Coverage Launched on Exploration Co.
Research Report

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Disclosures for Red Cloud Securities, Eloro Resources Ltd., January 19, 2026

Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Eloro Resources Ltd. TSX:ELO 3

1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. 10. A major shareholder of Red Cloud Mining Capital (the parent company of Red Cloud Securities Inc.), serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • BUY (S) – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, BUY (S) or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) caught the attention of Red Cloud Securities, and Ron Stewart, managing director and mining analyst, initiated coverage on it with a Buy rating and a CA$5.50 per share (CA$5.50/share) target price, he reported in a Jan. 19 research note. Given the junior miner was trading then at about CA$3.07/share, potential return was 79%.

"Iska Iska has the potential to evolve into a global leading primary silver and tin mining operation," Stewart wrote. "While the derisking journey to unlock this potential will likely take some years, we believe the runway for equity gains over this period is exceptional."

This silver (Ag)-tin (Sn)-lead (Pb)-zinc (Zn) epithermal porphyry project in southern Bolivia is Eloro Resources' flagship asset, in which it has the option to acquire a 100% interest. The Toronto, Canada-based explorer-developer's other assets are an 82% interest in the La Victoria gold-silver project in Peru and 100% of the Lac Henri, Delta, Eastmain, and Lemoyne projects in Quebec.

Large Mineralized System

Stewart noted that since Eloro signed the option agreement for Iska Iska in 2020, the explorer drilled 118 surface and 21 underground drill holes over 96,386 meters (96,386m) there, through which it outlined a large mineralized system. About 2 kilometers (2 km) wide, it extends over a 4-km north-northwest to south-southeast strike and a 1 km depth.

The current and maiden mineral resource estimate, prepared in 2023 and based on 100m spaced drill holes, encompasses the following Inferred resources:

• Ag-Pb-Zn: 560,000,000 tons (560 Mt) of 13.8 grams per ton (13.8 g/t) Ag, 0.73% Zn, and 0.28% Pb
• Ag-Sn: 110 Mt of 14.2 g/t Ag, 0.14% Pb, and 0.12% Sn

Total contained silver equivalent (Ag eq) is 1,050,000,000 ounces. This included a higher-grade subset of 132 Mt of Ag-Pb-Zn mineralization containing an estimated 320,000,000 ounces (320 Moz) of Ag eq metal.

Iska Iska contains an estimated 130,000 tons (130 Kt) of tin, ranking it among the world's Top 10 tin development projects. The tin market is forecasted to expand at a 2.5% compound annual growth rate by 2030, from 430 Kt in 2025, according to Market Intelligence, noted Stewart. More than 60% of the world's tin supply comes from only four countries: China, Indonesia, Myanmar, and the Democratic Republic of the Congo. Supply disruptions and demand growth have affected tin prices over the past five years, during which they ranged from US$8.80 per pound (US$8.80/lb) in late 2022 to US$24.60/lb currently and averaged about US$14/lb.

Analysis of Grades

Stewart pointed out that Eloro's share price has suffered from concerns over the low average grades at Iska Iska, despite its tremendous size; however, Red Cloud believes they are unwarranted. Its analysis of the 40 holes over 20,000m drilled since the mineral resource estimate showed that tightening the spacing to about 50m suggests a much higher-grade resource in the deposit's core.

Also, Red Cloud's analysis of the meter-weighted average grades of the silver, lead, and tin intercepts returned during recent infill drilling shows potential increases of 138%, 47% and 24%, respectively, over their averages in the current resource. No change to zinc grades was shown.

Further, Eloro could use proven ore sorting technologies to enhance the mill feed grades, the analyst pointed out. For instance, using a combination of dense media separation and x-ray transmission showed that more than half (53.4%) of the tonnage could be eliminated while recovering 91.9% of the silver and lead and 76% of the zinc in the process feed.

Metallurgical Results

Stewart presented results of the metallurgical testing that has been done. They showed that tin-rich concentrate can be produced using gravity separation. As for recoveries, flotation testing showed those for lead to be 86.9% and 72.2%. Zinc recoveries were 87.7% and 86.9%.

Silver recoveries achieved were 68.1% and 43.3% from one sample and 26.5% and 27.6% from another. Total recoveries were 94.6% and 81.1%.

Assay analysis of the flotation products indicated possible penalty concentrations of antimony, bismuth, and tin in the lead concentrate, as well as antimony, cadmium, and tin in the zinc concentrate.

Model of Iska Iska

Red Cloud's "basic, highly speculative cash flow model of Iska Iska" assumes development of a 36,000 ton per day mine based on a 315 Mt ore reserve comprised of 255 Mt of 30 g/t Ag, 1.1% Zn and 0.5% Pb along with 50 Mt of 30 g/t Ag, 0.5% Pb and 0.2% Sn, Stewart explained.

Production is an estimated 392 Moz of Ag eq, or 15.7 Moz per annum, at an all-in-sustaining cost of US$21.71/oz, over a 25-year mine life.

Using Red Cloud's long-term pricing, the after-tax net present value discounted 8% (NPV8%) is an estimated US$1.2 billion (US$1.2B), with an initial rate of return of 24% and a payback of 3.1 years.

Using spot prices of US$75/oz Ag, US$1.50/lb Zn, and US$20/lb Sn and assuming a 10% rise in operating costs and a 15% jump in capital costs, the NPV8% more than doubles to US$2.9B, and the IRR goes to 38%.

Financial Situation

At the time of Stewart's report, Eloro had an estimated CA$13.5M in cash and cash equivalents and no debt. Between April and October 2025, the company raised a total of CA$21.9M in gross proceeds from three equity financings.

Members of Management

Stewart listed and provided bios for all members of Eloro's management team and board. To name a few, Thomas Larsen is the chairman and chief executive officer (CEO). He has 40-plus years of experience in the mining and metals industry, including the junior mining sector, specializing in management and financing. Previously, he was president/CEO of Champion Iron Ltd. Today, he is CEO of Cartier Silver Corp.

Dr. Osvaldo Arce Burgoa, Eloro's executive vice president (VP) of Latin American operations, is a geological and mineral engineer. During his 26 years of experience in Bolivia, he was the exploration manager and chief geologist for several exploration and mining companies.

Dr. Bill Pearson is Eloro's executive VP of exploration and the president of Pearson Geological Ltd., providing consulting services to the resource industry. He has 50 years of worldwide experience in mineral exploration, mine development, and production. In 2015, he received the PDAC Distinguished Service Award.

Potential Catalysts Ahead

Stewart listed the upcoming events that could boost Eloro's stock price. In Q1/26, an updated Iska Iska mineral resource estimate, expected to better reflect the grade distribution, is due out. Plus, results of further mineralogical and metallurgical test work, expected to define the mill feed grades, an optimized flowsheet, and the payability of concentrations, are also to come.

In Q2/26, the release of a preliminary economic assessment is slated. Another possible near-term catalyst is drill results targeting the expansion and definition of high-grade mineralization. Implementation of the underground bulk sample program is yet another.