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Iska Iska Polymetallic Project, Bolivia

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Iska Iska Polymetallic Project, Bolivia TSXV ELO | FSE P2Q Corporate Presentation October 2020 Forward Looking Statements Certain information contained herein regarding Eloro Resources Ltd., including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks, including but not limited to risks associated with mining exploration, operating costs, productioncosts, volatility of share prices, currency fluctuations, imprecision of resource and reserve estimates, environmental risks and ability to access sufficient capital from internal and externalsources. As a consequence, actual results may differ materially from those anticipated in any forward looking statements. Plans, intentions or expectations disclosed in any forward-looking statements or information should not be read as guarantees of future results or events, and will not necessarily be accurate indications of whether or when or by which such results or events will beachieved. Except as required by law, Eloro Resources Ltd., expressly disclaims any intentionand undertakes no obligation to update any forward looking statements or information as conditions change. Any historical mineral resources mentioned are strictly historical in nature and are non-compliant to National Instrument 43-101 mineral resources and mineral reserves standards, and should therefore not be relied upon. Aqualified person has not done sufficient work to upgrade or classify the historical mineral resources as current National Instrument NI-43-101compliant. | 2 ELORO Capital Structure TSX- V:ELO Exchange Frankfurt: P2Q (WKN A1JKAT) Shares Issued and 47.6 million Outstanding (Sept30,2020) Warrants 4.5 million ($0.50 to $0.60 onexercise) Options 4.3 million ($0.12 to $0.87 onexercise) Fully Diluted 56.8 million Share Price $1.4 (Sept 30, 2020) Market Capitalization $66.8 million *CDNcurrency | 3 OPPORTUNITY In Bolivia A first-of-its kind deal between Bolivia’s state mining company Comibol and Vancouver-based explorer New Pacific Metals (TSXV: NUAG; US-OTC: NUPMF) promises to usher in a new period of foreign investment into Bolivia’s mining industry. “It is a benchmark achievement that shows Bolivia is open to foreign investment,” New Pacific, Gordon Neal, President: On New Pacific deal announcement. Faced with today’s, challenging Eloro’s agreement on economic environment, the Bolivian Iska Iska in the South Mineral Belt government is keen to find of Bolivia is a major opportunity for alternative sources of funding. the Company. | 4 ISKA ISKA DefinitiveAgreement Eloro has signed a Eloro plans to undertake an Definitive Option exploration and development Agreement on Iska program on the property which will Iska to acquire a 99% include: diamond drilling interest in the project advanced geological mapping, which has never geochemical sampling and been drilled conceptual modelling of the extensive mineralized zones Eloro has issued to the Title Holder 250,000 common shares within 30 days of the signing of the Definitive Agreement and can elect to issue 250,000 common shares more within two years. Eloro also has the option of paying US $10 million to the Title Holder within 4 full years, as part of the royalty free deal | 5 ISKA ISKA Location Excellent potential for gold, silver and base metal deposits in Bolivia’s prolific South Mineral Belt. Property has never been drilled. Situated near world-class deposits in the department of Potosi. These include: Silver Sand, San Bartolomé, Pulacayo, San Cristobal, San Vicente, Chorolque, Tasna, Choroma and Siete Suyos. Eloro has the technical skills and ability to explore and develop Iska Iska. | 6 ISKA ISKA Main Geological Characteristics The Iska Iska prospect is a Mineralization occurs within a polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Miocene possibly collapsed/ Sn, In) epithermal-porphyry complex. resurgent caldera that consists of The main potentially economic metals the Iska Iska granodioritic are gold, silver, zinc and lead. stockworks and 5 dacitic domes Byproducts can be bismuth, copper which are each about 500m in and indium. diameter. Intrudes/extrudes an intensely The polymetallic mineralization deformed sequence of Ordovician occurs mainly as veins, subsidiary shales, siltstones, and sandstones, vein swarms, veinlets, stockworks which are partially covered by and disseminations. Miocene pyroclastic rocks. Dome complex has several igneous breccias, quartz porphyries, dikes, and dacitic syn-kinematic flows. | 7 OPPORTUNITY In Bolivia Bolivia has world class famous CERRO RICO large scale deposits of gold, Cerro Rico de Potosí is the world’s silver, iron ore, zinc, tin, lead and largest silver deposit and has been