Mr. Thomas Larsen reports

ELORO RESOURCES ANNOUNCES BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF UP TO C$5.0 MILLION

Eloro Resources Ltd. has entered into an agreement with Red Cloud Securities Inc., to act as lead agent and sole bookrunner on behalf of a syndicate of agents, in connection with a best efforts private placement for aggregate gross proceeds of up to $5-million from the sale of up to 5,263,158 units of the company at a price of 95 cents per unit.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase one common share of the company at a price of $1.40 at any time on or before that date that is 36 months after the closing date (as herein defined).

The agents will have an option, exercisable in full or in part, up to 48 hours prior to the closing date, to sell up to an additional 1,052,632 units at the offering price for up to an additional $1-million in gross proceeds.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, up to 5,894,737 units that may be sold under the offering will be offered for sale to purchasers in all of the provinces of Canada other than Quebec, pursuant to the listed issuer financing exemption (LIFE) under Part 5A of NI 45-106. The unit shares and warrant shares underlying the LIFE units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.

All other units sold under the offering may be issued to: (i) purchasers in the Canadian selling jurisdictions pursuant to the accredited investor and minimum amount investment exemptions under NI 45-106; and (ii) purchasers outside of Canada, including to purchasers resident in the United States pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The unit shares and warrant shares issuable from the sale of any non-LIFE units to: (i) Canadian purchasers will be subject to a hold period in Canada ending on the date that is four months plus one day following the closing date; and (ii) to purchasers outside of Canada may be subject to resale restrictions in such jurisdictions outside of Canada pursuant to the securities laws of such jurisdictions. Purchasers are advised to consult their own legal advisers in this regard.

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

The offering is scheduled to close on April 8, 2025, or such other date as the company and the agents may agree. 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.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

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. An NI 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.

We seek Safe Harbor.