Mr. Thomas Larsen reports

EXPANSION DRILLING COMMENCES AT ELORO RESOURCES LTD.'S ISKA ISKA PROJECT, SOUTHERN BOLIVIA

Eloro Resources Ltd. has commenced its expansion diamond drilling program focused on upgrading and expanding higher-grade silver-tin (polymetallic) mineralization at its Iska Iska project in southern Bolivia. Major Drilling Group International Inc. has mobilized and established two diamond drill rigs on site, with a third rig expected to be added within the next couple of months.

The drilling campaign comprises 40,000 metres of diamond drilling in approximately 75 holes and follows the company's recent definition drilling program which intersected mineralization over a strike length of approximately 1.4 kilometres. The initial phase will consist of 35 holes totalling 18,250 m, followed by a second phase of approximately 40 holes totalling 21,750 m.

Tom Larsen, chief executive officer of Eloro, commented: "We are pleased to commence this important expansion drilling program, which represents another significant milestone in advancing the Iska Iska project. Following the successful resolution of the recent road blockades through agreements reached between the Bolivian government and labour unions, transportation routes have reopened, allowing the uninterrupted delivery of essential supplies, including diesel fuel, enabling us to proceed with our planned exploration activities."

Mr. Larsen added: "With these logistical challenges now behind us, we are focused on aiming to expand and upgrade the indicated resource, which we expect will provide further support for the planned PEA."

Bolivia pursuing economic reactivation following recent political disruptions

Bolivia is entering a new phase of economic reactivation, driven by measures aimed at promoting investment, restoring economic growth and bolstering private sector participation. In recent months, the government has implemented initiatives designed to create a more favourable environment for investment, with a particular focus on sectors such as mining and energy. International financial institutions, including the International Monetary Fund, Inter-American Development Bank, and Development Bank of Latin America and the Caribbean, have also expressed support for Bolivia's economic stabilization and recovery efforts through programs designed to promote sustainable growth and private investment. Against this backdrop, Bolivia is seeking to foster a more attractive investment climate, creating opportunities for the advancement of new projects and the development of long-term partnerships with domestic and international investors.

Qualified person

Dr. Osvaldo Arce, PGeo, executive vice-president, Latin America, for Eloro, general manager of Eloro's Bolivian subsidiary, Minera Tupiza SRL, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release. Dr. Arce who has more than 35 years of mineral exploration and extensive mining expertise across several countries in North and South America manages the overall technical program and supervises all field work conducted at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of which are major international accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda.'s preparation facility in Oruro, Bolivia, and the preparation facility operated by AHK in Tupiza, with pulps sent to the main ALS Global laboratory in Lima for analysis. Drill core samples sent to AHK Laboratories are also prepared by AHK in Tupiza, with pulps sent to the AHK laboratory in Lima, Peru.

Silver, zinc and lead are analyzed by inductively coupled plasma atomic emission spectroscopy using a four-acid digestion; Sn is analyzed by X-ray fluorescence, and Au is analyzed by fire assay on 50-gram pulps with an atomic absorption spectroscopy finish. AAS measures absorbed light to quantify elements while ICP, such as ICP-OES or ICP-MS, measure emitted light or ions to determine elements. XRF uses fluorescent X-rays to excite atoms and to emit X-rays that reveal the presence and concentration of tin. Sample size in ICP typically ranges from 100 milligrams (0.1 gram) to one gram, for AAS, is usually fewer than 100 mg (0.1 g) and for XRF is ideally below 75 micrometres.

Check samples between ALS and AHK are regularly done as a quality assurance/quality control check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols except for Sn for which a sodium peroxide fusion is used at AHK following by ICP. Check comparisons of Sn results from ALS and ALS indicate no statistically significant difference between results using the two different analytical techniques.

Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed at both laboratories with selected check samples sent to a separate accredited laboratory. Check results are regularly monitored.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road-accessible, royalty-free property, located 48 kilometres north of Tupiza city, in the Sud Chichas province of the department of Potosi in southern Bolivia. Eloro, through its Bolivian subsidiary, Minera Tupiza, has a 99-per-cent joint venture interest and a 100-per-cent economic participation interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene 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, all located along the same overall geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on Sept. 13, 2020. On Jan. 26, 2021, Eloro announced significant results from the first drilling at the Santa Barbara breccia pipe (SBBP) including the discovery hole DHK-15, which returned 29.53 grams per tonne silver, 0.078 g/t 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 m, from surface. Subsequent drilling has confirmed the presence of significant values of Ag-Sn 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 along the walls of the Santa Barbara adit located to the east of SBBP returned average grades of 164.96 g/t Ag, 0.46 per cent Sn, 3.46 per cent Pb and 0.14 per cent Cu over 166 metres including 446 g/t Ag, 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, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope, which, along with geophysical data, have 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 independent consultants 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.

Metallurgical tests reported on Jan. 23, 2024, from a 6.3-tonne PQ drill core bulk sample representative of the higher-grade polymetallic (Ag-Zn-Pb) domain, returned a significantly higher average silver value of 91 g/t Ag compared with the weighted-average grade of the original twinned holes at 31 g/t Ag strongly suggesting that the average silver grade was likely significantly underreported in the original twinned holes due to the much smaller sample size.

The company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density, but holes outside of the core potential pit area are too widely spaced to give an accurate estimate of grade.

On Sept. 4, 2024, the company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. It was highly focused on infill and stepout drill program to better define the full vertical and lateral extent of high-grade Sn and Ag mineralization, expanding higher-grade Sn mineralization to the west and the silver to the central and west parts, and, also, to fill in gaps that were formerly categorized as low grade or internal waste in the mineral resource model and to drill in a closer-spacing 50-metre-by-50-metre grid. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside of the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the preliminary economic assessment.

Since Sept. 4, 2024, the company has completed 27 drill holes totalling 14,085.80 metres of definition drilling in two distinct phases of diamond drilling in the potential starter pit area of the Santa Barbara zone. This drilling has continued to intersect strong, broad zones and high-grade mineralization with good continuity in both the predominant Sn-Ag domain to the west (15 drill holes) and in the predominant Ag-Zn-polymetallic domain to the east (12 drill holes). Both zones remain open along and across strike as well as downdip.

The intercepts of 151.47 g/t Ag over 135 m found in hole DSB-75; 66.90 g/t Ag over 289.13 m in hole DSB-68; 126.10 g/t Ag over 122.03 m, 127.49 g/t Ag over 41.25 m and 49.71 g/t Ag over 142.50 m found in hole DSB-69; and 45.71 g/t Ag over 81.00 m and 30.08 g/t Ag over 255.75 m found in hole DSB-70 confirm the presence of continued silver pockets grading over 50 g/t Ag. Moreover, tin-enriched pockets such as 1.39 per cent Sn over 33 m, 0.74 per cent Sn over 87 m found in hole DSB-72 and 0.55 per cent Sn over 49.5 m, 0.34 per cent Sn over 91.5 m and 0.31 per cent Sn over 103.5 m in hole DSB-74 demonstrate the existence of consistent high-grade tin pockets at the Santa Barbara zone. Finally, the presence of intercepts such as 1.41 per cent Zn over 151.50 m in hole DSB-91, 1.77 per cent Zn over 238.50 m and 1.72 per cent Zn over 456 m found in hole DSB-88 reveals continuous Zn (and Pb) ore shoots in the property. These results have further expanded, at least 200 m laterally, the higher-grade tin and silver and polymetallic (Ag-Sn-Zn-Pb) mineralization and the footprint of this large multiphase hydrothermal system at Iska Iska.

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, through its Bolivian subsidiary, Minera Tupiza, has a 99-per-cent joint venture interest and a 100-per-cent economic participation 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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