MAG ONE FILES RESTATED AND UPDATED FINANCIAL STATEMENTS AND MD&As

Updated Financial Statements

On August 17, 2018 the Company filed on www.sedar.com the following amended, restated and updated financial statements and related management’s discussion and analysis, with related and amended certifications, for the following periods:

-           amended and restated financial statements (the “Amended and Restated Audited Financial Statements”) and management’s discussion and analysis for its most recent year ended September 30, 2017;

-           amended and restated financial statements and management’s discussion and analysis for its first quarter ended December 31, 2017; and

-           financial statements and management’s discussion and analysis for its second quarter ended March 31, 2018;

(collectively, the “Updated Financial Statements”).  As indicated in the Company’s amended MD&A for its Amended and Restated Audited Financial Statements:

“The Company’s consolidated financial statements for the year ended September 30, 2017 have been restated to correct for errors in the original year-end financial statements.  The amendments relate to corrections to the misclassification of certain amounts recorded to due from/to related parties, accounts payable and accrued liabilities, notes payable to related parties, note payable, share capital subscriptions received in advance, reserves, and subscription receivable as at September 30, 2017.  The amendments also include the correction to arithmetical errors in the statements of cash flows.  These financial statements also reflect a change to consulting and interest expenses that were not recorded in the previously issued audited financial statements.  An adjustment was made to gain/(loss) on settlement of debt that was incorrectly calculated.  Refer to note 18 of the consolidated financial statements for the year ended September 30, 2017 for the detail of the restatement adjustments.”.

As indicated in what is now note 18 of the Company’s Audited and Restated Audited Financial Statements; which have now been provided for in the Company’s Updated Financial Statements:

“The consolidated financial statements of the Company as at September 30, 2017 and for the year then ended have been restated to correct material errors and omissions in its prior filing.  The Company discovered the deficiencies in the accounting information subsequent to the filing and issuance of the financial statements and now wishes to rectify the situation by restating the financial statements for the year ended September 30, 2017 using the updated and complete information currently available.

The effects of the restatement are as follows:

Statement of Financial Position

Statement of Loss and Comprehensive Loss

Statement of Cash Flows

Management

The Board of Directors of the Company (the “Board”) has recently accepted the consent to act as a director and Chief Financial Officer of the Company from William Thomas (the “Appointment”).  Mr. Thomas is a CPA with over four decades of international experience working with public companies involved in oil and gas, mining and pharmaceutical activities.

In conjunction with such Appointment, the Board has now also appointed the following Executive Officers of the Company:

Gillian Holcroft:                                   Chairperson, President, CEO and a director;

William Thomas:                                  Secretary, CFO and a director;

Nelson Skalbania                                  director; and

Rod Burylo                                          director.

Corporate Update

The Company is pleased to advise that, since our last press release issued in May, our technical team in Quebec have continued to work diligently to advance Mag One’s high purity magnesium oxide (MgO), high value silica and magnesium (Mg) metal projects.  Specifically, the Company has filed for a preliminary technology patent, has initiated work to quantify the performance of its high value silica and, after two rounds of qualifications, was invited to submit a proposal on August 8th for the Canadian Government’s Clean Growth Program (CGP) to support the Front-End Engineering Design for a 30,000 TPY MgO demonstration plant in Quebec.  The Company expects to initiate this project in January 2019.  In addition, the Company continues to work with Dr. Doug Zuliani, Founder of Tech Magnesium, to advance the technology for the aluminothermic reduction of MgO to produce Mg metal using Dr. Zuliani’s novel continuous furnace design.

On behalf of the Board, “Gillian Holcroft”, President and CEO.

Neither the Canadian Securities Exchange nor CNSX Markets accepts responsibility for the adequacy or accuracy of this news release.