Mr. Thomas Larsen reports

ELORO RESOURCES ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED BOUGHT DEAL FINANCING TO $6.0 MILLION

Eloro Resources Ltd. has amended the terms of its previously announced bought deal financing to increase the size of the offering to $6.0-million.

Under the terms of the upsized offering, Haywood Securities Inc. and Cantor Fitzgerald Canada Corp., as co-lead underwriters and joint bookrunners, have agreed to purchase, on a bought deal basis, 1,905,461 units at a price of $3.15 per unit for gross proceeds to the company of $6,002,202.

Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share at a price per warrant share of $4.25 for a period of 24 months from the closing date of the upsized offering.

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

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

The units will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Quebec. The units will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A of the U.S. Securities Act of 1933, as amended, and other jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises.

The upsized 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 TSX Venture 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 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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