# Eloro Resources Reports Substantial Resource Growth in Updated Mineral Resource Estimate at Its Iska Iska Project, Potosi Department, Southwestern Bolivia Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1 Original source: https://orestocks.com/company/ELO.TO/press-releases/7639492177985149 Publisher: orestocks Original announcement: 2026-04-22T15:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T04:16:27.205Z Atlas analysis updated: 2026-10-01T04:16:27.205Z - Company: Eloro Resources Ltd. - Ticker: ELO - Exchange: TSX - Region: Potosi Department, Southwestern Bolivia - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Tin, Gold - Document categories: Resource update, Metallurgy - Extracted: 2026-10-01 04:16:28 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Eloro Resources announced an updated Mineral Resource Estimate for its Iska Iska project in Bolivia, reporting a maiden Indicated resource of 85.17 Mt grading 40 g/t Ag, 1.21% Zn, and 0.71% Pb. The overall Inferred resource increased by 41% to 945.43 Mt, containing 248.60 Moz Ag, 4.72 Mt Zn, 1.50 Mt Pb, 290,000 t Sn, and 1.21 Moz Au. The update also noted a 65% increase in silver grades in the Indicated category compared to the previous Inferred estimate, and improved tin recoveries from metallurgical testing. Reasoning: The updated MRE demonstrates significant growth and de-risking for the Iska Iska project with the establishment of a maiden Indicated resource, substantial tonnage and grade increases, and improved tin recoveries, despite a large Inferred component and some metallurgical complexities. - Positive factor: Maiden Indicated Mineral Resource established - Positive factor: Significant increase in overall Inferred tonnage \(41%\) - Positive factor: Substantial increase in silver grade \(65%\) in the Indicated category - Positive factor: Contained metal growth across multiple commodities in both Indicated and Inferred categories - Positive factor: NI 43-101 compliant and QP signed estimate - Positive factor: Improved tin recovery from metallurgical testing - Negative factor: A large portion of the resource remains in the Inferred category - Negative factor: Contained silver and lead in the Inferred category decreased due to upgrade to Indicated - Negative factor: Low metallurgical recoveries for tin \(40.4%\) and gold \(47.5%\) used in the MRE - Negative factor: Tin processing involves fuming, suggesting metallurgical complexity Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 40 ## Classification and evidence **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports an 'Initial Indicated Mineral Resource of 85.17 Mt'. Evidence · text > Initial Indicated Mineral Resource of 85.17 Mt **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The document states that the 'apparent decrease in the inferred resource \(\*\) is due to the upgrading into the indicated category'. Evidence · text > The apparent decrease in the inferred resource \(\*\) is due to the upgrading into the indicated category. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The overall Inferred Mineral Resource increased by '41% increase in total tonnage with respect to the 670 Mt of overall Inferred mineral resources in the Initial 2023 MRE'. Evidence · text > 41% increase in total tonnage with respect to the 670 Mt of overall Inferred mineral resources in the Initial 2023 MRE **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: Silver grades increased 65% from 24.3 g/t Ag reported in the near-surface Inferred resource category in the 2023 Initial MRE to 40 g/t Ag reported in the Indicated resource category in the 2026 Updated MRE. Evidence · text > Silver grades increased 65% from 24.3 g/t Ag reported in the near-surface Inferred resource category in the 2023 Initial MRE to 40 g/t Ag reported in the Indicated resource category in the 2026 Updated MRE. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The Indicated category now contains 109.53 Moz Ag, 1.03 Mt Zn, and 0.60 Mt Pb, which were 'Nil' in the 2023 MRE, and Inferred contained tin increased from 0.13 Mt to 0.29 Mt. Evidence · table > 109.53 Context: Nil **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The MRE was 'prepared by independent qualified persons \('QPs'\) with Micon International Limited' and names Charley Murahwi, P.Geo., FAusIMM and Richard Gowans, P.Eng. as responsible QPs. Evidence · text > prepared by independent qualified persons \("QPs"\) with Micon International Limited **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document states 'The optimization indicates a cut-off grade of 11.14 g/t silver equivalent \(AgEq\)'. Evidence · text > The optimization indicates a cut-off grade of 11.14 g/t silver equivalent \(AgEq\) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Updated MRE 'has been prepared by independent qualified persons \('QPs'\) with Micon International Limited \('Micon'\), as defined under National Instrument 43-101 \('NI-43-101'\)'. Evidence · text > defined under National Instrument 43-101 \("NI-43-101"\) **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The overall tin recovery improved with further metallurgical testing from 50.7% in 2023 to 58.9% in the Updated 2026 MRE. Evidence · text > The overall tin recovery into a 5% Sn concentrate improved with further metallurgical testing from 50.7% in 2023 to 58.9% in the Updated 2026 MRE. