Mr. Jamie Beck reports

FILO MINING CLOSES C$130 MILLION PRIVATE PLACEMENT

Filo Mining Corp. has closed its previously announced non-brokered private placement, which was upsized on June 2, 2023, due to strong investor demand.

Commenting on the private placement, Jamie Beck, president and chief executive officer, stated: "The private placement provided us with an opportunity to raise funds at market with limited dilution. In addition to the support of the Lundin family and BHP, the private placement was well supported by institutional investors, including funds and accounts managed by BlackRock. This sets Filo up well for the next phase of drilling as we grow and define this remarkable deposit."

The company sold an aggregate of 6,161,138 common shares of the company at a price of $21.10 per common share for gross proceeds of $130-million. Following completion of the private placement, the company has 130,126,834 common shares outstanding. In connection with the private placement, the company paid a finder's fee of 5.0 per cent in cash on a portion 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 common shares issued under the private placement will be subject to a hold period expiring on Oct. 14, 2023.

Nemesia S.a.r.l. (which reports its holdings with Lorito Holdings S.a.r.l. and Zebra Holdings and Investments S.a.r.l,), an insider of the company, acquired common shares under the private placement and such participation is 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. The company did not file a material change report more than 21 days before the closing date of the private placement due to the limited time between the launch and closing date.

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 III, Chile. The company's shares are listed on the Toronto Stock Exchange and 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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