Burchell Gold Copper Project: Mechanical stripping at the 111 Gold Zone and at seven additional target areas on the Burchell Property has progressed and is expected to be completed in the next two to three days. Washing and sampling of the exposed locations has begun.

A ground Very Low Frequency (VLF) electromagnetic survey has been completed in the Northwest claim area and across the area of the 111 Zone. The data is currently being processed and interpreted. The aim of these two geophysical surveys is to aid in delineating drill targets for Bold’s first phase of drilling in these prospective areas.

The Northwest Claim Area: This area represents the northeastern strike extension of the Moss Trend on the adjacent Moss Gold Property of Gold X2 Mining (formerly Goldshore Resources). A 2024-2025 MMI^TM survey across this area identified clusters of gold, copper and molybdenum anomalies.

Approximately 13 line-km of ground VLF (Very Low Frequency) geophysics were surveyed during the summer, which in conjunction with the soil anomalies will aid in generating drill targets. Data is currently being processed and interpreted.

The 111 Zone: The 111 Gold Zone was identified late in 2024, with one December grab sample returning 68 g/t Au. Gold mineralization occurs within the sheared contact zone between felsic and mafic metavolcanics. Limited hand-stripping and channel sampling during the summer identified an anomalous gold zone 4.5 to 6.5 metres plus wide, with one channel sample returning 2.1 g/t Au over 0.5 metres.

The zone has now been stripped by excavator and washed, with channel sampling to commence shortly. 7 additional target areas near the mafic-felsic contact zone, where gold anomalies have been identified in rock and soil samples, are in the process of being exposed by mechanical stripping, to be completed in 2-3 days.

Ring of Fire News: Bold Ventures’ Koper Lake Project is centrally located within the Ring of Fire discovery area.

Bold management is pleased to see the engagement effort put forth by the Provincial Government led by Premier Doug Ford and Minister Greg Rickford. Bold CEO David Graham commented that “Seeing Premier Ford and Minister Rickford personally involved is very encouraging. It signals the importance of this development that is situated in a very rich geological environment hosting critical minerals. Since our discoveries in 2007, while working with Noront Resources and my initial engagement with the local First Nations, we have seen an ongoing effort by First Nations leaders, Government and Industry to provide information surrounding the mining cycle, infrastructure development and environmental studies. Our hope is that the effort will result in multiple positive effects for the region including: economic development, improved access, education and a higher standard of living. We believe this is possible while respecting the culture and values of the affected Communities.”

Koper Lake Project in the Ring of Fire: The Black Horse is part of the Koper Lake Project where KWG is the Operator of the chromite exploration effort.

Bold owns a 10% carried interest (through to production) in the Black Horse Chromite NI 43-101 Inferred Resource of 85.9 Mt grading 34.5% Cr₂O₃ at a cut-off of 20% Cr₂O₃. Bold also owns a 40% working interest in all other metals found within the Koper Lake claims and has a Right of First Refusal on a 1% NSR covering all metals found within the claim group.

The Black Horse is contiguous with the Blackbird Chromite deposits owned by Ring of Fire Metals (formerly Noront Resources Inc.). The Koper Lake claims are located approximately 300 metres from their Eagle’s Nest Ni-Cu Massive Sulphide Deposit that is in the permit acquisition stage.

The environmental assessment process for all-weather road access to the Ring of Fire is being developed as three proposed road projects. The Northern Road link, the Marten Falls Community Access Road and the Webeque Supply Road.

Bold’s target commodities are comprised of: Copper, Nickel, Lead, Zinc, Gold, Silver, Platinum, Palladium and Chromium.

The bought deal offering consists of 21.3 million shares priced at 23.5 cents per share. The company said the underwriters have been granted the option to purchase for resale up to an additional 15% of the offered shares at the issue price, potentially generating additional proceeds of $750,000. That option is exercisable for up to 48 hours prior to the closing date.

On Thursday, Aztec eased 7.1% or $0.02 to 26 cents. The shares trade in a 52-week range of 30 cents and 15 cents.

In a press release on September 23, 2025, Aztec said it has received the results from the second five holes of its reverse circulation portion of the 2025 drilling program at the Tombstone Property. It said the 2025 program has now completed 19 reverse circulation holes. Highlights include drill hole TR25-06 in the Little John Area, which returned 556.6 g/t silver and 17.7 g/t gold (2,149.5 g/t silver equivalent (AgEq) over 3.04 metres within 28.9 metres of 70.8 g/t silver and 1.993 g/t gold, starting from a depth of 76 metres. TR25-05 returned 238.7 g/t silver and 3.91 g/t gold (590.4 g/t AgEq) over 4.5 metres within 47.1 metres of 85.5 g/t AgEq (36.4 g/t silver and 0.55 g/t gold).

