How Do Analysts Rate This Polymetallic Explorer With Silver-Tin Discovery 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 for Cantor Fitzgerald, Eloro Resources Ltd., January 29, 2026

Disclaimers 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 Canadian Investment Regulatory Organization (“CIRO”), 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 January 29, 2026 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. Definitions of recommendations BUY: The stock is attractively priced relative to the company’s fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months. BUY (Speculative): The stock is attractively priced relative to the company’s fundamentals, however investment in the security carries a higher degree of risk. HOLD: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the company’s fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed. 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.

Disclosures for Haywood Capital Markets, Eloro Resources Ltd., January 19, 2026

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 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. advice. Investors 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: Ticker Company 1 2 3 4 5 6 7 8 9 TSXV:ATX ATEX Resources Inc. X X TSX:ELO Eloro Resources Ltd. X X X TSX:FDY Faraday Copper Corp. X X X 1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company. 2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company. 3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel may have been reimbursed by the issuer. 4 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 this company in the past 12 months. 5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months. 6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months. 7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication. 8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months. 9 Haywood Securities, Inc. or one of its subsidiaries currently provides market making services to this company, for which Haywood is compensated by the Issuer on a monthly basis.

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

Disclosures for Red Cloud Securities, Eloro Resources Ltd., January 19, 2026

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Disclosures for Sphene Capital, Eloro Resources Ltd., November 26, 2025

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Investment Recommendations: Date/Time of publication: Price target/Current share price: Rating/Validity: Conflict of Interest (key) 26 11 2025/09:20 h CAD 14.10/CAD 1.39 Buy, 24 months 1, 2; 8 12 03 2025/08:40 h CAD 12.50/CAD 0.91 Buy, 24 months 1, 2; 8 27 01 2025/16:05 h CAD 12.40/CAD 1.13 Buy, 24 months 1, 2; 8 15 01 2024/15:25 h CAD 12.70/CAD 1.87 Buy, 24 months 1, 2; 8 23 10 2023/11:15 h CAD 12.70/CAD 1.89 Buy, 24 months 1, 2; 8 01 02 2023/09:20 h CAD 16.20/CAD 3.35 Buy, 24 months 1, 8 20 10 2022/08:25 h CAD 16.20/CAD 3.30 Buy, 24 months 1, 8 23 05 2022/08:30 h CAD 16.90/CAD 3.57 Buy, 24 months 1, 2, 8 02 03 2022/09:30 h CAD 15.30/CAD 4.48 Buy, 24 months 1, 2, 8 27 05 2021/08:55 h CAD 15.80/CAD 5.01 Buy, 24 months 1, 2, 8 05 05 2021/11:30 h CAD 15.80/CAD 4.38 Buy, 24 months 1, 8 Statements pursuant to § 85 (1) WpHG and Article 20 of Regulation (EU) No 596/2014 and Delegated Regulation (EU) 2016/958: This publication is based on information obtained from carefully selected public sources, especially suppliers of financial data, the publications of the analysed company and other publicly available media. 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Furthermore, this report is based on publicly available sources (such as, for example, Bloomberg, Reuters, VWD-Trader, and the relevant daily press) believed to be reliable. Sphene Capital GmbH has checked the information for plausibility but not for accuracy or completeness. Analyst certification This research report was prepared by the research analyst(s) named on the front page (the ʺAnalyst”). Views expressed do not necessarily reflect the opinion of Sphene Capital GmbH or any of its subsidiaries/affiliates. The Analyst(s) is(are) solely responsible for the views and estimates expressed in this report. The author(s) of this publication certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this publication. The content of the research report was not influenced by the issuer of the analysed financial instrument at any time. It may be possible that parts of the research report were handed out to the issuer for information purposes prior to the publication without any major amendments being made thereafter. This report has been finalized on 26 11 2025 at 08:30 h. Last price at the time of completion: CAD 1.39.

