Mining Explorer Discovers High-Grade Silver-Tin Breakthrough in Bolivia
Analyst Consensus Report

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1. Street Smart Average Price Target Formula

   Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

   The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures from Haywood Capital Markets, Eloro Resources Ltd, September 17, 2025:

Important Information and Legal Disclosures

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.

Link to Research Policy: http://haywood.com/what-we-offer/research/research-policy

Disclosures for Haywood Capital Markets, Eloro Resources Ltd., April 16, 2025:

Important Information and Legal Disclosures

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.

Link to Research Policy: http://haywood.com/what-we-offer/research/research-policy

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. 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.

StreetSmart Research™

Eloro Resources Ltd.

(ELO:TSX - ELRRF:OTCQX - P2QM:FSE)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Speculative Buy

Target: US $2.36 / CA $3.30

How Avg Analyst Ratings Are Calculated

09/17/2025

Pierre Vaillancourt – Haywood Securities

Price at Time of Rating: US $0.89 / CA $1.25

Rating: Buy

Target Price: US $2.14 / CA $3.00

09/16/2025

Matthew O'Keefe – Cantor Fitzgerald

Price at Time of Rating: US $0.83 / CA $1.16

Rating: Speculative Buy

Target Price: US $2.57 / CA $3.60

Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) is a company focused on exploration and mine development, with a diverse portfolio of precious and base-metal properties located in Bolivia, Peru, and Quebec.

It holds an option to acquire full ownership of the highly promising Iska Iska property, which is characterized as a polymetallic epithermal-porphyry complex, a notable type of mineral deposit in the Potosí Department of southern Bolivia, the company said. An NI 43-101 Technical Report on Iska Iska, prepared by Micon International Ltd., has also been issued on the project, which is road accessible with no royalties.

Additionally, Eloro owns an 82% stake in the La Victoria Gold/Silver Project, situated in the North-Central Mineral Belt of Peru, approximately 50 kilometers south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Speculative Buy, with an average target price of US$2.36/CA$3.30.

Pierre Vaillancourt — Haywood Capital Markets

In a September 17 research report, Haywood Capital Markets Analyst Pierre Vaillancourt reported that the company had shared updates on five drill holes from its second phase of diamond drilling at the Santa Barbara starter pit within the Iska Iska project in Bolivia.

Four of these holes are situated in the polymetallic zone, while one is in the tin zone. So far, the current phase of definition drilling has completed 6,242 meters across twelve holes, according to the analyst. The five holes reported account for 2,346 meters, with results still pending for the remaining two holes, which total 1,025 meters.

The analyst rated the stock a Buy with a CA$3 per share target price, a 140% increase from the CA$1.25 per share the stock was going for at the time he wrote the September 17 note.

The findings from these drills are promising, especially the vein-breccia and intrusion-breccia formations, which are characteristic of high-grade porphyry-tin and polymetallic deposits found in the Bolivian Tin Belt region, Vaillancourt said. The hydrothermal system displays both scale and complexity, and analysis of the drill core suggests a substantial tin-polymetallic potential.

Notably, the analyst noted that the silver and tin grades are strong. Highlights include hole DSB-87, an infill hole drilled 150 meters southeast of discovery hole DSB-72, which intersected 213 meters grading 0.51% Sn (tin) and 25.5 grams per tonne silver (g/t Ag) within a broader interval of 241.5 meters grading 0.47% Sn and 23.17 g/t Ag, starting at 26 meters, and featuring 1.18% Sn over 34.5 meters, beginning at 62 meters. DSB-80, a step-out hole 75 meters southwest of hole DSB-76, encountered several higher-grade intervals of silver, tin, gold, and zinc, including 53.1 g/t Ag over 15 meters, starting at 341 meters; 30 g/t Ag over 9 meters, starting at 446 meters; and 34.5 g/t Ag over 10.5 meters, starting at 461 meters. The other drill holes showed strong silver grades ranging from 30 g/t to 198 g/t, along with tin values exceeding 0.2%.

"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," the analyst wrote.

After the drill program concludes, Eloro intends to release an updated resource by the end of October and December, leading to a Preliminary Economic Assessment (PEA) by the end of the first quarter of 2026, the analyst said. Based on drilling results and the defined mineralized envelope, Vaillancourt said the firm anticipates a resource in the range of 180-200 million tonnes, with tin ore making up 20-25% of the resource.

The analyst predicted resource grades of 35 g/t Ag, 1-1.5% zinc, and 0.8% lead, along with 0.25% tin, with potential for higher-grade zones. This resource would underpin a PEA aimed for release by the end of the first quarter of 2026, which could consider a polymetallic mine with mill throughput of 25,000 tonnes per day producing zinc-silver and lead-silver concentrates, complemented by a tin circuit of 10,000 tonnes per day producing a tin concentrate, over an estimated 15-year mine life, which could likely be extended.

"We expect the capital cost of this mine could be in the range of CA$400-CA$500 million," Vaillancourt said. "The PEA would lead into a PFS that we estimate could be complete by early 2027."

