Dundee Precious Metals

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from five (5) drillholes (DSB-80, DSB-84, DSB-85, DSB-86 and DSB-87) of the second phase definition diamond drilling program. Four of these holes are located in the Polymetallic Domain (DSB-80, DSB-84, DSB-85 and DSB-86) and one is in the Tin Domain (DSB-87), in the potential Santa Barbara starter pit area. These results have further expanded the footprint of a large multi-phase hydrothermal system in the potential starter pit with dimensions having now increased to approximately 800m by 500m by 500m deep (see Figure 1). The current results have increased dimensions by 100m by 100m along and across strike, compared with those previously reported (see Eloro’s Press Release dated August 6, 2025). To date, a total of 6,242m of diamond drilling in twelve (12) holes has been completed in the current definition drilling phase. A total of 2,346m was completed in the five (5) holes reported, with assays pending for the remaining two holes totalling 1,025m.

Figure 1 shows the location of drill holes reported, Table 1 lists significant assay results and Table 2 lists drill hole coordinates.

Tom Larsen, Eloro’s CEO commented: “We are pleased with the steady progress of our drilling operations at Iska Iska, a crucial step toward advancing the project. The scale and potential of this system continue to impress us with long higher-grade intercepts, including 213.00m grading 0.51% tin and 25.46 g/t silver in both the Tin-Silver and Polymetallic Domains. These results underscore the importance of this phase of drilling in unlocking additional value for our shareholders. Notably, the Santa Barbara Zone remains open laterally and downdip, presenting significant opportunities for further infill and step-out drilling to expand and upgrade the mineral resources for the planned PEA.”

Dr. Osvaldo Arce, P.Geo., Executive Vice President Operations, Latin America for Eloro added: “The dynamic nature of hydrothermal events seen in the drill core at Iska Iska is very encouraging, particularly the vein-breccia and intrusion-breccia which are typical of high-grade porphyry-tin and polymetallic deposits of the Bolivian Tin Belt district. The hydrothermal system shows strong scale and complexity, and interpretation of drill core is vectoring us towards a system with potentially significant tin-polymetallic endowment. The current closer-spaced definition drill program has both upgraded and expanded the mineralization with significant higher-grade tin, silver and polymetallic zones which are still open laterally and at depth in the potential starter pit area at Santa Barbara zone. In addition, holes DSB-80, DSB-84 and DSB-85 intersected mineralization in areas that were previously modeled as waste within the resource model, due to lack of drilling. The mineralization encountered in DSB-86 (polymetallic) and DSB-87 (tin predominant) is very encouraging. Hole DSB-86 targeted the enriched epithermal mineralization in the eastern part of the system, and hole DSB-87 targeted a prominent intrusion breccia vein-breccia zone within the southwestern >0.30% tin zone. We are optimistic that additional drilling will further delineate the mineralized zone and potentially confirm larger extensions both laterally and at depth of both the tin and polymetallic system at Iska Iska.”

Definition Drill Program, Santa Barbara Potential Starter Pit Area

Drillholes DSB-80, DSB-86 and DSB-87 were drilled in the southeastern margin of the Potential Starter Pit Area, and holes DSB-84 and DSB-85 were drilled in the southwestern margin of the Pit area.

DSB-80, a step-out hole collared 75m southwest of hole DSB-76, intersected several higher-grade silver, tin, gold and zinc intervals:

• 53.10g/t Ag over 15.00m beginning at 340.50m,
• 58.00 g/t Ag over 1.50m beginning at 430.50m,
• 30 g/t Ag over 9.00m beginning at 445.50m,
• 34.50 g/t Ag over 10.50m beginning at 460.50m,
• 38 g/t Ag over 1.50m beginning at 480.00m,
• 3.01 g/t Au and 0.30% Sn over 0.75m beginning at 516.00m, and
• 30.75 g/t Ag and 0.88% Zn over 3.00m beginning at 532.50m.

This hole also intersected: 0.39% Sn and 28 g/t Ag over 0.75m beginning at 91.50m, 30.50 g/t Ag over 3.00m beginning at 210.00m, 1.44% Zn over 6.00m beginning at 231.00m and 41.13 g/t Ag and 2.36% Zn over 6.00m beginning at 250.50m.

