Eloro Resources Ltd. · TSX:ELO
Eloro Resources — Investor Presentation (April 2026)
62 slides from Eloro Resources's investor presentation, April 2026
Slide 1: Giant Silver-tin Polymetallic Discovery in Bolivia
ISKA ISKA Giant Silver-tin Polymetallic Discovery in Bolivia CORPORATE PRESENTATION TSX ELO | FSE P2Q | OTCQX ELRRF April 2026
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 Total current resource (inferred) Advancing the Iska Iska silver–tin polymetallic project in Potosí, Bolivia 1.15 Billion oz incl 298 4.09 1.74 Large endowment of critical and Ag eq Moz Ag Mt Zn Mt Pb strategic metals (Ag–Sn–Zn–Pb) Tin domain 130,000 t Sn Higher-grade Near-surf
Slide 4: Leverage to Silver Commodity
Leverage to Silver Commodity Ticker Project, Owner Category Silver Oz Grade Ton Silver eq Ounces per Share 4 CVE:CKG Metates, Chesapeake Gold Corp. M&I 542 M 12.9 1,302 M TSE:DSV Cordero, Discovery Silver Corp M&I 493 M 21.0 719 M TSE:ELO Iska Iska, Eloro Resources Ltd Inferred 273 M 13.8 560 M CVE:
Slide 5: 2025: Fifth Consecutive Year of Supply Deficit
2025: Fifth Consecutive Year of Supply Deficit Tightening supply, Eloro is uniquely positioned to rising demand – a strong benefit through scale, grade setup for silver and exploration upside 5
Slide 6: Capital Structure and Ownership
Capital Structure and Ownership TSX: ELO | Frankfurt P2Q (WKNA1JKAT) | OTCQX: ELRRF 17% Shares Issued and Outstanding (March 6, 2026) 119.11M Insiders Warrants ($1.00 to $2.60 on exercise) 13.00M 2% Options and Restricted Share Units (RSUs) and Deferred Cartier Silver 7.67M Share Units (DSUs) 53% Co
Slide 7: Experienced Leadership
Experienced Leadership Management Team Board of Directors Technical Advisors THOMAS LARSEN B.A. THOMAS LARSEN B.A. RICHARD STONE C.I.M. BILL PEARSON Ph.D., P.Geo. Chairman and CEO Chairman and CEO Senior Technical Advisor PABLO ORDONEZ MILES NAGAMATSU C.P.A., C.A. ALEXANDER HORVATH P.Eng Attorney at
Slide 8: 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 9: Bolivia, a Prolific Mining Country
Bolivia, a Prolific Mining Country Iska Iska is in the SW part of the Eastern Cordillera which hosts several giant deposits of gold, silver, iron ore, zinc, tin, lead and lithium Cerro Rico de Potosí is the world’s largest silver deposit still producing today even after 2.1 billion ounces mined sinc
Slide 10: Bolivian Infrastructure
Bolivian Infrastructure 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 to 2 Bolivian s
Slide 11: Definitive Option Agreement
Definitive Option Agreement Definitive Option Agreement All payments have been Iska Iska property owner signed January 6, 2020 made to the title holder Edwin Villegas is the VP and • $10MM USD total purchase price Director of Tupiza Mining Chamber, Department of Potosí • Private land - owner has 100
Slide 12: Strong Environmental and Social Governance Program
Strong Environmental and Social Governance Program Eloro Resources is committed to supporting a historical mining region Courses, workshops, materials and other social projects focused on women, children and school groups in the surrounding local communities Built 150 sanitation stations in nearby c
Slide 13: View of Iska Iska Caldera Complex
View of Iska Iska Caldera Complex Iska Iska was never discovered by historic prospecting due to surface leaching that removed all sulphide metals. Nevada-like Terrain at a much higher elevation (4,100m at peak, valley floor 3,000m) No artisanal mining, historical significance community and ESG issue
Slide 14: Definition Drilling, Santa Barbara
Definition Drilling, Santa Barbara Ag Eq Grade 250.0 Grades Consistently Above Initial MRE As drill density has increased, DSB-93 200.0 the grades, especially for silver and tin, have notably improved. Bulk Sample (6.3 tonnes) 150.0 DSB-72 DSB-82 DSB-70 DSB-80 DSB-76 DSB-87 DSB-68 DSB-90 DSB-69 100.
Slide 15: Mining Concessions
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Slide 16: 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 17: 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 17
Slide 18: Top Iska Iska Intercepts
Top 12 Iska Iska Intercepts Intercept Grade Grade x Ag Sn Zn Pb Date Drill Hole ID (m) (g Ag Eq/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.