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 $5.35 / CA $7.28

How Avg Analyst Ratings Are Calculated

01/29/2026

Matthew O'Keefe – Cantor Fitzgerald

Price at Time of Rating: US $2.28 / CA $3.10

Rating: Speculative Buy

Target Price: US $3.31 / CA $4.50

01/19/2026

Pierre Vaillancourt – Haywood Securities

Price at Time of Rating: US $2.26 / CA $3.07

Rating: Buy

Target Price: US $3.68 / CA $5.00

01/19/2026

Ron Stewart – Red Cloud Securities

Price at Time of Rating: US $2.26 / CA $3.07

Rating: Buy

Target Price: US $4.04 / CA $5.50

11/26/2025

Peter Thilo Hasler – Sphene Capital

Price at Time of Rating: US $1.02 / CA $1.39

Rating: Buy

Target Price: US $10.37 / CA $14.10

Eloro Resources Ltd.'s (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) flagship project, Iska Iska, located in southern Bolivia, spans 9 square kilometers and represents a significant silver-tin discovery.

According to a February 5 article by BTV, the project has the potential to be one of Bolivia's largest finds in centuries and one of the biggest bulk tonnage operations globally. Despite being situated in a mineral-rich area of the Andes, Iska Iska remained undiscovered for centuries due to surface leaching that removed all sulfide metals, making the upper portion of the deposit appear barren, even though a rich resource lay just beneath.

"We took an underexplored, never-been-drilled property, and created one of the most significant greenfield discoveries of the past 25 years," said Chairman and CEO Tom Larsen.

After five years and over 150,000 meters of drilling, the results are impressive. Based on a 2023 Mineral Resource Estimate (MRE), Iska Iska boasts a substantial silver-tin polymetallic deposit of nearly 670 million metric tonnes.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Speculative Buy, with an average target price of US$5.35 / CA$7.28.

Matthew O'Keefe — Cantor Fitzgerald

Eloro has achieved 99% ownership, full economic benefits, and complete operational control of the Iska Iska polymetallic project in Bolivia, according to a research note by Cantor Fitzgerald Analyst Matthew O'Keefe on January 29.

"We view the streamlined structure as a key corporate derisking milestone ahead of upcoming catalysts," O'Keefe commented.

Cantor Fitzgerald maintained its target price of CA$4.50 per share for the Ontario-based mineral explorer, which was trading at about CA$3.10 per share at the time of O'Keefe's report. This represents a potential return of 45% from that price. Eloro is rated as a Speculative Buy. The company has 107.8 million shares outstanding and a market capitalization of CA$334.3 million. Its 52-week trading range is CA$0.76 to CA$3.42 per share.

Eloro recently completed a US$1.15 million payment and a US$1.8 million trust deposit, fulfilling the final requirements of its earn-in agreement with Minera Villegas for the Iska Iska project. These payments secured a 99% joint venture interest, full economic benefits, and complete operational control of the project. "The amended structure leaves Minera Villegas with a 1% interest, effectively consolidating the asset under Eloro, removing remaining option obligations and ownership uncertainty, and providing economic exposure and development flexibility," O'Keefe noted.

Eloro plans to conduct further definition drilling at Iska Iska, along with metallurgical work, as reported by O'Keefe. These activities will support the planned updated mineral resource estimate (MRE) and a preliminary economic assessment (PEA) focused on a higher-grade Santa Barbara starter pit. Both the MRE and PEA are expected to be completed this year. The company is fully funded to continue derisking the project. These catalysts "together should drive improved economics, resource growth and incremental net asset value upside," O'Keefe wrote.

Pierre Vaillancourt — Haywood Securities

Eloro plans to update the mineral resource estimate for its Iska Iska project in Bolivia this quarter, focusing on improved grades, according to Haywood Securities Analyst Pierre Vaillancourt in a January 19 research note following discussions with the company's management.

Haywood has increased its target price for Eloro by 67% to reflect the anticipated enhanced resource. "Following the drilling success in 2025, the improving economic climate in Bolivia, as well as record silver prices, we believe the economic prospects for Iska Iska have improved materially," Vaillancourt wrote.

