Philippine Metals Announces Amendment to Shares for Debt Settlement

Vancouver, British Columbia--(Newsfile Corp. - August 30, 2018) - Philippine Metals Inc. (TSXV: PHI) ("PMI" or the "Company") has, subject to TSX-V Exchange approval, amended the shares for debt settlement previously announced in the Company's July 19, 2018 press release. Specifically, the Company has reduced the amount of management fees being settled to $60,000 (from the previously announced sum of $70,000) in exchange for the issuance of 1,200,000 common shares at a deemed price of $.05 per share. Further, a non-interest bearing demand loan of $100,000 owed to an independent third party is being settled by the issuance of 2,000,000 common shares at a deemed price of $.05 per share. No new control persons will be created by this series of transactions.

The transaction contemplated herein may be subject to, among other things, the approval of the TSX Venture Exchange and certain other regulatory agencies.

ON BEHALF OF THE BOARD

"Craig T. Lindsay"

Chief Executive Officer

For additional information, please contact:

Craig Lindsay

Tel: (604) 683-2507

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.