On September 16, 2025, Cantor Fitzgerald analysts Matthew O'Keefe and Nicholas Lobo maintained a Speculative Buy rating on Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE), with an unchanged target price of CA$3.60, representing 210% upside from the current share price at the time of the article of CA$1.16.
The rating follows the release of drill results from the company's ongoing infill drill program at the Iska Iska project in southern Bolivia.
Drill Results and Mineralization
Eloro Resources Ltd. announced assay results from five drill holes from its Phase II definition diamond drill program at the Iska Iska property in southern Bolivia. Four of these holes are located in the Polymetallic Domain and one in the Tin Domain, all within the potential Santa Barbara starter pit area.
O'Keefe stated the impact as "Positive: Infill drill results returned silver grades that appear supportive of modest bulk mining scenario in the Santa Barbara area."
To date, a total of 6,242 meters of diamond drilling in 12 holes has been completed in the current definition drilling phase. A total of 2,346 meters was completed in the five holes reported, with assays pending for the remaining two holes totaling 1,025 meters.
Key drill highlights include hole DSB-87, drilled 150 meters southeast of discovery hole DSB-72, which intersected 0.47% tin and 23.17 grams per tonne silver over 241.50 meters beginning at 26.10 meters. Within this broader interval, a higher-grade section returned 0.51% tin and 25.46 grams per tonne silver over 213.00 meters.
Hole DSB-80 intersected several higher-grade silver, tin, gold, and zinc intervals, including 53.1 grams per tonne silver over 15 meters and 34.5 grams per tonne silver over 10 meters. Hole DSB-84 intersected multiple higher-grade tin and silver zones, including 31.62 grams per tonne silver equivalent over 16.5 meters, including 108.8 grams per tonne silver over 3 meters, and 34.85 grams per tonne silver over 3 meters.
Hole DSB-85 intersected 15 higher-grade tin and silver intervals, including 8.26 grams per tonne silver over 22.5 meters, including 65.6 grams per tonne silver over 10.5 meters, 32.51 grams per tonne silver and 0.14% tin over 10.5 meters, 198 grams per tonne silver over 9 meters, and 80.32 grams per tonne silver and 0.29% tin over 7.5 meters. Hole DSB-86 was more polymetallic, intersecting 0.81% zinc and 0.80% lead and minor silver over 241.50 meters, including 52.80 grams per tonne silver and 1.30% lead over 7.50 meters.
System Expansion and Mineralized Footprint
These results have expanded the footprint of a large multi-phase hydrothermal system with dimensions having increased to approximately 800 meters by 500 meters by 500 meters deep, increasing dimensions by 100 meters by 100 meters along and across strike.
O'Keefe noted: "The higher-grade Santa Barbara area remains open laterally and downdip, presenting significant opportunities for further infill and step-out drilling to expand and upgrade the mineral resource."
Future Drilling and Development Timeline
The exploration and development program at Iska Iska can now continue with at least 4,500 meters of additional drilling in the near term, focused on better defining the tin domain, infill drilling of the silver-polymetallic domain, and additional metallurgical testing to feed into a preliminary economic assessment.
The company's primary goal remains upgrading and expanding the silver-lead-zinc mineral resource in the Santa Barbara starter pit area at Iska Iska to form the basis for a planned preliminary economic assessment that supports a mine life of 10-15 years at a production rate of approximately 20,000-30,000 tonnes per day.
Eloro has completed over 120 kilometers of drilling at Iska Iska, defining a very large resource and demonstrating considerable upside potential. The company is well-funded to complete a preliminary economic assessment with a focus on a higher-grade starter pit satisfying an initial mine life of 10-15 years. The updated resource and preliminary economic assessment are expected in 2026.
Current Resource and Mineralization
The global inferred resource at Iska Iska stands at 670 million tonnes grading 0.02% tin, 0.26% lead, 0.61% zinc, and 14 grams per tonne silver, containing 132,000 tonnes of tin, 1.722 million tonnes of lead, 4.088 million tonnes of zinc, and 298.7 million ounces of silver.
The Polymetallic Domain contains 560 million tonnes of inferred resources grading 0.28% lead, 0.73% zinc, and 14 grams per tonne silver, containing 1.568 million tonnes of lead, 4.088 million tonnes of zinc, and 248.5 million ounces of silver. The Tin Domain contains 110 million tonnes of inferred resources grading 0.12% tin, 0.14% lead, and 14 grams per tonne silver, containing 132,000 tonnes of tin, 154,000 tonnes of lead, and 50.2 million ounces of silver.
Analyst Commentary and Investment Rationale
O'Keefe stated: "We believe the upcoming resource update, to be followed by a PEA, will maintain momentum to a stock (+32% YTD)."
The analyst noted that tin also showed prominently, which should be a key contributor to the higher-grade starter pit area economics. The analysts emphasized that results will contribute to a resource update and the completion of a preliminary economic assessment expected in 2026.
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Disclosures for Cantor Fitzgerald, Eloro Resources Ltd., September 16, 2025
The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation. (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of Cantor Fitzgerald Canada Corporation, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, CFCC., a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co. Non US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.
Potential conflicts of interest The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Disclosures as of September 16, 2025 Cantor has provided investment banking services or received investment banking related compensation from Eloro Resources Inc. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Eloro Resources Inc. The analyst responsible for this report has not visited the material operations of Eloro Resources Inc. No payment or reimbursement was received for related travel costs. Analyst certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein. Definitions of recommendations BUY: The stock is attractively priced relative to the company’s fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months. BUY (Speculative): The stock is attractively priced relative to the company’s fundamentals, however investment in the security carries a higher degree of risk. HOLD: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the company’s fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed. Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.
