Eloro Resources Further Expands Major Tin Zone with Significant Tin Intersections Highlighted by 49.5m grading 0.55% Sn within 91.5m grading 0.34% Sn in its Definition Drilling Program at its Iska Iska Deposit, Potosi Department, Bolivia

Eloro Resources Further Expands Major Tin Zone with Significant Tin Intersections

Highlighted by 49.5m grading 0.55% Sn within 91.5m grading 0.34% Sn in its Definition

Drilling Program at its Iska Iska Deposit, Potosi Department, Bolivia

 This hole DSB-74, located 100m southeast of discov ery hole DSB-72 , contains a second

long deeper intersection of 103.5m grading 0.31% Sn including 28.5m grading 0.44% Sn.

 High grade tin mineralization in Holes DSB-74 and discovery hole DSB-72 occurs as visible

coarse-grained high temperature cassiterite which is likely to be amenable to gravity

separation.

 Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately

750m long by 450m wide and extends to a depth of at least 700m. Previous wide space

reconnaissance drilling has intersected a number of significant Sn intersections in this breccia

unit which is very under-drilled.

 The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth.

The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as

a pyrite-pyrrhotite halo around this porphyry. Sim ilar pyritic halos have been reported from

other major tin deposits in the Bolivian Tin Belt.

 With this discovery and expansion of a presumed shallow level apophysis of a tin porphyry at

depth, Eloro is in a unique position of having two discernable different deposit styles

juxtaposed against one another; a very large silver-zinc-lead dominant system next to a high-

grade tin system. While these two systems are likely genetically related, this means that the

Company may potentially have two world class deposits on the same property.

Toronto, Canada, February 20, 2025 – Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:

P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from its definition

diamond drilling program in the potential Santa Bar bara starter pit area in the Iska Iska silver-tin

polymetallic project in the Potosi Department of southwestern Bolivia. To date 5,799.4m of diamond

drilling have been completed in eleven (11) holes. PQ core size has been used in the majority of

holes in this program to obtain larger, more representative core samples.

Hole DSB-74 is the second hole completed into the tin domain and was collared 100m southeast of

discovery hole DSB-72. Hole DSB-73 is on the northwest edge of the Ag-Zn-Pb polymetallic domain.

Table 1 below lists significant results for these holes and Figure 1 shows locations of all the definition

drill holes completed to date. Silver equivalent values (g Ag eq/t) have been calculated using 3-year

average metal prices and preliminary metallurgical recoveries (see note below Table 1 for more

information). Table 2 lists the coordinates of the drill holes completed.

Hole DSB-74, collared 100m southeast of previously reported of tin discovery drill hole DSB-72 (see

Eloro press release of January 23, 2025) returned a long high grade tin intersection grading 0.55%

Sn over 49.50m from 76.40m to 125.90m within 91.50m grading 0.34% Sn from 58.40m to

20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168

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149.90m. Hole DSB-74 contains a second long deeper intersection of 103.5m grading 0.31% Sn

from 181.40m to 284.90m, including 28.5m grading 0.44% Sn from 197.90 to 226.40m.

High grade tin mineralization in Holes DSB-74 and DSB-72 occurs as visible coarse-grained high

temperature cassiterite which is likely to be amenable to gravity separation. Core from these

holes will be used for additional metallurgical testing.

Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m

long by 450m wide and extends to a depth of least 700m. Previous wide space reconnaissance

drilling has intersected a number of significant Sn intersections (see Eloro press release dated

January 23, 2025) in this breccia unit which is very under-drilled.

The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The

likely top of this tin porphyry is marked by a high ly conductive zone that is interpreted as a likely

pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major

tin deposits in the Bolivian Tin Belt.

Tom Larsen, Eloro’s CEO, commented: “Hole DSB-74 located 100 meters southeast of high-grade

tin hole DSB-72 demonstrates continuity of this evo lving coarse grained cassiterite-rich tin zone

within the large intrusion breccia system which is approximately 750m long by 450m wide and

extends to a depth of at least 700m. Coarse graine d cassiterite is readily amenable to gravity

separation in the beneficiation process which will give rise to higher recoveries than the 50 percent

figure currently being used for tin in the Company’ s calculations for overall metal silver equivalent

values per tonne.”

Mr. Larsen further noted that: “The Company's next phase drilling program will focus on the

expansion of this large coarse grained cassiterite tin corridor that could be significant in determining

overall metal value and economics in the PEA.”

Hole DSB-73 is on the northern edge of the Ag-Zn-Pb polymetallic domain where it partially overlaps

with the tin domain. This hole intersected 36.00m grading 13.46 g Ag/t, 0.86% Zn, 0.19% Pb and

0.15% Sn (74.09 g Ag eq/t) from 97.10 to 133.10m including a higher-grade sect ion of 16.50m

grading 15.91 g Ag/t, 1.13% Zn, 0.20% Pb and 0.25% Sn (105.84g Ag eq/t) from 115.10m to

131.60m.

