Eloro Resources Ltd. · TSX:ELO
Eloro Resources — Investor Presentation (July 2025)
54 slides from Eloro Resources's investor presentation, July 2025
Slide 1: A Giant silver-tin polymetallic discovery in Bolivia
ISKA ISKA A Giant silver-tin polymetallic discovery in Bolivia CORPORATE PRESENTATION TSX ELO | FSE P2Q | OTCQX ELRRF JULY 2025 1
Slide 2: Cautionary Language
Cautionary Language This presentation contains “forward-looking statements” and “forward-looking information” and other risks of the mineral exploration industry as well as those risks discussed in the within the meaning of applicable Canadian securities laws concerning Eloro Resources Ltd. Company’
Slide 3: Investment Highlights
Investment Highlights TSX ELO | FSE P2Q | OTCQX ELRRF Focused on advancing the giant Iska Iska silver- tin Delineated mineral deposit in just polymetallic project in the Potosí Department of 3 years with ~ $60 million invested | southern Bolivia to a construction decision ~ 105K metres drilled to-da
Slide 4: Capital Structure and Ownership
Capital Structure and Ownership 25% TSX Management and Board ELO 50% 3% Implied Cartier Silver Retail Corporation TSX: ELO | Frankfurt P2Q (WKNA1JKAT) | OTCQX: ELRRF Shares Issued and Outstanding (July 16, 2025) 94.64M Warrants ($1.00 to $4.25 on exercise) 10.85M 25% Institutional Options and Restri
Slide 5: Experienced Leadership
Experienced Leadership Management Team Board of Directors Technical Advisors THOMAS LARSEN B.A. THOMAS LARSEN B.A. QUINTON HENNIGH Ph.D., Chairman and CEO Chairman and CEO P.Geo.Geology / Geochemistry Geologic and Technical Advisor to MILES NAGAMATSU C.P.A., C.A. ALEXANDER HORVATH P.Eng Retired Cres
Slide 6: Why Bolivia?
Why Bolivia? Modern mining laws and a supportive political environment • Rich history of mining and high prospectivity. Limited exploration in the early 2000s provides an opportunity to find Tier 1 assets • Straightforward mining laws and a simple tax structure with no capital controls • Government
Slide 7: Mineral Deposits: Bolivia, a Prolific Mining Country
Mineral Deposits: Bolivia, a Prolific Mining Country Iska Iska is in the SW part of the Eastern Cordillera which hosts a number of giant deposits of gold, silver, iron ore, zinc, tin, lead and lithium Cerro Rico de Potosí is the world’s largest silver deposit and has been mined continuously since th
Slide 8: Bolivian Mining and Infrastructure Map
Bolivian Mining and Infrastructure Map Easy access to Northern Chilean seaports Iska Iska project close to established domestic paved road and rail transportation routes Two projected rail spur lines and road access for connection to main rail transportation routes to the Northern Chilean ports and
Slide 9: Definitive Option Agreement
Definitive Option Agreement Definitive Option Agreement signed January 6, 2020 • Vendor owns 100% of property • Fully permitted for exploration drill program and road accessible • No fixed expenditure requirement • No royalties on property Eloro will pay cash to title holder of US$1.15M by January 6
Slide 10: Strong Environmental and Social Governance Program
Strong Environmental and Social Governance Program A historical mining region that Eloro Resources Implementation and support for courses, is committed to supporting: workshops, classes, materials and other requirements of social projects focused • Supplies to the communities during COVID-19 on wome
Slide 11: View of Iska Iska Caldera Complex
View of Iska Iska Caldera Complex View of the Iska Iska Caldera Main Target Areas Looking North Terrain is like doing a program in Arizona or Nevada except at a much higher elevation The Iska Iska core Porvenir Concession covers 900 ha (9 square kilometres) and is road accessible Located 48km north
Slide 12: Mining Concessions
es Mining Concessions 7 YATOGHA-FLORIDA <(s)sTup-3 1 TOMAVE = 9) PAJCHI { Estarca LEGEND MINING CONCESSIONS MINING AREA = 1g Properties Minera @ Top -4 (Area: 5.5 km) © Puna (Area: 22 km) Mess @ Porvenir Area: 9 kin) ® Mocha Florida (Area: 2375 km) 'stalskaProperyBoundary 3) ryp.5 res 10.25 kn) @ Av
Slide 13: Property Geology and Mineralization
Property Geology and Mineralization 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 Recent drilling indicates that there
Slide 14: Santa Barbara Drilling Geological Plan Map
