Massive Silver Resource Just Got Bigger With Higher Grades and a New Indicated Core

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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) reported an updated mineral resource estimate for its Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia, with an effective date of April 2, 2026. The estimate was prepared by independent qualified persons from Micon International Limited in accordance with National Instrument 43-101 standards.

The updated estimate outlines an initial Indicated mineral resource of 85.17 million tonnes grading 40 g/t silver, containing 109.53 million ounces of silver, along with 1.03 million tonnes of zinc grading 1.21% and 0.60 million tonnes of lead grading 0.71%. The estimate also includes an Inferred mineral resource of 945.43 million tonnes grading 8.5 g/t silver, containing 248.60 million ounces of silver, 4.72 million tonnes of zinc grading 0.47%, 1.50 million tonnes of lead grading 0.16%, 290,000 tonnes of tin grading 0.03%, and 1.21 million ounces of gold grading 0.04 g/t.

The company reported that total inferred tonnage increased 41% compared to the 670 million tonnes reported in the 2023 initial estimate. Silver grades increased 65% from 24.3 g/t in the near-surface inferred resource category in 2023 to 40 g/t in the indicated category in the updated 2026 estimate, reflecting the impact of a completed 14,085-meter, 27-hole definition diamond drill program.

The inferred resource is distributed across multiple domains, including 61.92 million tonnes in a silver-dominant domain grading 27 g/t silver, 116.03 million tonnes in a zinc-dominant domain grading 1.16% zinc, and 31.01 million tonnes in a tin-dominant domain grading 0.20% tin. Additional polymetallic domains include 13.84 million tonnes grading 15 g/t silver with moderate base metal content and 722.63 million tonnes grading 7 g/t silver with lower base metal grades.

Metallurgical testing improved overall tin recovery into a 5% tin concentrate from 50.7% in 2023 to 58.9% in the updated estimate. The mineral resource is based on a three-dimensional block model using inverse distance cubed estimation and is constrained within an optimized open pit shell using the Lerch Grossman method. The estimate uses long-term metal prices including US$40 per ounce silver, US$1.35 per pound zinc, US$1.00 per pound lead, US$15.87 per pound tin, and US$3,000 per ounce gold.

The company stated that the mineral resource estimate considers only a surface mining scenario and that mineral resources do not have demonstrated economic viability.

According to an April 22 FactSet note, "base metals extended gains intraday," while "silver and gold held onto gains with the market digesting the latest Q1 earnings and US-Iran headlines," indicating that precious metals were trading in response to broader macro developments and geopolitical news flow.

A broader industry analysis published April 24 by James Hyerczyk described a more challenging near-term backdrop, stating that "strong dollar and yields limit silver rally and pressure the broader silver market." He explained that "silver pays nothing. When yields stay elevated, the competition for capital is real and silver loses that fight," highlighting the impact of rising US Treasury yields and a stronger US dollar on non-yielding assets.

That same analysis noted that multiple macro drivers were influencing price action simultaneously, stating that "dollar up, yields up, oil up. That's three headwinds hitting Spot Silver at the same time," which contributed to choppy trading conditions and limited upside momentum.

Industry commentary from Rich Mills dated April 25 pointed to underlying supply-demand dynamics that continued to shape the sector. The report stated that "there is a significant, ongoing structural shortage of physical silver in 2026, marking six consecutive years of deficits where industrial and investment demand outweighs supply," and added that "record demand from industrial sectors, particularly solar panels, electronics and electric vehicles, is outpacing flat mine supply."

The same April 25 analysis further emphasized tightening inventories, noting that "major inventories in London, New York, and Shanghai" had been "experiencing rapid depletion," while "nearly a billion ounces" had been removed from visible stocks since 2021. It also highlighted structural production constraints, stating that "70 to 75% of silver is produced as a byproduct of lead, zinc, and copper mining, meaning miners can't easily increase silver production in response to higher prices."

