AXION PROVIDES BI-WEEKLY DEFAULT STATUS REPORT

Vancouver, British Columbia - July 14, 2020. Axion Ventures Inc. ("Axion" or the "Issuer") (TSX-V:AXV; OTCMKTS:AXNVF) is providing this bi-weeklyupdate on the status of the management cease trade order granted on June 16, 2020 (the "MCTO") by its principal regulator, the British Columbia Securities Commission (the "BCSC"), under National Policy 12-203- Management Cease Trade Orders ("NP 12- 203"), following the Company's announcement on June 12, 2020 (the "Default Announcement") that it was unable to file its audited annual financial statements, management's discussion and analysis and related certifications for the fiscal year ended December 31, 2019 (the "Documents") on or before June 15, 2020, as required under applicable securities laws.

Other than listed below, there are no material changes to the information contained in the Default Announcement:

The Issuer has notified the BCSC that, while the Company has been working diligently, the Company will need extra time to complete procedures necessary to file the Documents. The BCSC has approved the Issuer's extension request to file both the Documents and the interim financial statements, management's discussion and analysis, and related certifications for the quarter ended March 31, 2020 Q1 filings, by July 30, 2020.

The Issuer also announces that John Todd Bonner has been terminated as its CEO effective 14 July 2020 and shall cease to hold any executive capacity with the Issuer or its subsidiaries. Mr. Bonner remains a Director of the Issuer. Mr. Grant Kim has been appointed as the interim CEO of the Issuer.

Other than as set forth above, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Documents; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

For further information:

Axion Ventures Inc.

Grant Kim

Interim Chief Executive Officer

Grant.Kim@axionventures.com

Cautionary Statement Regarding Forward-Looking Information

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the expected date for filing of the Annual Filings and the Q1 Filings, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except

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as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

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.

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Axion Ventures Inc. published this content on 14 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2020 00:40:03 UTC