“Visual observations of the drilled sample materials and assay results continue to validate Aztec’s geological model,” the company said. It said the Tombstone Property joint venture management committee met recently and approved an expansion of the drill program from an initially planned 5,000-metre program, to 7,500 metres. The program is expected to be extended to the end of the fourth quarter of 2025.

“The high-grade silver-gold intersection drilled in TR25-06 demonstrates the continued discovery of high-grade precious metals mineralization that the historic Tomstone Silver district is known for,’’ said Aztec CEO Simon Dyakowski.

Back in April, 2024, the company said it continues to intersect strong gold grades over broad widths at the California Zone at its Cervantes Project in Sonora Mexico. Aztec is exploring the project in a joint venture with Kootenay Silver Inc. [KTN-TSXV].

The company said it continues to intersect broad well mineralized gold mineralization from the 2022 reverse circulation drill program at the California target. Highlights include results for hole CAL22-012, which returned 152.4 metres of grade 0.87 g/t gold, including 33.5 metres of grade 2.05 g/t gold.

Cervantes is described as a highly prospective porphyry gold-copper property located in southeastern Sonora state, Mexico. The project lies 160 kilometres east of Hermosillo, within the prolific Laramide porphyry copper belt, approximately 265 kilometres southeast of the Cananea porphyry copper-molybdenum mine.

In its latest update, Fireweed is reporting the first drill holes from the Tom deposit that intersected high-grade zinc-lead-silver mineralization as part of the 2025 drill campaign.

Highlights include a major 115-metre step out down-dip at the Tom South Zone, thereby significantly extending the zone of high-grade massive sulphide mineralization.

Hole TS25-001D1) intersected 30 metres true width of 33.2% zinc equivalent (ZnEq)  (54.82 metres intersected width of 18.20% zinc, 13.93% lead and 161.0 g/t silver) from 891.6 metres downhole.

Fireweed shares advanced on the news, rising 3.13% or $0.09 to $2.96. The shares trade in a 52-week range of $2.98 and $1.23.

The Macmillan Pass zinc-lead-silver project is Fireweed’s flagship asset. It is located in the eastern edge of the Yukon, 350 kilometres northeast of Whitehorse. Macmillan Pass is thought to be one of the world’s leading undeveloped zinc projects.

In early September, 2024, the company released an updated resource estimate for the Tom and Jason deposits, including inaugural estimates for the Boundary and End zone deposits.

According to a NI 43-101 technical report, the Macmillan Pass project hosts an indicated resource 56 million tonnes at 7.27% zinc equivalent (ZnEq) (5.49% zinc, 1.58% lead and 24.2 g/t silver. On top of that is an inferred resource of 48.49 million tonnes at 7.48% ZnEq ( 5.15% zinc, 2.08% lead, and 25.3 g/t silver).

The Tom South zone is part of the mineral resource at the Tom Deposit. The intersecton in hole (Hole TS25-001D1) at Tom South was a 115-metre step-out down dip from previous intersections in the Tom South feeder zone and encountered a thick sequence of laminated to massive suphides consisting of sphalerite, galena, and minor chalcopyrite.

The company said this step-out intersection extends well beyond the limits of the 2024 mineral resource and shows that the Tom South zone maintains remarkable thickness and high grades in the down-dip direction, where it is open at depth. Tom South is also interpreted as being in the up-dip direction where additional drilling is planned, the company said.

“After following up on an isolated historical intersection in 2023, the zone at Tom South has rapidly grown into one of the most prospective areas at Macpass for high-grade step-outs in massive sulphide mineralization,’’ said Fireweed President and CEO Ian Gibbs. “The impressive width and grade of the intersection at Tom South demonstrates that the zone thickens and remains open down-dip, positioning this hole amongst the most significant in the project’s history,’’ he said.

“Continued success in intersecting massive sulphide mineralization in wide step-outs reinforces Tom’s potential for substantial high-grade resource growth, a major value driver at Macpass, and underscores the massive exploration potential across the district,’’ he said.  “Additional drilling is planned, aimed at defining the extent of this highly prospective high grade zone.”

These results, along with the 2024 drilling results from Tom South were not included in the 2024 mineral resource estimate at the drilling occurred after the database cut-off date for the resource estimate.

• DSB-87, an infill hole drilled 150m southeast of discovery hole DSB-72, intersected 213.00m grading 0.51% Sn and 25.46 g/t Ag within a broader interval of 241.50m grading 0.47% Sn and 23.17 g/t Ag, beginning at 26.10m, including 1.18% Sn over 34.50m, beginning at 62.10m. This is the longest and highest-grade tin intersection obtained thus far in drilling at Iska Iska.
• Hole DSB-87 also includes higher-grade sections of:
  • 238.40 g/t Ag and 1.55% Sn over 4.50m, beginning at 150.60m, and
  • 0.64% Zn over 54.00m, beginning at 267.60m.
• DSB-80, a step-out hole collared 75m southwest of hole DSB-76, intersected several higher-grade silver, tin, gold and zinc intervals:
  • 53.10g/t Ag over 15.00m, beginning at 340.50m
  • 30 g/t Ag over 9.00m, beginning at 445.50m,
  • 34.50 g/t Ag over 10.50m, beginning at 460.50m,
  • 0.30% Sn and 3.01 g/t Au over 0.75m beginning at 516.00m,
  • 1.44% Zn over 6.00m beginning at 231.00m and
  • 41.13 g/t Ag and 2.36% Zn over 6.00m beginning at 250.50m.

