Eloro Resources Receives Lead Order from Strategic Investor Crescat Capital and Announces Non-Brokered Private Placement Offering Up to $2,700,000

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Eloro Resources Receives Lead Order from Strategic Investor Crescat Capital and

Announces Non-Brokered Private Placement Offering Up to $2,700,000

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION

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

Toronto, Canada, September 30, 2024 – Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO;

OTCQX: ELRRF; FSE: P2QM) is pleased to announce it has received a lead order from the Company’s

largest shareholder and strategic investor, Crescat Capital LLC, in connection with a non-brokered private

placement offering (the “Offering”) of up to 3,000,000 units of the Company at $0.90 per unit (the “Units”)

for gross proceeds of up to $2,700,000.

"Iska Iska is one of the most significant silver-base metal discoveries globally in recent years," stated

Quinton Hennigh, Technical and Geologic Advisor to Crescat Capital, a strategic shareholder of Eloro.

"Although we are currently in a time when capital ava ilable to the mining industry is constrained, it is

critical to see projects like this move forward. Elor o has a very capable technical team, and it is pleasing

to see them continue to advance work, especially infill drilling in the Santa Barbara area so that a PEA can

be undertaken. Metal prices are now rising. I believe th is is, in part, due to the fact that very few mines

have been built in recent years. Iska Iska needs to remain on track to ultimately provide the critical metals

society needs."

Kevin Smith, Crescat’s founder and Chief Investment O fficer, commented “Eloro’s Iska Iska deposit is a

silver-rich multi-metallic resource that is one of th e largest discoveries in the world today. There is a

shortage of critical metals globally that are needed for the energy transition due to more than a decade

of underinvestment in the mining industry. The growth in solar and wind-powered electricity generation

is creating increased demand for silver and zinc, meta ls in which Eloro is richly endowed. We are happy

to support the Company with additional capital for definition drilling at this time.”

The Company intends to use the net proceeds from the Offering for continued exploration and

development of the Iska Iska project, and general corporate purposes and working capital.

Each Unit will consist of one common share of the Company (a “ Common Share”) and one-half of one

common share purchase warrant of the Company (each whole purchase warrant, a “ Warrant”). Each

Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$1.50, with

the expiry date of each Warrant being two years following the date of the closing under the Offering.

Completion of the Offering is subject to certain condit ions including, but not limited to the receipt of all

necessary approvals, including the approval of the Toronto Stock Exchange.

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

TSX Symbol: ELO www.elororesources.com

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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, United States persons absent

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

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

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

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

About Crescat

Crescat is a global macro asset management firm headquartered in Denver, Colorado, which deploys

tactical investment themes based on proprietar y value-driven equity and macro models. Crescat's

investment goals are to provide industry-leading ab solute and risk-adjusted returns over complete

business cycles with low correlation to common benc hmarks, and they apply their investment process

across a mix of asset classes and strategies. Crescat has been accumulating activist stakes in a portfolio of

companies in the metals exploration and mining industry as a long-term strategic macro theme.

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

project, which can be classified 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 Limi ted, 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

the Lagunas Norte Gold Mine and the 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 forw ard-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 limit ation, statements regarding the proposed use of proceeds from the

Offering). There can be no assurance that forward-l ooking 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.