Lorito Holdings S.a.r.l. and Zebra Holdings And Investments S.a.r.l. Sell/Swap Shares of Filo Mining Corp.

LUXEMBOURG, LUXEMBOURG--(Marketwired - Oct. 27, 2016) - Lorito Holdings S.à.r.l. ("Lorito") and Zebra Holdings and Investments S.à.r.l. ("Zebra") 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, two companies controlled by a trust settled by the late Adolf H. Lundin, announced today that on October 26, 2016 each had sold 1,000,000 Common Shares respectively of Filo Mining Corp. ("Filo") (TSX VENTURE:FIL)(NASDAQ OMX:FIL) in consideration of Cdn $2.00 per Common Share for a total consideration of Cdn $4,000,000. These sales represent in the aggregate approximately 3.90% of the outstanding shares of Filo. As a result of these sales, Lorito and Zebra now hold 3,500,000 and 4,440,635 Common Shares respectively of Filo representing 6.82% and 8.65% respectively of the issued and outstanding Common Shares of Filo. Together, Lorito and Zebra hold a total of 7,940,635 Common Shares, or approximately 15.47% of the issued and outstanding Common Shares of the Company.

These private sales transactions represent the first part of a share swap whereby Lorito and Zebra have sold the shares from their current holdings and simultaneously committed to replace them through subscribing for the corresponding number of shares under the Private Placement previously announced by the Company on October 25, 2016. Closing of the Private Placement is expected to occur on or about November 15, 2016.

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.