• Hole DSB-84, a step-out hole 50m southwest of hole DSB-35, intersected higher-grade tin and silver intervals, including:
  • 31.62 g/t Ag over 16.50m, beginning at 109.00m, including 108.80 g/t Ag over 3.00m, beginning at 109.00m
  • 34.85 g/t Ag over 3.00m, beginning at 122.50m
  • 67.70 g/t Ag and 0.21% Sn over 4.50m beginning at 214.00m.

• DSB-85, a step-out hole drilled 125m southwest of hole DSB-79 intersected a number of higher-grade tin and silver intervals:
  • 38.26 g/t Ag over 22.50m, beginning at 58.50m, including 65.60 g/t Ag over 10.50m, beginning at 58.50m
  • 68.36 g/t Ag over 10.50m, beginning at 136.50m
  • 198.08 g/t Ag over 9.00m, beginning at 166.50m
  • 92.40 g/t Ag and 0.22% Sn over 6.00m, beginning at 186.00m
  • 0.79% Sn over 3.00m, beginning at 196.50m
  • 80.32 g/t Ag and 0.29% Sn over 7.50m, beginning 307.50m
  • 0.38% Sn over 4.50m, beginning at 379.50m
  • 0.20% Sn over 30m, beginning at 399.00m, including 1.45% Sn over 1.50m, beginning at 399.00m and 0.36% Sn over 4.50m, beginning at 417.00m.

• DSB-86, a step-out hole drilled 50m northeast of hole DSB-47, intersected a very long zinc and lead interval grading 0.81% Zn and 0.80% Pb over 241.50m, beginning at 102.70m, including a higher section grading 1.56% Zn and 0.98% Pb over 100.50m, beginning at 242.20m. It also included 52.80 g/t Ag and 1.30% Pb over 7.50m, beginning at 192.70m. Further downhole it intersected 0.85% Zn over 105.00m, beginning at 344.20m and 81.00 g/t Ag over 6.00m, beginning at 497.95m.

Note: True width is approximately 80% of core length.

Results from the new definition drill program have further expanded the footprint of a large multi-phase hydrothermal system in the potential starter pit at Iska Iska with dimensions having increased to approximately 800m by 500m by 500m deep. The current results have increased dimensions by 100m by 100m along and across strike, compared with those previously reported.

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from five (5) drillholes (DSB-80, DSB-84, DSB-85, DSB-86 and DSB-87) of the second phase definition diamond drilling program. Four of these holes are located in the Polymetallic Domain (DSB-80, DSB-84, DSB-85 and DSB-86) and one is in the Tin Domain (DSB-87), in the potential Santa Barbara starter pit area. These results have further expanded the footprint of a large multi-phase hydrothermal system in the potential starter pit with dimensions having now increased to approximately 800m by 500m by 500m deep (see Figure 1). The current results have increased dimensions by 100m by 100m along and across strike, compared with those previously reported (see Eloro’s Press Release dated August 6, 2025). To date, a total of 6,242m of diamond drilling in twelve (12) holes has been completed in the current definition drilling phase. A total of 2,346m was completed in the five (5) holes reported, with assays pending for the remaining two holes totalling 1,025m.

Figure 1 shows the location of drill holes reported, Table 1 lists significant assay results and Table 2 lists drill hole coordinates.

Tom Larsen, Eloro’s CEO commented: “We are pleased with the steady progress of our drilling operations at Iska Iska, a crucial step toward advancing the project. The scale and potential of this system continue to impress us with long higher-grade intercepts, including 213.00m grading 0.51% tin and 25.46 g/t silver in both the Tin-Silver and Polymetallic Domains. These results underscore the importance of this phase of drilling in unlocking additional value for our shareholders. Notably, the Santa Barbara Zone remains open laterally and downdip, presenting significant opportunities for further infill and step-out drilling to expand and upgrade the mineral resources for the planned PEA.”

