Philippine Metals Provides Transaction Update

Vancouver, August 17, 2021 - Philippine Metals Inc. (TSXV: PHI) ("PMI" or the "Company") is pleased to provide further information with respect to the proposed transaction (the "Transaction") with ReVolve Renewable Power Limited ("ReVolve") (see PMI news release dated June 24, 2021). Specifically, the Company will not be seeking shareholder approval of the Transaction as it has determined that the Company meets the requirements of the TSX Venture Exchange (or "Exchange") exemption from shareholder approval contained in Section 4.1 of Exchange Policy 5.2. The Company has confirmed with the Exchange that the Transaction is not a related party transaction, the Company is without active operations and the Company is not currently, or anticipated to be, subject to a cease trade order. The Company will continue to provide regular updates to its shareholders as it proceeds through to an ultimate close of the planned Transaction with ReVolve.

ON BEHALF OF THE BOARD

"Craig T. Lindsay"

Chief Executive Officer

For additional information, please contact:

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

Neither the 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/93464