Mr. Thomas Larsen reports

EXPANDED IP SURVEYS OUTLINE AN ADDITIONAL 600M STRIKE LENGTH TO THE MAJOR MINERALIZED CORRIDOR AT ELORO RESOURCES' ISKA ISKA PROJECT, POTOSI DEPARTMENT, SOUTHWESTERN BOLIVIA

An expanded induced polarization/resistivity (IP/Res) survey now covers most of Eloro Resources Ltd.'s Iska Iska project in Potosi department, southwestern Bolivia. East-west lines have been completed every 200 metres across and southeast of the Santa Barbara mineral resource using a deep-penetrating array of 50 metres and offset 100-metre dipoles to obtain a depth of investigation approaching 400 metres. The new array and lower surface elevations make it possible to image mineralization at elevations below 3,600 metres in an extension beyond the open southeastern side of the pit that defines the initial mineral resource estimate (MRE) (see Eloro press release dated Oct. 17, 2023). In this survey, chargeability highs across the volume already drilled for the Santa Barbara MRE coincide with peaks in the grade of the polymetallic silver-zinc-lead mineralization expressed as silver equivalent.

Dr. Bill Pearson, PGeo, Eloro's executive vice-president, exploration, commented: "We have had great success with our borehole IP/Res program correlating mineralization between the drill holes, but the surface IP/Res provides a three-dimensional view well beyond where we have drill hole coverage. The new chargeability anomaly, extending southeastward from the open pit that defines the MRE, adds at least an additional 600 metres of potential strike length to the major mineralized structural corridor that is up to 800 metres wide for an overall strike length of at least two kilometres. This new target area has not been drilled. In addition, the chargeability anomaly southeast of the pit is very strong, suggesting that it is a prime target for outlining additional higher-grade polymetallic mineralization."

The chargeability anomaly is open along strike and at depth as exploration work has still not defined the full limits of this remarkable mineralized system.

Qualified person

IP/Res surveys were carried out by MES Geophysics using Eloro's ELREC-Pro 10 channel IP receiver and GDD 3,600-watt IP transmitter. Dr. Chris Hale, PGeo, and John Gilliatt, PGeo, of Intelligent Exploration provided the survey design, preparation of the maps and interpretation of data processed, and quality was reviewed by Rob McKeown, PGeo, of MES Geophysics. Dr. Hale, Mr. Gilliatt and Mr. McKeown are qualified persons as defined under National Instrument 43-101.

The inaugural MRE for Iska Iska is outlined in the NI 43-101 technical report (see Eloro press release dated Oct. 17, 2023) prepared by Micon International Ltd. Independent qualified persons for the technical report are Charley Murahwi, PGeo, FAusIMM, Richard Gowans, PEng, Ing, Alan J. San Martin, MAusIMM (CP), and Abdul Aziz, Drame, PEng, all of whom are independent qualified persons as defined by NI 43-101. Mr. Murahwi completed site visits in January, 2020, and November, 2022.

Silver equivalent grades are calculated using three-year average metal prices of $22.52 (U.S.) per ounce for silver, $1.33 (U.S.) per pound for zinc and 95 U.S. cents per pound for copper and preliminary metallurgical recoveries of 88 per cent for silver, 87 per cent for zinc and 80 per cent for lead.

Dr. Bill Pearson, PGeo, Eloro's executive vice-president, exploration, and a qualified person as defined by NI 43-101, has reviewed and approved the technical content of this news release. Dr. Pearson, who has more than 49 years of worldwide mining exploration, development and production experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, PGeo, general manager of Eloro's Bolivian subsidiary, Minera Tupiza SRL, and a qualified person in the context of NI 43-101, who has supervised all fieldwork carried out at Iska Iska.

About Iska Iska

the Iska Iska silver-tin polymetallic project is a road-accessible, royalty-free property, wholly controlled by the titleholder, Empresa Minera Villegas SRL, and is located 48 kilometres north of Tupiza city, in the Sud Chichas province of the department of Potosi in southern Bolivia. Eloro has an option to earn a 100-per-cent interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician-age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6 kilometres by 1.8 kilometres in dimension with a vertical extent of at least one kilometre. Mineralization age is similar to Cerro Rico de Potosi and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on Sept. 13, 2020. On Nov. 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On Nov. 24, 2020, Eloro announced the discovery of the Santa Barbara breccia pipe (SBBP) approximately 150 metres southwest of the Huayra Kasa underground workings.

Subsequently, on Jan. 26, 2021, Eloro announced significant results from the first drilling at the SBBP, including the discovery hole from surface to 257.5 metres. Subsequent drilling has confirmed significant values of silver-tin polymetallic mineralization in the SBBP and the adjacent Central breccia pipe (CBP). A substantive mineralized envelope which is open along strike and downdip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara adit located to the east of SBBP returned 164.96 grams per tonne silver, 0.46 per cent tin, 3.46 per cent lead and 0.14 per cent copper over 166 metres, including 446 grams per tonne silver, 9.03 per cent lead and 1.16 per cent tin over 56.19 metres. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole DHK-15, which returned 29.53 grams per tonne silver, 0.078 gram per tonne gold, 1.45 per cent zinc, 0.59 per cent lead, 0.080 per cent copper and 0.056 per cent tin over 257.5 metres, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope, which, along with geophysical data, has defined an extensive target zone. On Oct. 17, 2023, Eloro filed the NI 43-101 technical report outlining the initial inferred MRE for Iska Iska, prepared by Micon International. The MRE was reported in two domains, the polymetallic (silver/zinc/lead) domain, which is primarily in the east and south of the Santa Barbara deposit, and the tin (tin/silver/lead) domain, which is primarily in the west and north. The polymetallic domain is estimated to contain 560 million tonnes at 13.8 g/t Ag, 0.73 per cent Zn and 0.28 per cent Pb at an NSR (net smelter return) cut-off of $9.20 (U.S.) for potential open pit and an NSR cut-off of $34.40 (U.S.) for potential underground. The majority of the mineral resource is contained in the constraining pit, which has a stripping ratio of 1:1.

The polymetallic domain contains a higher-grade mineral resource at an NSR cut-off of $25 (U.S.) per tonne of 132 million tonnes at 1.11 per cent zinc, 0.50 per cent lead and 24.3 grams per tonne silver, which has a net NSR value of $34.40 (U.S.) per tonne, which is 3.75 times the estimated operating cost of $9.20 (U.S.) per tonne. The tin domain, which is adjacent to the polymetallic domain and does not overlap, is estimated to contain a mineral resource of 110 million tonnes at 0.12 per cent tin, 14.2 grams per tonne silver and 0.14 per cent lead but is very underdrilled.

The company has completed a 5,267.7-metre definition drill program to expand the higher-grade mineral resource in the polymetallic domain and has commenced a preliminary economic evaluation (PEA) led by Lycopodium.

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 NI 43-101 technical report on Iska Iska, which was completed by Micon International, 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 km south of Barrick's Lagunas Norte gold mine and Pan American Silver's La Arena gold mine.

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