Eloro Resources Amends Payment Schedule for Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Amends Payment Schedule for Iska Iska Silver-Tin Polymetallic Project,

Potosi Department, Bolivia

Toronto, Canada, September 27, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX:

ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that, by mutual

agreement with Empresa Minera Villegas S.R.L. (“Minera Villegas”), the title holder of the Iska

Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia (“Iska Iska”), the

payment schedule in connection with the US$10 million payment required for Eloro to earn a 99%

interest in Iska Iska has been amended.

Pursuant to the private option agreement to acquire Iska Iska (see Eloro’s press release dated

January 9, 2020), Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”) has made

advance payments of US$3.4 million to date towa rds the US$10 million option payment. As per

mutual agreement the schedule for the remaining option payments has been amended whereby

Eloro, through Minera Tupiza, has agreed to pay Minera Villegas US$1 million on or before

October 31, 2022, with the remaining US$5.6 million due on or before July 6, 2024.

Tom Larsen, CEO of Eloro, commented: “As a result of our continuing exploration success which

has extended the potential high-grade zone at Iska Iska to as much as 2km along strike (see

Eloro’s press release dated September 20, 2022) and the deferral of our inaugural Mineral

Resource Estimate to Q1 2023, to allow time for further exploration drilling, both parties felt it

prudent to extend the contract date an extra six months. This extension also provides additional

time to receive drilling assay results which have been delayed over the past two years due to

Covid-related circumstances.”

About Iska Iska

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 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-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 located in

the same 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 mineralization just east of the Huayra

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

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

TSX.V Symbol: ELO www.elororesources.com

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On November 24, 2020, Eloro announced the discovery of the 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 DHK-15 which returned 129.60 g Ag eq/t over 257.5m

(29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064%

Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn

polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized

envelope which is open along strike and down-dip extends around both major breccia pipes.

Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned

442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g

Ag eq/t (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, Eloro has released a number of significant drill results in the

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

a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is

open along strike to the northwest and southeast as well as to the southwest. The Company’s

nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this

large target area. As outlined in this press release as a result of continuing discoveries from

recent drilling that have substantially extended the high-grade feeder zone at Santa Barbara, the

Company has pushed back the inaugural mineral resource to the end of Q1 2023.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L.,

and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical

content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration

Eloro, and who has more than 45 years of worldwide mining exploration experience, including

extensive work in South America, manages the ov erall technical program, working closely with

Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and

Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly

consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international

accredited laboratories. Drill samples sent to ALS are 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. More recently Eloro has had

ALS send pulps to their laboratory at Galway in Ireland. 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 are prepared in a preparation facility installed and

managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn

analysis on these samples is done by ALS Bolivia Ltda in Lima. 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. Turnaround time continues to improve,

as laboratories return to more normal staffing levels.

About Eloro Resources Ltd.

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

properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly

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prospective Iska Iska Property, which can be cl assified 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 completed by Micon International Limited,

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

royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project,

located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte

Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining

concessions and eight mining claims encompassi ng approximately 89 square kilometres. La

Victoria has good infrastructure with access to road, water and electricity and is located at an

altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or

Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-lo oking information. Statements containing forward-looking

information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections,

expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently

available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual

results and future events could differ materially from those anticipated in such statements. Readers should not place

undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Servic es Provider (as that term is defined in the policies of the TSXV) accepts

responsibility for the adequacy or accuracy of this release.