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This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in the prospectus included in Annual Reports on Form 10-K, Quarterly Reports of Form 10-Q, and Reports filed on Form 8-K.

In our filings with the Securities and Exchange Commission, references to “AMMO, Inc.”, “AMMO”, “the Company”, “we,” “us,” “our” and similar terms refer to AMMO, Inc. and its wholly owned operating subsidiaries The Enlight Group, SNI, LLC and Ammo Technologies, Inc.

SAFE HARBOR / FORWARD-LOOKING

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WHO WE ARE

These products are disrupting a complacent industry

We have an innovative, high-quality patent portfolio providing a significant competitive advantage over the competition

Fully integrated supply chain with state-of-the-art manufacturing facilities that have the capability to produce 750M+ rounds/year with the ability to scale further

Multi-channel retail distribution of commercial products

Ability to provide ammunition to militaries and law enforcement acrossthe globe

We are a premier American ammunition manufacturer with products that emphasize innovative technologies

4*Total addressable marketsSources: 2018 DOD Budget Proposal, NSSF

GLOBAL MARKET OPPORTUNITYMilitary & Law Enforcement Commercial/Retail

TAM*~$18.5B

Rest of World>$12B

U.S.$6.5B

TAM*

~$13.9B

Rest of World>$12B

U.S.~$1.9B

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MARKETS WE SERVE

U.S. MilitarySpecial Forces & Conventional ForcesBig Box Retail Stores

Distributors

Shooting Ranges

E-Commerce Foreign AlliesMilitary & Law Enforcement

Global Commercial Market Global Defense Market

U.S. Law EnforcementFederal, State & Local

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A DIFFERENTIATED AMMUNITION COMPANY

AMMO, Inc. Industry

ProductPatented / Non-commodity Commoditized

Branded / Licensed Characterized by Use / SKUMarketing

Premium ValueQuality / Price Point

30%+ Target 10-20% AverageProduct Margins

Young, Active, New Shooters Established, Older GenerationsTarget Customer

G L O B A L C O M M E R C I A L M A R K E T

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COMMERCIAL PRODUCTS

Exclusive patented technology allows shooter to see projectile’s path

Non-incendiary and does not generate heat allowing them to be used in environments where traditional tracer prohibited(i.e. shooting ranges)

AMMO, INC. Signature Line STREAK™ Visual Ammunition stelTH™ Subsonic Ammunition AMMO, INC. Signature Blackline

Designed specifically for superior performance in suppressed firearms, reducing decibel levels while improving accuracy and cleanliness

Utilizes HyperClean technology with a total metal jacket slowing suppressor corrosion and reducing build-up of lead emissions

Superior hollow point ammunition loaded for extreme accuracy and reliability

Balanced velocity and recoil with HyperClean powder to shoot more and clean less

Superior ball and hollow point ammunition loaded for extreme accuracy and reliability

Balanced velocity and recoil with HyperClean powder to shoot more and clean less

Plated Brass for enhanced performance and corrosion resistance

View STREAK™ and /stelTH/™ product info and videos here:https://ammoinc.com/product-category/product-family/streak-ammunition/https://ammoinc.com/product-category/product-family/stelth-subsonic-ammuntion/

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MULTI-CHANNEL DISTRIBUTIONCurrent Distribution Channels

Online / Retail Shooting Ranges

Distributors Buying Groups

G L O B A LD E F E N S EM A R K E T

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MARKET PENETRATION STRATEGY

Launched in 2019 with Mission to Deliver High-Quality,Precision Rounds for Military & Defense Operations Across the World

Introduce Proprietary Technologies Penetrate and Expand Market Share

Strong demand for our superior brand of patentedArmor Piercing (AP) and Hard Armor PiercingIncendiary (HAPI™) rounds that are made in AmericaOur patented One-Way Luminescent(O.W.L™) technology utilized in our STREAK™products to provide competitive advantage in tactical and defense scenarios

Prove increased performance throughdemonstrations of lethality and accuracy

Offer lower-cost, made in America product linesby controlling component manufacturing costs

Ability to better meet increased market demands allows AMMO, Inc. to capture sales opportunities