Santa Barbara Drilling Geological Plan Map The Santa Barbara Underground and surface radial drill holes have been removed from the figure to provide a clearer image of the current drill program. DHK-26 ~757.2m Typical Mineralized Breccia Grading 287g Ag/t, 1.12% Pb 11.5% Zn and 0.18% Sn 10 cm 14
Slide 15: Initial Mineral Resource Statement Iska Iska – October 17, 2023
Initial Mineral Resource Statement Iska Iska – October 17, 2023 CROSS SECTION OF ISKA ISKA PIT CONSTRAINED RESOURCE Item Average Grade Mining Zn-Pb NSR Tonnage Zn Pb Ag Category Domain Method Cut-off (US$) (Mt) (%) (%) (g/t) OP 9.20 541 0.69 0.28 13.6 Inferred Polymetallic UG 34.40 19 1.88 0.36 18.8
Slide 16: PEA Drilling Program – Substantial Upside/Upgrade of Mineral Resources
PEA Drilling Program – Substantial Upside/Upgrade of Mineral Resources Best grade areas are also those with the most drilling (reference Technical Report) Much of current Polymetallic Domain resource is defined by 100m spaced Major Tin Target drilling which likely underestimates overall grade Tin Do
Slide 17: Silver Distribution at Iska Iska
Silver Distribution at Iska Iska Longitudinal section shows distribution of UPDATED GEOLOGICAL INTERPRETATION OF AG DISTRIBUTION silver. Definition drilling has expanded high grade zones As drilling density is increased, grades especially for silver, increase due to improved sample density Silver mi
Slide 18: Tin Distribution at Iska Iska
Tin Distribution at Iska Iska Tin is concentrated on the northwestern UPDATED GEOLOGICAL INTERPRETATION OF SN DISTRIBUTION side of Iska Iska As with silver, when drilling density is increased, grades of tin increase due to improved sample density Tin mineralization is controlled by multiple differen
Slide 19: PEA Definition Drilling Program in Progress
PEA Definition Drilling Program in Progress November 26, 2024 Release First Hole reported DSB-68 intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m. This intersection includes a higher- grade interval of: 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag
Slide 20: PEA Definition Drilling Program in Progress
PEA Definition Drilling Program in Progress January 6, 2025 Release Additional Long Intervals of High-Grade Silver-Tin Polymetallic Mineralization Intersected: 127.49g Ag/t, 0.50% Zn, 0.16% Pb & 0.31% Sn (193.00g Ag eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0
Slide 21: Eloro Opens Up Major Tin Zone
Eloro Opens Up Major Tin Zone January 23, 2025 Release Hole DSB-72 Intersected 33m grading 1.39% Sn within 87m grading 0.74% Sn. The higher-grade zone displays cassiterite veins within well mineralized breccia; individual 1.5m long samples encompassing veins returned values of 6.65%Sn, 4.97%Sn, 3.50
Slide 22: Eloro Further Expands Major Tin Zone
Eloro Further Expands Major Tin Zone February 20, 2025 Release Hole DSB-74 intersected significant tin Intersections highlighted by 49.5m grading 0.55% Sn within 91.5m grading 0.34% This new hole, located 100m southeast of discovery hole DSB-72, contains a second long deeper intersection of 103.5m g
Slide 23: Two Major Potential Deposits at Iska Iska
Two Major Potential Deposits at Iska Iska The intrusion breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a pyrite- pyrrhotite halo around this porphyry. Eloro is in a u
Slide 24: Eloro Further Expands Major Silver Zone
Eloro Further Expands Major Silver Zone March 11, 2025 Release Hole DSB-75 intersected 151.47 g Ag/t over 135m within a broader interval of 309m grading 90.92 g Ag/t This high-grade intersection includes 962.23 g Ag/t over 9.75m within a wider zone of 34.50m grading 440.09 g Ag/t which is the highes
Slide 25: Additional Expansion of Major Tin Zone
Additional Expansion of Major Tin Zone April 15, 2025 Release Hole DSB-76, a stepout hole 100m south-southeast of discovery hole DSB-72, intersected a shallower high-grade silver zone grading 129.57 g Ag/t over 52.50m including 252.64 g Ag/t over 25.50m. This hole intersected deeper tin mineralizati
Slide 26: Restart of Definition Drilling, Santa Barbara
Restart of Definition Drilling, Santa Barbara Highlights of Definition Drilling January 2024 – April 2025, April 30, 2025 Release Santa Barbara Starter Pit Area Date of New definition drill program 4,300m of diamond drilling in Press Drill Intercept Ag (g/t) Sn Zn (%) Pb (%) Grade 8 holes will comme
Slide 27: Potential Resource Upgrade & Expansion Possibilities