lithium. mined since the sixteenth century, producing up to 60,000 tonnes* by 2018. POTOSI It has been reported that considerable Silver from the mines of Potosi, still silver still remains in the mines. a by-word in Spanish for incalculable wealth, which supercharged Europe’s After 500 years of metal extraction, economy in the early modern era. this deposit still contains a world-class silver and tin reserve (> 500 million tonnes grading ~ 100 g/t Ag and 0.2% Sn; Bernstein, M., 1989). * Source: National Instrument 43-101 | 8 ISKA ISKA Porvenir Concession The Iska Iska Porvenir Concession is a road accessible, royalty-free property, (wholly-owned by the Title Holder). It is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi It covers an area of 900 Ha. (9 SqKm.) | 9 MINERAL DEPOSITS Bolivia Dr. Osvaldo Arce, P. Geo ., President of the Bolivian Geological Society (2010-2017), a highly recognized Bolivian geologist and a key member of the Eloro team, prepared a comprehensive textbook on the mineral deposits of Bolivia. Iska Iska is in the SW part of the Eastern Cordillera which hosts a number of major polymetallic mines and mineral deposits. Silver Sand New Pacific Metals Silver Sand San Bartolome Argentum Investments Prophecy Development Pulacayo Corp. San Cristobal Sumitomo Corp. San Vicente Pan American Silver | 10 LOCATION AND ACCESS Bolivia Bolivia Sur Chichas Province, Potosi 300 km 50 km | 11 ISKA ISKA Property Geology & Mineralization Preliminary Geological Map of Iska Iska Iska Iska is a major polymetallic epithermal porphyry complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks that consists of the Iska Iska granodioritic stock, five dacitic domes, igneous hydrothermal breccias, quartz porphyries, dikes, and dacitic flows. Mineralization age is similar to Cerro Rico de Potosí and other systems such as Chorolque, Tasna and Choroma, located in the same geological trend. | 12 ISKA ISKA Geology & Mineralization Hydrothermal mineralization has a Metallic minerals are pyrite, galena, widespread polymetallic signature sphalerite, complex silver-rich (Sn, Ag, Zn, Pb, Bi, W, Au) and is phases, argentite electrum, native usually telescoped being spatially gold, chalcopyrite and cassiterite. related to epizonal intrusions. Gangue minerals are quartz, kaolinite, arsenopyrite, pyrrhotite, marcasite, sericite, and siderite. Mineralization occurs as groups The main potentially economically of veins, subsidiary vein swarms, exploitable metals are gold, silver, veinlets, stockworks and zinc and lead. Potential byproducts disseminations. are bismuth, copper and indium. | 13 GEOLOGICAL MODEL Simplified Polymetallic mineralization is associated with the Subvolcanic Intrusive Complex | 14 DEPOSIT MODEL Conceptual Silver Sand | 15 MINERALIZATION High Grade Insitu Breccia with High Grade Mineralization 30 cm Channel sample: 2.90m @12.35g/t Au; 57.40g/t Ag; 1.86% Zn; 1.44% Pb | 16 INTENSE ALTERATION In Underground Workings Strongly oxidized, sericitized and argillized granodiorite with extensive brecciation and disseminated sulphides | 17 DUE DILIGENCE Program Between August 7 to 22, 2019; Four underground workings were Eloro performed preliminary sampled: Huayra Kasa (W-NW evaluation work at the Iska Iska branch and second N-S branch) property that included preliminary Santa Barbara, Porco and geological mapping and sampling Mine 2 adits. Two areas on (42 samples were collected). surface were sampled as well. Channel samples were taken of Assays were performed at the both mineralization and altered ALS Laboratory in Oruro Bolivia wallrock. Sample widths ranged (preparation) and in Lima Perú between 1.20 m to 5.55 m with (analyses). an average of 2.90 m. The due diligence work was performed just in about 15% of the total property area. | 18 DUE DILIGENCE Results The channel sampling program LEAD confirmed extensive and significant polymetallic mineralization (see Lead (Pb) values range between 0.41 - detailed table in Appendix) as follows: 16.95% Pb (49% of channel samples) SILVER COPPER Silver (Ag) values range between 35.5 Copper (Cu) values range between 0.1 - 694 g/t Ag - >1% (46% of channel samples) (22% of channel samples) GOLD BISMUTH Gold (Au) values range between 0.31 Bismuth (Bi) values range between 967 - 28.6 g/t Au - 7,380 ppm Bi (42% of channel samples) (22% of channel samples) ZINC INDIUM Zinc (Zn) values range between 1.05 - Indium (In) values range between 10.35 16.95% Zn - >500 ppm In (37% of channel samples) (34% of channel samples) | 19 BOLIVIA Next Steps Following the Completion of the Definitive Agreement,Eloro Now Plans to Proceed with an Aggressive Exploration Program Geological mapping to better Acquisition & interpretation of Astor define full extent of hydrothermal data to outline
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