Eloro Resources Advances Iska Iska Silver-Tin Project in Bolivia with Major Drilling Program

1. Eloro Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Eloro Resources Ltd..
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Disclosures for Sphene Capital, Eloro Resources Ltd., April 24:

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Disclosures for Red Cloud, Eloro Resources, April 23:

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Disclosures for Cantor Fitzgerad, Eloro Resources, April 22:

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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 $7.40 / CA $10.44

How Avg Analyst Ratings Are Calculated

04/24/2026

Peter Thilo Hasler – Sphene Capital

Price at Time of Rating: US $1.40 / CA $1.97

Rating: Buy

Target Price: US $14.75 / CA $20.80

04/23/2026

Ron Stewart – Red Cloud Securities

Price at Time of Rating: US $1.42 / CA $2.00

Rating: Buy

Target Price: US $3.90 / CA $5.50

04/22/2026

Matthew O'Keefe – Cantor Fitzgerald

Price at Time of Rating: US $1.42 / CA $2.00

Rating: Speculative Buy

Target Price: US $3.55 / CA $5.01

Retail investors seeking exposure to silver and tin are watching Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) closely as the company moves its Iska Iska project in southern Bolivia forward. The polymetallic deposit contains silver, tin, zinc, lead, and gold, placing it in a sector where demand for critical metals continues to grow.

Global demand for silver in solar panels, electronics, and industrial uses remains strong, while tin is essential for solder in electronics and emerging battery technologies. Projects that can deliver both metals in one location offer potential advantages in a market focused on supply security.

Why Eloro Resources Stands Out

Eloro Resources controls the Iska Iska project, a large mineralized system that has progressed from early exploration to a defined resource stage. The company recently released an updated Mineral Resource Estimate that introduced an Indicated category for the first time, giving investors greater geological confidence compared with previous Inferred-only estimates.

The updated estimate shows an Indicated Mineral Resource of 85.17 million tonnes grading 40 grams per tonne silver, containing 109.53 million ounces of silver, plus 1.03 million tonnes of zinc and 0.6 million tonnes of lead. Inferred resources total 945.43 million tonnes grading 8.5 grams per tonne silver, containing 248.6 million ounces of silver, 4.72 million tonnes of zinc, 1.5 million tonnes of lead, 290,000 tonnes of tin, and 1.21 million ounces of gold.

Expansion Drilling Program Underway

The company is starting an extensive expansion drilling program designed to increase the Indicated resource and support future economic studies. Two diamond drill rigs are already contracted, with a third expected within three months. The program targets approximately 40,000 meters across 75 holes, focusing on areas within the optimized pit shell where Inferred resources sit close to existing Indicated blocks.

Chief Executive Officer Tom Larsen stated that the drilling aims to convert Inferred resources to Indicated, which could improve the economics of the planned Preliminary Economic Assessment, or PEA, a study that outlines potential mine development scenarios and costs.

Key Investor Takeaways

• The updated resource now exceeds one billion tonnes combined, with a new Indicated category that provides higher confidence for development planning.
• Tin resources have more than doubled to 290,000 tonnes, ranking Iska Iska among the world's larger tin deposits.
• Metallurgical test work shows improved tin recovery of 59 percent and ore sorting that can reject over half the tonnage while retaining most silver, lead, and zinc.
• Three analysts maintain Buy or Speculative Buy ratings with price targets ranging from CA$5.00 to CA$20.80.
• Insiders own approximately 17 percent of shares, providing alignment with retail investors.
• The project remains at an early stage; risks include drilling results, permitting, and metal price volatility.

Analyst Perspectives and Valuation Context

Analysts from Sphene Capital, Red Cloud and Cantor Fitzgerald reviewed the updated resource and highlighted the higher-grade silver core and tin growth.

Sphene Capital set a target of CA$20.80 based on an in-situ valuation of the higher-grade Santa Barbara Breccia Pipe portion only.

Red Cloud maintained a CA$5.50 target, noting the enterprise value per ounce of silver equivalent remains low compared with peers.

Cantor Fitzgerald raised its target to $5.00 per share after applying a silver-equivalent valuation metric focused on the Indicated resource.

These targets reflect different assumptions about resource conversion and metal prices. Investors should note that price targets are opinions and can change with new data.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Speculative Buy, with an average target price of US$7.40 / CA$10.43.

Share Structure and Ownership

Eloro Resources has a market capitalization of CA$231.16 million based on 118.54 million shares outstanding.

²Insiders hold about 17 percent, institutions hold roughly 32 percent, and strategic investor Cartier Silver owns around 2 percent. The largest shareholders are Crescat Capital LLC at 14.23 percent and CEO Tom Larsen at 6.2 percent. The stock traded between CA$1.01 and CA$3.42 over the past 52 weeks.

Common Questions from Investors

What is the difference between Indicated and Inferred resources? Indicated resources have enough drilling to support mine planning with reasonable confidence, while Inferred resources have less data and carry higher uncertainty.

When is the Preliminary Economic Assessment expected? The company targets delivery of the PEA toward the end of 2026, following additional drilling and metallurgical work.

How does tin factor into project economics? Tin adds a separate revenue stream; recent test work improved recovery rates, and the contained tin tonnage now exceeds many global deposits.

What are the main risks at this stage? Key risks include the ability to convert Inferred resources, obtaining permits, securing financing, and fluctuations in silver, tin, and zinc prices.

Eloro Resources continues to advance Iska Iska through targeted drilling and technical studies. The combination of a large polymetallic resource, improving metallurgical results, and analyst coverage provides retail investors with a clear framework for monitoring future milestones.