This Year Should be 'Eventful' for Explorer, Analyst Says
Research Report

1. 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.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Haywood Capital Markets, Eloro Resources Ltd., January 19, 2026

This research report is only for informational purposes. Nothing contained in this report is, or should be, relied upon as a promise or representation as to the future performance. The opinions and information in this communication constitutes the current judgment of the authors as of the date and time of this report and are subject to change without notice. There is no representation, warranty or other assurance that any projections contained in this report will be realized. Past performance is not indicative of future results. This report is not intended to provide personal investment are encouraged to seek advice regarding the advisability or suitability of any investments or strategies discussed in this report. Individuals involved in the production of research materials operate independently and without influence from any other Haywood Securities Inc. departments, including Haywood Securities Inc. affiliates. advice. Investors This report is not and is not to be construed as: (i) an offer to sell or solicitation of an offer to buy securities; (ii) an offer to transact business in any jurisdiction; or (iii) investment advice to any party. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in our research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Products and services described herein are only available where they can be lawfully provided. All research reports are disseminated and available to all clients simultaneously. No part of this material or any research report may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Haywood Securities Inc. Analyst Certification I, Pierre Vaillancourt, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations. Important Disclosures Of the companies included in the report the following Important Disclosures apply: Ticker Company 1 2 3 4 5 6 7 8 9 TSXV:ATX ATEX Resources Inc. X X TSX:ELO Eloro Resources Ltd. X X X TSX:FDY Faraday Copper Corp. X X X 1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company. 2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company. 3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel may have been reimbursed by the issuer. 4 Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months. 5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months. 6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months. 7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication. 8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months. 9 Haywood Securities, Inc. or one of its subsidiaries currently provides market making services to this company, for which Haywood is compensated by the Issuer on a monthly basis.

Link to Research Policy: http://haywood.com/what-we-offer/research/research-policy

Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) intends to update the existing mineral resource estimate, with a focus on improved grades, of the Iska Iska project in Bolivia this quarter, Haywood Securities Analyst Pierre Vaillancourt reported in a Jan. 19 research note after speaking with the mining company's management. Haywood raised its target price on Eloro by 67% to reflect the expected enhanced resource.

"Following the drilling success in 2025, the improving economic climate in Bolivia, as well as record silver prices, we believe the economic prospects for Iska Iska have improved materially," Vaillancourt wrote.

Iska Iska is Eloro's flagship project, a tin-silver polymetallic epithermal-porphyry complex in southern Bolivia, in which the company has an option to acquire a 99% interest, noted the analyst.

63% Upside Indicated

Haywood's new target price on the Toronto, Ontario-based mineral explorer is CA$5 per share (CA$5/share), up from CA$3/share previously, noted Combaluzier.

In comparison, at the time of the analyst's report, Eloro was trading at about CA$3.07/share, reflecting a discount of 0.47x net asset value versus peers at 0.67x.

The difference between the target and current prices implies a potential return for investors of 63%.

Eloro remains a Buy.

The company has 104 million basic shares outstanding. Its market cap is CA$320 million (CA$320M). Its 52-week range is CA$0.77–3.22/share.

Higher Grades Expected

Eloro's 2025 drill program at the project successfully tightened spacing between holes and filled the gaps in the places with higher silver grades in the resource envelope. As such, Haywood expects the Iska Iska resource in the polymetallic domain to be about 200,000,000 tons (200 Mt) of 40 grams per ton (40 g/t) silver and 1.5% zinc, Vaillancourt wrote.

These grades would be much higher than the ones in the previous, August 2023, resource estimate, which were 13.6 g/t and 24.3 g/t silver as well as 0.69% and 1.11% zinc.

High silver prices, at record levels of about US$90 per ounce, materially boost the silver value in the Iska Iska resource, especially at a 40 g/t grade. Iska Iska would become a silver-dominant project.

"Under these conditions, we believe silver could represent at least 70% of the rock value, not counting the value of tin, which is also at record levels (US$23.58 per pound)," wrote Combaluzier.

Given that the focus of the updated MRE is the polymetallic resource, the resource in the tin domain likely would remain the same. It is 110 Mt of 0.12% tin, 0.14% lead, and 14.2 g/t silver.

PEA to Follow MRE

The new MRE will feed into a preliminary economic assessment (PEA) of Iska Iska, which Eloro plans to complete in H2/26, reported the analyst. The PEA would consider a polymetallic mine with a mill throughput of about 25,000 tons per day (25 Ktpd), producing zinc-silver and lead-silver concentrates, followed in a second stage by a 10 Ktpd tin circuit producing a tin concentrate, over a 15-year mine life.  Capex for the polymetallic mine is an estimated CA$400–500M and for the tin circuit, about CA$150–200M.

Improving Jurisdiction

The updated Iska Iska MRE and PEA milestones anticipated this year are coming at an opportune time in that Bolivia's economic and political milieu has improved and continues to improve, Combaluzier pointed out. Rodrigo Paz of the Christian Democratic Party was elected president in October 2025, and the country's government is now more business-friendly and intent on additional mine development and generating increased revenue from the industry.

"Bolivia already has an established mining code, but recent policy signals emphasize legal certainty and predictability for private investment, in addition to a lower tax rate," the analyst wrote. "This transition has begun to reposition Bolivia as a more attractive jurisdiction for exploration and development, despite remaining structural challenges."

Other Work Plans

Combaluzier reported that Eloro has other plans, too. One is to complete a scoping study of a roughly 1,000m, CA$2M ramp that would intersect both the polymetallic and tin areas in Iska Iska's Santa Barbara zone. With the ramp, ore could be accessed for a bulk sample down to a 500m depth, to be used for metallurgical and geological definition work. With the ramp, drilling could be done from underground platforms.

Longer term, though, the idea is that ultimately the ramp facilitates a sustainable mining operation at Santa Barbara. Accordingly, Eloro plans to do a second study, this one for a 500-ton-per-day pilot plant that could lead to small-scale production by 2027E. Completion of the study is expected in H1/26.

Key Points About ELO

Haywood's investment thesis for Eloro comprises three important components, Combaluzier noted in his report. One is Iska Iska's large, Bolivia-style polymetallic porphyry-epithermal deposit. The project is one of the major discoveries in the history of the prolific Bolivian Tin Belt, alongside the massive, 500 Mt-plus Cerro Rico de Potosi silver-tin project and the Llallagua tin project.

Also, Iska Iska is surrounded by infrastructure, near several mines, and 48 kilometers north of Tupiza, a city in the Department of Potosi's Sud Chichas province.

Lastly, Eloro has an experienced geological team. At the helm is Dr. Bill Pearson, vice president of exploration, who has more than 40 years of global field experience in exploring for and producing minerals. In Bolivia, Dr. Osvaldo Arce heads the exploration team. He is a seasoned expert on exploring and developing the type of deposits for which the country is known.

On the Horizon

Upcoming catalysts for Eloro, wrote Combaluzier, include an updated Iska Iska MRE, due out in Q1/26; a pilot plant study, expected in H1/26; and an Iska Iska PEA, anticipated in H2/26.

"We believe the upcoming resource and PEA catalysts will continue to drive value to the stock, especially as the silver value of the deposit rises in this record price environment," the analyst added.