Eloro Resources to Acquire Additional Properties to Significantly Expand Holdings at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources to Acquire Additional Properties to Significantly Expand Holdings at the

Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

 The Mina Casiterita and Mina Hoyada properties to be acquired cover 14.75 km 2 southwest

and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously

staked by Eloro. Eloro has also staked additional land in the area. Following the acquisition,

the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants

covering 483.75 km 2.

 Artisanal mining in the 1960’s identified high gra de tin (Sn) veins on the Mina Casiterita

property that are hosted in an intrusive dacite. P roduction from 1962 to 1964 is reported by

the Departamento Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn .

 Recently completed magnetic surveys by Eloro has o utlined an extensive, near surface,

magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska.

This intrusive hosts the previously mined high-grad e tin veins and is very likely the

continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-

Zn-Pb mineralization at Iska Iska.

 The Porco adit from which previously reported chan nel sampling returned 103m grading 521

g Ag eq/t (including 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement

sediments, is located near the northeast part of th e magnetic anomaly, attesting to the

potential strength and high-grade nature of the mineralized system in the area.

 Drilling is planned on Mina Casiterita in Q1 2023 with geological mapping, sampling and

geophysical surveys now in progress on the full land package across the Iska Iska region.

Toronto, Canada, November 22, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF;

FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce it has entered into an option

agreement (the “Agreement”) to acquire the Mina Cas iterita and Mina Hoyada properties (the

“Acquisition”) which collectively cover 14.75 km 2 southwest and west of the Iska Iska Silver-Tin

Polymetallic Project (“Iska Iska”). Artisanal mining in the 1960’s identified high grade tin veins on the

Mina Casiterita property that are hosted in intrusive dacite. Production from 1962 to 1964 is reported

by the Departamento Nacional de Geología (National Department of Geology) in Bolivia as 69.85

tonnes grading 50.60% Sn . These properties connect with the TUP-3 and TUP-6 claims previously

staked by Eloro. The Company has also staked addit ional claims in the Iska Iska region, as shown

in Figure 1. Collectively, the land package to be controlled by Eloro following the Acquisition will total

1,935 quadrants covering 483.75 km 2. This includes the Tomave, Khuchu Ingenio and Pun a

properties, located further north towards Potosi (Figure 1).

The Company’s Bolivian subsidiary, Minera Tupiza S. R.L., entered into the Agreement with the

current title holder, subject to finalizing the granting of the mining rights process (the “Title Holder”),

for the Mina Casiterita and Mina Hoyada properties. Under the Agreement, the Capital Quotas of

the Title Holder will be transferred to Eloro in exchange for a total consideration of 200,000 common

shares of Eloro. The transaction is subject to the completion of the terms outlined in the Agreement,

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

TSX.V Symbol: ELO www.elororesources.com

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together with the receipt of all required regulator y approvals in connection with the issuance of the

Eloro common shares.

Eloro recently completed a detailed ground magnetic survey on the Mina Casiterita property, as

shown in Figure 2, a map of the Analytic Signal (“ASIG”) of the Total Magnetic Intensity. This survey

outlined an extensive, near surface, magnetic intru sive body immediately southwest of Iska Iska.

This intrusive hosts the high-grade tin veins previously mined reported to be dacite and is very likely

the continuation of the porphyry tin intrusion proj ected to be below the epithermal Ag-Sn-Zn-Pb

mineralization at Iska Iska. (see Eloro’s October 2 1, 2021 press release). Casiterita provides the

opportunity to test this major target by relatively shallow drilling in close proximity to Iska Iska.

The Porco adit from which previously reported chann el sampling returned 103m strike length

grading 521 g Ag eq/t (including g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered

basement sediments (see Eloro’s November 17, 2021 p ress release and Figure 2) is located near

the northeast part of the magnetic anomaly, attesting to the potential strength and high-grade nature

of the mineralized system in the area.