On the demand side, the report cited continued strength in key end markets, stating that "China's silver imports hit an all-time high in March, fueled by demand from retail investors and the solar industry," with 836 tons imported during the month compared to a significantly lower historical average.

Analysts Cite Resource Growth, Grade Improvements, and Ongoing Development Work

¹In a March 2 technical commentary, John Newell of John Newell & Associates stated that "Eloro Resources Ltd. continues to advance one of the largest undeveloped silver–tin polymetallic systems globally at its Iska Iska Project in southern Bolivia." He wrote that "what began as a high-grade discovery story has evolved into a world-scale resource supported by metallurgical validation, development planning, and multiple catalysts lined up for 2026."

On target, Newell stated, "The first major upside objective at CA$2.50 has been met and exceeded. Price advanced toward the CA$3.30 - CA$3.40 0 area before entering a constructive consolidation phase. The broader chart structure now shows higher lows establishing a rising trendline, supported by increasing volume during advances...A breakout above the CA$3.50 resistance zone would represent the next technical confirmation and could open the door toward the third target near CA$5.60, corresponding to prior structural resistance on the long-term chart. On a broader timeframe, the "same way down, same way up" fractal symmetry suggests potential toward a larger cycle move, with a big-picture target near CA$8.25 should silver remain strong and development catalysts unfold as anticipated.

Newell also stated that "the scale of Iska Iska defines the investment thesis," describing the system as containing "approximately 560 million tonnes grading 13.8 g/t silver, 0.73% zinc, and 0.28% lead," with "the separate tin domain" adding additional tonnage and metal content. He further noted that "a substantial portion of this mineralization occurs near surface, offering optionality for staged development strategies and potential early production pathways," and concluded that "Eloro Resources Ltd. is considered a Speculative Buy at current prices of CA$2.70."

According to an April 23 report from Red Cloud Securities, analyst Ron Stewart described the updated mineral resource estimate at Iska Iska as "a positive update that has resulted in a 54% increase in total mineralized tonnage." He also stated that "the higher confidence indicated resource exhibits a 65% higher grade compared to the high-grade portion of the 2023 MRE," adding that "the high-grade core should dispel concerns about the potential quality of the deposit while its size, geometry, and continuity remain key defining attributes."

In the same report, Stewart wrote that "the tin content has more than doubled to 290kt, strengthening Iska Iska's position as one of the top 10 tin deposits in the world," and noted that "recent metallurgical test work has improved tin's recovery to 59%." He also stated that "a combination of dense media separation (DMS) and X-Ray Transmission (XRT) ore feed shows that over half (53.4%) of the tonnage can be eliminated while recovering 91.9% of the silver and lead and 76% of the zinc into the process feed." Stewart added that "ELO currently trades at an EV/oz AgEq of US$0.18/oz," and stated that "we maintain our Buy rating and target of CA$5.50/sh."

2026 Work Programs and Development Milestones

According to the company's April 2026 investor presentation, the company identified several work streams and milestones for 2026 related to the Iska Iska project. These include the completion of the updated mineral resource estimate, the advancement of a preliminary economic assessment, and continued drilling activities targeting expansion and definition of mineralized zones.

The presentation indicates that drilling programs remain ongoing, with a focus on expanding higher-grade zones and upgrading resource categories. Continued definition drilling is being conducted to refine resource classification, with increased drill density associated with improved grade delineation in both silver and tin domains.

Exploration efforts are also targeting specific mineralized areas, including tin-rich zones greater than 0.3% tin, as part of ongoing drilling campaigns. The project remains open along strike, across strike, and at depth, with multiple areas within the caldera identified as not yet drilled.

The project timeline outlined in the presentation includes additional planned activities in 2026, including further drilling results and work related to the preliminary economic assessment, as well as the completion of full property acquisition.

Ownership and Share Structure²

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 15.78% and CEO Larsen with 6.89%.

Its market cap is CA$316.54 million with 119 million shares issued and outstanding. It trades in a 52-week range of CA$0.77 to CA$3.42.