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

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 , 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 that consists of The main potentially economic metals the Iska Iska granodioritic are gold, silver, and . 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 , vein swarms, veinlets, stockworks which are partially covered by and disseminations. Miocene pyroclastic rocks.

Dome complex has several igneous , 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 , zinc, , 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, , widespread polymetallic signature , complex silver-rich (Sn, Ag, Zn, Pb, Bi, W, Au) and is phases, argentite electrum, native usually telescoped being spatially gold, chalcopyrite and . related to epizonal intrusions. Gangue minerals are quartz, kaolinite, arsenopyrite, pyrrhotite, marcasite, , 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 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 additional areas system with hydrothermal alteration

Expand rock sampling First phase underground program on underground diamond drilling at Huayra Kasa workings and surface

Second phase surface diamond Trenching on priority targets drilling in most areas of the outlined by geological mapping property

Ground or drone magnetic survey Initial objective is to outline a and soil geochemical survey to National Instrument “NI” 43-101 evaluate covered ground mineral resource

| 20 BOLIVIA Conclusions

Eloro has the option to earn a Mineralization age is similar to 99% interest in the Iska Iska property Cerro Rico de Potosí and other located in Bolivia’s prolific South Mineral systems in Bolivia such as Belt which includes world-class deposits Chorolque, Tasna and Choroma, such as: Chorolque, Tasna, Choroma, located in the same geological trend. Siete Suyos and San Vicente.

Bolivia is now actively seeking There is widespread hydrothermal foreign investment to develop its alteration with a polymetallic mining sector which is very signature (Sn, Ag, Zn, Pb, Bi, W, underdeveloped. Au), usually telescoped and spatially related to epizonal intrusions.

Iska Iska is a major polymetallic Due diligence sampling has confirmed epithermal-porphyry complex the presence of significant associated with a Miocene possibly polymetallic base and precious collapsed/resurgent caldera. metal mineralization within zones of extensive hydrothermal alteration.

| 21 ELORO Experienced Team

Management Team Technical Advisors

THOMAS LARSEN B.A. BILL PEARSON Ph.D., P.Geo. Chairman andCEO Chief Technical Advisor MILES NAGAMATSU C.P.A., C.A. QUINTON HENNIGH Ph.D, Geology/Geochemistry Chief FinancialOfficer Technical Advisor

JORGE ESTEPAB.A. HARRY BURGESS P.Eng V.P.,Secretary-Treasurer Mining Engineer OSVALDO ARCE Ph.D., P.Geo. GRAHAM SPEIRS P.Eng. General Manager, Minera Tupiza S.R.L. Technical Advisor JIM STEEL MBA, P.Geo. JIMENA MORAN B.A. Senior Technical Advisor Executive Assistant Board of Directors Corporate Advisory Board

THOMAS LARSEN B.A. QUINTON HENNIGH Ph.D, Geology/Geochemistry Chairman andCEO Senior BusinessAdvisor FRANCIS SAUVE DOUG BACHE B. Math ALEXANDER HORVATH P.Eng. Corporate Advisor CHRIS HOLDEN CFA DUSAN BERKA P.Eng. Corporate Advisor RICHARD STONE C.I.M.

| 22 APPENDIX

| 23 Mineral Resources of Main Mines APPENDIX Operating/ Exploring in Bolivia

MINERAL REGIONAL MAIN RESOURCES/ MINE /PROJECT COMPANY GEOSTRUCTURAL DEPOSIT TYPE GEOLOGY & MINERALIZATION STAGE COMMODITIES RESERVES & UNIT GRADES

4 km diameter caldera filled with volcaniclastic rocks Epithermal and intruded by a Miocene porphyritic sills and volcanic 259 Mt; 62 g/t Sumitomo Altiplano Intermediate Ag, Zn, Pb domes of dacitic to andesitic composition. Silver-lead- Ag; 1.57% Zn; Exploitation San Cristobal Corp. Sulphide (IS) zinc mineralization subsequently was deposited in both 0.55% Pb the volcaniclastics and the dacitic intrusions

Basement Ordovician to Silurian clastic marine rocks COMIBOL/ and locally Cretaceous continental rocks are overlain by San Eastern “Bolivian-type” Argentum Ag a thick sequence of middle Miocene volcanic and 15 Mt; 76 g/t Ag Exploitation Cordillera polymetallic Bartolome Investments volcaniclastic rocks. Ore in colluviums are composed of disseminated silver in silicified rhyodacite

Mineralization is hosted in Tertiary continental conglomerates that discordantly overlie Ordovician 9 Mt; 300 g/t Ag; COMIBOL/Pan shales and sandstones. 3% Zn; Eastern “Bolivian-type” Ag, Zn, Pb, American The argentiferous mineralization shows common 0.4% Pb; Exploitation San Vicente Cordillera polymetallic Cu, Sn Silver bonanza zones, as well as an area of massive tabular 0.3 % Cu; mineralization, hosted in silicified shear zones that can 0.3 % Sn reach 60 m in width