Partner with strategic players and weaponmanufacturers to expand product lines

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DEFENSE PRODUCTS

Hard Armor Piercing Incendiary (HAPI™) Round

O.W.L.™ Non-Incendiary Visual Ammunition

Extremely effective and accurate alternative to current AP rounds offered by defense contractors –consistently outperform competitor offerings

Optimized incendiary projectile designed to penetrate and defeat hard targets

Manufactured in America to match grade specs to ensure accuracy and effectiveness

Utilizes the O.W.L.™ technology in STREAK™ ammo to illuminate the trajectory of the projectile

Leaves visible trace with a non-incendiary round significantly improving accuracy

Optimal ammunition for military tactical engagements – the trace is only visible in a 30-degree window from the point of view of the shooter, making the round undetectable from the flanks and the target’s viewpoint

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CURRENT PROGRESS IN THE GLOBAL DEFENSE MARKET

Next Generationammunition AP/HAPI™ and O.W.L™

for U.S. Military and Allied Forces

Awarded State Law Enforcement Ammunition Contracts

Compliant with current U.S.State Department and Department

of Commerce statutes and regulations governing the lawful

export of ammunition and munition components

Demonstrated AP/HAPI™ and O.W.L.™ to U.S. Special Forces and foreign allies

Samples of AP/HAPI™ and O.W.L.™delivered for testing by U.S. Military

(COVID Delayed)

Engaged to develop specialized rounds for Special Forces and conventional forces

Contract began shipping in the secondhalf of 2019, making ammunition available

for purchase by all agencies through the state contract

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JAGEMANN ACQUISITION

Closed Acquisition of Jagemann Stamping’sBrass Casing and Projectile Manufacturing Operationsin March 2019

One of the leading brass casing manufacturers in the U.S.

Aligns key elements in our supply chain ensuring consistent access to brass casings and proprietary projectiles across varying business cycles

Seamless integration between component manufacturing & assembly – allowing for more rapid product development and enhancing speed to market

Secures industry best pricing to compete in global markets and expandsindustry relationships

Diversifies revenue base and provides significant cash flow

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MANUFACTURING FACILITIES

25,000 sq.ft 95%50,000 sq.ft 750M+ rounds

Among the top manufacturers in the countrywith state-of-the-art test labs

Manitowoc facility supplies many leadingammunition manufacturers

Ammo loading facilitylocated in Payson, AZ

Utilization rate – scaled quickly to support recent industry growth

Brass casing and militaryloading facility in Manitowoc, WI

Current combined capacity being produced per year

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RECENTLY ESTABLISHED SALES CALL CENTER

Began operations of sales call center on April 1, 2020, responsible for calling and servicing the ~67,000 dealers with active federal firearms licenses.

Call center is staffed with 10 full-time employees being led by proven sales leader and industry veteran.

As of July 2020, the call center has generated 1,000 new customers with approximately $80.1 million in booked orders.

New customers represent >1,600+ retail stores and a significant ecommerce presence from notable brands, including Rural King, DICK’S Sporting Goods, Cascade Farm and Outdoor, Shoot Point Blank, and many other regional chains.

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KEY STATS

Trading Data (as of 11/5/20) Valuation Measures (as of 11/5/20) Financial Overview (TTM @ 6/30/20)

Stock Price Enterprise Value Revenue

$2.15 $119.1M $19.0M52 Week High/Low

$3.07/$0.96Market Cap

$108.8MAvg. Daily Volume (3 months)

125,260Shares Outstanding

50.6MPublic Float

~73%

EV/Sales1

6.6x

GAAP Net Income

$(13.8)M

GAAP EPS

$(0.30)

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1) Includes trailing twelve-month revenue as of the quarter ended 6/30/20.

Adjusted EBITDA

$(6.2)M

Adjusted EBITDA per share

$(0.13)

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PROJECTED SALES GROWTH AND MARGIN EXPANSIONSales Growth Drivers

Margin Expansion Drivers:$2.3 $4.6

$14.8

$50

FY18 FY19 FY20 FY21E

Sales (in $mm)

Significantly expand sales in defense and export markets

Continue to grow retail presence, including adding more kiosks at big box retailers and penetrate the shooting range market

Increase manufacturing capacity and utilization at current facilities

Pricing power with patented proprietary technology that deliver superior performance

