Philippine Metals Provides Corporate Update

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2020) - Philippine Metals Inc. (TSXV: PHI) (the "Company") announces that the letter of intent (or "LOI") dated June 22, 2020 (see News Release dated June 25, 2020) between the Company and Bravo Zulu Drone Defense Inc. has expired. As a result, the Company has re-initiated the process of reviewing alternate transactions.

ON BEHALF OF THE BOARD

"Craig T. Lindsay"

CEO

For additional information, please contact:

Craig Lindsay
Tel: (604) 218-0550
Email: craig@agcap.ca

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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