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports a large 'Inferred Category of 945.43 million tonnes'. Evidence · text > Inferred Category of 945.43 million tonnes **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Inferred Silver contained metal decreased from 298.68 Moz to 248.60 Moz \(-16.77%\) and Inferred Lead decreased from 1.74 Mt to 1.50 Mt \(-14.37%\), though this is attributed to upgrading to the Indicated category. Evidence · table > -16.77\* Context: 248.60 **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Metallurgical recoveries used in the MRE are 40.4% for Sn and 47.5% for Au, which are below the weak band for these commodities. Evidence · text > Sn = 40.4% **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The processing route for tin includes 'fuming', which suggests a complex metallurgical process often associated with refractory ores. Evidence · text > Sn = 40.4% \(includes preconcentration, concentration and fuming\). **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: The resource is described as 'Ag-Sn-polymetallic', indicating that Sn, Pb, Zn, and Au are present alongside the primary silver. Evidence · text > Ag-Sn-polymetallic **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document is titled 'Eloro Resources Reports Substantial Resource Growth in Updated Mineral Resource Estimate'. Evidence · text > Updated Mineral Resource Estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The CEO states that the MRE 'will be detailed in the planned PEA'. Evidence · text > which will be detailed in the planned PEA. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) ## Extracted facts Stored fact records: 40. Some facts used in scoring do not have a stored record. ## Resource Estimates (33) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-0) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:ad17f80405e4891373b4 - Deposit or zone: Polymetallic \(Ag-Pb-Zn\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 85170000 - Grade: 40 - Grade Unit: g/t - Contained Metal: 109.53 - Contained Unit: moz - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 - Prior Contained Metal: 0 #### Metal Equivalent - Metal Eq. Grade: 78.38 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This is a maiden Indicated resource with substantial contained silver and a high grade, representing a significant de-risking and positive step for the project. - Positive factor: Maiden Indicated resource established - Positive factor: Significant contained metal \(109.53 Moz Ag\) - Positive factor: High silver grade \(40 g/t Ag\) for an open pit resource - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 40 Context: 85.17 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-1) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:ad17f80405e4891373b4 - Deposit or zone: Polymetallic \(Ag-Pb-Zn\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 85170000 - Grade: 1.21 - Grade Unit: % - Contained Metal: 1.03 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 - Prior Contained Metal: 0 #### Metal Equivalent - Metal Eq. Grade: 78.38 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This is a maiden Indicated resource with substantial contained zinc, contributing positively to the project's polymetallic nature. - Positive factor: Maiden Indicated resource established - Positive factor: Significant contained metal \(1.03 Mt Zn\) - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 1.21 Context: 85.17 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-2) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:ad17f80405e4891373b4 - Deposit or zone: Polymetallic \(Ag-Pb-Zn\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 85170000 - Grade: 0.71 - Grade Unit: % - Contained Metal: 0.6 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 - Prior Contained Metal: 0 #### Metal Equivalent - Metal Eq. Grade: 78.38 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This is a maiden Indicated resource with substantial contained lead, adding to the project's polymetallic value. - Positive factor: Maiden Indicated resource established - Positive factor: Significant contained metal \(0.60 Mt Pb\) - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.71 Context: 85.17 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-3) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:f8791715ae5a420f0c1e - Deposit or zone: Ag Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 61920000 - Grade: 27 - Grade Unit: g/t - Contained Metal: 53.75 - Contained Unit: moz - Cutoff Grade: 20 - Cutoff Unit: g/t Ag #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.32 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource shows good silver grades and contained metal, but its classification indicates a need for further drilling to improve confidence. - Positive factor: Significant contained silver \(53.75 Moz Ag\) - Positive factor: Good silver grade \(27 g/t Ag\) for an Inferred resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Resource is in the Inferred category, indicating lower geological confidence Evidence · table > 27 Context: 61.92 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-4) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:f8791715ae5a420f0c1e - Deposit or zone: Ag Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 61920000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 0.12 - Contained Unit: mt - Cutoff Grade: 20 - Cutoff Unit: g/t Ag #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.32 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred zinc resource is low grade within the silver-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low zinc grade \(0.19% Zn\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.19 