ISKA ISKA Silver-Tin Polymetallic Project

CORPORATE PRESENTATION TSXV ELO | FSE P2Q | OTCQX ELRRF October 2021 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, production costs, volatility of share prices, currency fluctuations, imprecision of resource and reserve estimates, environmental risks and ability to access sufficient capital from internal and external sources.

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 be achieved.

Except as required by law, Eloro Resources Ltd., expressly disclaims any intention and 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 43-101 compliant.

2 About Eloro

Eloro is a publicly traded exploration and Raised over CDN$30 million in mine development company focused on Q1 2021, through a bought deal developing its potential world-class financing with Haywood Securities Iska Iska silver-tin polymetallic property Inc., Cantor Fitzgerald Canada in the Potosí Department of southern Bolivia. Corporation and Cormark Securities Inc. TSX-V ELO | FSE P2Q | OTCQX ELRRF

Eloro has an option to acquire a An aggressive exploration program is 99% interest in the 9 square km, highly in progress at Iska Iska including prospective Iska Iska Property, which 51,000 metres of diamond drilling. hosts a major silver-tin polymetallic Drilling is advancing at a rapid rate with porphyry-epithermal complex located more than 30,000 metres already 4,000 m above sea level. completed since the program began in September 2020.

3 Major Discovery at Iska Iska

In January 2021 announced a major discovery in the Santa Barbara Breccia Pipe with first drill results including 129.60g Ag eq/t over 257.5m

Three Drill Rigs on site with daily production up to 250 to 300 m to further accelerate the planned 51,000m diamond drilling program Typical mineralized breccia Hole DHK-15. Core is HQ size, 6.35cm wide. Recent results include spectacular continuous channel sampling results Definition drilling in progress to define a maiden in the Santa Barbara adit which returned NI 43-101 compliant mineral resource within a 442g Ag eq/t over 166m including target block measuring 1,200m along strike, 1,092g Ag eq/t over 56.2m and drill 500m wide and extending to a depth of up hole DHK-18 which returned 129.65 Ag to 600m in Santa Barbara Breccia Pipe and its eq/t over 300.75 metres. surrounding mineralized envelope.

4 Capital Structure

TSX- V: ELO Shares Issued and Outstanding 61.84M Frankfurt: P2Q (WKNA1JKAT) (Oct 5, 2021) OTCQX: ELRRF Warrants ($0.50 to $5.25 on exercise) 8.32M

Options ($0.40 to $4.45 on exercise) 4.34M

Property Option 0.25M

Fully Diluted 74.76M

Share Price (Oct 5, 2021) CDN $3.50

Market Share Capitalization (Oct 5, 2021) CDN $ 216M

Management, Directors, Advisors and Significant Holders 27M

5 Experienced Team

Management Team Board of Directors Technical Advisors

THOMAS LARSEN B.A. THOMAS LARSEN B.A. QUINTON HENNIGH Chairman and CEO Chairman and CEO Ph.D.,P.Geo.Geology/Geochemistry

MILES NAGAMATSU C.P.A., C.A. FRANCIS SAUVE Geologic and Technical Advisor to Crescat Chief Financial Officer Capital, a Strategic Shareholder ALEXANDER HORVATH P.Eng. BILL PEARSON Ph.D., P.Geo. HARRY BURGESS P.Eng. Executive VP Exploration DUSAN BERKA P.Eng. Mining Engineer GRAHAM SPEIRS P.Eng. JORGE ESTEPA B.A. RICHARD STONE C.I.M. Technical Advisor V.P., Secretary-Treasurer

CHRIS HOLDEN CFA V.P., Corporate Development Corporate Advisory Independent Technical JIMENA MORAN B.A. Board Advisor Micon Int’l Ltd. Executive Assistant CHARLIE MURAHWI M.Sc., P.Geo. DOUG BACHE B. Math OSVALDO ARCE Ph.D., P.Geo. Senior Economic Geologist General Manager, Minera Tupiza S.R.L. Corporate Advisor

LUC PIGEON P.Geo. TOM LADNER J.D. General Manager, Compañía Minera Securities Lawyer Eloro Peru S.A.C.