Dr. Osvaldo Arce, P.Geo., Executive Vice President Operations, Latin America for Eloro added: “The dynamic nature of hydrothermal events seen in the drill core at Iska Iska is very encouraging, particularly the vein-breccia and intrusion-breccia which are typical of high-grade porphyry-tin and polymetallic deposits of the Bolivian Tin Belt district. The hydrothermal system shows strong scale and complexity, and interpretation of drill core is vectoring us towards a system with potentially significant tin-polymetallic endowment. The current closer-spaced definition drill program has both upgraded and expanded the mineralization with significant higher-grade tin, silver and polymetallic zones which are still open laterally and at depth in the potential starter pit area at Santa Barbara zone. In addition, holes DSB-80, DSB-84 and DSB-85 intersected mineralization in areas that were previously modeled as waste within the resource model, due to lack of drilling. The mineralization encountered in DSB-86 (polymetallic) and DSB-87 (tin predominant) is very encouraging. Hole DSB-86 targeted the enriched epithermal mineralization in the eastern part of the system, and hole DSB-87 targeted a prominent intrusion breccia vein-breccia zone within the southwestern >0.30% tin zone. We are optimistic that additional drilling will further delineate the mineralized zone and potentially confirm larger extensions both laterally and at depth of both the tin and polymetallic system at Iska Iska.”

Definition Drill Program, Santa Barbara Potential Starter Pit Area

Drillholes DSB-80, DSB-86 and DSB-87 were drilled in the southeastern margin of the Potential Starter Pit Area, and holes DSB-84 and DSB-85 were drilled in the southwestern margin of the Pit area.

DSB-80, a step-out hole collared 75m southwest of hole DSB-76, intersected several higher-grade silver, tin, gold and zinc intervals:

• 53.10g/t Ag over 15.00m beginning at 340.50m,
• 58.00 g/t Ag over 1.50m beginning at 430.50m,
• 30 g/t Ag over 9.00m beginning at 445.50m,
• 34.50 g/t Ag over 10.50m beginning at 460.50m,
• 38 g/t Ag over 1.50m beginning at 480.00m,
• 3.01 g/t Au and 0.30% Sn over 0.75m beginning at 516.00m, and
• 30.75 g/t Ag and 0.88% Zn over 3.00m beginning at 532.50m.

This hole also intersected: 0.39% Sn and 28 g/t Ag over 0.75m beginning at 91.50m, 30.50 g/t Ag over 3.00m beginning at 210.00m, 1.44% Zn over 6.00m beginning at 231.00m and 41.13 g/t Ag and 2.36% Zn over 6.00m beginning at 250.50m.

DSB-84, a step-out hole 50m southwest of hole DSB-35, intersected a number of higher-grade tin and silver zones including:

• 31.62 g/t Ag over 16.50m beginning at 109.00m including 108.80 g/t Ag over 3.00m beginning at 109.00m,
• 34.85 g/t Ag over 3.00m beginning at 122.50m,
• 0.49% Sn over 1.50m beginning at 50.50m and 76.30 g/t Ag and 0.44% Sn over 1.50m beginning at 86.50m.

Further downhole, DSB-84 intersected: 30.70 g/t Ag over 1.50m, beginning at 160.75m, 67.70 g/t Ag and 0.21% Sn over 4.50m, beginning at 214.00m and 39.00 g/t Ag and 0.30% Sn over 1.50m, beginning at 227.50m.

DSB-85, a step-out hole drilled 125m southwest of hole DSB-79 intersected a number of higher-grade tin and silver intervals:

• 38.26 g/t Ag over 22.50m beginning at 58.50m including 65.60 g/t Ag over 10.50m beginning at 58.50m,
• 32.51 g/t Ag and 0.14% Sn over 10.50m beginning at 39.00m,
• 29.73 g/t Ag and 0.22% Sn over 6.00m beginning at 91.50m,
• 68.36 g/t Ag over 10.50m beginning at 136.50m.
• 198.08 g/t Ag over 9.00m beginning at 166.50m.
• 92.40 g/t Ag and 0.22% Sn over 6.00m beginning at 186.00m.
• 0.79% Sn over 3.00m beginning at 196.50m.
• 20.97 g/t Ag and 0.25% Sn over 4.50m beginning at 240.00m.
• 80.32 g/t Ag and 0.29% Sn over 7.50m beginning 307.50m.
• 0.45% Sn over 1.50m beginning at 334.50m.
• 18.20 g/t Ag and 0.29% Sn over 3.00m beginning at 339.00m,
• 0.38% Sn over 4.50m beginning at 379.50m.
• 0.20% Sn over 30m beginning at 399.00m including 1.45% Sn over 1.50m beginning at 399.00m.
• 0.36% Sn over 4.50m beginning at 417.00m.

DSB-86, a step-out hole drilled 50m northeast of hole DSB-47, intersected 0.81% Zn and 0.80% Pb over 241.50m, beginning at 102.70m, including a higher section grading 1.56% Zn and 0.98% Pb over 100.50m, beginning at 242.20m. It also included 52.80 g/t Ag and 1.30% Pb over 7.50m, beginning at 192.70m. Further downhole it intersected 0.85% Zn over 105.00m, beginning at 344.20m and 81.00 g/t Ag over 6.00m, beginning at 497.95m.