Context: 61.92 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-5) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:f8791715ae5a420f0c1e - Deposit or zone: Ag Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 61920000 - Grade: 0.18 - Grade Unit: % - Contained Metal: 0.11 - Contained Unit: mt - Cutoff Grade: 20 - Cutoff Unit: g/t Ag #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.32 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred lead resource is low grade within the silver-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low lead grade \(0.18% Pb\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.18 Context: 61.92 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-6) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:f8791715ae5a420f0c1e - Deposit or zone: Ag Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 61920000 - Grade: 0.06 - Grade Unit: % - Contained Metal: 0.04 - Contained Unit: mt - Cutoff Grade: 20 - Cutoff Unit: g/t Ag #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.32 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred tin resource is very low grade within the silver-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low tin grade \(0.06% Sn\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.06 Context: 61.92 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-7) Iska Iska · gold #### Identity - Project: Iska Iska - Commodity: gold - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:f8791715ae5a420f0c1e - Deposit or zone: Ag Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 61920000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 0.1 - Contained Unit: moz - Cutoff Grade: 20 - Cutoff Unit: g/t Ag #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.32 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred gold resource is very low grade within the silver-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low gold grade \(0.05 g/t Au\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.05 Context: 61.92 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-8) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:2efb348492702317b482 - Deposit or zone: Zn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 116030000 - Grade: 7 - Grade Unit: g/t - Contained Metal: 26.11 - Contained Unit: moz - Cutoff Grade: 0.9 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource contributes significant contained silver, but the grade is low within the zinc-dominant domain, indicating it's a byproduct. - Positive factor: Significant contained silver \(26.11 Moz Ag\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low silver grade \(7 g/t Ag\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 7 Context: 116.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-9) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:2efb348492702317b482 - Deposit or zone: Zn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 116030000 - Grade: 1.16 - Grade Unit: % - Contained Metal: 1.35 - Contained Unit: mt - Cutoff Grade: 0.9 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource shows good zinc grades and contained metal, but its classification indicates a need for further drilling to improve confidence. - Positive factor: Significant contained zinc \(1.35 Mt Zn\) - Positive factor: Good zinc grade \(1.16% Zn\) for an Inferred resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Resource is in the Inferred category Evidence · table > 1.16 Context: 116.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-10) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:2efb348492702317b482 - Deposit or zone: Zn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 116030000 - Grade: 0.28 - Grade Unit: % - Contained Metal: 0.32 - Contained Unit: mt - Cutoff Grade: 0.9 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred lead resource is low grade within the zinc-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low lead grade \(0.28% Pb\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.28 Context: 116.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-11) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:2efb348492702317b482 - Deposit or zone: Zn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 116030000 - Grade: 0.02 - Grade Unit: % - Contained Metal: 0.02 - Contained Unit: mt - Cutoff Grade: 0.9 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred tin resource is very low grade within the zinc-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low tin grade \(0.02% Sn\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.02 Context: 116.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-12) Iska Iska · gold #### Identity - Project: Iska Iska - Commodity: gold - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:2efb348492702317b482 - Deposit or zone: Zn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 116030000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 0.15 - Contained Unit: moz - Cutoff Grade: 0.9 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 36.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred gold resource is very low grade within the zinc-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low gold grade \(0.04 g/t Au\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.04 Context: 116.