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: Two Major Potential Deposits at Iska Iska
Two Major Potential Deposits at Iska Iska Eloro is in a unique position of having two discernable different deposit styles juxtaposed against one another; a very large silver- zinc-lead dominant system next to a high-grade tin system. NW SE The intrusion breccia is very likely an offshoot or apophys
Slide 28: 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 29: 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 30: 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 31: Eloro Reports Longest & Highest-Grade Tin Intersection to Date
Eloro Reports Longest & Highest-Grade Tin Intersection to Date September 16, 2005 Release Results further expand the large multi-phase hydrothermal system at Santa Barbara, confirming strong potential for resource growth. DSB-87 (Tin Domain, Santa Barbara): 213.0m @ 0.51% Sn & 25.46 g/t Ag (longes
Slide 32: DSB 87 – Longest & Highest-Grade Tin Intersection
DSB 87 – Longest & Highest-Grade Tin Intersection Increased potential starter pit dimensions by 100m x 100m along and across strike DSB-87 – Infill hole (150m SE of DSB-72), announced September 16, 2025 Intersected 213.0m @ 0.51% Sn & 25.46 g/t Ag within a broader interval of 241.5m grading 0.47% Sn
Slide 33: DSB 92 – Defining and Extending Initial Starter Pit
DSB 92 – Defining and Extending Initial Starter Pit Confirmation of polymetallic mineralization with high silver grade close to surface to have very positive impact on mining economics. High grade silver and tin at depth. DSB 91 DSB-92 – Step-out hole (50m SE of DSB-88), November 19th , 2025 Higher
Slide 34: DSB 93 – Highest Silver Interval to Date at Iska Iska
DSB 93 – Highest Silver Interval to Date at Iska Iska Eloro Resources Intersects Highest Silver Interval to Date at its Iska Iska Project, Southern Bolivia with 72 metres grading 294.81 g/t Silver DSB-93 – Infill hole (107m NE of DSB-61), December 9, 2025 Intersected the highest silver interval obta
Slide 35: DSB 90 – Confirmed Continuity & Expanded Mineralization
DSB 90 – Confirmed Continuity & Expanded Mineralization “Since drilling began at Iska Iska five years ago, we have successfully transformed a formerly dormant property into one of the highest-quality, potentially open-pittable, undeveloped porphyry-epithermal silver-tin-polymetallic systems in the B
Slide 36: Potential Resource Upgrade and Expansion Possibilities
Potential Resource Upgrade and Expansion Possibilities Major mineralized structural W SECTION W-E E corridor that is 500m wide and Looking North extends for 2km along strike Chargeability highs correlate very well with areas of high- grade mineralization Multiple areas within the Caldera have yet to
Slide 37: Future Expansion Drilling Program
Future Expansion Drilling Program 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 all directions Limits of mineralized
Slide 38: Drilling Program – Leading to New Global Resource
Drilling Program – Leading to New Global Resource Section 3: Sn-Ag and Ag-Zn Distribution - FEBRUARY Section 3: Sn-Ag and Ag-Zn Distribution - OCTOBER Highest grade areas are also those with the most Tin domain is a major target area that remains drilling (reference Technical Report) under drilled P
Slide 39: Magnetic Inverse Model
Magnetic Inverse Model ELORO 4A 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, 20
Slide 40: 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 41: 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 5 years and $56 million Experienced international and friendly country that is exploration spend, Eloro has strong local Boli
Slide 42: 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 43: 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 44: 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 45: Iska Iska Project PEA – Increased Mining & Processing Rates
Iska Iska Project PEA – Increased Mining & 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 property.
Slide 46: 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.. 46
Slide 47: APPENDIX
APPENDIX 47
Slide 48: Mining Concessions
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Slide 49: 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 50: 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 51: Tin Supply / Demand Forecast
Tin Supply / Demand Forecast Growing global tin deficit underscores Refined Tin Supply Demand Forecast the strategic value of new high-grade tin discoveries. Source: International Tin Association Penang Conference 2024 51
Slide 52: 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 53: 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 54: 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 55: 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 55
Slide 56: Summary, Iska Iska MRE at October 17, 2023
Summary, Iska Iska MRE 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 for concentrator. Conc
Slide 57: 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 58: “ORE-SORTING” GAME CHANGER
PEA Metallurgical Program – Ore Processing Flowsheet “ORE-SORTING” GAME CHANGER Successful Bulk Metallurgical Test Recently Completed 58
Slide 59: “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 60: 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. 60
Slide 61: 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 62: CANADA BOLIVIA
TSX ELO | FSE P2Q | OTCQX ELRRF CANADA BOLIVIA Thomas Larsen Dr. Osvaldo Arce Ph.D., P.Geo. CEO Executive VP Latin American Jimena Moran Operations V.P. Marketing and Logistics – Minera Tupiza S.R.L. Tel: Executive Assistant Bilingual +59 171 591-004 Toll Free: 1 800 360-8006 Tel: 1 416 868-9168 20