Mr. Thomas Larsen reports

ELORO RESOURCES AMENDS PAYMENT SCHEDULE FOR ISKA ISKA SILVER-TIN POLYMETALLIC PROJECT, POTOSI DEPARTMENT, BOLIVIA

By mutual agreement with Empresa Minera Villegas SRL, the title holder of the Iska Iska silver-tin polymetallic project in the Potosi department, southern Bolivia, the payment schedule in connection with the remaining portion of the aggregate $10-million (U.S.) payment required for Eloro Resources Ltd. to earn a 100-per-cent interest in Iska Iska has been amended.

Pursuant to the private option agreement to acquire Iska Iska, as amended, Eloro's Bolivian subsidiary, Minera Tupiza SRL has made advance payments of $4.9-million (U.S.) to date toward the $10-million (U.S.) option payment. As per mutual agreement, the schedule for the remaining option payments has been amended whereby Eloro, through Minera Tupiza, has agreed to pay Minera Villegas $500,000 (U.S.) on or before July 6, 2024, $500,000 (U.S.) on or before Dec. 30, 2024, and $500,000 (U.S.) on or before April 30, 2025, with the remaining $3.6-million (U.S.) due on or before July 6, 2025.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road-accessible, royalty-free property, wholly controlled by the title holder, Empresa Minera Villegas SRL, and is located 48 km 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 km by 1.8 km in dimension with a vertical extent of at least one km. 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 SBBP approximately 150 metres (m) 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 zero m to 257.5 m. Subsequent drilling has confirmed significant values of silver-tin (Ag-Sn) polymetallic mineralization in the SBBP and the adjacent 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 Ag/t, 0.46 per cent Sn, 3.46 per cent lead (Pb) and 0.14 per cent Cu over 166 m, including 446 g Ag/t, 9.03 per cent Pb and 1.16 per cent Sn over 56.19 m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45 per cent Zn, 0.59 per cent Pb, 0.080 per cent Cu and 0.056 per cent Sn over 257.5 m, 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 National Instrument 43-101 technical report outlining the initial inferred MRE for Iska Iska, prepared by Micon International Ltd. The MRE was reported in two domains, the polymetallic (Ag-Zn-Pb) domain which is primarily in the east and south of the Santa Barbara deposit and the tin (Sn-Ag-Pb) domain which is primarily in the west and north. The polymetallic domain is estimated to contain 560 million tonnes (Mt) at 13.8 g Ag/t, 0.73 per cent Zn and 0.28 per cent Pb at an NSR 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 a NSR cut-off of $25 (U.S.) per tonne of 132 million tonnes at 1.11 per cent Zn, 0.50 per cent Pb and 24.3 g Ag/t which has a net NSR value of $34.40 (U.S.) per t which is 3.75 the estimated operating cost of $9.20 per t. The tin domain which is adjacent the polymetallic domain and does not overlap, is estimated to contain a mineral resource of 110 Mt at 0.12 per cent Sn, 14.2 g Ag/t and 0.14 per cent Pb, but is very under drilled.

The company has completed a 5,267.7-metre definition drill program to upgrade and 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.

We seek Safe Harbor.