VANCOUVER, BC, May 8, 2024 /CNW/ - Filo Corp. (TSX:FIL) (Nasdaq First North Growth Market: FIL) (OTCQX:FLMMF) ("Filo", or the "Company") announces its results for the three months ended March 31, 2024. View PDF  Jamie Beck, President & CEO, commented, "With our 2024 drilling program well underway and exceeding our planned productivity levels, we continue to see Filo grow as we search for the limits of the deposit. Recent drill results have increased the known deposit length to at least 5.5km, with the deposit remaining open in several directions, particularly in the Bonita Zone, where we have several additional holes underway to help us better define this area of the deposit and investigate the link between it and the Aurora Zone to the south. We continue to target a 40,000m drilling campaign in 2024 given the high productivity levels that were achieved in the first quarter, despite a series of early winter storms that have impacted productivity subsequent to the end of the quarter. Our drilling schedule factors in lower productivity as we continue operating through the austral winter. We are looking to forward to providing additional drillhole results throughout the year and are excited about an initial sulphide resource estimate at Filo which we are targeting before year end." Q1 2024 Highlights During and subsequent to the first quarter of 2024, the Company's highlights included: With 14,582m drilled during the quarter, drilling productivity has continued to improve and return long-mineralized intercepts with a goal of expanding the overall deposit size. Assay results were released covering thirteen drill-holes; Assay results announced for hole FSDH108 extended the Bonita Zone another 400m to the north, increasing the Filo deposit length to at least 5.5km. The results extend the entire Filo mineralized trend further north and intersected mineralization at shallower depths than previous holes drilled in this target area. The Bonita Zone remains open in all directions, and additional drillholes are underway to help better define this area of the deposit and the link between it and the Aurora Zone to the south; Assay results announced for hole FSDH103 intersected 1,260.0m from 296.0m in the Aurora Zone at 0.86% CuEq. The hole intersected a strongly leached zone to a depth of 296m where it entered a strong supergene enrichment zone which continued to 357m and was highlighted by an 8m section at 10.06% Cu. This intersection is just below the PFS resource pit shell, offering the opportunity for an expansion to the oxide resource; Assay results announced for holes FSDH097, FSDH098 and FSDH100, which span a total distance of 1.6km, expand the Filo deposit to the west along the entire distance between the holes drilled. FSDH100 is an example of the successful Aurora Zone step-out drilling conducted by the Company, adding over 500m in depth beyond the current resource pit shell and extending the western margin of the deposit by 250m; Assay results announced for holes FSDH093 and FSDH094, which were collared 500m apart, filled critical high-grade gaps in the Company's interpretation as well as extending Aurora to the northeast. Q1 2024 Drilling and Assay Results Drilling and assay results disclosed by the Company during and subsequent to the three months ended March 31, 2024 are summarized in Appendix 1 to this news release. Outlook Drilling continues to be the Company's primary focus with nine drill rigs operating at site. The planned 2024 drilling program is expected to be the Company's most ambitious program to date, including 40,000m of drilling planned with a renewed focus on exploration and resource growth with multiple step-out targets from zones of known mineralization. Drilling productivity through the end of Q1 2024 exceeded expectations, and the Company has now made seasonal adjustments to continue the drilling program throughout the austral winter. Drilling will remain a mix of both large and small step out holes in all directions from areas of known mineralization, including both the Bonita and Aurora Zones. The Company continues to maintain a strong focus on improving drill productivity through a variety of initiatives. Data collected from the current campaign is being used to develop a comprehensive geological model which will guide further exploration and form the basis of an update to the Mineral Resource estimate by year end. The Company is continuing preliminary metallurgical testwork on the sulphide mineralization, as well as environmental and social baseline programs in support of future project permitting. The Company's plans and timelines are subject to equipment and staff availability, along with being able to operate safely and effectively and in accordance with the Company's health and safety protocols. Selected Financial Information Effective January 1, 2024, the Company changed the functional currencies of its parent and subsidiary companies as well as its presentation currency from Canadian dollars ("CAD") to US dollars ("$USD"). The change was enacted to reflect changes in the composition of the Company's contracts and monetary outlays being predominantly denominated in $USD. The change in functional currencies is being recognized prospectively. The change in presentation currency requires retrospective restatement of all prior periods presented in the financial statements. The amounts reported in the statement of financial position as at January 1, 2023 (derived from the consolidated statement of financial position as at December 31, 2022; not presented herein) and December 31, 2023 have been restated in $USD based on the closing exchange rates on December 31, 2022 and December 31, 2023, respectively. The statements of comprehensive loss, cash flows and changes in equity for the three months ended March 31, 2023 have been restated in $USD based on the average exchange rate for the three months ended March 31, 2023. The $CAD/$USD exchange rates used to reflect the change in presentation currency were as follows: Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Average rate n/a 0.7398 0.7445 0.7456 0.7344 Closing rate 0.7383 n/a n/a n/a 0.7561   (in thousands of US dollars) March 31, December 31, January 1, 2024 2023 (Restated) 2023 (Restated) Cash and cash equivalents 54,653 81,748 55,313 Working capital 35,887 65,776 44,518 Mineral properties 7,618 7,618 7,189 Total assets 67,869 94,049 63,470 Financial Results (in thousands of US dollars, except per share amounts) Three months ended March 31, 2024 2023 (Restated) Exploration and project investigation 31,793 25,381 General and administration ("G&A"), excluding share-based compensation expense(1) 1,260 1,687 Share-based compensation expense(1) 4,076 2,381 Net loss 33,154 22,129 Basic and diluted loss per share 0.25 0.18 (1)    Share based compensation is a non-cash cost which reflects the amortization of the estimated fair value of share options over their vesting period. The fair value of share options is calculated using the Black-Scholes pricing model, which relies heavily on the Company's share price and historical share price volatility. A portion of this expense is included in Exploration and Project Investigation expense. The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024, which are available on SEDAR+ at www.sedarplus.ca and the Company's website www.filocorp.com  For the three months ended March 31, 2024, Filo incurred a net loss of