DSB-87, an infill hole drilled 150m southeast of discovery hole DSB-72, intersected a higher-grade tin zone grading 0.47% Sn and 23.17 g/t Ag over 241.50m, beginning at 26.10m, including a higher-grade section of 0.51% Sn and 25.46 g/t Ag over 213.00m, beginning at 26.10m, 1.18% Sn over 34.50m, beginning at 62.10m, 238.40 g/t Ag and 1.55% Sn over 4.50m, beginning at 150.60m. Further downhole, it intersected 0.64% Zn over 54.00m, beginning at 267.60m.

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The yellow circles highlight the location of holes DSB-80, DSB-84, DSB-85, DSB-86 and DSB-87 referred to in this release.

Table 1: Definition Diamond Drill Results as of September 1, 2025, Santa Barbara, Iska, Iska.

Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted.

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska Iska as of September 1, 2025

Qualified Person (“QP”)

Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release. Dr. Arce has supervised all field work carried out at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia 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 for analysis. 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.

Drill core samples sent to AHK Laboratories were prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi, all located along the same overall geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (SBBP) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole from 0.0m to 257.5m. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, 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. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December 18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11m in hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

On January 29, 2024, the Company reported that the new chargeability high outlined southeast of the MRE open pit by the expanded induced polarization (IP) survey indicates that the major mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the southeast for an overall strike length of at least 2km. This new area has not been drilled.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the preliminary economic assessment (“PEA”).

Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m including higher grade intervals of:

• 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
• 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn(146.06g Ag eq/t) over 16.51m, and
• 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn(129.60g Ag eq/t) over 7.46m

Further drill results were released on January 6, 2025:

• Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193.00g Ag eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15% Sn (106.97g Ag eq/t) over 142.50m.
• Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.35g Ag eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and 0.13% Sn (127.89g Ag eq/t) over 255.75m
• Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag eq/t) over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn (71.46g Ag eq/t) over 127.50m.

On January 23, 2025, the Company reported discovery hole DSB-72 that opens up a major tin zone intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn. Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to a depth of at least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections in this breccia unit which is very under-drilled

Higher grade tin mineralization in Hole DSB-72 occurs as visible coarse and medium-grained high temperature cassiterite which is likely to be amenable to multi-gravity separation. Core from this hole will be used for additional metallurgical testing. Geophysically, the intrusion breccia has low chargeability which contrasts considerably with the adjacent later epithermal Ag-Zn-Pb mineralization which is marked by a strong chargeability anomaly. The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.

With this discovery of a presumed shallow level apophysis of a tin porphyry at depth, Eloro is in a unique position of having two discernable different deposit styles juxtaposed against one another; a very large silver-zinc-lead dominant system next to a high-grade tin system. While these two systems are likely genetically related, this means that the Company may potentially have two giant deposits on the same property.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

The combined company is expected to rank as a top five global copper producer, with output of 1.2 million tonnes annually, headquartered in Canada, offering investors more than 70% exposure to the red metal, via a portfolio of operations, including six world class copper assets, alongside high-quality premium iron ore and zinc businesses.

Teck’s Class B common advanced on the news, rising 12.8% or $6.24 to $54.74. The shares trade in a 52-week range of $72.92 and $40.23.

The merger will be implemented by means of a plan of arrangement through which Anglo American will issue 1.3301 ordinary shares to the existing Teck shareholders in exchange for each outstanding Teck Class A common share and Class B voting share, consistent with a merger of equals at market. Subject to the satisfaction of certain conditions, the Anglo American board also intends to declare a special dividend of US$4.5 billion (expected to be US$4.19 per ordinary share to be paid by Anglo American to its shareholders on the Anglo American register of members ahead of completion of the merger.

At or prior to completion, Anglo American and Teck will each nominate for appointment 50% of the non-executive directors of the Anglo Teck board, with Sheila Murray serving as Chair of Anglo Teck upon completion, at which point the executive directors of the combined company will be Duncan Wanblad as CEO, Jonathan Price as Deputy CEO and John Heasley as CFO. The CEO, Deputy CEO and CFO and a significant majority of the senior executive team will be based in and reside in Canada, with the senior executive team including meaningful representation from South Africa and the United Kingdom.

The combined company will emerge as a top five global copper producer with combined annual copper production of 1.2 million tonnes, increasing by 10% to 1.35 million tonnes from a portfolio of long-life assets including the Collahuasi, Quebrada Blanca, and Los Bronces mines in Chile, the Antamina and Quellaveco mines in Peru and Highland Valley Copper mine in British Columbia.

Ango Teck will also rank as a major producer of iron ore, and one of the world’s largest producers of zinc via the world-class Red Dog mine in Alaska and fully-integrated zinc and lead smelting and refining facilities at Trail, B.C.

The combined company is looking to pre-tax recurring annual synergies of US$800 million, and an additional US$1.4 billion of underlying EBITDA revenue synergies between the adjacent Collahuasi and Quebrada Blanca operations on an average pre-tax annual basis from 2030 to 2049, which is expected to result in an increase of 175,000 tonnes of potential additional copper production.

