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

24.04.2026 / 10:02 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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invitation to conclude certain stock exchange transactions.

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: 24.04.2026
Target price: CAD 20.80 (previous: CAD 21.80)
Target price on sight of: 24 months
Last rating change: -
Analyst: Peter Thilo Hasler, CEFA

Substantial resource growth in updated MRE at Iska Iska

The updated Mineral Resource Estimate (MRE) for the silver-tin polymetallic
Iska Iska project in Bolivia marks a material inflection point in the
asset's life cycle, shifting the investment case from a purely
exploration-driven narrative toward a credible development-stage
polymetallic system. While the headline figures-substantial tonnage growth
and the introduction of an Indicated category-are clearly positive, the
deeper significance lies in improved geological confidence, grade
continuity, and metallurgical refinements, in our view, as these factors
collectively enhance the project's economic visibility. We continue to view
Iska Iska as a high-risk, high-reward asset with substantial upside
potential, contingent on the successful execution of drilling, metallurgical
optimization, and economic validation in upcoming studies. Given the
increased number of shares, we slightly adjust our price target to CAD 20.80
from CAD 21.80. The 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. We reiterate our Buy
recommendation on the shares of Eloro Resources.

The updated MRE outlines Indicated Resources of 85.17 mn tonnes grading 40
g/t Ag and Inferred Resources of 945.43 mn tonnes grading 8.5 g/t Ag. Total
resources therefore exceed 1 bn tonnes on a combined basis, reflecting a
shift from exploration uncertainty to geological continuity, typically a key
driver of valuation uplift in the mining sector, in our view.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6a0f20091288c27341dbd9a712cd6607

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

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2314592 24.04.2026 CET/CEST

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