Mr. Gorden Glenn reports

INTERCONTINENTAL GOLD AND METALS LTD. PROVIDES DEFAULT STATUS UPDATE

Intercontinental Gold and Metals Ltd. has provided a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults.

On Aug. 2, 2018, the company announced that it had not filed its annual financial statements and management discussion and analysis for the year ended March 31, 2018, together with the related certification of filings under National Instrument 52-109 -- Certification of Disclosure in Issuers' Annual and Interim Filings by the prescribed deadline of July 30, 2018.

Except as discussed herein, there have been no material changes to the information contained in the default announcement or any other changes required to be disclosed under NP 12-203.

The company anticipates that the continuous disclosure documents will be filed prior to Sept. 2, 2018. The company will continue to provide biweekly updates, as contemplated by NP 12-203, until the continuous disclosure documents have been filed. In the event that the company does not file the continuous disclosure documents by Sept. 28, 2018, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of the company. The company intends to satisfy the provisions of the alternative information guidelines during the period it remains in default of the filing requirements.

Further to Intercontinental's news release dated Oct. 12, 2017, the company announces the mutual termination of its investor relations agreement with Renmark Financials Communications Inc. effective Aug. 31, 2018.

About Intercontinental Gold and Metals Ltd.

Intercontinental Gold is a next-generation metals and mining company providing leverage to commodity prices, exploration and development success, and significant growth potential for its stakeholders. The company's 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.

We seek Safe Harbor.