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Table 1: Definition Diamond Drill Results as of February 20, 2025, Santa Barbara, Iska, Iska

SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS – TIN DOMAIN

Hole No. From (m) To (m) Length (m) Ag Zn Pb Sn Ag eq

g/t % % % g/t

DSB-74 19.40 25.40 6.00 76.25 0.00 0.01 0.07 80.56

58.40 149.90 91.50 13.90 0.00 0.03 0.34 79.47

Incl. 76.40 125.90 49.50 5.91 0.00 0.03 0.55 113.50

181.40 284.90 103.50 16.67 0.00 0.07 0.31 77.83

Incl. 197.90 226.40 28.50 9.77 0.00 0.05 0.44 95.17

308.90 310.40 1.50 9.40 0.01 0.05 0.38 83.19

332.15 335.15 3.00 12.60 0.00 0.95 0.19 68.66

391.40 395.90 4.50 42.73 0.17 0.11 0.03 52.35

416.90 462.65 45.75 27.23 0.47 0.04 0.29 96.45

19.40 25.40 6.00 76.25 0.00 0.01 0.07 80.56

SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS – POLYMETALLIC DOMAIN

DSB-73 97.10 133.10 36.00 13.46 0.86 0.19 0.15 74.09

Incl. 115.10 131.60 16.50 15.91 1.13 0.20 0.25 105.84

145.10 161.60 16.50 13.73 0.77 0.28 0.14 72.29

170.60 172.10 1.50 22.00 2.12 0.62 0.06 116.38

193.10 206.60 13.50 13.78 0.31 0.07 0.11 45.14

215.60 218.60 3.00 14.00 0.29 0.17 0.21 67.08

229.10 230.60 1.50 22.00 0.60 0.31 0.31 107.40

254.60 269.60 15.00 12.90 0.21 0.11 0.16 52.50

323.60 329.60 6.00 37.00 0.92 0.49 0.42 155.94

373.10 377.60 4.50 24.00 0.82 0.74 0.02 70.14

398.60 401.60 3.00 30.50 0.26 0.07 0.15 66.26

424.10 427.10 3.00 87.50 0.38 0.08 0.04 98.96

437.60 439.10 1.50 73.00 0.04 0.08 0.24 113.09

457.10 460.10 3.00 15.50 0.16 0.29 0.21 65.70

Note: True width is approximately 80% of core length. Si lver equivalent (Ag eq) grades are calculated using

3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and

preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals,

a cutoff grade of 30 g Ag eq/t has been used. Lowe r grade material may be included in intersections w here

geological continuity is warranted.

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Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The

yellow circle highlights the location of the holes in this release.

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Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed

and in Progress at Iska Iska as of February 20, 2025

SUMMARY DIAMOND DRILLING ISKA ISKA

Hole No. Type Collar

Easting

Collar

Northing Elev Azimuth Angle Hole

Length (m)

Santa Barbara Surface Definition Drill Holes Reported and In Progress

DSB-68 S 205390 7656251 4220.0 225° -50° 402.9

DSB-69 S 205262 7656133 4291.8 225° -85° 502.0

DSB-70 S 205460 7656319 4191.0 225° -50° 467.3

DSB-71 S 205203 7656016 4282.0 225° -85° 533.7

DSB-72 S 205088 7656107 4341.0 225° -85° 653.4

DSB-73 S 205291 7656269 4273.0 225° -85° 479.6

DSB-74 S 205205 7656072 4305.6 225° -75° 470.5

DSB-75 S 205310 7656329 4257.0 225° -85° 605.4

DSB-76 S 205022 7656003 4342.0 225° -85° 521.6

DSB-77 S 205035 7656126 4357 225° -85° 653.6

Subtotal 5290 .0

Southeast Extension Exploration Drilling

DSE-01 S 206198.0 7655779.0 4000.0 225° -65° 509.4

Subtotal 509.4

TOTAL 5,799.4

S = Surface; collar coordinates in metres; azimuth and dip in degrees. Total drilling since start of the definition

drilling program on October 4, 2024 is 5,799.0m in 11 holes. Since the start of the drilling at Iska Iska on September

20, 2020, a total of 108,997.9m in 162 drill holes (32 underground holes and 130 surface holes) have been

completed.

Eloro Resources at the PDAC

Eloro will be participating at the PDAC 2025 convention in Toronto and invites you to visit us at Booth

2124 (Investors Exchange) in the South Building, Metro Toronto Convention Centre from March 2-5,

2025.

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Qualified Person (“QP”)

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, and a Qualified Person (“QP”)

as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of

this news release. Dr. Pearson who has more than 5 0 years of worldwide mining exploration,

development and production experience, including extensive work in South America, manages the

overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Executive Vice President,

Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L.,

and a QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.