ANA MORAN Attorney at Law Manager Environmental & Social Governance – Bolivia

6 Recent News

• 160.22 g Ag eq/t (36.53 g Ag/t, 1.63% Zn, 1.20% Pb and 0.10% Sn) over 194.14m from 168.85m to 362.99m in hole DHK-21, drilled from the west end of the Huayra Kasa underground workings at -70 degrees on section with discovery hole DHK-15, which intersected 129.60 g Ag eq/t over 257.5m (see press release dated January 26, 2021, and Figure 2). This intersection in Hole DHK-21 includes higher grade portions of:

o 250.50 g Ag eq/t (51.31 g Ag/t, 3.35% Zn, 1.78% Pb and 0.10% Sn) over 18.24m from 238.21 to 256.45m;

o 257.40 g Ag eq/t (75.83 g Ag/t, 2.29% Zn, 2.40% Pb and 0.12% Sn) over 16.33m from 283.57 to 299.90m; and

o 350.91 g Ag eq/t (112.57 g Ag/t, 1.41% Zn, 3.08% Pb and 0.33% Sn) over 30.06m from 308.90 to 338.96m.

o 64% of this 512.9m long hole contains reportable intersections

• 94.68 g Ag eq/t (3.87 g Ag/t, 0.067 g Au/t, 1.63% Zn, 0.43% Pb and 0.05% Sn) over 169.93m from 124.66m to 294.59m in hole DHK-22, drilled to the south-southwest at -60 degrees from the west end of the Huayra Kasa underground workings to test the eastern side of the SBBP. This intersection included a higher-grade zone that graded 158.64 g Ag eq/t (9.35g Ag/t, 0.016 g Au/t, 3.43% Zn, 0.71% Pb and 0.03%Sn) over 29.84m from 135.20m to 165.04m. 49% of this 600m long hole contained reportable intersections.

7 About Bolivia

Modern mining laws and a supportive political environment

• Mining minister Ramiro Villavicencio has a technical history in mining having worked for Sumitomo

• 0% VAT on mining/industrial equipment • Recent Administrative Mining Contracts granted under new government

• National Lithium Company (Gabino Gonzales – General Manager) has openly expressed an objective to reactivate and industrialize lithium

• Mining accounted for approximately 36% of Bolivia’s exports or US$2.6 billion in 2019; mining was 20% in 2020 due to Covid-19

Source: www.freeworldmaps.net 8 Major Opportunity in Bolivia

Rich history of mining and prospectivity is excellent. Limited exploration in the early 2000’s has now provided the opportunity to find Tier 1 assets

Economic Commission for Latin America and the Caribbean (ECLAC) forecasting +5%YoY growth for the country, the second highest in South America

Iska Iska property owner Edwin Villegas recently elected as VP, Director of Tupiza Mining Chamber, Department of Potosí

View of Iska Iska looking west, Santa Barbara breccia pipe with drilling platform on lower right.

9 Silver: A Key Decarbonization Metal

Silver is the Element of Change CUMULATIVE DEMAND RANGES FOR SILVER – SOLAR PV TECHNOLOGY THROUGH 2050 Highest electrical and thermal conductivity of all the metals

30% of silver supply is used in electrical applications • 10% of current silver supply is used in PV • Worldwide PV Capacity to increase from 145GW in 2020 to 442GW in 2050 (BNEF) • Roughly 2.8 million ounces needed per 1GW of solar power

Automotive demand estimated at 61Moz for 2021 and growing to 88Moz by 2025 • ICE 15-28g per vehicle • EV 25-50g per vehicle Source: World Bank Group 51% of usage is industrial

Only 18% of silver is investment demand

10 Tin: Technology Driven

Demand TIN CONSUMED IN SEMICONDUCTORS, YoY* GROWTH • Approximately 350,000 tonnes per annum • 50% of which is solder used in electronics, historically +5% YoY growth • Significant demand increase from semiconductors and photovoltaics • Estimated 208GW of PV capacity added per year (2021-2025) requires 26,000 tonnes tin per year

• 5000 scientific abstracts submitted in 2020 related to new *YoY = Year over Year technologies for tin e.g., sodium-ion tin vs. lithium-ion batteries Source: Macrobond, Macquarie Strategy, March 2021 GLOBAL TIN SUPPLY-DEMAND BALANCE (kt*) Supply • Artisanal and small-scale is 40% of supply • Mine production peaked in 2014 • 15 years Reserve Life (USGS 2019) • China represents 40% of total reserves and building strategic stockpiles

• US market is 40,000 tonnes per annum with no supply *kt = 1,000 tonnes Source: ITA, Macquarie Strategy, March 2021 11 History of the Iska Iska Mining District

Exploitation of Iska Iska mining district dates back to Spanish Colonial period, when silver and gold veins Eloro starts first drilling ever done on were mined on a small scale. property September 13, 2020

Mid 1960’s an intrusion-related tin deposit, 2.5 km 2020 Eloro Resources Ltd. executed Definitive south of the Iska Iska property with the same name, was Option Agreement to earn a 99% interest in the mined on 6 to 8 narrow veins grading about 0.4% Sn Iska Iska polymetallic property January 6th.