Vertical integration

Cost-efficient product distributionCost-efficient product distribution

Control over componentsupply and pricing

Premium Brands

Higher Margins

Increased Sales

Diversified Channel Mix

400%+ average annual salesgrowth over past 4 years

*Fiscal year end is March 31st

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MANAGEMENT TEAM WITH DEEP TIES TO THE INDUSTRY

Fred WagenhalsChairman, President & CEO

Tod WagenhalsExecutive Vice President, Secretary

Rob WileyCFO

Steve HilkoCOO

Founder of Action Performance Companies, a subsidiary of International Speedway Corp. (Nasdaq: ISCA) with over $400M annual sales of NASCAR-branded products

Deep experience in the acquisition and monetization of licensed products

Named Entrepreneur of the Year for the retail/ wholesale category by the Center for Entrepreneurial Leadership

Over 30 years experience in marketing and contract manufacturing, as well as overseeing companies day-to-day operations and production

Long history with officially licenced sports and celebrity memorabilia

Joined AMMO, Inc. in 2017 at his current position

40 years of experience in manufacturing, engineering and supply-chain logistics at notable consumer product companies, including Action International Marketing, Lionel and Action Performance Companies

Widely recognized gun expert in the ammunition industry

Joined AMMO as controllerin 2018

Former Certified Public Accountant at Moss Adams, LLP

Holds a master’s degree from Arizona State University and is a licensed CPA

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MANAGEMENT TEAM WITH DEEP TIES TO THE INDUSTRY

Mark HanishPresident, Global Sales & Marketing

Matt NicholsonVice President, Sales & Marketing

Scott BitterDirector of OEM Brass Sales

Jim MannGeneral Manager,

Jagemann Munition Components

Over twenty years of experience in the firearms industry as a top sales executive for notable companies, including Surefire and FN America

Founding member of the Scottsdale Gun Club, which is one of the largest public indoor shooting ranges inthe country

World-class competitive shooter and has been sponsored for over twenty years

A dedicated sales professional for over 26 years in the manufacturing stamping industry

Helped build the ammunition brass market/business from its establishment in 2010

Sales leader and coach with over 20 years of experience in call center operations and outside sales

Firearms industry Executive for over 10 years

Spent eight years as VP of Sales with largest west coast firearms distributor in the nation specializing in sales of Ruger, Smith & Wesson and Glock

Director of all OEM Brass Sales within AMMO, Inc.

19 years of experience in deep draw metal stamping which started in the automotive industry - the last 10 yearsspent in ammunition case manufacturing for Jagemann

Intricate role in establishing Jagemann’s brass casing division

Extensive knowledge of Lean Manufacturing, Continuous Improvement, Six Sigma Principals, Global 8D, plus additional manufacturing and engineering disciplines

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STRONG BOARD OF DIRECTORS

Robert Goodmanson Randy Luth Harry Markley Russel William(“Rusty”) Wallace, Jr.

More than 30 years of experience in theinvestment industry

Currently is a registered investment advisor at Tealwood Asset Management in Minneapolis, MN

Founder and CEO of Maxwell Simon, an investment advisory firm focused on private and public equity transactions

Founder and president of LUTH-AR, one of the leading manufacturers of AR-15 firearms and firearm components in the world

Former CEO of DPMS Panther Arms, a producer of AR-15 firearms and accessories

Currently serves as the law enforcement senior advisor for the federal government

More than 30 years with the Phoenix Police Department, most recently as assistant chief of the patrol division

Principal Shareholder of the Rusty Wallace Automotive Group and Owner of Rusty Wallace Racing

Competed in NASCAR races for over 16 years and is a member of the NASCAR Hall of Fame

Lead Racing Analyst for the Motor Racing Network the voice of NASCAR

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KEY TAKEAWAYSMulti-billion dollar addressable market ripe for disruption

Diversified portfolio of premium products for both commercial and defense markets across the world

Substantial competitive advantage through innovative patent and IP portfolio

Ammunition lines that meet the current requirements and growing needs of the U.S. military and our allies

Significant sales growth potential with near-term positive cash flow expected

Consistently expandingpresence through new strategic relationships with industry leaders

Experienced management team and board with deep ties across the industry

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CONTACT US

AMMO, Inc. Contact

Rob WileyChief Financial Officer

(480) 947-0001

info@ammo-inc.com