INVESTOR PRESENTATIONJ U N E 2 0 2 0

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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 should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on 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

We are a premier American

ammunition manufacturer

with products that emphasize

innovative technologies

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 produce ~300M rounds/year with the ability to scale up to >500M

rounds/year

Multi-channel retail distribution of commercial products

Ability to provide ammunition to militaries and law enforcement across

the globe

4*Total addressable markets

Sources: 2018 DOD Budget Proposal, NSSF

GLOBAL MARKET OPPORTUNITY

Military & 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 Operation Forces & Standard InfantryBig Box Retail Stores

Distributors

Shooting Ranges

OnlineForeign Allies

Military & 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

35% Target 10-20% AverageProduct Margins

Young, Active, Influencers Established, Older GenerationsTarget Customer

G LO B AL C O M M E R C I AL M AR K E T

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COMMERCIAL PRODUCTS

Exclusive patented technology

allows shooter to see projectile’s

path

Non-incendiary and do not

generate heat allowing them to

be used in environments where

traditional tracer prohibited(i.e. shooting ranges)

STREAK Visual Ammunition One Precise Shot – OPS stelTH Subsonic Ammunition AMMO Signature and

Black Label Lines

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 ball and hollow point

ammunition loaded for extreme

accuracy and reliability

Balanced velocity and recoil

with HyperClean powder to

shoot more and clean less

Jacketed hollow point frangible

with STREAK visual technology

Lead-free, non-incendiary

projectiles designed to penetrate

a variety of barriers and deliver

substantial force upon impact

of target

Ideal for self-defense scenarios

providing significant stoppage power

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MULTI-CHANNEL DISTRIBUTIONCurrent Distribution Channels

Distributors Mass Merchants / Online

Buying Groups Shooting Ranges

G LO B ALD E F E N S EM AR K E T

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MARKET PENETRATION STRATEGY

Global Tactical Defense Division 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 patented

armor piercing incendiary and hard-arm piercing

incendiary rounds that are made in America

Utilize our patented One-Way Luminescent

(O.W.L) technology in our STREAK products to

provide competitive advantage in tactical and

defense scenarios

Prove increased performance through

demonstrations of lethality and accuracy

Offer lower-cost, made in America product lines

by controlling component manufacturing costs

Utilize backlog of competitors to capture sales

Partner with strategic players and weapon

manufacturers to expand product lines

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DEFENSE PRODUCTS

Hard Armor Penetrating

Incendiary (HAPI) Round

. x mm

. x mm

AC O T

I O MA MA

A A O MA MA

. x mm

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

completely undetectable from

the target’s viewpoint

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CURRENT PROGRESS IN THE GLOBAL DEFENSE MARKET

Debuted new AP/HAPI

ammunition at SHOT Show

in January 2019

Awarded First Law

Enforcement Contract

Compliant with the U.S.

State Department and Department

of Commerce statutes and

regulations governing the lawful

export of ammunition and munition

componentsMet with various U.S. military

personnel and more than a dozen allied

countries

Received and delivered initial

test and evaluation orders

Signed with several new distributors

to expand global coverage

Contract began shipping in the second

half of 2019 to the state of Arizona

providing ammunition to all Arizona law

enforcement agencies

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JAGEMANN ACQUISITION

Closed Acquisition

of Jagemann Stamping’s

Brass Casing and Projectile

Manufacturing Operations

in 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 expands

industry relationships

Diversifies revenue base and provides significant cash flow

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MANUFACTURING FACILITIES

25,000 sq.ft 20% only50,000 sq.ft ~300M rounds

Among the top manufacturers in the country

with state-of-the-art test labs

Manitowoc facility supplies many leading

ammunition manufacturers

Ammo loading facility

located in Payson, AZ

Utilization rate - able to quickly

scale and support growth of

$200M+ in revenue with additional

capital investment

Brass casing and military

loading facility in Manitowoc, WI

Current combined capacity being

produced per year with ability

to scale up to >500M rounds per

year

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RECENTLY ESTABLISHED SALES CALL CENTER

Began operations of sales call center at its Scottsdale, AZ headquarters

on April 1, 2020, with the responsibility of calling and servicing the ~67,000

stores with active federal firearms licenses.

Call center is staffed with 11 full-time employees being led by proven sales

leader and industry veteran Matt Nicholson.

As of May 22, 2020, the call center has generated 268 new customers with

over $5 million in sales being booked.

New customers represent >500 retail stores and a significant ecommerce

presence from notable brands, including Rural King, Bi-Mart, Cascade Farm

and Outdoor, Shoot Point Blank, and many other regional chains.

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KEY STATS

Trading Data (as of 6/8/20) Valuation Measures (as of 6/8/20) Financial Overview (TTM @ 12/31/19)

Stock Price Enterprise Value Revenue

$2.85 $144.1M $11.4M

52 Week High/Low

$2.95/$0.96Market Cap

$137.6MAvg. Daily Volume (3 months)

59,460Shares Outstanding

48.3MPublic Float

~70%

EV/Sales1

13.2x

GAAP Net Income2

$(17.9)MGAAP EPS

$(0.41)

1 71) Includes trailing twelve-month revenue as of the quarter ended 12/31/2019.

2) This figure includes approximately $9.5 million in noncash expenses.

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PROJECTED SALES GROWTH AND MARGIN EXPANSION

Sales Growth Drivers

Margin Expansion Drivers:$2.3$4.6

$10.0

$14.5

$30.0

FY18 FY19 9-Months @ Q3'20 FY20E 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 component

supply and pricing

Premium Brands

Higher Margins

Increased Sales

Diversified Channel Mix

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MANAGEMENT TEAM WITH DEEP TIES TO THE INDUSTRY

Fred WagenhalsChairman, President & CEO

Mark HanishPresident, Global Commercial

Sales & Marketing

Steve HilkoCOO

Rob WileyCFO

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 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

one of the largest public

indoor shooting ranges in

the country

Former competitive shooters

and has been sponsored

since he was in college

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 controller

in 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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STRONG BOARD OF DIRECTORS

Robert Goodmanson Randy Luth Harry MarkleyRussel William

(“Rusty”) Wallace, Jr.

More than 30 years of

experience in the

investment 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

Currently serves as an

analyst for ABC and ESPN

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KEY TAKEAWAYS

Multi-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

Investor Relations Contact

Cody SlachManaging Director, Gateway Investor Relations

(949) 574-3860

POWW@gatewayir.com