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-13) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:865bf07160dd34b1830b - Deposit or zone: Sn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 31010000 - Grade: 8 - Grade Unit: g/t - Contained Metal: 7.98 - Contained Unit: moz - Cutoff Grade: 0.12 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 13.53 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource contributes contained silver, but the grade is low within the tin-dominant domain, indicating it's a byproduct. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low silver grade \(8 g/t Ag\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 8 Context: 31.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-14) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:865bf07160dd34b1830b - Deposit or zone: Sn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 31010000 - Grade: 0.09 - Grade Unit: % - Contained Metal: 0.28 - Contained Unit: mt - Cutoff Grade: 0.12 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 13.53 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred zinc resource is very low grade within the tin-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low zinc grade \(0.09% Zn\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.09 Context: 31.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-15) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:865bf07160dd34b1830b - Deposit or zone: Sn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 31010000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 0.03 - Contained Unit: mt - Cutoff Grade: 0.12 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 13.53 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred lead resource is very low grade within the tin-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low lead grade \(0.10% Pb\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.10 Context: 31.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-16) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:865bf07160dd34b1830b - Deposit or zone: Sn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 31010000 - Grade: 0.2 - Grade Unit: % - Contained Metal: 0.06 - Contained Unit: mt - Cutoff Grade: 0.12 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 13.53 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource shows good tin grades and contained metal, but its classification indicates a need for further drilling to improve confidence. - Positive factor: Good tin grade \(0.20% Sn\) for an Inferred resource - Positive factor: Significant contained metal \(0.06 Mt Sn\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Resource is in the Inferred category Evidence · table > 0.20 Context: 31.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-17) Iska Iska · gold #### Identity - Project: Iska Iska - Commodity: gold - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:865bf07160dd34b1830b - Deposit or zone: Sn Dominant - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 31010000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 0.04 - Contained Unit: moz - Cutoff Grade: 0.12 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 13.53 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred gold resource is very low grade within the tin-dominant domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low gold grade \(0.04 g/t Au\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.04 Context: 31.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-18) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:08d0cc0ffcc74cfdcd60 - Deposit or zone: Polymetallic 1 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13840000 - Grade: 15 - Grade Unit: g/t - Contained Metal: 6.71 - Contained Unit: moz - Cutoff Grade: 36 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 39.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource shows moderate silver grades and contained metal, contributing to the overall polymetallic potential, but its classification indicates a need for further drilling. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Moderate silver grade \(15 g/t Ag\) for an Inferred resource - Negative factor: Resource is in the Inferred category Evidence · table > 15 Context: 13.84 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-19) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:08d0cc0ffcc74cfdcd60 - Deposit or zone: Polymetallic 1 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13840000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 0.1 - Contained Unit: mt - Cutoff Grade: 36 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 39.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource shows moderate zinc grades and contained metal, contributing to the overall polymetallic potential, but its classification indicates a need for further drilling. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Moderate zinc grade \(0.73% Zn\) for an Inferred resource - Negative factor: Resource is in the Inferred category Evidence · table > 0.73 Context: 13.84 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-20) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:08d0cc0ffcc74cfdcd60 - Deposit or zone: Polymetallic 1 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13840000 - Grade: 0.43 - Grade Unit: % - Contained Metal: 0.06 - Contained Unit: mt - Cutoff Grade: 36 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 39.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred resource shows moderate lead grades and contained metal, contributing to the overall polymetallic potential, but its classification indicates a need for further drilling. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Moderate lead grade \(0.43% Pb\) for an Inferred resource - Negative factor: Resource is in the Inferred category Evidence · table > 0.43 Context: 13.84 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-21) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:08d0cc0ffcc74cfdcd60 - Deposit or zone: Polymetallic 1 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13840000 - Grade: 0.04 - Grade Unit: % - Contained Metal: 0.01 - Contained Unit: mt - Cutoff Grade: 36 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 39.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred tin resource is very low grade within the polymetallic domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low tin grade \(0.04% Sn\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.04 Context: 13.84 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-22) Iska Iska · gold #### Identity - Project: Iska Iska - Commodity: gold - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:08d0cc0ffcc74cfdcd60 - Deposit or zone: Polymetallic 1 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13840000 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 0.03 - Contained Unit: moz - Cutoff Grade: 36 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 39.74 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This Inferred gold resource is very low grade within the polymetallic domain, but still adds to the overall polymetallic potential. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low gold grade \(0.07 g/t Au\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.07 Context: 13.84 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-23) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:a55f9fcdacfdf300af19 - Deposit or zone: Polymetallic 2 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 722630000 - Grade: 7 - Grade Unit: g/t - Contained Metal: 154.05 - Contained Unit: moz - Cutoff Grade: 11.14 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 18.49 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This very large Inferred resource contributes significant contained silver, but the low grade and Inferred classification indicate it's a lower-grade, less confident part of the resource. - Positive factor: Very large contained silver \(154.05 Moz Ag\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low silver grade \(7 g/t Ag\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 7 Context: 722.63 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-24) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:a55f9fcdacfdf300af19 - Deposit or zone: Polymetallic 2 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 722630000 - Grade: 0.4 - Grade Unit: % - Contained Metal: 2.87 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 18.49 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This very large Inferred resource contributes significant contained zinc, but the low grade and Inferred classification indicate it's a lower-grade, less confident part of the resource. - Positive factor: Significant contained zinc \(2.87 Mt Zn\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low zinc grade \(0.40% Zn\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.40 Context: 722.63 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-25) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:a55f9fcdacfdf300af19 - Deposit or zone: Polymetallic 2 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 722630000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 0.98 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 18.49 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This very large Inferred resource contributes significant contained lead, but the low grade and Inferred classification indicate it's a lower-grade, less confident part of the resource. - Positive factor: Significant contained lead \(0.98 Mt Pb\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Low lead grade \(0.14% Pb\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.14 Context: 722.63 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-26) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:a55f9fcdacfdf300af19 - Deposit or zone: Polymetallic 2 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 722630000 - Grade: 0.02 - Grade Unit: % - Contained Metal: 0.16 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 18.49 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This very large Inferred resource contributes contained tin, but the very low grade and Inferred classification indicate it's a lower-grade, less confident part of the resource. - Positive factor: Contributes to the overall polymetallic nature of the resource - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low tin grade \(0.02% Sn\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.02 Context: 722.63 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-27) Iska Iska · gold #### Identity - Project: Iska Iska - Commodity: gold - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:a55f9fcdacfdf300af19 - Deposit or zone: Polymetallic 2 \(Ag-Pb-Zn-Sn\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 722630000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 0.89 - Contained Unit: moz - Cutoff Grade: 11.14 - Cutoff Unit: g/t Ag Eq. #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Metal Eq. Grade: 18.49 - Metal Eq. Unit: g/t Ag Eq. - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This very large Inferred resource contributes significant contained gold, but the very low grade and Inferred classification indicate it's a lower-grade, less confident part of the resource. - Positive factor: Significant contained gold \(0.89 Moz Au\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Very low gold grade \(0.04 g/t Au\) in this domain - Negative factor: Resource is in the Inferred category Evidence · table > 0.04 Context: 722.63 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-28) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:d329418b4fc0a9921f48 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 945430000 - Grade: 8.5 - Grade Unit: g/t - Contained Metal: 248.6 - Contained Unit: moz - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 - Prior Contained Metal: 298.68 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The overall Inferred resource shows substantial contained silver and tonnage growth, but the decrease in contained silver from the prior estimate, despite being due to upgrade, is a point to note. - Positive factor: Very large contained silver \(248.60 Moz Ag\) - Positive factor: Significant tonnage increase \(41%\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Contained silver decreased by 16.77% compared to prior estimate, though attributed to upgrade to Indicated - Negative factor: Resource is in the Inferred category Evidence · table > 8.5 Context: 945.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 248.6 against 298.68 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-29) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:d329418b4fc0a9921f48 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 945430000 - Grade: 0.47 - Grade Unit: % - Contained Metal: 4.72 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 - Prior Contained Metal: 4.09 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The overall Inferred resource shows significant contained zinc and a positive increase from the prior estimate, contributing to the project's polymetallic value. - Positive factor: Significant contained zinc \(4.72 Mt Zn\) - Positive factor: Contained metal increased by 14.91% compared to prior estimate - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Resource is in the Inferred category Evidence · table > 0.47 Context: 945.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 4.72 against 4.09 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-30) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:d329418b4fc0a9921f48 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 945430000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 1.5 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 - Prior Contained Metal: 1.74 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The overall Inferred resource shows significant contained lead, but the decrease from the prior estimate, despite being due to upgrade, is a point to note. - Positive factor: Significant contained lead \(1.50 Mt Pb\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Contained lead decreased by 14.37% compared to prior estimate, though attributed to upgrade to Indicated - Negative factor: Resource is in the Inferred category Evidence · table > 0.16 Context: 945.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1.5 against 1.74 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-31) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:d329418b4fc0a9921f48 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 945430000 - Grade: 0.03 - Grade Unit: % - Contained Metal: 0.29 - Contained Unit: mt - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 - Prior Contained Metal: 0.13 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The overall Inferred resource shows significant contained tin and a substantial increase from the prior estimate, contributing positively to the project's polymetallic value. - Positive factor: Significant contained tin \(0.29 Mt Sn\) - Positive factor: Contained metal increased by 107.69% compared to prior estimate - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Resource is in the Inferred category Evidence · table > 0.03 Context: 945.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 0.29 against 0.13 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-resource-facts-32) Iska Iska · gold #### Identity - Project: Iska Iska - Commodity: gold - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Richard Gowans - Resource group id: resource:d329418b4fc0a9921f48 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 945430000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 1.21 - Contained Unit: moz - Cutoff Grade: 11.14 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-02 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS and AHK #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The overall Inferred resource includes a significant contained gold estimate for the first time, adding to the project's polymetallic value. - Positive factor: Significant contained gold \(1.21 Moz Au\) - Positive factor: First time gold contained metal is estimated for Inferred category - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Resource is in the Inferred category Evidence · table > 0.04 Context: 945.