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Original-Research: Eloro Resources Ltd. - from Sphene Capital GmbH

26.02.2026 / 16:34 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
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Classification of Sphene Capital GmbH to Eloro Resources Ltd.

Company Name: Eloro Resources Ltd.
ISIN: CA2899003008

Reason for the research: Update Report
Recommendation: Buy
from: 26.02.2026
Target price: CAD 21.80 (previously CAD 14.10)
Target price on sight of: 24 months
Last rating change: -
Analyst: Peter Thilo Hasler

40,000 m drill program launched, financing secured

With two differentiated deposit styles juxtaposed against one another-a
large, silver-zinc-lead-dominant system adjacent to a high-grade tin
system-and several identifiable near-term catalysts, we believe Eloro offers
an attractive risk-reward profile for investors seeking early exposure ahead
of the forthcoming drilling campaign. The advancement of a previously
underexplored property into a potentially open-pittable porphyry-epithermal
silver-tin polymetallic system underpins significant upside potential, while
downside risk appears comparatively limited at current valuation levels, in
our view. Reflecting materially higher commodity prices, particularly for
silver and zinc, we increase our price target to CAD 21.80 from CAD 14.10.
This valuation is based exclusively on an in-situ assessment of the
higher-grade portion of the Santa Barbara Breccia Pipe at the Iska Iska
project in Bolivia, excluding all other assets. Based on the current share
price of CAD 2.60, our revised target implies an upside potential of 838.5%.
Accordingly, we reiterate our Buy recommendation on Eloro Resources.

We met Eloro Resources' management during a Munich roadshow, where the
Company provided further details on its recently announced 40,000 m drill
program. The contract was signed with Major Drilling Group International,
the world's leading provider of specialized drilling services for the metals
and mining industry. Following the recent change of government in Bolivia,
Major Drilling Group has resumed operations in the country, and the
40,000-meter drill program with Eloro represents its first contract in
Bolivia since the transition. The 9 months program is designed to complete
50 m and 25 m infill drilling within the Santa Barbara corridor and to
advance drilling across the remaining five mineralized zones at the Iska
Iska silver-tin polymetallic project. The objective is to expand the
resource footprint to support future economic studies while also testing
additional prospective targets within the Iska Iska Caldera.

The main portion of the drill program will be financed through a bought-deal
private placement of 3,846,200 shares at CAD 2.60 per share, generating
gross proceeds of CAD 10 mn. During the roadshow it was mentioned that due
to excess demand the financing was increased to CAD 15 mn with an added CAD
2 mn broker over allotment provision exercised. While dilution remains
moderate, we believe the proceeds will be sufficient to reach the next key
milestone, namely an updated Mineral Resource Estimate (MRE) incorporating
new definition-drilling data, which management expects in the coming months,
followed by a Preliminary Economic Assessment (PEA).

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=a2af066a822400819ebdcda7125bde78

Contact for questions:
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de

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2282402 26.02.2026 CET/CEST

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