Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) is a Canadian exploration and development company focused on silver and tin in Bolivia's prolific tin belt. With silver prices breaking into new all-time highs, the company's flagship Iska Iska project is drawing renewed interest. It is one of the largest undeveloped silver-tin systems in South America, and drilling continues to show both scale and grade improvement as the project advances toward an updated resource and its first Preliminary Economic Assessment (PEA).
The project is located roughly 48 km north of Tupiza, with access to paved roads, high-voltage power, rail, and potential links to nearby smelters and Chilean ports. Eloro optioned Iska Iska in 2020, drilling it for the first time in the area's long history. More than 117,000 meters have now been completed, taking the project from discovery to a major caldera-scale deposit.
Key Property Iska Iska Silver-Tin Project
Iska Iska is a collapsed resurgent caldera hosting both a silver-zinc-lead epithermal system and a deeper tin domain within a Miocene porphyry-epithermal complex. Its mineralized footprint stretches roughly 4 km by 2 km, with depth potential extending beyond 1 km. Very few undeveloped systems globally combine this size, metal mix, and proximity to infrastructure.
The initial mineral resource estimate (October 2023) outlined 560 Mt of inferred polymetallic resources grading 13.8 g/t Ag, 0.73% Zn, and 0.28% Pb, plus 110 Mt in a tin domain grading 0.12% Sn, 14.2 g/t Ag, and 0.14% Pb. Combined, the system hosts 298 million ounces of silver, 4.09 million tonnes of zinc, 1.74 million tonnes of lead, 130,000 tonnes of tin, and roughly 1.15 billion ounces silver equivalent.
Within this, a higher-grade near-surface zone of 132 Mt at 1.11% Zn, 0.50% Pb, and 24.3 g/t Ag forms the basis for a potential open-pit starter operation. This material is shallow, has an implied low strip ratio, and could meaningfully influence future economics.
Infill drilling throughout 2024 and 2025 has consistently shown better grades and continuity than those used in the initial model. The standout hole to date, DSB-87, intersected 213 m of 0.51% Sn and 25.46 g/t Ag, including multiple intervals exceeding 1% Sn. This has strengthened the view that the tin domain could become a second economic engine for the project. Step-outs at the Casiterita target, southwest of Santa Barbara, have also returned encouraging tin values, suggesting the system may be even broader than the current pit-constrained footprint.
A Brief Word on Tin: The 'Invisible Metal' With a Powerful Outlook
Tin rarely makes headlines, but its importance in the modern economy is hard to overstate. It is the metal that solders the world together — literally. Roughly half of all tin demand comes from solder used in electronics, semiconductors, circuit boards, electric vehicles, and renewable energy systems. Tin is the essential conductive "glue" that binds the global electronics supply chain. Beyond this, emerging applications in autonomous vehicles, data centers, AI hardware, and next-generation battery chemistries are expanding demand at a time when global production is struggling to keep up.
Much of the world's tin supply comes from aging or politically challenged regions in Asia and Africa. The International Tin Association has warned that without new, large-scale discoveries, the market could face structural deficits later this decade. Against that backdrop, Iska Iska's potential as a major tin domain, anchored by sustained >0.3–0.5% Sn intercepts, could become increasingly strategic. As tin moves deeper into the "critical minerals" category, deposits with size and scalability may see their value re-rated meaningfully.
Bolivia itself is shifting back toward a more open investment climate, modernizing its mining laws and building strong relationships with foreign partners. Eloro operates on private land, reports positive local support, and relies heavily on a skilled Bolivian workforce.
Management
Eloro's leadership group is well-built for a project of this size. CEO Thomas Larsen brings decades of exploration and corporate finance experience and is a significant shareholder. The technical team includes Executive VP Latin American Operations Dr. Osvaldo Arce, one of Bolivia's most respected geologists and former president of the country's Geological Society.
The board and advisory team include industry names such as Peter Marrone (founder and former Executive Chairman of Yamana Gold) and Quinton Hennigh, a technical advisor to Crescat Capital, which remains a strategic investor. This combination of market depth, local expertise, and technical leadership aligns the company well for the eventual need for a major partner or acquirer.
Share Capitalization
As of November 2025, Eloro had 107.84 million shares outstanding and 135.14 million fully diluted. There is no debt. Management and board hold approximately 17–25%, institutions roughly 25–28%, Cartier Silver around 2–3% and the balance is widely held.
With the stock still well below its 2021 highs, this structure gives investors meaningful leverage to any positive re-rating driven by the PEA, grade improvements, or stronger silver and tin prices.
Technical Analysis
After topping above CA$5 in 2021, Eloro spent several years declining and then moving sideways. That long consolidation may now be ending. Since mid-2024, the stock has been making higher lows along a rising trendline, climbing above both its 50-day and 200-day moving averages. The 200-day has turned higher, MACD is positive, and RSI sits firmly in constructive territory.
Your chart has outlined a series of clear upside targets:
The first target sits near CA$2.50, marking the underside of the long back-price resistance shelf. A push through that level would confirm the initial breakout.
The second target near CA$3.50 aligns with a deeper retracement and is typically where the broader market begins paying attention.
The third target near CA$5.60 corresponds with a more ambitious move that usually reflects both strong fundamentals and a supportive metals tape.
The big-picture target at roughly CA$8.25 represents an exceeded return to the 2021 highs, a "same way down, same way up" pathway that becomes realistic if Iska Iska emerges as a future mine with a clear development path.
Support comes in around the rising trendline and the 200-day moving average in the mid-CA$1.40s to CA$1.50s. A break below that zone would warrant caution.
Conclusion
Eloro Resources offers a rare combination of size, metal diversity, and near-surface tonnage in a district with centuries of mining history and improving investment conditions. Iska Iska has already delivered a billion-ounce-plus silver-equivalent resource, a high-grade near-surface zone that could support a starter pit, and a deeper tin domain that continues to grow with drilling. With silver at new all-time highs and tin gaining global attention as a critical mineral tied to energy, electronics, and AI, the timing could be favourable.
From a technical perspective, the stock appears to be transitioning from a long basing phase into an early uptrend, with clearly defined upside targets and supportive market conditions.
For investors comfortable with development-stage opportunities, Eloro Resources can be considered a Speculative Buy, with initial upside toward the CA$2.50–CA$3.50 range and the potential for a more significant re-rating as Iska Iska advances.
For more information, visit www.elororesources.com.
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