Tom Larsen, CEO of Eloro, said: “These properties w ill add significantly to our land position at Iska

Iska and provide an excellent opportunity to test t he potential for a major tin deposit with much

shallower diamond drilling than on the main Iska Iska discovery. Geological mapping and sampling

is in progress on these new properties as well as m agnetic surveys. Immediately following the

completion of its acquisition, we plan to drill test major targets on the Mina Casiterita property.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice Pre sident, Exploration commented: “We are on the

last drill hole of the previously announced (see Eloro’s October 18, 2022 press release) definition drill

program on Santa Barbara. Work is continuing with Micon International Limited (“Micon”) to complete

a detailed domain model for Iska Iska that will for m the basis for the inaugural mineral resource

estimate targeted for Q1 2023. Gemin, an engineeri ng group based in Lima, Peru is developing

parameters for potential open pit and underground m ining scenarios for resource definition.

Metallurgical testing is continuing with Blue Coast Research. Extensive work has been done with

GeologicalAI to develop mineral maps for the scanned core. The calibration of the AI using detailed

mineralogical data developed by Nicholas McKay of Blue Coast Research and Dr. Lisa Van Loon of

LisaCan Analytical Solutions, along with on-site checking of drill core by Eloro geological personnel

under the supervision of Dr. Osvaldo Arce, P.Geo. i s near completion. The AI domain analysis will

be used in conjunction with geophysical models deve loped by Eloro’s Chief Geophysicist Dr. Chris

Hale, P.Geo. and geological models prepared by the Eloro geological team, to develop the final

domain model for mineral resource estimation. Mr. Charley Murahwi, P.Geo. of Micon completed his

site visit to Iska Iska in October 2022. Assay results are pending on 16,642m of drilling in 20 holes.”

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 48 years of worldwide mining explorat ion experience, including extensive work in

South America, manages the overall technical progra m, 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 Mi con are regularly consulted on technical

aspects of the project. Drs. Pearson and Hennigh are Qualified Persons in the context of NI 43-101.

Mr. Murahwi of Micon is an Independent Qualified Person as defined under NI 43-101.

The magnetic survey was carried out by MES Geophysi cs using a GEM Systems GSM-19W

Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent

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Exploration provided the survey design, preparation of the maps and interpretation from data

processed and quality reviewed by Rob McKeown, P. G eo. of MES Geophysics. Messiers Hale,

Gilliatt and McKeown are Qualified Persons as defined under NI 43-101.

About Iska Iska

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

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 porphy ry-epithermal complex associated with a Miocene

possibly collapsed/resurgent caldera, emplaced on O rdovician 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 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 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 retu rned 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 mi neralized 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 release d a number of significant drill results in the SBBP

and the surrounding mineralized envelope which alon g with geophysical data has defined an

extensive target zone. In its September 20, 2022 p ress release, the Company reported that new

downhole geophysical data has significantly extended the strike length of the high-grade feeder zone

at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D

inverse magnetic model which correlates very strong ly with the conductive zone suggests that the

high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along

strike for a total potential strike length of at le ast 2 km. As reported, the definition drill progra m has

been modified to sectionally drill this potential e xtension with the intention of defining a major ope n

pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden

National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

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 a n option to acquire a 99% 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

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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

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 forwar d-looking information. Statements containing forwar d-looking

information express, as at the date of this news re lease, the Company’s plans, estimates, forecasts, p rojections,

expectations, or beliefs as to future events or res ults and are believed to be reasonable based on inf ormation currently

available to the Company. There can be no assurance that forward-looking statements will prove to be a ccurate. 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 Services Provid er (as that term is defined in the policies of the TSXV) accepts

responsibility for the adequacy or accuracy of this release.

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Figure 1: Location of Properties to be Acquired by Eloro in the Iska Iska area.

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Figure 2: Plan Map off Analytic Signal (“ASIG”) of the Total Magnetic Intensity for the Iska Iska

and Casiterita property. Locations of historic art isanal tin mines on the Casiterita property

and the Porco Adit on the Iska Iska Porvenir property are shown.