ESSA Pharma Provides Corporate Update

ESSA Pharma Provides Corporate Update

and Reports Financial Results for

Fiscal First Quarter Ended December

Vancouver, Canada and Houston, Texas,

February 11, 2021 - ESSA Pharma Inc. ("ESSA", or the "Company") (NASDAQ: EPIX), a clinical-stage pharmaceutical

company focused on developing novel therapies for the treatment of prostate cancer, today provided a corporate update and reported

financial results for the fiscal first quarter ended December 31, 2020. All references to "$" in this release refer

to United States dollars, unless otherwise indicated.

"ESSA's series of accomplishments

over the past calendar year have included raising $48.9 million in an over-subscribed public offering, the granting by the U.S.

Food and Drug Administration (the "FDA") of Fast Track Designation to our lead product candidate EPI-7386, and the

initiation of a Phase 1 trial with EPI-7386 for patients with metastatic castration-resistant prostate cancer who have become resistant

to current standard of care therapies," stated David Parkinson, MD, President and CEO of ESSA. "We were also pleased

to have recently announced a clinical collaboration with Janssen Research & Development, LLC ("Janssen") to evaluate

EPI-7386 in combination clinical trials with abiraterone acetate/prednisone or apalutamide, which we believe has potential to improve

treatment options for patients with prostate cancer. 2021 looks to be another pivotal year for our company as we continue to advance

EPI-7386 in our clinical trials."

Recent Clinical and Corporate Highlights

Liquidity and Outstanding Share Capital

At December 31, 2020,

the Company had available cash reserves and short-term investments of $74,500,856 reflecting the gross proceeds of the July 2020

financing of $48.9 million, less operating expenses in the intervening period.

As of December 31, 2020, the Company had

33,605,383 common shares issued and outstanding.

In addition, as of December 31, 2020 there

were 7,779,473 common shares issuable upon the exercise of warrants and broker warrants. This includes 7,370,000 prefunded warrants

at an exercise price of $0.0001, and 409,473 warrants at a weighted average exercise price of $39.12. There are 6,750,023 common

shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of $4.24 per common share.

Principal Independent Accountant

Fees and Services Disclosure

The Company also wishes to provide the

following clarification with respect to the audit and non-audit fees paid by the Company to its auditors for the financial year

ended September 30, 2020, as disclosed in its proxy statement dated January 26, 2021 (the "Proxy Statement"). ESSA

disclosed in the Proxy Statement that it had incurred in 2020 and 2019: (i) audit fees of $35,476 and 32,253 respectively, (ii)

audit-related fees of $Nil, (iii) tax fees of $Nil and (iv) $36,003 and 21,946 respectively in fees in respect of professional

services with respect to filing a prospectus. This fourth category of fees included $15,278 and $18,218 incurred in 2020 and 2019

respectively, in connection with quarterly unaudited interim review of the financial statements which shall be reclassified as

"audit-related" on the basis that the fees are reasonably related to the performance of the audit or review of the

Company's financial statements provided by the Company's auditor.

EPI-7386 is an investigational, highly-selective, oral, small

molecule inhibitor of the N-terminal domain of the androgen receptor. EPI-7386 is currently being studied in a Phase 1 clinical

trial (NCT04421222) in men with mCRPC whose tumors have progressed

on current standard-of-care therapies. The Phase I clinical trial of EPI-7386 began in calendar Q3 of 2020 following FDA allowance

of our Investigational New Drug application and Health Canada acceptance. The U.S. FDA has granted Fast Track designation to EPI-7386

for the treatment of adult male patients with mCRPC resistant to standard-of-care treatment. ESSA retains all rights to EPI-7386

About ESSA Pharma Inc.

ESSA is a clinical-stage pharmaceutical company focused on developing

novel and proprietary therapies for the treatment of patients suffering from prostate cancer. For more information, please visit

About Prostate Cancer

Prostate cancer is the second-most commonly diagnosed cancer

among men and the fifth most common cause of male cancer death worldwide (Globocan, 2018). Adenocarcinoma of the prostate is dependent

on androgen for tumor progression and depleting or blocking androgen action has been a mainstay of hormonal treatment for over

six decades. Although tumors are often initially sensitive to medical or surgical therapies that decrease levels of testosterone,

disease progression despite castrate levels of testosterone can lead to mCRPC. The treatment of mCRPC patients has evolved rapidly

over the past ten years. Despite these advances, many patients with mCRPC fail or develop resistance to existing treatments, leading

to continued disease progression and limited survival rates.

Forward-Looking Statement Disclaimer

This release contains certain information which, as presented,

constitutes "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995

and/or applicable Canadian securities laws. Forward-looking information involves statements that relate to future events and often

addresses expected future business and financial performance, containing words such as "anticipate", "believe",

"plan", "estimate", "expect", and "intend", statements that an action or event "may",

"might", "could", "should", or "will" be taken or occur, or other similar expressions and

includes, but is not limited to, statements regarding the Company's clinical evaluation of EPI-7386, including the advancement

and development of EPI-7386 in the current Phase 1 study, the potential of our clinical collaboration with Janssen to improve treatment

options for patients with prostate cancer, the initiation of one or more combination studies with approved anti-androgen treatments

and expectations as to enrollment and trial design.

Forward-looking statements and information are subject to various

known and unknown risks and uncertainties, many of which are beyond the ability of ESSA to control or predict, and which may cause

ESSA's actual results, performance or achievements to be materially different from those expressed or implied thereby. Such

statements reflect ESSA's current views with respect to future events, are subject to risks and uncertainties and are necessarily

based upon a number of estimates and assumptions that, while considered reasonable by ESSA as of the date of such statements, are

inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and

contingencies. In making forward looking statements, ESSA may make various material assumptions, including but not limited to (i)

the accuracy of ESSA's financial projections; (ii) obtaining positive results of clinical trials; (iii) obtaining necessary

regulatory approvals; and (iv) general business, market and economic conditions.

Forward-looking information is developed based on assumptions

about such risks, uncertainties and other factors set out herein and in ESSA's Quarterly Report on Form 10-Q dated February

9, 2021 under the heading "Risk Factors", a copy of which is available on ESSA's profile on EDGAR at www.sec.gov.com

and on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on

ESSA's EDGAR and SEDAR profiles. Forward-looking statements are made based on management's beliefs, estimates and opinions

on the date that statements are made and ESSA undertakes no obligation to update forward-looking statements if these beliefs, estimates

and opinions or other circumstances should change, except as may be required by applicable United States and Canadian securities

laws. Readers are cautioned against attributing undue certainty to forward-looking statements.

CONDENSED CONSOLIDATED INTERIM BALANCE

Amounts in thousands of United States

CONDENSED CONSOLIDATED INTERIM STATEMENTS

OF OPERATIONS AND COMPREHENSIVE LOSS

Amounts in thousands of United States

dollars, except share and per share data