Mining Company Discovers High-Grade Silver and Tin in Bolivia
Research Report

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Disclosures for Haywood Capital Markets, Eloro Resources Ltd., September 17, 2025

This research report is only for informational purposes. Nothing contained in this report is, or should be, relied upon as a promise or representation as to the future performance. The opinions and information in this communication constitutes the current judgment of the authors as of the date and time of this report and are subject to change without notice. There is no representation, warranty or other assurance that any projections contained in this report will be realized. Past performance is not indicative of future results. This report is not intended to provide personal investment advice. Investors are encouraged to seek advice regarding the advisability or suitability of any investments or strategies discussed in this report. Individuals involved in the production of research materials operate independently and without influence from any other Haywood Securities Inc. departments, including Haywood Securities Inc. affiliates. This report is not and is not to be construed as: (i) an offer to sell or solicitation of an offer to buy securities; (ii) an offer to transact business in any jurisdiction; or (iii) investment advice to any party. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in our research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Products and services described herein are only available where they can be lawfully provided. All research reports are disseminated and available to all clients simultaneously. No part of this material or any research report may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Haywood Securities Inc. Analyst Certification I, Pierre Vaillancourt, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations. Important Disclosures Of the companies included in the report the following Important Disclosures apply:  Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for Eloro Resources Ltd. (ELO-T) in the last 12 months.  Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from Eloro Resources Ltd. (ELO-T) in the past 12 months.  Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from Eloro Resources Ltd. (ELO-T) in the past 24 months. Distribution of Ratings (as of September 17, 2025) Price Chart, Rating and Target Price History (as of September 17, 2025) B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review Source: Capital IQ and Haywood Securities

On September 17, 2025, Haywood Securities analysts Pierre Vaillancourt and Owen McCleery, CFA, maintained a Buy rating on Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE), with a target price of CA$3.00, representing 161% upside from the current share price at the time of the report of CA$1.15.

The rating follows drill results from the company's Iska Iska project in Bolivia that the analysts believe "will lead to a material resource upgrade, heading into a PEA."

Drill Program Results and Mineralization

Eloro Resources Ltd. reported results from five drill holes from its second phase definition diamond drill program at the Santa Barbara starter pit area at the Iska Iska project in Bolivia. Four of these holes are in the polymetallic domain, and one is in the tin domain. To date, a total of 6,242 meters of diamond drilling in 12 holes has been completed in the current definition drilling phase, with a total of 2,346 meters completed in the five holes reported. Assays remain pending for the remaining two holes, totaling 1,025 meters.

The analysts noted: "These drill results are encouraging, particularly the vein-breccia and intrusion-breccia, which are typical of high-grade porphyry-tin and polymetallic deposits of the Bolivian Tin Belt district."

Drill highlights include hole DSB-87, an infill hole drilled 150 meters southeast of discovery hole DSB-72, which intersected 213 meters grading 0.51% tin and 25.5 grams per tonne silver within a broader interval of 241.5 meters grading 0.47% tin and 23.17 grams per tonne silver, beginning at 26 meters, and including 1.18% tin over 34.5 meters beginning at 62 meters.

Hole DSB-80, a step-out hole 75 meters southwest of hole DSB-76, intersected several higher-grade silver, tin, gold, and zinc intervals, including 53.1 grams per tonne silver over 15 meters beginning at 341 meters, 30 grams per tonne silver over 9 meters beginning at 446 meters, and 34.5 grams per tonne silver over 10.5 meters beginning at 461 meters. The remaining drill holes intersected strong silver grades ranging from 30 grams per tonne to 198 grams per tonne, along with tin values in excess of 0.2%.

System Expansion and Scale

These results have expanded the footprint of a large multi-phase hydrothermal system in the potential starter pit with dimensions increased by 100 meters along and across strike, for a size of approximately 800 meters by 500 meters by 500 meters deep.

Resource and Development Timeline

Following the conclusion of this drill program, Eloro plans to provide an updated resource by the end of October and the end of December, which would lead to a preliminary economic assessment by the end of the first quarter of 2026. Based on results from drilling and the defined mineralized envelope, the analysts anticipate a resource in the range of 180-200 million tonnes, with tin ore comprising 20-25% of the resource.

The analysts expect resource grades of 35 grams per tonne silver, 1-1.5% zinc and 0.8% lead, along with 0.25% tin, with potential for higher grade zones. This resource would form the basis of a preliminary economic assessment targeted for release by the end of the first quarter of 2026.

The analysts stated: "This resource would form the basis of a PEA targeted for release by the end of 1Q26 that we believe could consider a polymetallic mine with mill throughput of 25k tpd producing zinc-silver and lead-silver concentrates, complemented by a tin circuit of 10k tpd producing a tin concentrate, over an approximate 15-year mine life, which would likely be extended."

The analysts expect the capital cost of this mine to be in the range of CA$400-500 million. The preliminary economic assessment would lead to a prefeasibility study that the analysts estimate could be completed by early 2027.

Analyst Commentary and Investment Rationale

Vaillancourt and McCleery stated: "The current closer-spaced definition drill program has upgraded and expanded the Iska Iska mineralization with significant higher-grade tin, silver, and polymetallic zones, which are still open laterally and at depth in the potential starter pit area at Santa Barbara zone."

The analysts believe the upcoming resource update, to be followed by a preliminary economic assessment, will maintain momentum for the stock, which is up 32% year-to-date.

Valuation Methodology

The target price of CA$3.00 is based on a 1.2 times price-to-net asset value at 8% discount rate multiple. Eloro is trading at a price-to-net asset value of 0.62 times versus peers at 0.48 times.