Navy Resources Corp. Announces Closing of Private P lacement

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO OR THROUGH UNITED STATES

NEWSWIRE SERVICES.

NAVY RESOURCES CORP.

Suite 1740 -1177 West Hastings Street

Vancouver, BC V6E 2K3

FOR IMMEDIATE RELEASE September 17, 2020

Navy Resources Corp. Announces Closing of Private P lacement

Navy Resources Corp. (TSX-V: NVY) (the “ Company ”) is pleased to announce that further to its news

releases dated September 9, 2020, it has completed the previously announced private placement

financing (the “ Financing ”) and has issued 11,000,080 common shares (each, a “ Share ”) at a price of

$0.20 per Share for gross proceeds of $2,200,016. The Company paid finders’ fees of $41,580 in relation

to the Financing. Proceeds from the Financing will be used for exploration activities and general working

capital. The securities issued under the Financing are subject to a statutory hold period expiring on

January 17, 2021.

In addition, the Board of Directors has approved th e grant of 2,200,000 incentive stock options to

directors, officers and consultants of the Company. The options vest immediately and are exercisable at

a price of $0.25 for a period of 5 years.

On behalf of the Board of Directors,

“Martin Bajic”

CFO and Director

Neither 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.