Mining Co. With Massive 670Mt Silver-Tin Deposit in Bolivia Increases Investment

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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1. Disclosure for the quote from the John Newell article published on March 2, 2026

1. For the quoted article (published on March 2, 2026), Eloro Resources has paid Street Smart, an affiliate of Streetwise Reports, US$3,550.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

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.

Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) expanded its investment portfolio by acquiring 1,205,000 more common shares of Cartier Silver Corp. through open market transactions, according to a March 16 release.

The shares were purchased at prices ranging from CA$0.17 to CA$0.21 per share, amounting to a total consideration of CA$218,290, the company said.

Before this acquisition, Eloro held 8,788,500 common shares and 2,400,000 warrants of the Issuer. These holdings represented 10.42% of the Issuer's issued and outstanding common shares on an undiluted basis, and 2.77% on a partially diluted basis, assuming the exercise of the warrants solely held by Eloro.

Following the recent purchase, Eloro now controls or directs 9,993,500 common shares and maintains the 2,400,000 warrants. This updated stake constitutes 11.85% of the Issuer's issued and outstanding common shares on an undiluted basis, and 14.29% on a partially diluted basis, assuming full exercise of the warrants, the company said.

Eloro said the acquisition of these securities is purely for investment purposes. The company may, depending on regulatory restrictions and market conditions, consider adjusting its holdings through additional purchases or sales in the future.

Eloro has confirmed that it currently has no plans or intentions that would lead to any significant corporate changes or transactions as outlined in the early warning report categories, the release said. This news release coincides with the filing of an Early Warning Report as required by National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. This report is available on the SEDAR+ website under the Issuer's profile.

According to the release, for further details or to obtain a copy of the Early Warning Report, interested parties can contact Eloro at (416) 868-9168. The Issuer's head office is located at 20 Adelaide St. East, Suite 200, Toronto, Ontario M5C 2T6.

A recent decline in Eloro's share price (which went down at least 38% in the last month), along with that of many other silver-related stocks, can be mostly attributed to the short-term drop in silver prices amid the ongoing confusion in the Middle East, the company said.

40,000-Meter Drilling Program Set

Eloro Resources Ltd. recently announced it had contracted Major Drilling Group International Inc., a global leader in specialized drilling services for the metals and mining industry. This collaboration is set to advance Eloro's Iska Iska silver-tin polymetallic project in Potosi, Bolivia, with a 40,000-meter drilling program, as detailed in a February 20 release.

Dr. Osvaldo Arce, Eloro's executive vice president of operations in Latin America, expressed enthusiasm about the partnership, stating, "With Major Drilling now engaged, the company will be able to complete a sufficient amount of 50-meter and 25-meter infill drill hole spacings in the Santa Barbara corridor and to drill the other five mineralized zones at Iska Iska to enhance the resource footprint for our economic studies and also drill other prospective targets within the perimeter of the Iska Iska Caldera."

Chief Executive Officer Thomas Larsen said recent general elections highlighted the renewed optimism in Bolivia, spurred by favorable policy changes that are enhancing the country's appeal to the mining sector.

Iska Iska stands out as a significant discovery, potentially one of Bolivia's largest in centuries and among the largest bulk tonnage operations worldwide. Despite its location in a historically mineral-rich region of the Andes, the deposit remained concealed for centuries due to surface leaching that stripped away sulfide metals, leaving the upper portion barren. However, beneath this deceptive surface lies a rich vein of minerals. Larsen proudly noted, "We took an underexplored, never-been-drilled property, and created one of the most significant greenfield discoveries of the past 25 years."

A 2023 Mineral Resource Estimate (MRE) revealed that Iska Iska hosts a silver-tin polymetallic deposit of nearly 670 million metric tonnes.

Analyst: Stock Steadily Progressing

¹According to a March 2 review of the stock for Streetwise Reports by Technical Analyst John Newell of John Newell & Associates, the silver market is currently facing its fifth consecutive year of structural supply deficit, with industrial demand surging, particularly from sectors like solar installations, semiconductors, electrification, and advanced electronics. Meanwhile, the primary supply of silver remains constrained.

