Mr. Thomas Larsen reports

ELORO RESOURCES ANNOUNCES C$5,002,200 BOUGHT DEAL FINANCING

Eloro Resources Ltd. has entered into an agreement with Haywood Securities Inc. to act as co-lead underwriter and joint bookrunner, together with Cantor Fitzgerald Canada Corp. as co-lead underwriter and joint bookrunner and a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 1,588,000 units of the company at a price of $3.15 per unit for gross proceeds to the company of $5,002,200. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of $4.25 for a period of 24 months from the closing date (as hereinafter defined).

Additionally, the company has agreed to grant to the underwriters an option, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the offering, to purchase up to an additional 15 per cent of the number of units sold under the offering at a price per unit equal to the issue price, on the same terms and conditions as the offering.

The net proceeds from the offering will be used for exploration and development at the company's projects in Bolivia and Peru, and for general working capital and corporate purposes.

The units will be offered by way of a prospectus supplement to the company's base shelf prospectus, dated May 11, 2022, to be filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, except Quebec. The units may also be sold to U.S. buyers on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and to residents in other jurisdictions outside of Canada, provided that no prospectus filing or comparable obligation arises.

The offering is scheduled to close on or about Aug. 3, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100-per-cent interest in the highly prospective Iska Iska property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi department, in southern Bolivia. A recent National Instrument 43-101 technical report on Iska Iska, which was completed by Micon International Ltd., is available on Eloro's website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82-per-cent interest in the La Victoria gold/silver project, located in the North-Central mineral belt of Peru about 50 kilometres south of Barrick's Lagunas Norte gold mine and Pan American Silver's La Arena gold mine.

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