Axion Ventures : PROVIDES BI-WEEKLY DEFAULT STATUS REPORT

AXION PROVIDES BI-WEEKLY DEFAULT STATUS REPORT

Vancouver, British Columbia - June 30, 2020. Axion Ventures Inc. ("Axion" or the "Issuer") (TSX-V: AXV; OTCMKTS:AXNVF) is providing this bi-weekly update 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, 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. The Company is working diligently to be able to file the Documents by July 15, 2020.

There are no material changes to the information contained in the Default Announcement. In addition: (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.

John Todd Bonner Chief Executive [e-mail]

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 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.

AC/7291380.3 AC/7338157.1