The deposit is underlain by Tertiary conglomerates, COMIBOL/ rhyolitic tuffs, andesitic flows, dacitic and quartz-latitic Prophecy domes, and rhyolitic and andesitic porphyries that host 50 Mt; 450 g/t Pulacayo Development Altiplano Epithermal IS Ag Exploration veins filled with quartz, barite, pyrite, Zn- and Pb-bearing Ag Corp. sulfides, and Ag sulfosalts Silver mineralization is hosted by zones of sheeted veinlets, stockwork veinlets, crackle veins and breccia COMIBOL/ Eastern “Bolivian-type” Nd; approx. 200 Ag zones in brittle fractures in quartz arenites or Exploration Silver Sand New Pacific Cordillera polymetallic g/t Ag sandstones of Cretaceous rocks. Mineralized fractures could extend downward for more than 200 metres

Sources for Mineral Resources: Minera San Cristobal (2009); Coeur D’alene (2010); Panamerican Silver (2014); Prophecy Dev. Corp. (2017); New Pacific (2019) | 24 Huayra Kasa Adit APPENDIX Underground Channel Sampling

The most representative underground working in the Iska Iska property is the Huayra Kasa UG There are about 300 metres of drifts and crosscuts Mineralization is hosted in Tertiary granodiorite (dykes), (dome) and Ordovician The epithermal- porphyry mineralization includes groups of veins, subsidiary vein swarms, veinlets, stockworks, and disseminations SAMPLES High grade polymetallic HK-3 HK-18 mineralization (gold, silver, lead and zinc) values were reported from a HK-7 HK-20 preliminary sampling HK-9 HK-22 HK-10 Hk-23

| 25 APPENDIX History of the Iska Iska Mining District

The exploitation of the Iska Iska mining In 2016, the Villegas family hired Dr. district dates back to the Colonial Osvaldo Arce, P.Geo to evaluate the period, when silver and gold veins were property. mined on a small scale. On Jan 9th 2020, Eloro Resources Ltd. In the mid 1960’s, an intrusion related executed the Definitive Option tin deposit, 2.5 km south of the IskaIska Agreement to acquire the Iska Iska property, was mined on 6 to 8 narrow polymetallic property. veins grading about 0.4% (Sn) In the 1990’s, this tin property southof Huayra Kasa Iska Iska was explored by Bolivian company COMSUR, who completed a 2,000 metre trenching program. In 2012, the Villegas family took control of the Iska Iska property after it lapsed from previous ownership. They then Tin mine and proceeded with prospecting and found trenching in the 1990’s the old colonial workings of Huayra Kasa. This proved to be a polymetallic (gold, silver, zinc, lead) mineralized area within the old Spanish workings. | 26 Eloro Iska Iska APPENDIX Channel Sampling Results

CHANNEL WIDTH1 Au g/t Ag g/t Zn % Pb % Cu % Bi ppm In ppm DESCRIPTION SAMPLE NO. (m) HK-01 2.35 0.01 0.53 0.01 0.01 0.02 12.50 1.08 Granodiorite, tr-1% py-as´pydissem. HK-02 4.10 0.36 1.39 0.51 0.44 0.06 123.00 4.72 Granodiorite, 1% py-as´py dissem. HK-03 3.10 2.50 25.50 2.15 0.63 0.06 967.00 9.76 Granodiorite, brecciated 3% py dissem. HK-04 3.60 0.85 10.50 1.99 0.28 0.04 52.50 26.30 Granodiorite, py, gal, sph 3mm vnlts. HK-05 3.10 0.04 1.68 0.32 0.04 0.02 6.51 6.74 Dacite, few py, sph vnlts. HK-06 2.60 0.07 46.10 3.01 0.77 0.05 40.80 >500 Dacite, abund dissem. Sulphides, massive Sulphidevnlts. HK-07 3.20 0.35 204.00 4.81 4.13 0.05 30.70 384.00 Dacite, 4 vnlts 1cm massive sulphides, 30cm breccia HK-08 3.70 0.02 75.10 1.40 1.35 0.02 40.40 101.50 Sandstone brecciated; py, aspy, gal, sphvnlts. HK-09 3.30 0.02 266.00 5.75 8.24 0.01 71.00 46.40 Sandstone brecciated, 3-5cm gal, sph, pyveins HK-10 2.70 0.01 570.00 10.60 9.72 0.15 73.00 >500 Sandstone brecciated, abundant sph, gal, py, aspyvnlts. HK-11 2.40 <0.01 1.67 0.69 0.15 0.01 23.70 9.68 Granodiorite, tr-1% fine sulph dissem. HK-12 3.15 <0.01 3.78 1.29 0.80 0.01 1.94 5.67 Dacite, rare fine dissem Sulphides, sph, gal 5vnlts. HK-13 2.25 <0.01 3.10 0.39 0.15 0.01 1.25 9.55 Dacite, rare fine diss Sulphides HK-14 2.90 0.04 13.60 0.38 0.43 0.02 4.12 2.82 Granodiorite fine dissem. py