Haywood's new target price for the Toronto-based mineral explorer is CA$5 per share, up from CA$3 previously. At the time of the report, Eloro was trading at about CA$3.07 per share, reflecting a discount of 0.47x net asset value compared to peers at 0.67x. This suggests a potential return of 63% for investors. Eloro remains a Buy. The company has 104 million basic shares outstanding and a market cap of CA$320 million, with a 52-week range of CA$0.77–3.22 per share.

Eloro's 2025 drill program successfully tightened spacing between holes and filled gaps in areas with higher silver grades within the resource envelope. As a result, Haywood expects the Iska Iska resource in the polymetallic domain to be about 200 million tons of 40 grams per ton silver and 1.5% zinc. These grades are significantly higher than those in the previous August 2023 estimate, which were 13.6 g/t and 24.3 g/t silver, and 0.69% and 1.11% zinc. Record silver prices, around US$90 per ounce, significantly enhance the silver value in the Iska Iska resource, especially at a 40 g/t grade. Under these conditions, silver could represent at least 70% of the rock value, not counting the value of tin, which is also at record levels (US$23.58 per pound).

The updated MRE will inform a preliminary economic assessment (PEA) of Iska Iska, which Eloro plans to complete in the second half of 2026. The PEA will consider a polymetallic mine with a mill throughput of about 25,000 tons per day, producing zinc-silver and lead-silver concentrates, followed by a 10,000 tons per day tin circuit producing a tin concentrate over a 15-year mine life. The estimated capital expenditure for the polymetallic mine is CA$400–500 million and for the tin circuit, about CA$150–200 million.

The updated Iska Iska MRE and PEA milestones are anticipated at a favorable time, as Bolivia's economic and political environment has improved. Rodrigo Paz of the Christian Democratic Party was elected president in October 2025, and the government is now more business-friendly, focusing on additional mine development and increased industry revenue. "Bolivia already has an established mining code, but recent policy signals emphasize legal certainty and predictability for private investment, in addition to a lower tax rate," Vaillancourt wrote.

Eloro has additional plans, including a scoping study for a roughly 1,000-meter, CA$2 million ramp that would intersect both the polymetallic and tin areas in Iska Iska's Santa Barbara zone. The ramp would allow access to ore for a bulk sample down to a 500-meter depth for metallurgical and geological definition work. It would also facilitate drilling from underground platforms. In the long term, the ramp is intended to support a sustainable mining operation at Santa Barbara. Eloro also plans a second study for a 500-ton-per-day pilot plant, potentially leading to small-scale production by 2027, with completion expected in the first half of 2026.

Haywood's investment thesis for Eloro is built on three key components, as noted by Combaluzier in his report. First, Iska Iska is a large, Bolivia-style polymetallic porphyry-epithermal deposit. This project is one of the significant discoveries in the history of the prolific Bolivian Tin Belt, alongside the massive Cerro Rico de Potosi silver-tin project and the Llallagua tin project. Additionally, Iska Iska is well-positioned, surrounded by infrastructure, near several mines, and located 48 kilometers north of Tupiza, a city in the Department of Potosi's Sud Chichas province. Lastly, Eloro boasts an experienced geological team.

Leading the team is Dr. Osvaldo Arce, a seasoned expert in exploring and developing the types of deposits for which the country is renowned.

Upcoming catalysts for Eloro, as Combaluzier wrote, include an updated Iska Iska mineral resource estimate (MRE) expected in Q1/26, a pilot plant study anticipated in H1/26, and an Iska Iska preliminary economic assessment (PEA) slated for H2/26. "We believe the upcoming resource and PEA catalysts will continue to drive value to the stock, especially as the silver value of the deposit rises in this record price environment," the analyst added.

Ron Stewart — Red Cloud

The company has caught the attention of Red Cloud Securities, with Managing Director and Mining Analyst Ron Stewart initiating coverage with a Buy rating and a target price of CA$5.50 per share, as noted in a January 19 research note.