In this context, Eloro is making significant strides with its Iska Iska silver-tin polymetallic project in southern Bolivia, which is emerging as one of the largest undeveloped systems of its kind globally, Newell said.

The vast scale of Iska Iska’s polymetallic domain includes approximately 560 million tonnes grading 13.8 grams per tonne (g/t) silver, 0.73% zinc, and 0.28% lead, with a separate tin domain contributing an additional 110 million tonnes at 0.12% tin and 14.2 g/t silver. Altogether, the project contains an estimated 298 million ounces (Moz) of silver, over 4 million tonnes of zinc, 1.74 million tonnes of lead, and 130,000 tonnes of tin.

Looking ahead to 2026, Eloro anticipates several key developments, including an updated Mineral Resource Estimate and a Preliminary Economic Assessment, Newell said. These will further delineate the project’s scope and economic viability. The company is also planning continued drilling and metallurgical testing to refine the project’s development strategy.

In his technical analysis, Newell said the stock has been steadily progressing along a technical trajectory that has been developing over the past year. The company's shares have successfully surpassed the initial major upside target of CA$2.50, pushing forward to the CA$3.30 - CA$3.40 range before transitioning into a phase of constructive consolidation. The overall chart pattern now displays a series of higher lows, forming an ascending trendline that is bolstered by increased trading volume during upward movements.

Looking ahead, a push beyond the CA$3.50 resistance level would serve as a significant technical validation, potentially paving the way to a third price target around CA$5.60, he said. This target aligns with previous structural resistance observed on the long-term chart. Expanding the view to a broader timeframe, the chart exhibits a "same way down, same way up" fractal symmetry, indicating the possibility of an extended upward cycle that could reach as high as CA$8.25, contingent on sustained strength in silver prices and positive unfolding of development catalysts.

The momentum indicators currently range from neutral to constructive, suggesting a balanced technical outlook, according to the analyst. Notably, the increase in volume during price rallies points to engagement by institutional investors, rather than mere speculative trading. This pattern of institutional involvement supports the potential for continued robust performance in Eloro's stock.

"Eloro Resources Ltd. controls a world-scale silver–tin polymetallic system at Iska Iska, positioned within a global silver market that has now recorded five consecutive years of supply deficit," Newell wrote. "The combination of scale, improving grade definition, metallurgical validation, infrastructure access, and defined 2026 catalysts provides a clear development roadmap. With almost four ounces of silver equivalent per share in the ground and a structured path toward economic evaluation, the company offers leverage to both rising silver prices and project advancement."

He continued, "Given the size of the resource, the advancing development strategy, and the constructive chart setup, Eloro Resources Ltd. is considered a Speculative Buy at current prices of CA$2.70, and suitable for investors comfortable with development-stage mining risk and exposure to silver and critical metals."

One System, Two Deposit Styles

According to a February 26 research report by Sphene Capital's Peter Thilo Hasler, Eloro presents a compelling investment opportunity with its unique juxtaposition of two distinct deposit styles — a large silver-zinc-lead system alongside a high-grade tin system — at its Iska Iska project in Bolivia. This configuration, coupled with several near-term catalysts, positions Eloro favorably for investors seeking early exposure ahead of an upcoming drilling campaign. The potential transformation of a previously underexplored property into an a possible open pit porphyry–epithermal silver-tin polymetallic system suggests significant upside potential, while the downside risk remains relatively limited at the current valuation levels.

Reflecting the recent surge in commodity prices, especially for silver and zinc, the firm raised its price target for Eloro to CA$21.80 from CA$14.10. This new valuation is based solely on an in-situ assessment of the higher-grade portion of the Santa Barbara Breccia Pipe at Iska Iska, excluding all other assets. With the share price at CA$2.60 at the time of writing, the target indicates an impressive upside potential of 838.5%. Hasler continues to rate the stock a Buy.

