Eloro Resources Ltd. · TSX:ELO
Eloro Resources — Investor Presentation (September 2025)
32 slides from Eloro Resources's investor presentation, September 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 SEPTEMBER 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 (Sept 22, 2025) 107.61M Warrants ($1.00 to $2.00 on exercise) 16.47M 25% Institutional Options and Restr
Slide 5: Experienced Leadership
Experienced Leadership Management Team Board of Directors Technical Advisors THOMAS LARSEN B.A. THOMAS LARSEN B.A. RICHARD STONE C.I.M. QUINTON HENNIGH Ph.D., Chairman and CEO Chairman and CEO P.Geo.Geology / Geochemistry PABLO ORDONEZ Geologic and Technical Advisor to MILES NAGAMATSU C.P.A., C.A. A
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 12
Slide 13: Top 12 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 1.22 0.49 21-Jul-22 DSBU-10 349.08 118.24 41,276 44.69 0.14 1.05 0.77 20-Sep-22 DSB-30 441.21 93.19 41,117 9.45 0.07 1.53 0.8
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: Conclusions
Conclusions Iska Iska has the potential to host two substantive deposits on the property which is an extraordinary prospect Bolivia is an established mining In just 3 years and $56 million Experienced international and friendly country that is exploration spend, Eloro has strong local Bolivian proje
Slide 28: Iska Iska Pilot Project – An Opportunity To Increase Project Value
Iska Iska Pilot Project – An Opportunity To Increase Project Value Provides potential for a working mine operation that de-risks the Iska Iska mine plan, processing flowsheet, concentrate metallurgy and specification. Local government and community support for project and mining permit approved,
Slide 29: Iska Iska Project PEA – Increased Mining and Processing Rates
Iska Iska Project PEA – Increased Mining and Processing Rates Majority of mine design and plant engineering work has been completed for the pilot project, transferrable to the PEA study. 2024-25 drilling program confirms interpretation of geology and mineralization structure on Iska Iska propert
Slide 30: High Potential for Resource Upgrade and Expansion
High Potential for Resource Upgrade and Expansion Iska Iska is a large- scale project with expansion potential Latest in-fill drilling results above resource grades – confirming higher grade areas of Iska Iska deposit Source: Mining Visuals.. 30
Slide 31: Analyst Views
Analyst Views Analyst Ratings and Target Prices (C$/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 32: 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,
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