Eloro Resources Closes C$9.775 Million Bought Deal Financing

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

TSX.V Symbol: ELO www.elororesources.com

ELORO RESOURCES CLOSES C$9.775 MILLION BOUGHT DEAL FINANCING

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION

OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Toronto, Ontario – May 19, 2022 – Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO;

OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has closed its previously announced bought

deal financing of 3,007,710 units of the Company (the "U nits") at a price of C$3.25 per Unit for gross

proceeds to the Company of C$9,775,057.50 (the "Offering"). The Offering was underwritten on a bought

deal basis by Cormark Securities Inc. as underwriter (the “Underwriter”), pursuant to an underwriting

agreement dated May 16, 2022 between the Company and the Underwriter. Haywood Securities Inc.

participated as a special selling group member in connection with the Offering. The Offering included the

exercise in full by the Underwriter of the over-allo tment option granted by the Company pursuant to the

terms of the Offering. Each Unit consists of one common share in the capital of the Company (each a

“Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole

warrant, a “Warrant”). Each Warrant entitles the holder to acquire an additional Common Share at a price

of C$4.75 for a period of 24 months following the closing of the Offering.

The securities issued under the Offering were qualified for distribution pursuant to a prospectus supplement

dated May 16, 2022 (the “Supplement”) to the Company’s short form base shelf prospectus dated May 11,

2022.

The net proceeds from the Offering will be used fo r continued exploration and development of the

Company’s Iska Iska project in Bolivia, as further set out in the Supplement filed on the Company’s SEDAR

profile at www.sedar.com.

In connection with the Offering, the Company paid t he Underwriter a cash commission equal to 6% of the

gross proceeds of the Offering (for a total cash commission of C$586,503.45) and issued to the Underwriter

and its selling group members that number of non-transferable compensation options (the “Compensation

Options”) equal to 6% of the aggregate number of Un its sold under the Offering (for a total of 180,462

Compensation Options). Each Compensation Option entitles the holder to acquire one Common Share at

a price of C$3.25 per Common Share for a period of 24 months following the closing of the Offering.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities

Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be

offered or sold in the United States or to, or for the account or benefit of, Un ited States persons absent

registration or any applicable exemption from the regi stration requirements of the U.S. Securities Act and

applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation

of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction

in which such offer, solicitation or sale would be unlawful.

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 ac quire a 99% 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 under Eloro’s 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. La Victoria consists of eight mining concessions

LEGAL*56012488.3

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and eight mining claims encompassing 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-look ing 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, witho ut limitation, statements

regarding the use of proceeds from t he Offering). There can be no assuranc e 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is def ined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.