Eloro utilized both ALS and AHK for drill core anal yses, both of whom are major international

accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s

preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps

sent to the main ALS Global laboratory in Lima for analysis. Eloro employs an industry standard

QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed

with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories were pr epared in a preparation facility installed and

managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples

between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical

protocols used as with ALS and with the same QA/QC protocols.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly

controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza

city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option

to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphy ry-epithermal complex associated with a Miocene

possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes,

dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical

extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits

such as San Vicente, Chorolque, Tasna and Tatasi, a ll located along the same overall geological

trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska

on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant

breccia pipe with extensive silver polymetallic min eralization just east of the Huayra Kasa

underground workings and a high-grade gold-bismuth zone in the underground workings. On

November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (SBBP)

approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the

SBBP including the discovery hole from 0.0m to 257. 5m. Subsequent drilling has confirmed the

presence of significant values of Ag-Sn polymetalli c mineralization in the SBBP and the adjacent

Central Breccia Pipe (CBP). A substantive minerali zed envelope which is open along strike and

down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of

the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t,

0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over

56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb,

0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the

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SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an

extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the

initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited.

The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the

east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the

west and north.

The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an

NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential

underground. The majority of the mineral resource is contained in the constraining pit which has a

stripping ratio of 1:1. The Polymetallic Domain con tains a higher-grade mineral resource at a NSR

cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR

value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which

is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral

resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December

18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb

and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn

(130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole

DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% S n (139.94g Ag eq/t) over 136.11m in hole

DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole

DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t,

0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.

Metallurgical tests reported on January 23, 2024 fr om a 6.3 tonne PQ drill core bulk sample

representative of the higher grade Polymetallic (Ag -Zn-Pb) Domain returned a significantly higher

average silver value of 91 g Ag/t compared to the w eighted average grade of the original twinned

holes at 31 g Ag/t strongly suggesting that the ave rage silver grade is likely significantly

underreported in the original twinned holes due to the much smaller sample size.

On January 29, 2024, the Company reported that the new chargeability high outlined southeast of

the MRE open pit by the expanded induced polarizati on (IP) survey indicates that the major

mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the

southeast for an overall strike length of at least 2km. This new area has not been drilled.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at

Santa Barbara zone highlights the importance of com pleting additional drilling to better define the

grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have

much better drilling density but holes outside the core potential pit area are too widely spaced to give

an accurate estimate of grade.

On September 4, 2024, the Company announced the res tart of definition drilling in the potential

starter pit area at Santa Barbara. Previous drilli ng has shown that areas with high-grade

mineralization typically have much better drilling density, whereas holes outside the core area are

too widely spaced to give an accurate grade estimate. This increased drilling density is particularly

important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for

categorizing the mineral resources from inferred to indicated, which have a major influence on overall

grade and resources that will contribute to the preliminary economic assessment (“PEA”).

An initial program of 5,700m of diamond drilling in 13 holes in the Santa Barbara starter pit area is

now in progress to better define the vertical and lateral extent of high-grade Ag mineralization; fill-in

gaps that are presently categorized as low-grade or waste in the resource model but are very likely

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mineralized; expand the higher-grade Sn mineralizat ion to the west; and complete an additional

1,400m in two large size PQ holes for further metallurgical testing.

Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole

intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.1 4g Ag eq/t) over 289.13m

including higher grade intervals of:

 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,

 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and

 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m

Further drill results were released on January 6, 2025:

 Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193. 00g Ag

eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15%

Sn (106.97g Ag eq/t) over 142.50m.

 Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.3 5g Ag

eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and 0.13%

Sn (127.89g Ag eq/t) over 255.75m

 Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag eq/t)

over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn

(71.46g Ag eq/t) over 127.50m.

On January 23, 2025, the Company reported discovery hole DSB-72 that opens up a major tin zone

intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn. Tin mineralization is hosted in an

extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to

a depth of at least 700m. Previous wide space reconnaissance drilling has intersected a number of

significant Sn intersections in this breccia unit which is very under-drilled

High grade tin mineralization in Hole DSB-72 report ed here occurs as visible coarse-grained high

temperature cassiterite which is likely to be amenable to gravity separation. Core from this hole will

be used for additional metallurgical testing. Geophysically, the intrusion breccia has low chargeability

which contrasts considerably with the adjacent late r epithermal Ag-Zn-Pb mineralization which is

marked by a strong chargeability anomaly. The intru sive breccia is very likely an offshoot or

apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly

conductive zone that is interpreted as a pyrite-pyr rhotite halo around this porphyry. Similar pyritic

halos have been reported from other major tin deposits in the Bolivian Tin Belt.

With this discovery of a presumed shallow level apo physis of a tin porphyry at depth, Eloro is in a

unique position of having two discernable different deposit styles juxtaposed against one another; a

very large silver-zinc-lead dominant system next to a high-grade tin system. While these two systems

are likely genetically related, this means that the Company may potentially have two world class

deposits on the same property.

About Eloro Resources Ltd.

Eloro is an exploration and mine development compan y with a portfolio of gold and base-metal

properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly

prospective Iska Iska Property, which can be classi fied as a polymetallic epithermal-porphyry

complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI

43-101 Technical Report on Iska Iska, which was com pleted by Micon International Limited, is

available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-

free property. Eloro also owns an 82% interest in t he La Victoria Gold/Silver Project, located in the