With the junior miner trading at about CA$3.07 per share at the time, this represents a potential return of 79%. "Iska Iska has the potential to evolve into a global leading primary silver and tin mining operation," Stewart wrote. "While the derisking journey to unlock this potential will likely take some years, we believe the runway for equity gains over this period is exceptional."

Iska Iska, located in southern Bolivia, is Eloro Resources' flagship asset, a silver-tin-lead-zinc epithermal porphyry project. Eloro has the option to acquire a 100% interest in this project. The company also holds an 82% interest in the La Victoria gold-silver project in Peru and 100% of the Lac Henri, Delta, Eastmain, and Lemoyne projects in Quebec.

Since signing the option agreement for Iska Iska in 2020, Eloro has drilled 118 surface and 21 underground holes over 96,386 meters, outlining a large mineralized system. This system spans about 2 kilometers in width, extends over a 4-kilometer north-northwest to south-southeast strike, and reaches a depth of 1 kilometer. The current and maiden mineral resource estimate, prepared in 2023, includes:

Ag-Pb-Zn: 560 million tons (Mt) of 13.8 grams per ton (g/t) Ag, 0.73% Zn, and 0.28% Pb

Ag-Sn: 110 Mt of 14.2 g/t Ag, 0.14% Pb, and 0.12% Sn

Total contained silver equivalent (Ag eq) is 1.05 billion ounces, including a higher-grade subset of 132 Mt of Ag-Pb-Zn mineralization containing an estimated 320 million ounces of Ag eq metal. Iska Iska contains an estimated 130,000 tons of tin, ranking it among the world's Top 10 tin development projects.

The tin market is expected to grow at a 2.5% compound annual growth rate by 2030, from 430 Kt in 2025, according to Market Intelligence. Over 60% of the world's tin supply comes from China, Indonesia, Myanmar, and the Democratic Republic of the Congo. Supply disruptions and demand growth have affected tin prices over the past five years, with prices ranging from US$8.80 per pound in late 2022 to US$24.60 per pound currently, averaging about US$14 per pound.

Concerns over the low average grades at Iska Iska have affected Eloro's share price, despite the project's size. However, Red Cloud believes these concerns are unwarranted. Analysis of 40 holes over 20,000 meters drilled since the resource estimate suggests that tightening the spacing to about 50 meters indicates a much higher-grade resource in the deposit's core. Recent infill drilling shows potential increases in the meter-weighted average grades of silver, lead, and tin by 138%, 47%, and 24%, respectively, over their current averages. No change was shown for zinc grades. Eloro could use proven ore sorting technologies to enhance mill feed grades, potentially eliminating over half of the tonnage while recovering significant percentages of silver, lead, and zinc.

Metallurgical testing showed that tin-rich concentrate can be produced using gravity separation. Flotation testing showed lead recoveries of 86.9% and 72.2%, zinc recoveries of 87.7% and 86.9%, and silver recoveries of 68.1% and 43.3% from one sample and 26.5% and 27.6% from another. Total recoveries were 94.6% and 81.1%. Assay analysis indicated possible penalty concentrations of antimony, bismuth, and tin in the lead concentrate, as well as antimony, cadmium, and tin in the zinc concentrate.

Red Cloud's speculative cash flow model for Iska Iska envisions the development of a 36,000 ton per day mine based on a 315 million ton ore reserve. This reserve includes 255 million tons with grades of 30 g/t silver, 1.1% zinc, and 0.5% lead, along with 50 million tons containing 30 g/t silver, 0.5% lead, and 0.2% tin, as explained by Stewart. The projected production is about 392 million ounces of silver equivalent, or 15.7 million ounces annually, with an all-in-sustaining cost of US$21.71 per ounce over a 25-year mine life. Using Red Cloud's long-term pricing, the after-tax net present value, discounted at 8% (NPV8%), is estimated at US$1.2 billion, with an initial rate of return of 24% and a payback period of 3.1 years. If spot prices are used—US$75/oz for silver, US$1.50/lb for zinc, and US$20/lb for tin—and assuming a 10% increase in operating costs and a 15% rise in capital costs, the NPV8% more than doubles to US$2.9 billion, and the internal rate of return (IRR) increases to 38%.

