Intercontinental Gold and Metals Ltd. Announces Financial and Operating Results for the Period ended September 30, 2018 and other Corporate Updates

Toronto, November 20, 2018 - Intercontinental Gold and Metals Ltd. (TSXV: ICAU) (the "Company") a gold and metals trading company, today announced financial results for the second quarter ended September 30, 2018. All amounts are expressed in Canadian dollars unless otherwise noted.

Financial Highlights - Second Quarter-Ended September 30, 2018

• Record quarterly Gold Trading Revenue of $35.2 million as compared to $4.0 million over the same period in the prior year and $29.7 million in Q1 2019
• Net Loss of $0.25 million, a reduction of $0.37 million (a 60% reduction) Year over Year ("YoY") versus Q2 2017 and a reduction of $0.52 million (a 68% reduction) from Q1 2018
• Gross Trading Cash Margin increased 972% YoY to $0.59 million from $0.05 million in Q2 2017 and a 75% increase over $0.34 million reported in Q1 2019

Operating Highlights - Second Quarter-Ended September 30, 2018

• Record quarterly Gold Exports of 28,440 ounces as compared to 2,370 ounces over the same period in the prior year and 11,813 ounces in Q1 2019
• First full quarter of refined gold exports with consistent purity of 24 carat

"Our record Q2 operating and financial results reflect the experience and commitment of our operations personnel. Our team in Latin America continue to deliver a "best in class" service experience to our artisanal clients. Our growing reputation as a trusted gold exporter is a key driver in our quarterly growth achievements enabling us to make significant gains in market share. During the last twelve months we successfully demonstrated the market potential of our business plan of gold and metals trading and have now positioned ourselves as a leading gold exporter and refiner in Latin America," said Gorden Glenn, President and CEO. "The next twelve months and beyond will be equally exciting and challenging as we continue to expand our market presence across the continent, increase revenues and diversify our revenue streams."

Last Twelve Months August 2017- September 2018 Highlights

• Successfully completed our transformation from junior exploration company to revenue generating gold and metals trading business plan
• Raised $5.79 million from sale of Units (Promissory Notes plus share units)
• Paid $0.27 million in interest payments in the Last Twelve Months ("LTM")
• Purchased, transformed and exported over 57,571 ounces of gold
  • Including refined gold (bullion) exports of 36,409 ounces since May 1, 2018
• Constructed, commissioned and licensed a gold refinery on time and on schedule in April 2018
• Achieved total revenues since restructuring of $93.3 million
• Revenue per employee of approximately $2.7 million
• Achieved average quarter over quarter gold export volume growth of 125%

Corporate Update - Outlook and Future Growth Opportunities and Initiatives

• Expansion into Peru completed with first revenues anticipated in the current quarter-ended December 31, 2018
• Work is ongoing to establish operating subsidiaries in Brazil and elsewhere in Latin America
• Refined gold (24 carat) production is now being actively marketed to global refiners, financial services companies and directly to jewelers and jewelry manufacturers
• In 2019 the Company plans to initiate online bullion sales, offering gold bullion with optional storage of physical gold direct to investors
• In addition to physical bullion sales expansion plans the company continues to advance discussions with consultants to establish a digital currency platform secured by physical gold. 'Gold as Money' is an emerging, disruptive financial service with allocated physical gold being the basis for every day electronic payments. The market opportunity is global as gold's inherent value transcends borders as a truly global currency

Gorden Glenn, CEO, commented: "We continue see significant opportunities for growth in our core gold and metals trading businesses, new jurisdictions and entry into online bullion sales and gold back digital currency markets. Our operating and financial results successes to date are the building blocks to establishing Intercontinental Gold and Metals as a Next Generation Metals and Mining Company of the future."

About Intercontinental Gold and Metals Ltd.

Intercontinental Gold and Metals Ltd. is a Next Generation Metals and Mining Company providing exposure to commodity prices, exploration and development success and significant growth potential for our stakeholders. Our physical commodities marketing and trading operations provide insights in global primary supply and demand trends that in turn create a strategic and competitive advantage investment and expansion opportunities on a global basis. The Company generates revenues from the purchases and sales of gold and silver (accounted for as revenue). Cost of sales is measured at the fair value of the precious metals purchased and inventory sold, which is purchased at a competitive discount from licensed artisanal and small gold miners (ASGM) in Latin America (LATAM). ASGM supply supports a sustainable revenue generation model. We are unique being the only publicly listed company servicing the LATAM ASGM market.

ON BEHALF OF THE BOARD OF DIRECTORS
INTERCONTINENTAL GOLD AND METALS LTD.

Gorden Glenn
President & Chief Executive Officer

Forward Looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.