Potential Resource Upgrade & Expansion Possibilities Major mineralized structural corridor that is 500 m wide and extends for 2km along strike Chargeability highs correlate very well with areas of high- grade mineralization within the MRE. Strong chargeability anomaly southeast of the pit is a prime
Slide 28: Future Expansion Drilling Program – Confirm Major Exploration Upside
Future Expansion Drilling Program – Confirm Major Exploration Upside Recent drilling at Casiterita 2km SW of Santa Barbara returned 0.17% Sn over 52.78m confirming overall extent of Iska Iska mineralizing system is much more extensive as predicted from geophysical data Iska Iska deposit is open in a
Slide 29: Magnetic Inverse Model
Magnetic Inverse Model ELORO ISKA ISKA PROJECT SANTA BARBARA MAGNETIC INVERSE MODEL Major High Chargeability Domain (Epithermal Ag-Zn-Pb) and Intrusion Breccia (TIB Sn-Ag) (Looking SW) = MODEL FEBRUARY HIGH CHARGEABILITY DOMAIN al 2025 Epithermal Ag-Zn-Pb e POTENTIAL TIN PORPHYRY, February 20, 2025
Slide 30: Iska Iska Joins the Giant Deposits of Bolivian Tin Belt
Iska Iska Joins the Giant Deposits of Bolivian Tin Belt Dr. Osvaldo Arce, P.Geo., General Manager of Minera Tupiza and the author of Yacimientos Metaliferos de Bolivia, the authoritative book on metalliferous deposits of Bolivia commented: “Iska Iska, which is a very large “Bolivian-type” polymetall
Slide 31: Conclusions
Conclusions Iska Iska has the potential to host two substantive Ag and Sn deposits on the property which is an extraordinary prospect Bolivia is an established mining In just 3 years and $56 million Experienced international and friendly country that is exploration spend, Eloro has strong local Boli
Slide 32: Next Steps – Definition Drilling, Resource Upgrade and Expansion
Next Steps – Definition Drilling, Resource Upgrade and Expansion Robust Initial Inferred Mineral Inaugural mineral resource confirms Chargeability high southeast Resource Estimate of 560Mt at Iska Iska as a large bulk tonnage of MRE pit extends major 13.8 g Ag/t, 0.73% Zn & 0.28% deposit in the prol
Slide 33: Next Steps – Metallurgical Work, Confirm Mine Plan and Process Flowsheet
Next Steps – Metallurgical Work, Confirm Mine Plan and Process Flowsheet Crushing and ore sorting offers a Inaugural mineral resource confirms Chargeability high southeast lower cost process flowsheet than Iska Iska as a large bulk tonnage of MRE pit extends major grinding, flotation and dry stackin
Slide 34: Iska Iska Pilot Project – An Opportunity To Increase Project Value
Iska Iska Pilot Project – An Opportunity To Increase Project Value Provides potential for a working mine operation that de-risks the Iska Iska mine plan, processing flowsheet, concentrate metallurgy and specification. Local government and community support for project and mining permit approved,
Slide 35: Iska Iska Project PEA – Increased Mining and Processing Rates
Iska Iska Project PEA – Increased Mining and Processing Rates Majority of mine design and plant engineering work has been completed for the pilot project, transferrable to the PEA study. 2024-25 drilling program confirms interpretation of geology and mineralization structure on Iska Iska propert
Slide 36: High Potential for Resource Upgrade and Expansion
High Potential for Resource Upgrade and Expansion Iska Iska is a large- scale project with expansion potential Latest in-fill drilling results above resource grades – confirming higher grade areas of Iska Iska deposit Source: Mining Visuals.. 36
Slide 37: APPENDIX
APPENDIX 37
Slide 38: Mining Concessions
a . Ve || AMINERA _ Mining Concessions TUPIZA SRL ELORO 4A
Slide 39: Analyst Views
Analyst Views Analyst Ratings and Target Prices (C$/share) Key Research Themes 2 2 2 2 2 2 2 2 2 2 2 2 2 Continued Success in Exploration and Resource Expansion $6 100% 1 • Consistent positive drill results from Iska Iska contributing towards significant improvements in scale and grade $5 % Analyst
Slide 40: Historical Tin Price & Key Themes
Historical Tin Price & Key Themes Key Themes and Recent Drivers Continued supply squeeze: Tin mine supply decreased for a second consecutive year in Supply Disruptions: Tin production to remain subdued due to disruptions in key producing 1 4 2024, with output down 7.5% regions (e.g., Alphamin in the
Slide 41: Tin Demand Forecast