Highlights – Santiago Deposit: 14.0 metres grading 6.68 g/t gold and 6.0 metres grading 9.0 g/t gold, the first drilling at Santiago since 2008.

High-grade intercepts up to 23.1 g/t AuEq over 1.9 metres within a broader 5.8-metre zone grading 9.0 g/t AuEq.

Underground drilling continues to hit the Creston and Perdido veins in every hole, confirming continuity and expansion potential.

New breccia-style zones returned 27.1 g/t AuEq over 0.4 metres and 13.1 g/t AuEq over 1.2 metres north of current workings.

The first two holes at Santiago have exceeded expectations, returning higher grades than those in the current resource model. Located one kilometre from current mine workings, Santiago has never been mined and is open along strike. Six holes have now been completed (1,656 m of a 2,500 m program).

“The Santiago Deposit is a gold-rich part of the Tahuehueto system that has never been mined,” stated Paul D. Gray, VP Exploration. “These are the first drill results from Santiago in more than 16 years, and they clearly demonstrate the potential for new, high-grade resources. Importantly, Santiago trends onto ground we recently acquired, giving us immediate upside in untested areas.”

All 27 underground holes drilled to date (6,200 m) have intersected the Creston and Perdido veins, extending known mineralization north of existing workings. Several new breccia zones were discovered, confirming strong continuity of these productive structures and supporting near-mine resource growth.

Both surface and underground drilling are advancing. At Santiago, step-out drilling is targeting strike extensions to the east and west. Underground, Phase 2 drilling continues to focus on adding mineable resources into the near- and medium-term mine plan.

The Tahuehueto property comprises a large, epithermal gold-silver vein system comprising 11 km of strike length of known veins and other mineralized structures. These drill campaigns represent the first substantive exploration drilling on the property in over 12 years.

Mineralization remains open along strike and at depth for most of the modeled Mineral Resource areas. The objective of the current campaigns will be a combination of in-fill and step-out drilling to demonstrate the vertical and horizontal extent of mineralization as well as to target thick, high-grade mineralized breccia zones known to exist within the epithermal vein system. Recent mining in Level 23 encountered higher grade mineralization averaging 3.30 g/t Au over vein widths up to 20 metres, with values up to 65.04 g/t Au, in breccia zones branching off the main Creston vein.

In addition to the four veins that comprise the Mineral Resource, there are at least 14 additional prospective veins documented within the concession area that have potential to host additional epithermal Au-Ag(-Cu-Zn-Pb) mineralization. In some cases, these prospective targets may represent extensions of the currently defined Mineral Resource. The company estimates that there are more than 11 km of prospective vein structures (measured along strike), compared to the 4.5 km of mineralized veins that support the current Mineral Resource model.

Luca Mining has two 100%-owned producing mines within the Sierra Madre mineralized belt, Mexico, which hosts numerous producing and historical mines along its trend. The company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.

The Tahuehueto Mine is a large property of over 75 km² in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The company has successfully commissioned its mill and is now in commercial production.

Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Luca has completed a preliminary economic assessment (PEA) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources.

“Completion of all the Phase I earn-in stipulations outlined in the Barksdale-Regal joint venture agreement within the two-year period is a significant accomplishment on behalf of all Barksdale stakeholders,” said CEO William Wulftange.

“Just as important, the associated drill programs have intersected the down-dip extension of South32’s Taylor deposit and initiated testing of copper porphyry-style mineralization located solely on the Sunnyside Property where historical drill programs reported intervals with elevated copper, manganese, antimony and silver values,” he added.

“Barksdale is now focused on completing the Phase II earn-in stipulations that take the Company to a permanent 67.5% ownership of the prospective Sunnyside project within the next two-year period. This requires completing an additional 7,260 metres (25,000 feet) of drilling and payment of C$550,000 and issuance of 4.9 million shares,” said Mr. Wulftange. Once the 67.5% ownership is reached, the Company intends to drill the extension of South32’s Peake copper deposit on Sunnyside’s boundary.

Proposed Fall Drill Campaign

The Company has designed a 7,260 metre (25,000 feet) drill program to efficiently test copper, silver and associated base metal targets found exclusively on the Sunnyside property. These targets, previously identified by ASARCO during their 1970 through1992 exploration programs, were recommended for follow-up drilling which was not completed. The Company plans to initiate select ASARCO recommended follow-up drilling. The Company is currently soliciting bids from drill companies to complete this work.

Qualified Person

William Wulftange, Reg.Mem. SME, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical content of this release. He is the CEO and director of Barksdale.

About Barksdale Resources Corp.

At Barksdale, our mission is to drive long-term shareholder value through the strategic acquisition, exploration, and advancement of high-quality critical, base, and precious metal projects across the Americas.