DSB-84, a step-out hole 50m southwest of hole DSB-35, intersected a number of higher-grade tin and silver zones including:

• 31.62 g/t Ag over 16.50m beginning at 109.00m including 108.80 g/t Ag over 3.00m beginning at 109.00m,
• 34.85 g/t Ag over 3.00m beginning at 122.50m,
• 0.49% Sn over 1.50m beginning at 50.50m and 76.30 g/t Ag and 0.44% Sn over 1.50m beginning at 86.50m.

Further downhole, DSB-84 intersected: 30.70 g/t Ag over 1.50m, beginning at 160.75m, 67.70 g/t Ag and 0.21% Sn over 4.50m, beginning at 214.00m and 39.00 g/t Ag and 0.30% Sn over 1.50m, beginning at 227.50m.

DSB-85, a step-out hole drilled 125m southwest of hole DSB-79 intersected a number of higher-grade tin and silver intervals:

• 38.26 g/t Ag over 22.50m beginning at 58.50m including 65.60 g/t Ag over 10.50m beginning at 58.50m,
• 32.51 g/t Ag and 0.14% Sn over 10.50m beginning at 39.00m,
• 29.73 g/t Ag and 0.22% Sn over 6.00m beginning at 91.50m,
• 68.36 g/t Ag over 10.50m beginning at 136.50m.
• 198.08 g/t Ag over 9.00m beginning at 166.50m.
• 92.40 g/t Ag and 0.22% Sn over 6.00m beginning at 186.00m.
• 0.79% Sn over 3.00m beginning at 196.50m.
• 20.97 g/t Ag and 0.25% Sn over 4.50m beginning at 240.00m.
• 80.32 g/t Ag and 0.29% Sn over 7.50m beginning 307.50m.
• 0.45% Sn over 1.50m beginning at 334.50m.
• 18.20 g/t Ag and 0.29% Sn over 3.00m beginning at 339.00m,
• 0.38% Sn over 4.50m beginning at 379.50m.
• 0.20% Sn over 30m beginning at 399.00m including 1.45% Sn over 1.50m beginning at 399.00m.
• 0.36% Sn over 4.50m beginning at 417.00m.

DSB-86, a step-out hole drilled 50m northeast of hole DSB-47, intersected 0.81% Zn and 0.80% Pb over 241.50m, beginning at 102.70m, including a higher section grading 1.56% Zn and 0.98% Pb over 100.50m, beginning at 242.20m. It also included 52.80 g/t Ag and 1.30% Pb over 7.50m, beginning at 192.70m. Further downhole it intersected 0.85% Zn over 105.00m, beginning at 344.20m and 81.00 g/t Ag over 6.00m, beginning at 497.95m.

DSB-87, an infill hole drilled 150m southeast of discovery hole DSB-72, intersected a higher-grade tin zone grading 0.47% Sn and 23.17 g/t Ag over 241.50m, beginning at 26.10m, including a higher-grade section of 0.51% Sn and 25.46 g/t Ag over 213.00m, beginning at 26.10m, 1.18% Sn over 34.50m, beginning at 62.10m, 238.40 g/t Ag and 1.55% Sn over 4.50m, beginning at 150.60m. Further downhole, it intersected 0.64% Zn over 54.00m, beginning at 267.60m.

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The yellow circles highlight the location of holes DSB-80, DSB-84, DSB-85, DSB-86 and DSB-87 referred to in this release.

Table 1: Definition Diamond Drill Results as of September 1, 2025, Santa Barbara, Iska, Iska.

Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted.

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska Iska as of September 1, 2025

Qualified Person (“QP”)

Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release.   Dr. Arce has supervised all field work carried out at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories were prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled 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 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician 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, all located along the same overall 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 mineralization 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 Santa Barbara Breccia Pipe (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 from 0.0m to 257.5m. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 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 DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December 18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11m in hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

On January 29, 2024, the Company reported that the new chargeability high outlined southeast of the MRE open pit by the expanded induced polarization (IP) survey indicates that the major mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the southeast for an overall strike length of at least 2km. This new area has not been drilled.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the preliminary economic assessment (“PEA”).

Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m including higher grade intervals of:

• 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
• 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
• 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m

Further drill results were released on January 6, 2025:

• Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193.00g Ag eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15% Sn (106.97g Ag eq/t) over 142.50m.
• Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.35g Ag eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and 0.13% Sn (127.89g Ag eq/t) over 255.75m
• Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag eq/t) over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn (71.46g Ag eq/t) over 127.50m.

On January 23, 2025, the Company reported discovery hole DSB-72 that opens up a major tin zone intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn.        Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to a depth of at least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections in this breccia unit which is very under-drilled

Higher grade tin mineralization in Hole DSB-72 occurs as visible coarse and medium-grained high temperature cassiterite which is likely to be amenable to multi-gravity separation. Core from this hole will be used for additional metallurgical testing. Geophysically, the intrusion breccia has low chargeability which contrasts considerably with the adjacent later epithermal Ag-Zn-Pb mineralization which is marked by a strong chargeability anomaly. The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.

With this discovery of a presumed shallow level apophysis of a tin porphyry at depth, Eloro is in a unique position of having two discernable different deposit styles juxtaposed against one another; a very large silver-zinc-lead dominant system next to a high-grade tin system. While these two systems are likely genetically related, this means that the Company may potentially have two giant deposits on the same property.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed 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 the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the 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 forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. 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 TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f492d89-15d3-406d-b9c9-9d9329a617f9

Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is proceeding with a non-brokered private placement (the “Private Placement”) for proceeds of up to $1.5 million.

Private Placement

The Private Placement will consist of up to 12,000,000 units of Cartier Silver at a price of $0.125 per unit (“Units”) for gross proceeds of up to $1.5 million. Each Unit will consist of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant (each whole, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.20 per share for a term of 36 months following the closing of the Private Placement.

The net proceeds of the Private Placement will be used to finance exploration at the Chorrillos Project in the Potosi Department, Bolivia and for working capital purposes. The Private Placement is subject to all required regulatory approval. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four-month hold period.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Cartier Silver Corporation

Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland & Labrador.

For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Eloro Resources Ltd. (TSX: ELO; FSE: P2QM) (“Eloro” or the “Company”) is pleased to announce the closing of its previously announced “bought deal” private placement (the “Offering”) for gross proceeds of C$14,001,250, which includes the exercise in full of the over-allotment option. Pursuant to the Offering, the Company sold 12,175,000 units of the Company (the “Units”) at a price of C$1.15 per Unit (the “Offering Price”). Red Cloud Securities Inc. (“Red Cloud”) acted as sole underwriter and bookrunner under the Offering.

Each Unit consists of one common share of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$1.60 at any time on or before September 4, 2028.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital, as is more fully described in the Amended Offering Document (as defined herein).

In accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Unit Shares and the Warrant Shares underlying the Units sold to purchasers resident in Canada are immediately freely tradeable in accordance with applicable Canadian securities legislation.

As consideration for their services, Red Cloud received aggregate cash fees of C$980,087.50 and 852,250 non-transferable common share purchase warrants (the “Broker Warrants”). Each Broker Warrant is exercisable into one Common Share at the Offering Price at any time on or before September 4, 2028.

There is an amended offering document dated August 27, 2025 (the “Amended Offering Document”) related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com.

The closing of the Offering remains subject to the final approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable U.S. state securities laws, or in compliance with available exemptions therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed 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 the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the 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 forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements in this news release include, without limitation, statements regarding the intended use of proceeds from the Offering and the final approval of the Offering from the Toronto Stock Exchange. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

 Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro” or the “Company”) is pleased to announce that further to its press releases dated August 22, 2025 and as a result of strong investor demand, the Company has further increased the gross proceeds of its previously announced “bought deal” private placement (the “Underwritten Offering”) from C$10,000,400 to C$11,000,900. Pursuant to the upsized Underwritten Offering, Red Cloud Securities Inc. (“Red Cloud”), as sole underwriter and bookrunner, has agreed to purchase for resale 9,566,000 units of the Company (the “Units”) at a price of C$1.15 per Unit (the “Offering Price”).

Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$1.60 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 2,609,000 Units at the Offering Price for additional gross proceeds of up to C$3,000,350 (the “Over-Allotment Option”). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the “Offering”. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be C$14,001,250.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital, as is more fully described in the Amended Offering Document (as defined herein).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units under the Offering will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario (and, with the consent of the Company, in Québec) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Unit Shares and the Warrant Shares underlying the Units are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). All securities not issued pursuant to the Listed Issuer Financing Exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the Closing Date.

There will be an amended offering document (the “Amended Offering Document”) related to the revised Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com. Prospective investors should read this Amended Offering Document before making an investment decision.

The Offering is scheduled to close on September 4, 2025 (the “Closing Date”), or such other date as the Company and Red Cloud may agree. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed 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 the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the 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 forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements in this news release include, without limitation, statements regarding the Offering, the closing of the Offering, the anticipated closing date of the Offering, the intended use of proceeds from the Offering and the filing of the Amended Offering Document. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is pleased to announce continued exciting results from the summer drill program at the rapidly advancing PCE. Step-out holes RK-25-254 and RK-25-256 intersected 2.0 m and 2.1 m of cumulative >61,000 counts per second (cps), respectively, located 51 m up-dip and 119 m down-dip of PCE’s best hole to date, RK-25-232 (Figures 1 and 2). These represent the best holes from the summer program to date and validate the growth in high-grade continuity. Overall, an upgraded high-grade shoot plunges a minimum 200 m from RK-25-254 to RK-24-222 as part of an emerging interpreted pattern of high-grade shoots spaced 70 m apart (Figures 2 and 3).

Depth of the intense high-grade in RK-25-254, at just 454.4 m depth, ranks among the shallowest intersections of massive uranium ever drilled by NexGen. Mineralization is open 300 m up-dip and completely contained in the competent basement rock, consistent with Arrow. Strong continuity of grade across the mineralized footprint is consistent with Arrow’s basement-hosted uranium veins.

Drilling is also extending deeper where strongly developed alteration and structural disruption persist as key indicators of additional mineralization. Further significant expansion potential at PCE remains with mineralization open in most directions.

A total to 21,968.9 m of the planned 43,000m program has been drilled in 2025. Since discovery (see March 11, 2024, news release), 79 drillholes totalling 53,088.9 m have been completed (Figure 4). High-grade growth and overall mineralized extent are the focus with many more targets to be tested across this rapidly developing and growing high-grade system. 48 of the 79 drillholes are mineralized, including 34 intersecting high-grade (>10,000 cps) and 14 intersecting off-scale (>61,000 cps).

Leigh Curyer, Chief Executive Officer, commented: “This program is delivering exactly what we look for in a generational uranium discovery, basement-hosted significant mineralized system, continuity of high-grade mineralization, and growth potential. PCE is evolving in real time into a world-class system in its own right. NexGen’s highly prospective land package continues to demonstrate exciting results and unmatched opportunity for Canada to take its place as the number one source of uranium in the world.”

Jason Craven, Vice President, Exploration, commented: “NexGen’s summer drill program is off to a fantastic start. PCE continues to deliver intense high-grade uranium at shallower depths than the world class Arrow deposit only 3.5km away. Early summer drilling results are building on emerging interpretations that include systematic repetition of high-grade shoots within the overall mineralized footprint, indicating potential for significant expansion at PCE.”

Figure 1: RK-25-254 and RK-25-256 core photos of focused vein intercepts 170 m apart from one another, each having 2 m of massive replacement style uranium mineralization, with elevated radioactivity above and below what is shown; yellow outlines >1,000 cps, red outlines >10,000 cps, >61,000 cps outlined in purple.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/264271_98f895367483ba0e_002full.jpg

Figure 2: Close-up of long section view of PCE high-grade subdomain around RK-25-232 (15.0 m at 15.9% U₃O₈)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/264271_98f895367483ba0e_003full.jpg

Figure 3: Interpreted model of mineralization at PCE (as of this release) with newly interpreted high-grade shoots shown; view is a long section that looks perpendicular to the primary mineralized plane; total mineralized footprint in orange and the high-grade subdomains in red

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/264271_98f895367483ba0e_004full.jpg

Figure 4: Interpreted 3D model of PCE shown looking northwest (across strike) and northeast (along strike)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/264271_98f895367483ba0e_005full.jpg

