Philippine Metals Closes Private Placement

Vancouver, British Columbia--(Newsfile Corp. - August 20, 2019) - Philippine Metals Inc. (TSXV: PHI) ("PMI" or the "Company") announces that it has closed the private placement financing announced on July 4, 2019. Specifically, PMI has issued 3,571,428 shares at a price of $0.07 per share for gross proceeds of $249,999.96. The net proceeds of the private placement will be used for general working capital purposes and to fund expenses related to the Transaction announced in the Company's news release dated June 25, 2019.

The Private Placement has been approved by the TSX Venture Exchange. In accordance with applicable securities laws, the securities issuable pursuant to the above transactions are subject to a hold period of four months and one day from the date of completion of the transactions.

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.

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