Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) had its target price raised by Cantor Fitzgerald when the financial services firm increased its gold and silver price estimates, Matthew O'Keefe wrote in his and the other metals and mining analysts' Jan. 12 macro note.
"The benefit of higher gold and silver prices should begin translating to material improvement to margins, earnings, and cash flow with the Q4/25 results (reporting begins late February) and then continue to accelerate with the Q1/26 results," Cantor analysts wrote.
Factors expected to offset this better performance, they added, include typical mining industry cost inflation, higher wages/salaries, higher tariff-driven capital costs like for steel and processing reagents, increased royalty payments, and lower average head grades. The latter is due to depletion of Proven and Probable reserves and lower cutoff grades fueled by a higher gold price.
43% Return Implied
Cantor's new target price on Eloro is CA$4.50 per share, up 25% from CA$3.60/share. The new target reflects 43% upside, O'Keefe noted. The company remains a Speculative Buy.
The Ontario, Canada-based mineral explorer is advancing the Iska Iska polymetallic project in Bolivia. Already it outlined a 670,000,000 ton (670 Mt) Inferred resource comprised of 300,000,000 ounces (330 Moz) of silver, 4 Mt of zinc, 1.7 Mt of lead, and 132,000 tons of tin.
"In 2026, Eloro is expected to release an updated mineral resource estimate highlighting the high-grade starter pit area and a preliminary economic assessment demonstrating positive economics," the analyst added.
Gold in 2026
Cantor analysts expect gold to keep climbing throughout this year and reach all-time highs, they wrote. Already in 2026, at the time of their report, gold was up 4%.
In 2025, gold rallied 65% and set notable records. These included 61 new nominal all-time highs, 50 new inflation-adjusted all-time highs, and having surpassed the value of U.S. treasuries held by foreign central banks.
"While pullbacks should be expected (and bought), we continue to be constructive on gold's price direction," the Canaccord analysts wrote.
They elevated their gold price estimates for the next three years. For the near term, 2026 and 2027, the analysts increased the price by 39% to US$5,000 per ounce (US$5,000/oz) from US$3,600/oz. For the long term, 2028 and beyond, they raised the price by 33% to US$4,000/oz from US$3,000/oz.
The analysts discussed the factors they believe will support higher gold prices going forward.
Global Capital Inflows
They expect the flow of foreign capital into gold from U.S. treasuries and the U.S. dollar to continue, driven by the recent U.S. military action in Venezuela and U.S. tariffs. The Canaccord analysts expect governmental financial deficits and debts worldwide to keep growing and thereby further devalue fiat currencies.
Buying of Physical Metal
Cantor analysts foresee central bank and retail and institutional investors' buying of gold continuing. Last year, central banks around the world bought an estimated 24–29 Moz of gold on a consolidated basis, a trend started and consistently in play since 2010.
Also, 2025 marked a shift in physical gold exchange-traded funds to net inflows after four years of net outflows, reflecting retail and institutional investors' demand for the yellow metal, too. Total net inflows last year totaled US$88.5 billion (22.9 Moz) of gold.
Another entity that began buying gold in Q1/25 was Tether Ltd., the analysts pointed out. In the first three quarters of last year, the issuer of the world's largest stablecoin purchased an estimated 68 tons (2.2 Moz) of it. In Q3/25, it was the largest singular buyer of physical gold versus aggregate central bank purchases of 220 tons (7.1 Moz). Given that Tether made equity investments in several gold royalties and hired two senior precious metals traders from HSBC last year, it seems likely the fintech will continue accumulating gold at an accelerated rate.
"We expect this physical gold buying to continue from central banks irrespective of price and to accelerate from retail and institutional investors as prices strengthen (momentum)," wrote the analysts.
Silver in 2026
The Canaccord analysts expect silver to continue its 2025 surge of 144% throughout 2026. Accordingly, they increased their silver price estimates for the next three years. For the near term, 2026 and 2027, their new price estimate is US$80/oz, up 122% from US$36/oz. For the long term, 2028 and beyond, the analysts' estimate now is US$50/oz, up 51% from US$33/oz.
Both investment demand and steady industrial growth are expected to drive silver's price performance. The metal is in high demand for electronics, photovoltaics, electric vehicles, data centers, and more.
As for supply, annual mined silver is expected to be flat for 2025 at about 835 Moz. Add to this about 193 Moz of recycled supply for a total combined supply for the year of about 1,030,000,000 ounces.
"While this is more than enough to satisfy industrial demand of about 944 Moz, investment demand estimates of over 200 Moz (physical) points to a negative market balance," the analysts wrote. "These optics are also bullish for the silver price."
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- Eloro Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
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Disclosures for Cantor Fitzgerald, Eloro Resources Ltd., January 12, 2026
The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation. (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of Cantor Fitzgerald Canada Corporation, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, CFCC., a member of the Canadian Investment Regulatory Organization (“CIRO”), the Toronto Stock Exchange, the TSX Venture Exchange, and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co. Non U.S. Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.
Potential conflicts of interest The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Disclosures as of January 12, 2026 Cantor has provided investment banking services or received investment banking-related compensation from ASM, CMCL, CTGO, ELO, MUX, ODV, PPTA, SA, SII, VZLA, and VOXR within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of any of the companies mentioned. The analysts responsible for this report have visited the material operations of ASM, AYA, CMCL, FF, HL, MUX, ODV, PPTA, SA, SVM, SII and WRLG. No payment or reimbursement was received for the related travel costs. Analyst certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein. Definitions of recommendations BUY: The stock is attractively priced relative to the company’s fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months. BUY (Speculative): The stock is attractively priced relative to the company’s fundamentals, however investment in the security carries a higher degree of risk. HOLD: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the company’s fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed. Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.
