Mr. Thomas Larsen reports

ELORO RESOURCES RECEIVES LEAD ORDER FROM STRATEGIC INVESTOR CRESCAT CAPITAL AND ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING UP TO $2,700,000

Eloro Resources Ltd. has received a lead order from the company's largest shareholder and strategic investor, Crescat Capital LLC, in connection with a non-brokered private placement offering of up to three million units of the company at 90 cents per unit for gross proceeds of up to $2.7-million.

"Iska Iska is one of the most significant silver-base-metal discoveries globally in recent years," stated Quinton Hennigh, technical and geologic adviser to Crescat Capital, a strategic shareholder of Eloro. "Although we are currently in a time when capital available to the mining industry is constrained, it is critical to see projects like this move forward. Eloro has a very capable technical team, and it is pleasing to see them continue to advance work, especially infill drilling in the Santa Barbara area so that a PEA [preliminary economic assessment] can be undertaken. Metal prices are now rising. I believe this is, in part, due to the fact that very few mines have been built in recent years. Iska Iska needs to remain on track to ultimately provide the critical metals society needs."

Kevin Smith, Crescat's founder and chief investment officer, commented: "Eloro's Iska Iska deposit is a silver-rich multimetallic resource that is one of the largest discoveries in the world today. There is a shortage of critical metals globally that are needed for the energy transition due to more than a decade of underinvestment in the mining industry. The growth in solar- and wind-powered electricity generation is creating increased demand for silver and zinc, metals in which Eloro is richly endowed. We are happy to support the company with additional capital for definition drilling at this time."

The company intends to use the net proceeds from the offering for continued exploration and development of the Iska Iska project, and for general corporate purposes and working capital.

Each unit will consist of one common share of the company and one-half common share purchase warrant of the company. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of $1.50, with the expiry date of each warrant being two years following the date of the closing under the offering.

The completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

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 project, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi department, 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 the Lagunas Norte gold mine and the La Arena gold mine.

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