^ 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 Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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: 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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Quelle: dpa-Afx