Mr. Trevor D'Sa reports

FILO MINING ANNOUNCES C$100 MILLION PRIVATE PLACEMENT

Filo Mining Corp. intends to sell on a non-brokered private placement basis an aggregate of 4,739,337 common shares of the company at a price of $21.10 per common share for gross proceeds of $100-million.

In connection with the private placement, each of Lorito Holdings Sarl, Zebra Holdings and Investments Sarl, Nemesia Sarl, and BHP Western Mining Resources International Pty. Ltd., a wholly owned subsidiary of BHP Group Ltd., being the company's largest shareholders, has indicated its intention to participate in the private placement, subject to customary conditions and satisfaction with the terms of the private placement. The Lundin family trusts have indicated their intention of subscribing for up to $70-million of the private placement, and BHP has indicated its intention of subscribing for up to $30-million of the private placement.

The net proceeds from the private placement will be used for exploration and development of the company's Filo del Sol project and for working capital and general corporate purposes.

The closing of the private placement remains subject to the approval of the Toronto Stock Exchange, other customary regulatory approvals and closing conditions for a transaction of this nature, including, but not limited to, execution of subscription agreements between the company and the subscribers. The common shares will be issued on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws and will be subject to a statutory hold period of four months and one day from the date of issuance. The company may pay a finder's fee of 5 per cent in connection with a portion of the private placement. The company anticipates closing of the private placement as soon as practicable subject to receipt of all necessary regulatory approvals.

The Lundin family trusts will acquire common shares under the private placement. Any such participation would be considered to be a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any common shares issued to, or the consideration paid by, such persons will exceed 25 per cent of the company's market capitalization.

About Filo Mining Corp.

Filo Mining is a Canadian exploration and development company focused on advancing its 100-per-cent-owned Filo del Sol copper-gold-silver deposit located in San Juan province, Argentina, and adjacent Region 3, Chile. The company's shares are listed on the Toronto Stock Exchange and the Nasdaq First North Growth Market under the trading symbol FIL, and on the OTCQX under the symbol FLMMF. Filo Mining is a member of the Lundin group of companies.

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