Lorito Holdings S.à.r.l. and Zebra Holdings And Investments S.à.r.l. Acquire Shares of Filo Mining Corp.

LUXEMBOURG, LUXEMBOURG--(Marketwired - Nov. 15, 2016) - Lorito Holdings S.à.r.l. ("Lorito") and Zebra Holdings and Investments S.à.r.l. ("Zebra"), two companies controlled by a trust settled by the late Adolf H. Lundin, and as such joint actors, both incorporated under the laws of Luxembourg, 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, announced today that they had, by way of a private placement (the "PP"), acquired directly from Filo Mining Corp. ("Filo" or the "Company") - (TSX VENTURE:FIL) and (NASDAQ OMX:FIL) 2'200'000 and 2'000'000 common shares respectively of Filo for Cdn$ 2.00 per common share, for a total of 4'200'000 common shares representing approximately 8.18% of the Company's then issued and outstanding share capital. The common shares were acquired in the PP announced by the Company on October 25, 2016 for a total consideration of Cdn$ 8'400'000.00.

In connection with the above purchase of shares of Filo under the PP, Lorito and Zebra each had disposed of 1'000'000 common shares of Filo as part of a previously announced swap arrangement.

As a result of these acquisitions and dispositions, Lorito now holds a total of 5'700'000 common shares or approximately 9.29% whereas Zebra now holds a total of 6'440'635 common shares or approximately 10.50% of the Company's issued and outstanding share capital. Collectively, Lorito and Zebra now hold a total of 12'140'635 common shares representing approximately 19.79% of the Company's issued and outstanding share capital.

Lorito and Zebra are joint actors with respect to their common shares of Filo which were acquired for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investments in the common shares of Filo depending upon the business and prospects of Filo and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, 1-604-806-3574.