Lorito Holdings S.a.r.l. and Zebra Holdings and Investments S.a.r.l. Receive Distribution of Common Shares of Filo Mining Corp.

UXEMBOURG, LUXEMBOURG--(Marketwired - Aug. 22, 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 as a result of the spin-out by NGEx Resources Inc. ("NGEX") (TSX:NGQ) (NASDAQ OMX:NGQ) of its wholly owned Filo de Sol property under a Plan of Arrangement they will be receiving common shares of Filo Mining Corp. ("FILO") (TSX VENTURE:FIL) (NASDAQ OMX First North:FIL), a wholly owned subsidiary of NGEx.

Upon completion of the arrangement announced by NGEx and FILO in a joint press release on August 16^th, 2016, Lorito and Zebra will, based on their holdings of NGEx on record as of August 23^rd, 2016, be receiving one common share of FILO for Can$nil consideration for every four common shares of NGEx held. Lorito will be receiving and holding 4'500'000 common shares or approximately 8.78% and Zebra will be receiving and holding 5'440'635 common shares or approximately 10.61% respectively of the issued capital of FILO. Collectively, the joint-actors will be holding a total of 9'940'635 common shares or approximately 19.39% of the issued capital of Filo.

On record date August 23^rd, 2016, Lorito will be holding 18'000'000 common shares or approximately 8.78% and Zebra will be holding 21'762'539 common shares or 10.61% respectively of the issued capital of NGEx for a total of 39'762'539 common shares or approximately 19.39% of the issued capital of NGEx eligible for distribution of the FILO common shares.

Lorito and Zebra are joint actors with respect to their holdings in NGEx and FILO and have acquired the common shares for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investment in NGEx and or FILO depending upon the business and prospects of NGEx and 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.