Mining Co. Finds High-Grade Silver-Tin in Bolivia
Research Report

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Disclosures for Haywood Capital Markets, Eloro Resources Ltd., November 20, 2025:

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Haywood Capital Markets Analyst Pierre Vaillancourt says Eloro Resources Ltd.'s (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) recent drill results further clarify the polymetallic mineralization at the Santa Barbara deposit and indicate the potential for higher silver grades with more consistent mineralization.

In the updated research note on November 20, Vaillancourt maintained a Buy rating on the stock with a target price of CA$3 per share, compared to CA$1.45 at the time of writing, a 107% return.

With the drilling program now complete, Eloro will concentrate on delivering a resource estimate in the first quarter of 2026, followed by a Preliminary Economic Assessment (PEA) in the second quarter of 2026.

Extending the Footprint

The new assay results are from two drill holes from the second phase of definition drilling at the Santa Barbara zone, a potential starter pit area within the Iska Iska Project in Southern Bolivia, the analyst noted.

The results from two holes, DSB-91 (infill) and DSB-92 (step-out), located in the Silver-Zinc-Polymetallic Domain, confirm mineralization, which remains open laterally and downdip, he said. Drill hole DSB-92, a 50m step-out to the east beyond the current limits of the potential starter pit shell, featured an intercept of 90 meters grading 61.1 grams per tonne silver (g/t Ag) and 0.2% tin (Sn) starting at 492 meters, including 15 meters grading 173.3 g/t Ag, 0.15% Sn, and 1.59 g/t gold (Au). This hole also returned an interval of 239 meters grading 1.77% Zn (zinc) and 0.57% Pb (lead) from 33 meters.

Hole DSB-91, an infill hole located 100m northwest of hole DSB-89, featured an intercept of 152 meters grading 1.41% Zn, 0.63% Pb, and 13.35 g/t Ag from 110 meters, and 17 meters grading 1.02% Sn and 3.17% Pb at depth.

"The current phase of the definition drilling program has concluded with a total of 8,286 meters of diamond drilling in 16 holes completed," Vaillancourt wrote. "ELO has reported on 14 drill holes, with assay results pending for two remaining holes. Additional infill and step-out drilling is planned in 1Q26 with the objective to expand and upgrade the mineral resources for the upcoming PEA."

Key Catalysts Include Pilot Plant

Although the timeline has shifted slightly, Eloro plans to provide an updated resource in the first quarter of 2026 (previously year-end), leading into a PEA in the second quarter of 2026 (previously first quarter), Vaillancourt said. Eloro also intends to start ramp construction into the Santa Barbara pit by February 2026, enabling the company to take a bulk sample by the end of the first half of 2026. Eloro would also construct a 500 tonne-per-day (tpd) pilot plant to process the ore. Red Cloud estimated the cost of the ramp and pilot plant could be in the CA$15 million to CA$20 million range.

"As we have mentioned previously, we look for a Santa Barbara resource in the range of 180-200 Mt, with tin ore comprising 20-25% of the resource, and grades of 35g/t Ag, 1-1.5% zinc and 0.8% lead, along with 0.25% tin, with potential for higher grade zones," Vaillancourt wrote. "We believe the PEA could consider a polymetallic mine with mill throughput of 25 ktpd (kilotons per day) producing zinc-silver and lead-silver concentrates, complemented by a tin circuit of 10 ktpd producing a tin concentrate, over an approximate 15-year mine life. We expect the capital cost of this mine could be in the range of CA$400 million to CA$500 million."

Eloro has approximately CA$11.5M in cash following its CA$14 million bought deal in September. These funds are sufficient for the resource and PEA, as well as a drill program planned for the first quarter of 2026, but additional financing will be required for the ramp and pilot plant, Vaillancourt noted.