Table 1: 2025 Spectrometer results from summer drilling

• All depths and intervals are meters downhole, true thicknesses are yet to be determined.
• “Off-scale” refers to >61,000 cps (counts per second) readings by gamma spectrometer type RS-125.
• “Anomalous” means >500 cps readings by gamma spectrometer type RS-120.
• Where “CPS Range” is <500 cps, this refers to local low radioactivity within the overall interval.
• Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
• Maximum internal dilution 2.0 m downhole.
• All depths and intervals are meters downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low-cost producing uranium mine globally, incorporating the most elite environmental and social governance standards. The Rook I Project is supported by an N.I. 43-101 compliant Feasibility Study, which outlines the elite environmental performance and industry-leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational, long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE,” and on the Australian Securities Exchange under the ticker symbol “NXG,” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

Technical Disclosure*

All technical information in this news release has been reviewed and approved by Jason Craven, NexGen’s Vice President, Exploration, a qualified person under National Instrument 43-101.

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.

A technical report in respect of the FS is filed on SEDAR (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar.shtml) and is available for review on NexGen Energy’s website (www.nexgenenergy.ca).

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (“SEC”) set by the SEC’s rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen’s Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen’s 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedarplus.ca and Edgar at www.sec.gov.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

It is always a pleasure to speak with Tom Larsen, CEO of Eloro Resources (ELO.T). Even if it means reading a long and very technical press release. A release which, boiled down to essentials said that the company drilled five definition holes at its Iska Iska property in Bolivia and hit higher grade tin or silver or both mineralization in every one of them. And there are more holes to report.

Along with increasing tin grades, ELO also reported the best silver interval in the world for the week, 43.5 meters of 52.73 gpt. Nearly two ounces a ton of silver. Larsen was very pleased.

“I’d like to have a PEA out yesterday,” said Larsen. “But it doesn’t work that way.”

“We’re drilling to enhance the economics of Iska Iska. We want to have a solid Net Present Value for a minimum 12 to 15 years, but the mine will continue on for decades,” said Larsen. “Processing is key feature of the project so we are investing time and money on investigating what options we have to pre-concentrate the various ore types whilst establishing how to concentrate the various minerals with minimum operational complexity and capital cost. We are currently focused on the tin and silver associated with the Tin Intrusive Breccia (TIB).”

What is referred to as the “starter pit” will expand into the silver/tin transition area and then into the pure tin domain. The current processing strategy is evolving but likely to encompass a lead-zinc pre-concentrator employing the latest TOMRA XRT technology, followed by a conventional differential lead-zinc flotation circuit which will produce silver as by-products in both lead and zinc. The tin ore will require a separate plant which again is likely to involve a tin pre-concentrator, again utilizing the latest TOMRA XRT ore sorting technology followed by a multi gravity concentration plant and a fuming plant to process the tin concentrates. Metallurgical and mineralogical work is currently being carried out on the silver rich zones to establish which flowsheet of the two can be used to process this material most efficiently.

“What we are finding is that the tin grades improve as we go West into the tin intrusive breccia domain,” said Larsen.

Part of the deep dive into how to process the material at Iska Iska involved shipping samples to Tomra, an ore sorter manufacturing company whose test centre is located in Wedel, Germany a few miles from Hamburg.

“I went to Wedel,” said Larsen. “Amazing. The technology has improved significantly over the last 18 months with two software and one hardware upgrade which permits the sorting of finer particles down to 6 or 7mm, we are embracing this technology in what we do at Iska Iska.”

“A lot of people really do not understand ore sorting,” said Larsen. “The most tangible benefit of ore sorting is to reduce downstream costs by removing mine dilution from the more costly grinding and concentration plant. However, there are also lots of less tangible benefits such as reducing the Tailing Storage Facility (TSF) size, reducing water consumption, generating a potential source of TSF building material or source of aggregate as well as allowing the miners to use less expensive mining methods where appropriate to do so, generating greater dilution that the ore sorters subsequently remove. Because of the impact ore sorting normally has on operating costs, ore sorting reduces the cutoff grade which permits lower grade mining blocks to be processed that would not be economically viable without ore sorting”

Being able to include material from the tin domain in the upcoming PEA will give Larsen the solid NPV he needs. However, even with a great NPV and a generational mine life, ELO, until last Sunday, suffered from what can be described as a “country risk” discount. For the last twenty years Bolivia has been ruled by the left wing, “Movement towards Socialism” party. Last Sunday, Presidential elections were held and MAS, as it’s known, was reduced to a little over 3% of the vote. Three right wing candidates led the polls with a runoff election to be held in October. No matter which candidate wins that runoff, MAS was comprehensively defeated and this changes everything.