j Tin Demand Forecast 450 400 350 300 250 Refined Tin Supply Demand Forecast ‘000 tonnes, not including stocks change 2021 2022 2023 2024 2025 2026 2027 Mil Existing mines lll Secondary Probable new mines Source: International Tin Association Penang Conference 2024 2028 2029 = «Demand 2030 ELORO 44
Slide 42: Silver: Critical Electrical and Technology Use
Silver: Critical Electrical and Technology Use SOLAR PV CAPACITY THROUGH 2030 (GW) Highest electrical and thermal conductivity of all metals 20% of current silver supply is used in photovoltaics (PV) • Demand has doubled since 2020 • Worldwide PV Capacity to increase from 145GW to 442GW by 2050 (IEA
Slide 43: Tin: Strategic Metal for Technology and Military Use
Tin: Strategic Metal for Technology and Military Use “Glue which holds together all of the world's electronics and is TIN TECHNOLOGY FORECASTS vital to both the digital and energy transitions.“- Mining Journal Electronics accounts for 50% of demand and limited substitution • Significant demand use i
Slide 44: Analytical Signal Plan Map - Iska Iska and Mina Casiterita
Analytical Signal Plan Map - Iska Iska and Mina Casiterita Magnetic surveys by Eloro have outlined an extensive magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska Previously artisanal mining of high-grade tin veins – reported concentrate production in early Po
Slide 45: Santa Barbara High Grade Corridor – High Chargeability
Santa Barbara High Grade Corridor – High Chargeability Plan Map Cross Section SW-NE Prime Drill Targets: Major potential extension to intrusion breccia to south and extensive high chargeability anomaly to SE along High- Grade Corridor 45
Slide 46: Top Iska Iska Intercepts
Top 12 Iska Iska Intercepts Intercept Grade Grade x Ag Sn Zn Pb Date Drill Hole ID (m) (g AgEq/t) Intercept (g/t) (%) (%) (%) 31-Jan-23 DHK-27 325.48 136.38 44,388 69.80 0.12 1.21 0.49 21-Jul-22 DSBU-10 349.08 119.12 41,576 44.75 0.14 1.05 0.76 20-Sep-22 DSB-30 441.21 93.19 41,117 9.45 0.07 1.53 0.8
Slide 47: Top Iska Iska Intercepts
Top 12 Iska Iska Intercepts Grade x Value of Major Metal Components Date Drill Hole ID Intercept Ag (g/t) Sn (%) Zn (%) Pb (%) 31-Jan-23 DHK-27 44,388 21-Jul-22 DSBU-10 41,576 20-Sep-22 DSB-30 41,117 28-Jul-21 DHK-18 33,998 26-Nov-24 DSB-68 32,134 23-Feb-22 METSBUG-02 26,379 28-Sep-21 DHK-21 25,893
Slide 48: Summary, Iska Iska Initial Mineral Resources at October 17, 2023
Summary, Iska Iska Initial Mineral Resources at October 17, 2023 Notes: 1. The mineral resources have been estimated in accordance with the CIM Best domain = US$5.29/t comprising US$0.40/t for pre-concentration followed by Practice Guidelines (2019) and the CIM Definition Standards (2014). US$13.80
Slide 49: Positive Bulk Metallurgical Tests
Positive Bulk Metallurgical Tests Bulk Metallurgical tests from a 6.3 tonne PQ drill The metallurgical tests confirm the core bulk sample representative of the higher grade viability of “Ore” Sorting and Dense Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91
Slide 50: “ORE-SORTING” GAME CHANGER
PEA Metallurgical Work Program – Confirm Ore Processing Flowsheet “ORE-SORTING” GAME CHANGER Successful Bulk Metallurgical Test Recently Completed 50
Slide 51: “Ore-Sorting” – Major Advantages to Concentrate Production
“Ore-Sorting” – Major Advantages to Concentrate Production Bulk Open Pit Mining lowers operating costs High Grade Low Grade Medium Grade compared with selective mining, but creates dilution Dilution is removed by Ore Sorting and DMS, this reduced downstream capital costs Crushing and ore sorting is
Slide 52: Schematic Flowsheet With XRT “Ore” Sorting
Schematic Flowsheet With XRT1 “Ore” Sorting 1 XRT = X-RAY TRANSMISSION 2 Separation chambers can be switched depending on nature of feed to optimize compressed air usage. 52
Slide 53: PEA Trade Off Studies – Metal Recovery/Revenue Vs Capex/Opex
PEA Trade Off Studies – Metal Recovery/Revenue Vs Capex/Opex Outputs from pre-concentrate test work at different weight yields, metal recoveries and cost scenarios will be optimised to provide the most feasible economic result “Ore” Sorting and DMS Combination Versus All “Ore” Sorting or all Dense M
Slide 54: Contact
TSX ELO | FSE P2Q | OTCQX ELRRF CANADA BOLIVIA Thomas Larsen Dr. Osvaldo Arce Ph.D., P.Geo. CEO General Manager, Jimena Moran Minera Tupiza S.R.L. V.P. Marketing and Logistics – Tel: +59 171 591-004 Executive Assistant Bilingual Toll Free: 1 800 360-8006 Tel: 1 416 868-9168 20 Adelaide Street East,