We are focused on the metals essential to the global energy transition and modern infrastructure-particularly copper, zinc, and other critical minerals-at a time when secure, domestic and regional sources are more important than ever.

With a sharp focus on critical metals and a commitment to responsible growth, Barksdale is positioned to play a key role in meeting tomorrow’s resource needs.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements:

This news release may contain certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the Phase II earn-in and meeting the requirements thereof, and the proposed Fall 2025 drill program and results therefrom are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Barksdale, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the Company has made assumptions and estimates based on or related to many of these factors. All forward-looking statements contained in this news release are qualified by these cautionary statements and those in the Company’s continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. Readers should not place undue reliance on the forward-looking statements contained in this news release concerning these items. Barksdale does not assume any obligation to update the forward-looking statements if beliefs, opinions, projections, or other factors, should change, except as required by applicable securities laws.

Each Unit consists of one common share of the Company (each, a “Unit Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share“) at a price of C$1.60 at any time on or before September 4, 2028.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital, as is more fully described in the Amended Offering Document (as defined herein).

In accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“), the Units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption“). The Unit Shares and the Warrant Shares underlying the Units sold to purchasers resident in Canada are immediately freely tradeable in accordance with applicable Canadian securities legislation.

As consideration for their services, Red Cloud received aggregate cash fees of C$980,087.50 and 852,250 non-transferable common share purchase warrants (the “Broker Warrants“). Each Broker Warrant is exercisable into one Common Share at the Offering Price at any time on or before September 4, 2028.

There is an amended offering document dated August 27, 2025 (the “Amended Offering Document“) related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com.

The closing of the Offering remains subject to the final approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable U.S. state securities laws, or in compliance with available exemptions therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements in this news release include, without limitation, statements regarding the intended use of proceeds from the Offering and the final approval of the Offering from the Toronto Stock Exchange. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

Each Unit will consist of one common share of the Company (each, a “Unit Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share“) at a price of C$1.60 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 2,609,000 Units at the Offering Price for additional gross proceeds of up to C$3,000,350 (the “Over-Allotment Option“). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the “Offering“. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be C$14,001,250.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital, as is more fully described in the Amended Offering Document (as defined herein).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“), the Units under the Offering will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario (and, with the consent of the Company, in Québec) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption“). The Unit Shares and the Warrant Shares underlying the Units are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act“). All securities not issued pursuant to the Listed Issuer Financing Exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the Closing Date.

There will be an amended offering document (the “Amended Offering Document“) related to the revised Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com. Prospective investors should read this Amended Offering Document before making an investment decision.

The Offering is scheduled to close on September 4, 2025 (the “Closing Date“), or such other date as the Company and Red Cloud may agree. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements in this news release include, without limitation, statements regarding the Offering, the closing of the Offering, the anticipated closing date of the Offering, the intended use of proceeds from the Offering and the filing of the Amended Offering Document. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

Each Unit will consist of one common share of the Company (each, a “Unit Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share“) at a price of C$1.60 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 1,740,000 Units at the Offering Price for additional gross proceeds of up to C$2,001,000 (the “Over-Allotment Option“). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the “Offering“.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital, as is more fully described in the Amended Offering Document (as defined herein).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“), the Units under the Offering will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario (and, with the consent of the Company, in Québec) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption“). The Unit Shares and the Warrant Shares underlying the Units are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act“). All securities not issued pursuant to the Listed Issuer Financing Exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the Closing Date.

An amended offering document (the “Amended Offering Document“) related to the Offering will be made available under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.elororesources.com. Prospective investors should read this Amended Offering Document before making an investment decision.

The Offering is scheduled to close on September 4, 2025 (the “Closing Date“), or such other date as the Company and Red Cloud may agree. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements in this news release include, without limitation, statements regarding the Offering, the closing of the Offering, the anticipated closing date of the Offering, the intended use of proceeds from the Offering and the filing of the Amended Offering Document. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

Highlights from Table 1 include: NP25-014 intersected 11 m grading 5.1 g/t AuEq or 13% ZnEq (2.5 g/t Au, 3% Zn, 82 g/t Ag, 0.23% Cu, 0.16% Pb) from 233 metres downhole, including 1 metre grading 20.5 g/t AuEq or 50.2% ZnEq (12.1 g/t Au, 7.02% Zn, 498 g/t Ag, 1.20% Cu, 0.61% Pb).

NP25-009 intersected 5.35 metres grading 1.8 g/t AuEq or 4.5% ZnEq (1.0 g/t Au, 0.99% Zn, 18 g/t Ag, 0.23% Cu, 0.16% Pb) from 212 m downhole.

NP25-041 intersected 12.9 m grading 0.7 g/t AuEq or 1.8% ZnEq (0.3 g/t Au, 0.58% Zn, 6 g/t Ag, 0.16% Cu, 0.02% Pb) from 288.1 m downhole.

