Co. in Bolivia Doubles Tin Resource and Adds High-Grade Indicated Core at Iska Iska
Research Report

1. Eloro Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Eloro Resources
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 Red Cloud Securities, Eloro Resources, April 23, 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. 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. 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 • HOLD – 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, HOLD 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

On April 23, 2026, Red Cloud Securities analyst Ron Stewart maintained a Buy rating and CA$5.50 price target on Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE), representing a potential 175% return from the CA$2.00 closing price, following the company's updated Mineral Resource Estimate (MRE) at its flagship Iska Iska silver-tin polymetallic project in Bolivia.

Eloro announced a significantly expanded MRE at Iska Iska, highlighted by a maiden indicated resource of 85 Mt at 75.2 g/t silver equivalent (AgEq) containing approximately 206 million ounces AgEq, alongside a total inferred resource of 945 Mt at 22.3 g/t AgEq containing 678.2 million ounces AgEq and 0.29 Mt of tin. Total mineralized tonnage increased 54% compared to the 2023 MRE, while total AgEq contained metal grew 35% from 656 million ounces to 884 million ounces. The higher confidence indicated resource grades 65% higher than the high-grade portion of the previous 2023 MRE, with the high-grade core situated in the middle of the resource pit shell.

The tin resource more than doubled to 290,000 tonnes, reinforcing Iska Iska's standing among the world's top ten tin deposits. Recent metallurgical test work improved tin recovery to 59%, enhancing its potential contribution to project economics. On the processing side, ore sorting results were encouraging: a combination of dense media separation and X-Ray Transmission techniques demonstrated that over half (53.4%) of tonnage could be eliminated while retaining 91.9% of silver and lead and 76% of zinc in the process feed.

Stewart highlighted the company's significant valuation discount to peers as a key investment thesis. ELO currently trades at an EV/oz AgEq of US$0.18, compared to a peer group average of US$1.93/oz — a discount the analyst attributes to the previously lower average grade of the deposit. With the updated MRE now demonstrating a well-defined, higher-grade core zone, Stewart believes the company is positioned for a meaningful re-rating.

The analyst's CA$5.50 price target is based on a probability-weighted mineable resource, applying an in-situ value of US$1.08/oz AgEq. Key upcoming catalysts include: a maiden Preliminary Economic Assessment expected in Q4 2026, additional mineralogical and metallurgical test work, continued drilling to expand and define high-grade mineralization, and implementation of an underground bulk sample program. The company holds CA$26.5 million in cash with no debt, and has a market capitalization of CA$238.2 million and enterprise value of CA$211.7 million.