In a January 19 research note, Haywood Securities analyst Pierre Vaillancourt upgraded the target price for Eloro Resources Ltd. by 67%, setting a new target of CA$5 per share, up from the previous CA$3. This adjustment was influenced by successful drilling in 2025, a favorable economic environment in Bolivia, and record-high silver prices, which Vaillancourt believes have significantly enhanced the economic prospects of Eloro's Iska Iska project.

In related analyses, Ron Stewart of Red Cloud Securities on January 19 initiated coverage with a Buy rating and a target price of CA$5.50 per share, citing Iska Iska's potential to become a leading global primary silver and tin mining operation. Stewart's optimism is based on drilling results since 2020 that have delineated a large mineralized system.

Meanwhile, Cantor Fitzgerald analyst Matthew O'Keefe also maintained a Speculative Buy rating on February 2 with a target price of CA$4.50 per share, noting that the company had secured 99% ownership and full operational control of Iska Iska, which he views as a significant corporate derisking milestone.

The Catalyst: Investors Take Cautious Stance

Haresh Menghani reported March 18 for FX Street that silver showed little movement as it hovered around the US$79.35 mark during Wednesday's Asian trading session, with market participants taking a cautious stance ahead of the upcoming Federal Open Market Committee (FOMC) rate decision. The metal's price remains relatively stable for the day, though the near-term trading sentiment leans towards the bears. A significant technical development has been the clear breach of the upward sloping trend line that started at US$66.65, around the US$83.45 level, suggesting an increased risk of further declines.

Additionally, silver was trading below the 200-period Simple Moving Average (SMA) on the four-hour chart, which was positioned near US$83. This positioning indicates that while the broader uptrend is being challenged, it has not been entirely reversed. The Moving Average Convergence Divergence (MACD) indicator shows a slight recovery towards the zero and signal lines, implying a reduction in downward momentum, though this does not necessarily indicate a strong bullish reversal, the author noted. The Relative Strength Index (RSI), hovering around 38 and staying below the neutral 50 midline, aligns with the ongoing selling pressure, despite a slowdown in the downward pace.

Looking ahead, immediate resistance is found at the convergence of the broken trend-line and the 200-period SMA, around the US$83–US$83.50 area. This zone now acts as a barrier to any recovery attempts. Should silver manage a sustained break above this resistance, it could move towards the mid-US$86 area, where previous consolidation highs may introduce fresh selling interest. Conversely, on the downside, initial support is positioned near US$79, aligning with recent base formations. A breach below this could see silver testing the US$78 support level, with further declines potentially targeting the mid-US$76.00 region. However, maintaining above US$79.00 could result in a period of consolidation within the broader corrective downtrend, Menghani said.

On Wednesday, both silver and gold prices plummeted, hitting below one-month lows as new U.S. data revealed a significant jump in inflation prior to the onset of the current conflict between the USA, Israel, and Iran, Adrian Ash wrote for BullionVault March 18.

This surge in inflation has dampened hopes that the Federal Reserve might cut interest rates within the year. As global crude oil prices soared above US$100 per barrel, the likelihood of the U.S. central bank lowering interest rates before December dwindled, with futures now suggesting a 40% chance of no change in rates at the Fed's final 2026 meeting — a stark increase from just 10% at the end of last month.

Before the U.S.-Israeli conflict with Iran began, the general expectation was for a rate cut as early as June, according to the CME's FedWatch tool. Following the release of February's U.S. producer price inflation data, silver, more sensitive due to its industrial applications, fell 5.3% to below US$76 per ounce after core PPI inflation was reported at 3.9% per annum, the highest in three years excluding volatile items like fuel and food.

Ownership and Share Structure¹

About 17% of Eloro Resources Ltd. 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 14.23% and CEO Larsen with 6.21%.

Its market cap is CA$254.87 million with 118.54 million shares issued and outstanding. It trades in a 52-week range of CA$0.77 to CA$3.42.