Eloro Resources Reports Substantial Resource Growth in Updated Mineral Resource Estimate at Its Iska Iska Project, Potosi Department, Southwestern Bolivia

Eloro Resources released an updated Mineral Resource Estimate (MRE) for its flagship Iska Iska project in Bolivia on 2026-04-22. The update follows a comprehensive definition drilling campaign conducted throughout late 2025 and early 2026. Key highlights include: - Indicated Resource: 85.17 million tonnes (Mt) at 40 g/t Ag, containing 109.53 Moz Silver. - Inferred Resource: 945.43 Mt at 8.5 g/t Ag, containing 248.60 Moz Silver. - Grade Improvement: Indicated silver grades increased by 65% compared to the 2023 Initial MRE. - Tonnage Growth: Total Inferred tonnage increased by 41% (from 670 Mt in 2023). - Metallurgy: Tin recovery estimates improved from 50.7% (2023) to 58.9% (2026). - Economic Assumptions: The resource model utilized aggressive metal prices, including Silver at US$40/oz and Gold at US$3,000/oz.

The news is rated Material - Positive. While the drilling results that fed into this MRE were announced incrementally throughout late 2025 (driving the stock from ~$1.30 to a peak of $3.29 in Jan 2026), the formalization of these results into an updated MRE is a critical milestone for project advancement. - Positive Factors: The 65% increase in Indicated grades significantly enhances the potential economics for the upcoming Preliminary Economic Assessment (PEA). The improved tin recovery rate addresses previous technical concerns regarding cassiterite processing. - Critical View: The market had largely priced in the drilling success during the late 2025 rally. The subsequent correction to $2.00 suggests investors were waiting for this formal confirmation or concerned about the timeline to PEA. The metal price assumptions ($40 Ag, $3,000 Au) are optimistic and may not hold if spot prices normalize, potentially inflating the resource value perception. - Context: This update confirms the "Santa Barbara Zone" is a viable starter pit candidate, reducing execution risk for the PEA. However, it does not constitute a "Game Changer" as no new strategic capital or jurisdictional changes occurred.

Eloro Resources is a junior mining company focused on the development of the Iska Iska silver-tin polymetallic project in the Potosi Department, Bolivia. The project is classified as a polymetallic epithermal-porphyry complex. It is road-accessible and royalty-free, which is a significant advantage for net cash flow potential compared to projects with streaming or royalty agreements. The company also holds an 82% interest in the La Victoria gold/silver project in Peru, though Iska Iska remains the primary value driver.