“When we have been talking to large companies, major balance sheet investors, the Bolivian country risk was often pointed out as a reason to wait,” said Larsen. “Which was difficult but it also gave us the opportunity to develop Iska Iska our way. Which may mean the eventual deal will actually turn out better for our shareholders.”

Iska Iska is so big and contains so much tin, zinc and lead as well as silver that it has attracted attention from large companies and even nations looking to secure strategic supplies. Larsen is tight lipped as to which companies or sovereign wealth funds he’s talking to but, it is a fair bet, that there will be more now that the MAS threat has receded. “Iska Iska is big enough that it might be bought as a strategic investment to ensure, for example, a steady tin or silver supply for an entire country for many years,” said Larsen.

Larsen is certain of one thing, Iska Iska will be sold. Whether as a whole project or as two, world class deposits, one tin/silver, the other silver/zinc/lead. “We’re explorers, not miners,” said Larsen. “We are bringing Iska Iska to the stage where the Mineral Resources are clear, and the processing options are optimized using metallurgical and financial modelling.  This provides shareholders with the optimum best initial processing set up to recover the different metals and potential buyers will have the information they need to make an informed evaluation and make, what we hope, will be a substantial offer.”

Larsen will not be strapped for cash as ELO extends and defines the mineral resource at Iska Iska. ELO recently announced it was doubling its 5 million dollar, bought deal private placement to 10 million dollars with the underwriter, Red Cloud Securities who have exercised their over allotment option to put an additional 2 million into the deal.

There should be a steady stream of news from ELO over the next few months. Which should please shareholders who took a bit of a hit as the shares dropped from $1.35 to the private placement price of $1.15 with the announcement of the bought deal private placement.  Eloro is not a company you really trade, rather you sit patiently and wait for the buyout. Larsen has worked hard to keep the share count under 100 million and, even with the financing, he is very close to achieving that goal.

Right now, ELO has a market cap of 109 million dollars. Is the sale price of Iska Iska a billion, 10x the current price? Without the country risk discount, I would think Iska Iska is worth at least that. Potentially far more.

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro” or the “Company”) is pleased to announce that as a result of strong investor demand, the Company has doubled the size of its previously announced “bought deal” private placement (the “Underwritten Offering”) from gross proceeds of C$5,000,200 to gross proceeds of C$10,000,400. Pursuant to the upsized Underwritten Offering, Red Cloud Securities Inc. (“Red Cloud”), as sole underwriter and bookrunner, has agreed to purchase for resale 8,696,000 units of the Company (the “Units”) at a price of C$1.15 per Unit (the “Offering Price”).

Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$1.60 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 1,740,000 Units at the Offering Price for additional gross proceeds of up to C$2,001,000 (the “Over-Allotment Option”). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the “Offering”.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital, as is more fully described in the Amended Offering Document (as defined herein).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units under the Offering will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario (and, with the consent of the Company, in Québec) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Unit Shares and the Warrant Shares underlying the Units are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). All securities not issued pursuant to the Listed Issuer Financing Exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the Closing Date.

An amended offering document (the “Amended Offering Document”) related to the Offering will be made available under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com. Prospective investors should read this Amended Offering Document before making an investment decision.

The Offering is scheduled to close on September 4, 2025 (the “Closing Date”), or such other date as the Company and Red Cloud may agree. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed 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 the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the 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 forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements in this news release include, without limitation, statements regarding the Offering, the closing of the Offering, the anticipated closing date of the Offering, the intended use of proceeds from the Offering and the filing of the Amended Offering Document. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

 Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro” or the “Company”) is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. (“Red Cloud”), as sole underwriter and bookrunner, pursuant to which Red Cloud has agreed to purchase for resale 4,348,000 units of the Company (the “Units”) at a price of C$1.15 per Unit (the “Offering Price”) on a “bought deal” basis in a private placement for gross proceeds of C$5,000,200 (the “Underwritten Offering”).

Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$1.60 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 870,000 Units at the Offering Price for additional gross proceeds of up to approximately C$1,000,500 (the “Over-Allotment Option”). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the “Offering”.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units under the Offering will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario (and, with the consent of the Company, in Québec) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Unit Shares and the Warrant Shares underlying the Units are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). All securities not issued pursuant to the Listed Issuer Financing Exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the Closing Date.

There is an offering document (the “Offering Document”) related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com. Prospective investors should read this Offering Document before making an investment decision.

The Offering is scheduled to close on September 4, 2025 (the “Closing Date”), or such other date as the Company and Red Cloud may agree. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed 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 the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the 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 forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements in this news release include, without limitation, statements regarding the Offering, the closing of the Offering, the anticipated closing date of the Offering, the intended use of proceeds from the Offering and the filing of the Offering Document. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from the first five (5) drillholes of the restart phase definition diamond drilling program in the predominant tin domain potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. A total of 2,871.4m of diamond drilling has been completed in these five (5) holes with assays pending for the remaining three holes totalling 1,413.90m. Figure 1 shows the location of drill holes reported, Table 1 lists significant assay results and Table 2 lists drill hole coordinates.

Tom Larsen, Eloro’s CEO commented: “The new drill results are significantly expanding on the existing mineralization in the predominant tin domain, further adding to the solid foundation for building the initial open pit mineral resource. We continue to be encouraged with the higher-grade tin and silver drill results. The Santa Barbara Zone continues to be open laterally and downdip, offering significant potential for further infill and step-out drilling to further expand and upgrade resources for the planned PEA.”

Dr. Osvaldo Arce, P.Geo., Executive Vice President Operations Latin America for Eloro added: “The current closer-spaced definition drill program has both upgraded and expanded the mineralization with significant higher-grade tin and silver zones which are still open laterally and at depth in the potential starter pit area at Santa Barbara zone. This highlights the significant opportunity to outline additional higher-grade mineral resources presently defined in a 700m x 400m x 500m potential starter pit, as well as further enlarging this target to the NE and SE.”

Definition Drill Program, Santa Barbara Potential Starter Pit Area

Holes DSB-78 and DSB-79 were drilled on the southwestern margin of the potential starter pit area at Santa Barbara as shown in Figure 1. Hole DSB-78 is located 75m southwest of discovery hole DSB-72 and hole DSB-79 is located 75m southwest of hole DSB-64. Both holes intersected significant tin mineralization in intrusion breccia (TIB) and locally in phreatomagmatic breccia. Tin intersections in both holes are visibly coarse and medium grained cassiterite which are likely to be amenable to multi-gravity separation.

Hole DSB-78 intersected 0.40% Sn over 79.50m from 319.60m to 399.10m, including a higher-grade section of 0.89% Sn over 16.50m from 366.10m to 382.60m. It also intersected 0.57% Sn over 25.50m from 486.10m to 511.60m, including a section grading 0.90% Sn over 13.50m from 495.10m to 508.60m. In addition, it intersected 38 g/t Ag and 0.50% Sn over 3.00m from 7.60m to 10.60m; 390.40 g/t Ag and 0.25% Sn over 3.75m from 224.35m to 228.10m; 51.33 g/t Ag over 4.50m from 244.60m to 249.10m, and 0.42% Sn over 3.00m from 549.10m to 552.10m.

Hole DSB-79 intersected both silver and tin enriched zones. A higher-grade silver intersection of 52.73 g/t Ag over 43.50m was returned from 214.10m to 257.60m, including 401.65 g/t Ag over 3.00m from 244.10m to 247.10m. Multiple zones of deeper higher-grade tin mineralization were intersected including 0.43% Sn over 3.00m from 404.60m to 407.60m, 0.31% Sn over 9.00m from 418.10m to 427.10, 0.72% Sn over 4.50m from 454.10m to 458.60m, 0,21% Sn over 6.00m from 440.60m to 446.60m, and 0.28% Sn over 1.50m from 472.10m to 473.60m. Shallow higher grade tin mineralization of 0.21% Sn and 19.50 g/t Ag over 19.50m from 86.60m to 106.10m, including 0.47% Sn over 6.00m, was also intersected.

