Mr. Jamie Beck reports

FILO DRILLS 1,014M AT 1.02% CUEQ, INCLUDING 44M AT 1.81% CUEQ

Filo Corp. has released assay results from holes FSDH086, FSDH089 and FSDH095 from the Filo del Sol project in San Juan, Argentina. Highlights and detailed results are shown herein:

• Drill hole FSDH086 intersected 1,014.0 metres at 1.02 per cent copper equivalent from 400.0 m, including:
  • 796.0 m at 1.14 per cent CuEq from 618.0 m;
  • 44.0 m at 1.81 per cent CuEq from 1,370.0 m;
  • The latter intersection is interpreted to be a new gold-rich (up to two grams per tonne over a two-metre sample interval) section of the porphyry, associated with strong potassic alteration, sheeted quartz veinlets, and copper mineralization as chalcopyrite and bornite;
• Drill hole FSDH089 had a partial intersection of 541.0 m at 1.51 per cent CuEq from 136.0 m, including:
  • 88.0 m at 278.5 grams per tonne silver from 328.0 m;
  • 225.0 m at 1.72 per cent CuEq from 452.0 m;
  • The hole ended at 677.0 m in mineralization;
• Drill hole FSDH095 had a partial intersection of 374.0 m at 1.30 per cent CuEq from 122.0 m, including:
  • 20.0 m at 1,209.9 g/t Ag from 274.0 m;
  • The hole ended at 496.0 m in mineralization.

Commenting on the release, Jamie Beck, president and chief executive officer, stated: "Aurora zone drilling continues to deliver, and the holes released here particularly highlight the precious metals rich nature of the deposit. All three holes tagged our high-grade silver zone, and we intersected a new phase of the porphyry in hole 86, where we are seeing high-grade porphyry-style mineralization with unusually high gold grades and copper hosted by a chalcopyrite-bornite assemblage. This intersection is at the northwestern edge of our Aurora drilling and demonstrates the significant potential that still exists at Filo to find new styles of mineralization."

FSDH086 was collared on Section 9400N and drilled to the west at minus 75 degrees. The hole intersected the silver zone between 410 m and 438 m, correlating well with adjacent holes. Silver grades in the interval below this were unusually high for the breccia-hosted mineralization, including a 34.7-metre section of 69.0 g/t Ag. The main breccia unit was intersected at 441 m and continued to the end of the hole, cut by a few thin late porphyry dikes. An unusually high-grade section of mixed breccia and porphyry starts at 1,244 m, and continues to the end of the hole, cut by one lower-grade late mineral porphyry dike from 1,324 m to 1,348 m. Gold grades are particularly good in this interval, with individual two-metre samples up to 2.01 g/t. The hole ended in good grade mineralization, and this intersection remains open to depth to the west and to the north.

FSDH089 was collared on Section 8800N and drilled to the east at minus 80 degrees to test a large gap in the drill pattern. It intersected a thick, high-grade section of the silver zone between 328 m and 416 m, averaging 278.5 g/t Ag, with two notable bonanza-grade sections. The interval from the collar to 456 m is within the current resource. Strong copper and gold mineralization continues below this in phreatic breccia to 544 m and then magmatic-hydrothermal breccia to the end of the hole at 677.0 m. The hole was lost at 677.0 m in broken ground.

FSDH095 was collared on Section 8900N, drilled to the west at an angle of minus 71 degrees and intersected the current resource volume to a depth of 355 m. It intersected a very strong silver zone over 20 m with an average grade of 1,209.9 g/t Ag, including an eight-metre interval of 2,748.5 g/t. This interval correlates well with surrounding holes although the grade is higher. The hole continued with good grades in a strong, pyritic phreatic breccia below this. It ended in good grade at 496 m due to challenging ground conditions.

Outlook

Drilling is in progress with nine rigs active on the project. FSDH093 was just completed to a depth of 1,886.6 m and is now the deepest hole ever drilled at Filo del Sol. Assay results for completed holes will be released as they are received, analyzed and confirmed by the company.

With the weather currently moderating, it is planning drill targets and objectives for the 2024 exploration campaign, and will provide a fulsome update to the market in the coming weeks. Its goal is to ensure Filo remains on track to grow into one of the largest and most important copper discoveries in recent times.

About Filo del Sol

Filo del Sol is a high-sulphidation epithermal copper-gold-silver deposit associated with one or more large porphyry copper-gold systems. Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization, including structurally controlled and breccia-hosted gold, manto-style high-grade silver (plus or minus copper), and high-grade supergene enriched copper within a broader envelope of disseminated, stockwork and breccia-hosted sulphide copper and gold mineralization. This complex geological history has created a heterogeneous orebody, which is characterized by zones of very high-grade copper plus or minus gold plus or minus silver mineralization within a large envelope of more homogeneous, lower-grade mineralization.

Qualified person and technical notes

The scientific and technical disclosure for the Filo del Sol project included in this news release has been reviewed and approved by Bob Carmichael, BASc, PEng, who is the qualified person as defined by National Instrument 43-101. Mr. Carmichael is vice-president, exploration, for the company. Samples were cut at Filo's operations base near the town of Guanizuil, Argentina, by company personnel. Diamond drill core was sampled in two-metre intervals (except where shortened by geological contacts) using a rock saw for sulphide mineralization. Oxide mineralization was cut with a core splitter to prevent dissolution of water-soluble copper minerals during the wet sawing process. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Reverse circulation samples were collected at the drill site by company personnel with splitting carried out at the company's field camp near the drill sites. Individual samples represent final splits from two-metre intervals down the hole. Samples were bagged, tagged and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina, where they were crushed and a 500-gram split was pulverized to 85 per cent passing 200 mesh. The prepared samples were sent to the ALS assay laboratories in either Lima, Peru, or Santiago, Chile, for copper, gold and silver assays, and multielement ICP and sequential copper analyses. ALS is an accredited laboratory which is independent of the company. Gold assays were by fire assay fusion with AAS finish on a 30-gram sample. Copper and silver were assayed by atomic absorption following a four-acid digestion. Samples were also analyzed for a suite of 36 elements with ICP-ES, and a sequential copper leach analysis was completed on each sample with copper greater than 500 parts per million (0.05 per cent). Copper and gold standards, as well as blanks and duplicates (field, preparation and analysis), were randomly inserted into the sampling sequence for quality control. On average, 9 per cent of the submitted samples are quality control samples. No data quality problems were indicated by the quality assurance/quality control program.

Mineralized zones within the Filo del Sol deposit are typically flat lying or bulk porphyry-style zones, and drilled widths are interpreted to be very close to true widths.

About Filo Corp.

Filo 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 the Nasdaq First North Growth Market under the trading symbol FIL and on the OTCQX under the symbol FLMMF. Filo is a member of the Lundin group of companies.

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