change in a material fact set out in a previous report filed by the acquiror under the early warning requirements or Part 4 in respect of the reporting issuer's securities.

None, other than as previously disclosed in this Current Report.

Item 8 - Exemption

If the acquiror relies on an exemption from requirements in securities legislation applicable to formal bids for the transaction, state the exemption being relied on and describe the facts supporting that reliance.

Not applicable.

Item 9 - Certification

The undersigned, on behalf of the Acquiror, certifies that to the best of its knowledge, information and belief, that the statements made in this report are true and complete in every respect.

"Sunil Jagwani"

Sunil Jagwani

The General Partner of KEY GROUP
LONG TERM INVESTMENTS LP

"Sunil Jagwani"

Sunil Jagwani