Consider purchasing ahead of resource and PEA milestones, he said. The current closer-spaced definition drill program has enhanced and expanded the Iska Iska mineralization with significantly higher-grade tin, silver, and polymetallic zones, which remain open laterally and at depth in the potential starter pit area at the Santa Barbara zone.

We believe the forthcoming resource update, followed by a PEA, will sustain momentum for the stock (+32% year-to-date).

"We believe the upcoming resource update, to be followed by a PEA, will maintain momentum to a stock (+32% YTD)," Vaillancourt wrote.

In another note on April 16, Vaillancourt said the recent drilling outcomes from the company indicate promising potential for higher-grade silver and tin within the Santa Barbara starter pit area, which is favorable for the forthcoming resource update and PEA. The rating was the same, CA$3 per share and a Buy, but the price at the time was CA$0.94, a 220% increase.

Eloro has disclosed the final assay results from two holes of its 11-hole definition diamond drilling initiative (5,799 meters), the analyst wrote. Holes DSB-76 and DSB-77 were drilled on the western edge of the prospective Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in Bolivia. Both holes encountered substantial mineralization in intrusion breccia, the main host for higher-grade tin mineralization at Iska Iska, and an offshoot of a larger porphyry.

Vaillancourt said the broad tin intersections in both drill holes contain coarse-grained cassiterite, which is likely suitable for gravity separation. Further mineralogical analysis is planned to confirm cassiterite grain size and other mineralogical characteristics related to tin recovery.

These drilling results build on four previous releases in 2025, expanding the tin zone and defining additional silver-tin polymetallic mineralization, he wrote. Results from this drilling program are expected to positively impact the tin and polymetallic resource by significantly enhancing the grade. Earlier results this year included drill holes with 151.5 g/t silver over 135 meters, 0.55% tin over 49.5 meters, 0.74% tin over 87 meters, and 127.5 g/t silver over 41 meters. The current polymetallic higher-grade resource contains 132 million tonnes grading 1.11% Zn, 0.5% Pb, and 24.3 g/t Ag, while the tin resource contains 110 million tonnes grading 0.12% Sn, 0.14% Pb, and 14.2 g/t Ag.

With the successful completion of recent equity financing for CA$5.3 million (5.553 million units at CA$0.95 per unit, each consisting of one share and one-half purchase warrant at CA$1.40 per share), Eloro is well-positioned to continue drilling to delineate more resources at Santa Barbara, Vaillancourt said.

With two rigs starting in May, the plan is to drill 10,000 meters or more (approximately 15-20 holes), leading to an updated tin-silver polymetallic resource at Santa Barbara, followed by a PEA by year-end.

Matthew O'Keefe — Cantor Fitzgerald

On September 16, Analyst Matthew O'Keefe of Cantor Fitzgerald called the ongoing assay results at Iska Iska "positive."

The infill drilling results revealed silver grades that support a modest bulk mining scenario in the Santa Barbara area, he noted. Tin also featured prominently, which should be a significant factor in the economic viability of the higher-grade starter pit area. The higher-grade Santa Barbara area remains open both laterally and at depth, offering substantial opportunities for further infill and step-out drilling to expand and enhance the mineral resource. These results will contribute to a resource update and the completion of a Preliminary Economic Assessment anticipated in 2026.

"We maintain our Speculative BUY rating and CA$3.60/share target," the analyst wrote. The share price at the time of writing was CA$1.16, a 210% return.

Eloro has released additional assay results from five drill holes (DSB-80, DSB-84, DSB-85, DSB-86, and DSB-87) as part of its Phase II definition diamond drilling program at the Iska Iska. Four of these holes are situated in the Polymetallic Domain (DSB-80, DSB-84, DSB-85, and DSB-86), while one is in the Tin Domain (DSB-87) of the potential Santa Barbara starter pit area, O'Keefe said.

Although the primary aim is to enhance the resource in the targeted starter pit area, the results have further extended the footprint of a large multi-phase hydrothermal system, with dimensions now reaching approximately 800 meters by 500 meters by 500 meters deep, expanding by 100 meters along and across the strike, he noted.

"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 5 holes reported, with assays pending for the remaining two holes totaling 1,025 meters," the analyst wrote.

The company’s main objective continues to be upgrading and expanding the Ag-Pb-Zn mineral resource in the Santa Barbara starter pit area at Iska Iska to serve as the foundation for the planned PEA that supports a mine life of 10-15 years at a production rate of approximately 20,000–30,000 tonnes per day. Efforts towards a PEA are ongoing, including drilling, metallurgical work, and resource definition, O'Keefe said.

Ownership and Share Structure²

About 22% of the company is owned by insiders and management, and 25% by institutions, and about 3% by the Cartier Silver Corp. Approximately 50% is held by retail investors.

Top shareholders include Crescat Capital with 14.52%, Thomas Larsen with 6.7%, Francis Sauve with 1.8%, Jorge Estapa with 1.64%, and Miles Nagamatsu with 1.52%. Its market capitalization is CA$146.4 million with 106.86 million shares outstanding. It trades in a 52-week range of CA$0.77 to CA$1.86.