QX Metals Corp. | 717 – 1030 West Georgia Street | Vancouver, British Columbia | Canada | V6E 2Y3

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QX Metals Partner Raiden Defines Magnetic Anomalies Below Outcropping Copper –

Gold Mineralization at Sbor Porphyry Target – Kalabak Project, Bulgaria

Vancouver, B.C., May 5, 2020. QX Metals Corp. (TSX-V: QX.V) (“QX Metals” or the “Company”)

announces that Raiden Resources Limited (“Raiden”), an Australian Securities Exchange-listed

company, that has an option to earn into an initial 51% interest, and up to a 75% interest in the mineral

exploration licenses covering the Kalabak and Zlatusha projects (“Kalabak License”, “Zlatusha

License”) has defined multiple magnetic anomalies associated with the copper-gold- molybdenum

geochemically anomalous alteration zones at the Sbor porphyry target.

Highlights

QX partner Raiden completes reinterpretation of magnetic survey and historical gravity data from the

Kalabak project

Multiple large magnetic anomalies spatially associated (below) with the copper-gold-molybdenum

geochemically anomalous alteration zones

Survey provides further indication of a potentially large gold-copper system which has not been drill

tested so far and;

QX partner Raiden is advancing drill access permitting and expects to commence with drill testing as

soon as practical

Vince Sorace, President & CEO of QX Metals commented: “The methodical exploration approach on the

Kalabak property has yielded a high value drill target, where multiple data sets correlating with field

observations has provided us with an exciting drill target. This data set continues to support our view that

a significant mineralized system remains untested at Sbor. Raiden is in the process of completing access

permits and plans to drill test the target as soon as practical. ”

Regional Porphyry Potential

The Kalabak project is located within the Dinaride-Aegean Tertiary volcanic-igneous belt that has

demonstrated porphyry and epithermal potential through several recent exploration discoveries in

neighbouring countries including Serbia, Greece and Macedonia (Figure 1). The Company believes that

the same Tertiary aged rocks in Bulgaria are also prospective for porphyry and epithermal mineralization

and a relative lack of exploration in the country presents an opportunity for future discoveries at projects

like Kalabak.

– 2 –

Figure 1: Kalabak project location within the Dinaride-Aegean region (Tertiary porphyry/epithermal belt), in the Western

Balkans and porphyry deposits/prospects.

Sbor Magnetic Survey

A ground magnetic survey was conducted over the key geochemical anomalies and associated zones of

alteration. The survey area covered 14 km2, consisting of 30 lines spaced at 200 meters apart and 15 lines

spaced at 100-meters apart. The survey has delineated several anomalies (both magnetic highs and

magnetic lows).

The most prominent magnetic anomalies are associated with the Sbor alteration zones and geochemical

anomalies. To gain a better understanding of the potential depth to the magnetic body, inversion

modelling of the data with 3D UBC inversion code has been applied.

The Cu-Mo-Au-Te geochemical anomalies and outcropping mineralization and veining observed at the

Sbor prospect are spatially associated with the M4 weak magnetic high shown in Figure 2. The inverted

magnetic susceptibility high at M4, may be interpreted as a potential NW trending porphyry associated

alteration zone.

– 3 –

Figure 2 - Reduced to pole (RTP) magnetic map over the Sbor prospects.

Figure 3 - 3D UBC magnetic susceptibility inversion models over the Sbor prospect depicting the size and vertical extent of M4 magnetic high, which is interpreted as a potential porphyry type (potassic) alteration zone. The magnetic anomaly at Sbor coincides with the outcropping mineralization and the copper-gold-molybdenum soil anomalies.

– 4 –

Based on the inverted magnetic data the M4 magnetic high target has a vertical extent of over 700 meters

from the surface and a significant lateral extent at depth. The magnetic survey data suggests that the

anomaly is significantly larger than the overlying geochemical anomaly.

The Company is excited by these results, which provide additional information to guide future drilling

activities. Raiden has informed QX, that it may consider executing an IP survey over Sbor to further

refine the drill target, prior to commencement of drilling activities. Raiden has indicated drilling is

pending finalizing access permits and the lifting of the current, COVID-19 related, travel restrictions.

Qualified Person

Rory Kutluoglu, B.Sc. P.Geo., a Qualified Person as defined by National Instrument 43-101, has read and

approved all technical and scientific information contained in this news release. Mr. Kutluoglu is the

Company’s Vice President Exploration.

About QX Metals Corp.

QX Metals Corp. is a discovery-focused mineral exploration company that strives to make high-reward

discoveries in regions with proven mineral wealth. We leverage our proven technical skills and extensive

corporate network to de-risk our exploration process, increase our probability of success and enhance

shareholder value. The Company is focused on precious and base metal projects located in top-tier

mineral districts that contain significant historical production, existing mining infrastructure and an

established mining culture.

Vince Sorace

President and CEO, QX Metals Corp.

For further information regarding QX Metals, please visit our website at www.qxmetals.ca.

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may be deemed “forward-looking statements” with respect to the

Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not

historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”,

“believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar

expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although QX Metals

believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such

statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or

realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties

include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its

property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore

and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions

or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices

of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve

estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents

required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely

fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company

to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an

impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key

management personnel and general competition in the mining industry. Forward-looking statements are based on

the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made.

Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the

event that management’s beliefs, estimates or opinions, or other factors, should change.