Philippine Metals Announces Resumption of Trading

Vancouver, British Columbia--(Newsfile Corp. - October 30, 2020) - Philippine Metals Inc. (TSXV: PHI) (the "Company") today announces that its shares will be re-instated for trading as of November 2, 2020. Additionally, the TSX Venture Exchange (the "Exchange") has advised the Company that it does not meet the Exchange's Tier 2 Continued Listing Requirements ("CLR"). The Exchange has provided the Company 90 days to submit documentation evidencing that it meets Tier 2 CLR, which may include the acquisition of a qualifying project or asset. If the Company is unable to file satisfactory documentation before such date, the Company will be transferred to the NEX Board of the Exchange. The Company is actively pursuing opportunities to address this Tier 2 CLR deficiency and will then make the appropriate filings with the Exchange. However, there can be no assurance the Company will be successful in this regard.

ON BEHALF OF THE BOARD

Craig LindsayChief Executive Officer

For additional information, please contact:

Craig LindsayTel: 604-218-0550Email: craig@agcap.ca^[1]

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67240^[2]