Holes DSB-81 and DSB-82 were drilled on the western margin of the potential starter pit area at Santa Barbara as shown in Figure 1. Hole DSB-81 is located 50m southwest of hole DSB-35 and DSB-82 is located 50m northeast of hole DSB-35. Both holes intersected moderate intensity tin mineralization in intrusion breccia (TIB), the principal host for higher grade tin mineralization at Iska Iska (see Eloro press releases dated January 23, 2025 and February 20, 2025 for further detail) and minorly in medium grained dacitic dome. Tin intersections in both holes are visibly coarse and medium grained cassiterite which are likely to be amenable to multi-gravity separation.

Hole DSB-81 intersected 0.18% Sn over 57.00m from 9.60m to 66.60m including higher grade sections of 0.33% Sn over 6.00m from 9.60m to 15.60m and 0.32% Sn over 6.00m from 44.10m to 50.10m. Shallower higher grade silver and tin mineralization was also intersected, including 48.00 g/t Ag and 0.23% Sn over 0.75m from 80.85m to 81.60m; and 55.00 g/t Ag and 0.75% Sn over 1.50m from 237.60m to 239.10m.

Hole DSB-82 intersected 0.16% Sn and 14.19 g/t Ag over 15.00m from 97.80m to 112.80m, 0.23% Sn over 12m from 472.80m to 484.80m and 0.17% Sn over 12m from 594.30 to 606.30m. Shallower tin mineralization was also intersected, including 0.28% Sn over 3.90m from 0.90m to 4.80m; 0.26% Sn over 1.50m from 34.80m to 36.30m; 0.27% Sn over 4.50m from 81.30m to 85.80m; 0.38% Sn over 1.50m from 130.80m to 132.30m and 0.48% Sn over 4.50m from 139.80m to 144.30m.

Hole DSB-83 was drilled on the central part of the potential starter pit area at Santa Barbara as shown in Figure 1. It is located 135m northeast of discovery hole DSB-72 and intersected multiple silver and tin intervals, mostly in intrusion breccia and locally in medium grained dacite. The first mineralized interval was intersected in the oxides zone related to silver mineralization. Subsequently, multiple mineralized interceptions were encountered in the lower part of the hole in the sulphides zone starting from 313.50 to 541.50m in intrusion breccia (TIB). The mineralizing sequence starts with shallow silver mineralization, continues deeper to tin-silver combined mineralization, followed by a tin interval, then another silver interval, finally ending with a tin interval. This is interpreted as a continuous overprinting between high-temperature tin mineralization and lower-temperature epithermal silver mineralization.

Hole DSB-83 intersected the following mineralized intervals:

• 39.43 g/t Ag over 31.50m from 52.30m to 83.80m, including 43.53 g/t Ag over 25.50m from 52.30m to 77.80m.
• 32.26 g/t Ag over 4.70m from 112.30m to 117.00m.
• 51.24 g/t Ag over 25.50m from 313.50m to 339.00m, including 69.22 g/t Ag over 13.50m from 315.00m to 328.50m.
• 0.39% Sn and 33.62 g/t Ag over 49.50m from 349.50m to 300.00m, including 0.41% Sn over 7.50m from 349.50m to 357.00m; 0.84% Sn over 3.75m from 367.50m to 371.25m; 0.41% Sn over 7.50m from 379.50m to 387.00m; and 1.10% Sn over 6.00m from 390.00m to 396.00m.
• 0.22% Sn over 15.00m from 408.00m to 423.00m.
• 0.21% Sn over 1.50m from 450.00m to 451.50m.
• 0.23% Sn over 6.00m from 457.50m to 463.50m.
• 37.91 g/t Ag over 16.50m from 513.00m to 529.50m, including 87.00 g/t Ag over 4.50m from 513.00m 517.50m.
• 0.29% Sn over 1.50m from 540.00m to 541.50m.

Table 1: Definition Diamond Drill Results as of August 1, 2025, Santa Barbara, Iska, Iska