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## Metallurgical Results (7) ### concentration [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-metallurgical-facts-33) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Test Work - Program Status: optimization - Test Type: concentration - Processing Route: concentration #### Recovery - Recovery: 58.9 % - Recovery Basis: actual\_test - Conc. Grade: 5 - Conc. Grade Unit: % Sn #### Lab - Laboratory: SLR laboratory \(UK\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: Improved tin recovery from metallurgical testing is a positive step for the project's economics, though the overall recovery remains moderate. - Positive factor: Tin recovery improved from 50.7% to 58.9% - Positive factor: Achieved a 5% Sn concentrate - Negative factor: Tin recovery of 58.9% is still moderate for tin Evidence · text > The overall tin recovery into a 5% Sn concentrate improved with further metallurgical testing from 50.7% in 2023 to 58.9% in the Updated 2026 MRE. ### concentration [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-metallurgical-facts-34) Iska Iska · tin Historical result Needs review: historical\_restatement #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Test Work - Program Status: detailed - Test Type: concentration - Processing Route: preconcentration, concentration and fuming #### Recovery - Recovery: 50.7 % - Recovery Basis: actual\_test #### Lab - Laboratory: SLR laboratory \(UK\) #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-01-01T00:00:00.000Z #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: This historical tin recovery figure provides a baseline for comparison, showing moderate recovery with a complex processing route. - Negative factor: Tin recovery of 50.7% is moderate for tin - Negative factor: Processing route includes fuming, suggesting complexity Evidence · text > from 50.7% in 2023 ### concentration [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-metallurgical-facts-35) Iska Iska · lead #### Identity - Project: Iska Iska - Commodity: lead - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Test Work - Program Status: detailed - Test Type: concentration - Processing Route: pre-concentration and concentration into a lead concentrate #### Recovery - Recovery: 71.4 % - Recovery Basis: actual\_test #### Lab - Laboratory: SLR laboratory \(UK\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The lead recovery used in the MRE is good, indicating a viable processing route for lead. - Positive factor: Good lead recovery \(71.4%\) for the processing route Evidence · text > Pb = 71.4% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### concentration [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-metallurgical-facts-36) Iska Iska · zinc #### Identity - Project: Iska Iska - Commodity: zinc - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Test Work - Program Status: detailed - Test Type: concentration - Processing Route: pre-concentration and concentration into a zinc concentrate #### Recovery - Recovery: 70 % - Recovery Basis: actual\_test #### Lab - Laboratory: SLR laboratory \(UK\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The zinc recovery used in the MRE is good, indicating a viable processing route for zinc. - Positive factor: Good zinc recovery \(70%\) for the processing route Evidence · text > Zn = 70% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### concentration [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-metallurgical-facts-37) Iska Iska · silver #### Identity - Project: Iska Iska - Commodity: silver - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Test Work - Program Status: detailed - Test Type: concentration - Processing Route: pre-concentration and concentration into both lead and zinc concentrates #### Recovery - Recovery: 80.4 % - Recovery Basis: actual\_test #### Lab - Laboratory: SLR laboratory \(UK\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The silver recovery used in the MRE is strong, indicating efficient recovery into concentrates. - Positive factor: Strong silver recovery \(80.4%\) for the processing route Evidence · text > Ag = 80.4% ### concentration [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-metallurgical-facts-38) Iska Iska · tin #### Identity - Project: Iska Iska - Commodity: tin - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Test Work - Program Status: detailed - Test Type: concentration - Processing Route: preconcentration, concentration and fuming #### Recovery - Recovery: 40.4 % - Recovery Basis: actual\_test #### Lab - Laboratory: SLR laboratory \(UK\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The tin recovery used in the MRE is low, indicating challenges in processing tin, further highlighted by the need for fuming. - Negative factor: Low tin recovery \(40.4%\) for the processing route - Negative factor: Processing route includes fuming, suggesting complexity Evidence · text > Sn = 40.4% ### investigation [Link to this fact](https://atlas-staging.minestarters.com/news/eloro-resources-reports-substantial-resource-growth-in-updated-mineral-resource--f67b867b-491d-4a22-87af-ea8d8ad4e2a1#fact-metallurgical-facts-39) Iska Iska · gold #### Identity - Project: Iska Iska - Commodity: gold - Region: bolivia - Reported Region: Potosi Department, Southwestern Bolivia - Ticker: ELO #### Test Work - Program Status: detailed - Test Type: investigation #### Recovery - Recovery: 47.5 % - Recovery Basis: actual\_test #### Lab - Laboratory: Metallurgical Research Institute of the Technical University of Oruro #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-22T00:00:00.000Z Reasoning: The gold recovery used in the MRE is low, indicating significant challenges in recovering gold from the ore. - Negative factor: Low gold recovery \(47.5%\) Evidence · text > Au = 47.5% based on investigations carried out by the Metallurgical Research Institute of the Technical University of Oruro in 2026. #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 47.5% is below the weak band \(80%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.