Assays from 10 drillholes are pending, including 3 step-out holes. Mineral resource estimate is targeted for Q4/2025.

“NP25-014 is our strongest intercept to date, and the strength of these results continues to reinforce the potential of the Lara VMS Project,” said Sam Eskandari, CEO of Nova Pacific Metals. “We’re seeing better-than-expected grades in portions of the Coronation deposit. These results are a compelling validation of our exploration model and a strong indication of the system’s potential for expansion. With additional holes still pending, including step-outs, we anticipate steady news flow as we advance toward our first resource estimate, targeted for the fourth quarter of this year.”

Nova Pacific has concluded its Phase 1 drill program at the Coronation area, with 36 holes completed. To date, results from 23 holes (5,435 m) have been reported and assay results from 10 holes (3,225 m) are pending. The company is advancing toward its planned mineral resource estimate, targeted for the fourth quarter of this year.

While assay results have only been reported for roughly two-thirds of the program, they broadly continue to validate the company’s exploration model and are generally consistent with, or better than, historical drilling in these portions of the Coronation deposit. This provides encouraging support for the verification of the historical dataset. In addition, the program continues to yield valuable geological information that will refine the Company’s interpretation, expand orebody knowledge, and identify opportunities for potential mineralized extensions.

The Phase 1 exploration program is intended to verify up to 39,092 mteres of historical drilling across 245 holes in the Coronation area of the Lara Project, which previously supported a historical mineral resource estimate.

Coronation is just one of several high-priority targets within Nova Pacific’s 17-km VMS belt on Vancouver Island. The belt lies within the prospective McLaughlin Ridge Formation, a correlative volcanic sequence that hosts the past-producing Myra Falls VMS Mine and remains underexplored despite favourable geology and nearby infrastructure. The Lara Project spans 19 mineral claims covering 47 km², with an unverified historical dataset that includes 323 drillholes totalling 58,262 metres of drilling.

Although the Coronation area has attracted most of the historical work, Nova Pacific has begun evaluating six additional mineralized zones across the property, many of which contain historical drill holes. These zones are largely untested and form a key part of the company’s strategy to define resources at the Lara Project beyond the Coronation area. Field programs, including mapping, systematic sampling, and historical data compilation, will be used to refine targets and support future drilling. The potential for lens stacking and stratigraphic clustering, characteristic of VMS camps, further strengthens the broader exploration thesis.

The company acknowledges that its Lara Project is located on the Traditional, Ancestral, and Unceded Territories of the Hul’qumi’num Treaty Group, a politically unified group representing six Hul’qumi’num-speaking First Nations: Cowichan, Stz’uminus, Penelakut, Lyackson, Halalt, and Lake Cowichan.

Nova Pacific Metals is advancing the Lara Volcanogenic Massive Sulfide (VMS) with an option to acquire a 100% interest in the Lara Project, which hosts a significant historical mineral resource enriched with critical and precious metals and is strategically located near key infrastructure.

The company said the offering will consist of up to 40 million common shares priced at 20 cents per offered share. The agents have been granted the option to sell up to an additional 5.0 million offered shares at the offering price, potentially raising up to an additional $1.0 million. That option can be exercised in whole, or in part for up to 48 hours prior to closing which is expected to occur on September 9, 2025.

Excellon shares rose 2.22% or $0.005 to 23 cents on Tuesday. The shares currently trade in a 52-week range of 39.5 cents and $0.08.

Excellon is focused on the potential restart of the Mallay mine. The Mallay Mine is located in the Lima region of central Peru. From 2012 to 2018, the mine produced 6.0 million ounces of silver, 45 million pounds of zinc and 35 million pounds of lead. The flotation plant has a processing capacity of 600 tones per day. It is currently on care and maintenance, while the company evaluates its restart potential.

The company recently said mine rehabilitation is progressing well. It said an experienced underground mining contractor has commenced rehabilitation of the 4150 and 4090 levels and is advancing 70 to 80 metres of rehabilitation per day. This pace keeps the company on schedule to complete the mine rehabilitation activities within the next three to four months, consistent with prior guidance.

Once rehabilitation is complete, the company said it plans to assess the mine restart within previously developed zones where mineralized material is readily accessible and do not require de-watering. “This restart approach allows us to leverage a fully permitted, operational 600 tonne-per-day processing facility which reflects more than US$115 million in historical investment,” the company said in a press release. “With all necessary permits in place, we are targeting a ramp-up to nameplate capacity by the second quarter of 2026,” the company said.

Meanwhile, the company is also advancing a portfolio of gold, silver and base metal assets including the Tres Cerros gold/silver property in Peru; Kilgore, an advanced gold exploration project in Idaho, and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and little modern exploration.

The Tres Cerros exploration property lies approximately six kilometres northwest of Mallay. “We believe this project could host a significant bulk-tonnage gold-silver system and are committed to advancing it in a responsible manner,” the company said.