Eloro Resources Announces RSU Grants

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Eloro Resources Announces RSU Grants

Toronto, Canada, February 3, 2023 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE:

P2QM) (“Eloro”, or the “Company”) announces it has granted an aggregate of 300,000 restricted share

units (the “RSUs”) to its senior officers pursuant to the Company’s Long Term Incentive Plan.

The Company’s Long Term Investment Plan aims to compensate and reward its directors, officers,

consultants and employees for working towards the Company’s long-term objectives, in alignment with the

shareholders’ best interests. All of the RSUs granted have performance related milestones in connection

with the advancement of the Company’s Iska Iska silver-tin polymetallic project in the Potosi Department,

southern Bolivia, which would need to be satisfied in order to vest by December 31, 2026.

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 100% interest in the highly prospective Iska

Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral

deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska,

which was completed 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 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.

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-looking 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 (forward-looking statements in this news release

include, without limitation, statements regarding the use of proceeds from the Offering). 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. The Company does not intend to update any such forward-looking

information, except in accordance with applicable laws.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the

TSXV) accepts responsibility for the adequacy or accuracy of this release.

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

TSX.V Symbol: ELO www.elororesources.com