At the time of Stewart's report, Eloro had approximately CA$13.5 million in cash and cash equivalents and no debt. Between April and October 2025, the company raised a total of CA$21.9 million in gross proceeds from three equity financings.

Stewart provided bios for Eloro's management team and board. Tom Larsen, the chairman and CEO, has over 40 years of experience in the mining and metals industry, including the junior mining sector, with a focus on management and financing. He was previously the president/CEO of Champion Iron Ltd. and is currently the CEO of Cartier Silver Corp. Dr. Osvaldo Arce Burgoa, Eloro's executive vice president of Latin American operations, is a geological and mineral engineer with 26 years of experience in Bolivia, having served as exploration manager and chief geologist for several exploration and mining companies.

Stewart highlighted upcoming events that could positively impact Eloro's stock price. In Q1/26, an updated Iska Iska mineral resource estimate is expected, which should better reflect the grade distribution. Additionally, results from further mineralogical and metallurgical test work, expected to define mill feed grades, an optimized flowsheet, and the payability of concentrations, are anticipated. In Q2/26, the release of a preliminary economic assessment is planned. Other potential near-term catalysts include drill results targeting the expansion and definition of high-grade mineralization and the implementation of the underground bulk sample program.

Peter Thilo Hasler — Sphene Capital

Eloro announced results from two additional definition drill holes in the "starter pit zone" of the silver-zinc polymetallic system at its Iska project in Bolivia, as reported by Sphene Capital Analyst Peter Thilo Hasler in a November 26 research note. Sphene increased its target price for the Canadian explorer-developer by 13% due to significantly higher mineral prices and a more favorable USD-to-CAD exchange rate.

Sphene's new target price for Eloro is CA$14.10 per share, up from CA$12.50 per share, noted Hasler. At the time of the report, the junior miner was trading at about CA$1.39 per share. This difference suggests a potential return of 914%. Eloro remains rated as a Buy, with a market cap of CA$149.95 million.

Hasler explained that Sphene's price target for Eloro is based solely on the in situ valuation of the Santa Barbara breccia pipe at Iska, focusing only on the higher-grade portion of the mineral resource. Sphene recently increased the net asset value to US$1.936 billion from US$1.236 billion to account for substantially higher commodity prices, particularly of silver and lead. Given the current market prices of zinc, lead, and silver, Sphene calculated revenues of US$34.60 per metric ton, US$9.90 per metric ton, and US$39.40 per gram, respectively, resulting in an average revenue per ton of US$83.90. Even without expanding the resource base at any of its projects, Eloro would still be considered undervalued based on its in situ value, noted Hasler. Additionally, Sphene's valuation excludes the mineralization in the tin domain adjacent to the polymetallic one at Iska. The tin domain contains a mineral resource of 110 million tons of 0.12% tin, 14.2 grams per ton silver, and 0.14% lead.

Iska Iska is located in the stable jurisdiction of Bolivia, near world-class polymetallic mines and mineral deposits like Cerro Rico de Potosí, the world's largest silver deposit, which continues to attract interest from major players. Iska Iska hosts significant deposits of silver, zinc, lead, and tin, the primary metals, along with others. The polymetallic mineralized system extends at least 4 kilometers in a north-northwest to south-southwest orientation, spans at least 2 kilometers, and likely exceeds 1 kilometer in vertical depth. "In our view, Iska Iska has a strong potential for a polymetallic medium-to high-grade deposit," Hasler wrote.

Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) released results from two definition drill holes, DSB-91 and DSB-92, in the starter pit zone of the Iska Iska polymetallic system in Bolivia, as reported by Sphene Capital Analyst Peter Thilo Hasler in a November 26 research note. These holes are part of a larger phase two, 16-hole, 8,286-meter drill program. The results suggest that mineralization may extend at least 50–100 meters further east. Intercepts as long as 238.5 meters confirm substantial thicknesses, which are significant for open-pit or bulk underground scenarios, as greater scale supports a stronger resource base and potentially higher tonnage.

DSB-91: Returned 64.5 meters of 37.33 g/t Ag, 0.01% Zn, 0.21% Pb, and 0.08% Sn, including 151.5 meters of 13.35 g/t Ag, 1.41% Zn, 0.63% Pb, and 0.09% Sn.

DSB-92: Showed 238.5 meters of 10.04 g/t Ag, 1.77% Zn, 0.57% Pb, and 0.03% Sn, including 204 meters of 6.38 g/t Ag, 2.06% Zn, 0.62% Pb, and 0.03% Sn.

The silver intercepts, with 90 meters at about 61 g/t, are solid for a polymetallic system, especially when including zinc, lead, and tin. Some sections showed higher silver grades, such as 173 g/t over 15 meters. "It is noteworthy, in our view, that significant upside potential could arise from the silver grades in the starter pit, which are expected to increase along with tonnages as a result of the recent infill drilling campaign," Hasler wrote. The zinc results, higher than 1%, are above average compared to major polymetallic projects in the Andes and are "clearly in an economically relevant range."

Hasler commented that the phase two drill program at Iska Iska is not marginal, featuring small intervals and low grades. Instead, it boasts "robust intercepts with meaningful width, grade, and continuity, including stepout and infill drilling." Additionally, the system remains open in all directions, indicating a "still incomplete mineralized target" and exploration upside.

Hasler noted that in the news release announcing the latest drill results from Iska Iska, Eloro Resources used the term "starter pit" for the first time. This implies the company is considering a potential open pit zone, indicating a shift in focus "from pure exploration to defining a mineable unit," Hasler wrote. The term heightens the significance of the news, highlighting not only a discovery of mineralization but also a resource to be evaluated for its potential economics. The use of definition drill holes in this campaign further supports this interpretation, as these holes are typically employed "to constrain geometry, thickness, and continuity of mineralization and constitute a key step toward" upgrading a resource from one category to another, such as from Inferred to Indicated.

Along with Iska Iska, Eloro has additional gold, silver, and base metals projects in Bolivia, Peru, and Quebec. In Bolivia, the company owns nine other mining properties in the Potosí region, one adjacent to Iska Iska, spanning 311.75 square kilometers. In Peru, Eloro has an 82% interest in the La Victoria gold-silver project, consisting of eight mining concessions and eight mining claims over an 89.3 square kilometer property. La Victoria is located about 50 kilometers south of Barrick Mining Corp.'s Lagunas Norte gold mine and Pan American Silver Corp.'s La Arena gold mine. In Quebec, Eloro owns gold and base metal properties in the highly prospective and underexplored La Grande and Eastmain greenstone belts. "We regard Toronto-based Eloro Resources as a promising resource exploration and development company," Hasler wrote.

In the short term, the analyst noted that investors can anticipate additional drill results from Iska Iska. Specifically, data from the final two holes of the recent phase two, 16-hole program are still pending. Looking further ahead, within the next nine to 12 months, results from a more comprehensive metallurgical analysis are expected following the completion of an NI 43-101 preliminary economic assessment. This PEA might propose an increase of the starter pit from 132 million tons to 200 million tons. Another potential catalyst, according to Hasler, is the possible acquisition of Eloro.

Ownership and Share Structure²

About 17% of the company is owned by insiders, approximately 28% by institutions, and around 2% by strategic investor Cartier Silver. The remainder is held by retail investors.

Top shareholders include Crescat Capital LLC with 15.29% and CEO Larsen with 6.68%.

Its market cap is CA$329.77 million with 110.29 million shares issued and outstanding. It trades in a 52-week range of CA$0.77 to CA$3.42.