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

16.10.2026 / 14:09 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Sphene Capital GmbH to Eloro Resources Ltd

     Company Name:                Eloro Resources Ltd
     ISIN:                        CA2899003008

     Reason for the research:     Update Report
     Recommendation:              Buy
     from:                        16.10.2026
     Target price:                CAD 18.00 (unchanged)
     Target price on sight of:    24 months
     Last rating change:          -
     Analyst:                     Peter Thilo Hasler, CEFA

Encouraging results from the expansion diamond drilling program

Eloro's recent announcement represents a meaningful step towards geological
rather than economic de-risking. The results are particularly encouraging
because they combine attractive grades of silver and tin with significant
drilled widths and relatively shallow mineralisation and the possibility of
incorporating higher-grade material into an initial open-pit mining
operation. Iska Iska's principal challenge, in our view, is therefore no
longer demonstrating the existence of a large mineralised system but
establishing that a commercially attractive portion of this system can be
mined, processed, and financed under realistic technical and economic
assumptions. We maintain our Buy rating and our price target of CAD 18.00
per share. Our price target is purely based on the in-situ valuation of the
Santa Barbara Breccia Pipe within the Iska Iska property in Bolivia, while
excluding all other assets.

Eloro's latest exploration results from its Iska Iska silver-tin
polymetallic project provide additional evidence that the Santa Barbara
mineralised system contains substantial near-surface, higher-grade
mineralisation within a much larger, lower-grade polymetallic deposit. The
most important finding (drillhole DSB-96, the most significant of the three
reported holes) is the intersection of 87.10 metres grading 73.26 grams per
tonne (g/t) silver and 0.18% tin, accompanied by a separate, particularly
attractive interval of 17.90 metres grading 190.50 g/t silver and 0.45% tin.
The reported silver grades are significantly above the 40 g/t silver grade
reported for the Indicated Mineral Resource in April 2026, suggesting that
the economic viability of Iska Iska may depend disproportionately on
identifying, delineating, and selectively developing higher-grade zones
rather than attempting to exploit the entire mineralised system. The recent
findings are therefore not only strategically relevant because they may help
increase the proportion of higher-grade material within the more confidently
defined resource inventory; they are also encouraging because they
demonstrate that higher silver grades are not confined to narrow, isolated
structures. Instead, significant mineralisation occurs across considerable
drilled intervals, potentially supporting the interpretation of a broad,
structurally controlled hydrothermal system with multiple mineralising
events. In addition, the reported intervals suggest that the near-surface
mineralisation may contain a particularly high-grade component within a
broader mineralised envelope. If this interpretation is confirmed, the
possibility of selectively extracting higher-value material during the
initial years of production could become a meaningful economic advantage for
Eloro Resources, in our view.



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