HK-15 2.50 <0.01 1.82 1.05 0.03 0.01 1.81 2.07 Dacite, bxwks FeOx, 3cm sph, py vnlts. HK-16 2.15 <0.01 0.85 0.08 0.01 0.01 2.02 0.99 Granodiorite 1% fine dissem.Sulphides HK-17 3.00 <0.01 5.99 0.31 0.25 0.01 3.06 1.83 Dacite 1% fine dissem. Sulph HK-18 3.85 0.03 362.00 9.23 9.53 0.03 66.80 23.00 Dacite carbonaceous, 5mm sph, gal vnlts, abund sulphdissem. HK-19 3.00 0.03 37.70 1.51 1.33 0.04 44.10 8.95 Mine front-end, granodiorite cpy, py, gal, sph vnlts and dissem. N-S gallery, brecc´d granodiorite 1 cm 3 gal vns, HK-20 2.95 15.50 7.58 0.25 0.07 0.06 5,860.00 1.04 1-2% dissem. py

HK-21 3.35 0.34 2.60 0.51 0.07 0.02 100.50 3.95 Sandstone FeOx stkwk-Sulphides

1. Reported channel sample widths are approximately 90% of true widths. | 27 Eloro Iska Iska APPENDIX Channel Sampling Results Cont’d

CHANNEL WIDTH1 Au g/t Ag g/t Zn % Pb % Cu % Bi ppm In ppm DESCRIPTION SAMPLE NO. (m)

Sandstone netwk py, bxwks FeOx, mass.aspy, HK-22 2.90 9.10 73.70 3.80 1.70 0.08 1,230.00 323.00 3% dissem. sulph HK-23 2.90 12.35 57.40 1.86 1.44 0.02 1,200.00 19.35 Sandstone 2-5cm vns abund gal-sph HK-24 2.56 0.03 3.03 0.01 0.21 0.04 36.70 7.09 Granodiorite 10 py vnlts, 1% fine dissem.Sulph HK-25 2.55 0.32 26.90 0.01 1.16 0.04 162.50 28.50 Mine front-end granodiorite fine dissem.Sulph HK-26 2.55 2.71 295.00 0.02 0.48 >1.00 3,160.00 24.10 Qtz Sandstone py-aspy intergr-vnlts, 10cm massive sulphvns. HK-27 1.25 1.61 55.70 0.01 0.11 >1.00 503.00 4.78 Similar to former sample, abund. py, pyrrh, cpy,calcoc HK-28 3.35 1.65 321.00 0.00 0.35 0.29 1,850.00 16.85 Qtz sandstone, euhedral xs py, pyrrh, fine dissem. sulph HK-29 1.96 0.60 68.70 0.01 0.01 >1.00 1,500.00 10.35 Qtz sandstone massive sulph vns, py-aspy intergrowths,vnlts. HK-30 2.10 0.01 1.72 0.01 0.00 0.01 6.31 0.50 Qtz sandstone w/ 3% dissem. Sulph, sporadic coarse py dissem.

HK-31 2.30 2.60 288.00 0.01 0.42 0.14 2,850.00 10.60 Qtz sandstone ox´d-bleached, stkwk FeOx

HK-32 4.60 0.02 2.90 0.02 0.01 0.14 21.40 0.83 Granodiorite oxidized micaceous, 5 mm FeOx vnlts. HK-33 5.55 0.11 4.06 0.02 0.17 0.10 18.35 5.21 Similar to former sample HK-34 2.10 0.02 1.61 0.00 0.01 0.01 17.70 0.69 Granodiorite brecciated, specularite matrix, daciteclasts HK-35 2.30 0.01 0.55 0.00 0.01 0.01 6.17 0.58 Similar to former sample HK-36 1.60 2.14 8.99 0.01 0.72 0.02 646.00 5.84 Granodiorite brecciated, massive Sulphvn.

HK-37 1.80 0.08 1.43 0.01 0.07 0.01 8.97 3.88 Granodiorite, FeOx vnlts HK-38 1.20 28.60 61.60 0.01 0.41 0.31 7,380.00 4.37 Massive sulph vein 30 cm, py, pyrrh, cpy in altered granodiorite HK-39 5.30 0.15 1.15 0.00 0.01 0.01 42.10 1.13 Granodiorite brecciated w/Sulphidicmatrix HK-40 3.16 2.18 68.90 3.75 3.75 0.05 334.00 5.44 Qtz Sandstone massive Sulph cpy, py, gal, sph, dissem.,vnlts.

HK-41 2.15 0.19 73.40 1.08 1.08 0.03 428.00 32.20 Similar to former sample, though includes stkwkpy

HK-42 2.70 0.01 694.00 16.95 16.95 0.06 37.00 >500 Sandstone brecciated, abundant sph, gal, py, aspyvnlts.

1. Reported channel sample widths are approximately 90% of true widths. | 28 TSXV ELO | FSE P2Q

CANADA BOLIVIA

TOM LARSEN DR. OSVALDO ARCE Ph.D., P.Geo. CEO General Manager, Minera Tupiza S.R.L. JIMENA MORAN Executive Assistant - Bilingual Tel: +59 171591-004

Toll Free: 1 800 360-8006 Tel: 1 416 868-9168

20 Adelaide Street East, Suite 200 Toronto, Ontario, Canada M5C 2T6

www.elororesources.com