Mr. Thomas Larsen reports

ELORO RESOURCES ANNOUNCES UPSIZE OF BOUGHT DEAL LIFE PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$10.0 MILLION

As a result of strong investor demand, Eloro Resources Ltd. has doubled the size of its previously announced bought deal private placement from gross proceeds of $5,000,200 to gross proceeds of $10,000,400. Pursuant to the upsized underwritten offering, Red Cloud Securities Inc., as sole underwriter and bookrunner, has agreed to purchase for resale 8,696,000 units of the company at a price of $1.15 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 $1.60 at any time on or before that date which is 36 months after the closing date (as herein defined).

The company will grant to Red Cloud an option, exercisable up to 48 hours prior to the closing date, to purchase for resale up to an additional 1.74 million units at the offering price for additional gross proceeds of up to $2,001,000. The underwritten offering and the securities issuable upon exercise of the overallotment option shall be collectively referred to as the offering.

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, as is more fully described in the amended offering document (as defined herein).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 (Prospectus Exemptions), the units under the offering will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario (and, with the consent of the company, in Quebec) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by co-ordinated blanket order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The unit shares and the warrant shares underlying the units are expected to be immediately freely tradable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended. All securities not issued pursuant to the listed issuer financing exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the closing date.

An amended offering document related to the offering will be made available under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this amended offering document before making an investment decision.

The offering is scheduled to close on Sept. 4, 2025, or such other date as the company and Red Cloud 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.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious 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 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 La Victoria gold/silver project, located in the North-Central mineral belt of Peru about 50 kilometres south of the Lagunas Norte gold mine and La Arena gold mine.

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