Eloro Resources Ltd. announced commencement of a preliminary economic assessment ("PEA") for the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. Mike Hallewell, BSc. F.I.M.M.M., F.S.A.I.E.S., C.Eng., Senior Strategic Metallurgist, and Dr. Bill Pearson, P.Geo., Executive Vice President Exploration, will oversee the study for Eloro in consultation with Dr. Osvaldo Arce, P.Geo., and his team at Minera Tupiza in Bolivia.

The inaugural MRE for Iska Iska has been prepared by Micon International Limited. Independent Qualified Persons (QPs) engaged for the Technical Report are Charley Murahwi, P.Geo., FAusIMM, Richard Gowans, P.Eng., Ing., Alan J. San Martin, MAusIMM (CP) and Abdul Aziz Drame, P.Eng., all of whom are independent QP's as defined by NI 43-101. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi,P. Geo.,FAusIMM, of Micon are regularly consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Ltda's preparation facility in Oruro, Bolivia, and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima, Peru, for analysis. More recently, Eloro has had ALS send pulps to their laboratory at Galway in Ireland.

Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory. The west end of the adit intersects the end of the SBBP. Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined an extensive target zone.

In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggested that the high-grade feeder zones may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program was modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera.

The Company completed 84,495m of drilling in 122 holes from the definition drill program in the Santa Barbara target area, as previously announced on November 27, 2022. On November 22, 2022, Eloro announced the pending acquisition of the Mina Casiterita and Mina Hoyada properties.