Mr. Thomas Larsen reports

ELORO RESOURCES CLOSES C$6.9 MILLION BOUGHT DEAL FINANCING

Eloro Resources Ltd. has closed its previously announced bought deal financing, including the exercise in full of the overallotment option by the underwriters, of 2,191,280 units of the company at a price of $3.15 per unit for gross proceeds to the company of $6,902,532. The offering was underwritten on a bought deal basis by Haywood Securities Inc. and Cantor Fitzgerald Canada Corp., pursuant to an underwriting agreement dated July 31, 2023, between the company and the underwriters. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder to acquire one common share at a price per warrant share of $4.25 for a period of 24 months following the closing date of the offering.

The securities issued under the offering were qualified for distribution pursuant to a prospectus supplement dated July 31, 2023, to the company's short form base shelf prospectus dated May 11, 2022.

The net proceeds from the offering will be used for continued exploration and development at the company's projects in Bolivia, and for general working capital and corporate purposes, as further set out in the supplement.

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, approximately 50 kilometres south of Barrick's Lagunas Norte gold mine and Pan American Silver's La Arena gold mine.

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