1990’s this tin property south of Iska Iska was explored Huayra Kasa

by Bolivian company COMSUR, who completed a ISKA ISKA 2,000 metre trenching program.

2012 Villegas family took control of the Iska Iska property after it lapsed from previous ownership. Tin mine and Their prospecting found the old colonial workings trenching in of Huayra Kasa with polymetallic (gold, silver, zinc, lead) the 1990’s mineralization.

2016 Villegas family hired Dr. Osvaldo Arce, P. G e o to evaluate property.

12 Definitive Option Agreement Definitive Option Agreement signed January 6, 2020

Fully permitted for exploration drill program. Road accessible

No fixed expenditure requirement

No royalties on property

Eloro issued the Title Holder 250,000 common shares in February 2020, and as per the Definitive Option Agreement, can elect to issue 250,000 additional common shares by January 6, 2022, and make option payments totalling US $10 million to the Title Holder by January 6, 2024, in order to acquire a 99% interest in Iska Iska. US $3 million has been paid to date, leaving US $7 million.

Updated Independent National NI 43-101 Technical

Report in progress by Micon International. 13 Mineral Deposits: Bolivia, a Prolific Mining Country

Iska Iska is in the SW part of the Eastern Cordillera which hosts a number of world-class deposits of gold, silver, iron ore, zinc, tin, lead and lithium

Dr. Osvaldo Arce, P.Geo., President of the Bolivian Geological Society (2010-2017), a highly recognized Bolivian geologist and key member of the Eloro team, published a second edition of his comprehensive textbook on metalliferous ore deposits of Bolivia in November 2020

Cerro Rico de Potosí Comibol

Silver Sand New Pacific Metals

San Bartolome Comibol/Andean Precious Metals

Pulacayo Silver Elephant

San Cristobal Sumitomo Corp.

San Vicente Pan American Silver

14 Cerro Rico De Potosí

Silver from the mines of Potosí, still a by-word After 500 years of metal extraction, this deposit still in Spanish for incalculable wealth, supercharged contains a world-class silver and tin reserve Europe’s economy in the early modern era > 500 million tonnes grading ~ 100 g/t Ag and 0.2% Sn (Bernstein, M., 1989) Cerro Rico de Potosí is the world’s largest silver deposit and has been mined since the sixteenth Geologically, Iska Iska has similarities in types century, producing approximately 2.1 billion ounces of metal contents, timing of mineralization (2018) and is still producing today and scale of mineralizing system

Cerro Rico de Potosí Iska Iska

Source: National Instrument 43-101 15 Porvenir Concession

Bolivia Sur Chichas Province, Potosí

The Iska Iska Porvenir Concession is a road accessible, royalty-free property, (wholly-owned by the Title Holder)

Located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosí

Covers an area of 900 Ha. (9 km2)

Close to high voltage power 16 View of Main Area of Iska Iska

View of the Topography of the Iska Iska Main Area Looking North

Underground workings at Huayra Kasa provided excellent access for initial underground drilling.

Current drilling is being done with two surface rigs and one high-capacity underground drill

View of Iska Iska looking north

17 Property Geology and Mineralization

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

Caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km

First pass drilling has been completed over an area of 1.4km by 2.0km to test major target areas. Many results are pending.

Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend

18 Ground Magnetic Survey

181.5 linekm of magnetic data collected on 50m spaced north-south lines on all accessible parts of the property

Magnetic data confirms the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation

Santa Barbara and Central Breccia Pipes are marked by prominent low anomalies reflecting strong alteration

The Porco (South) Breccia Pipe target which is approximately 600m in diameter, has a similar signature to Santa Barbara and Central Breccia Pipes.

Recent step out drilling to test the magnetic anomaly northwest of Santa Barbara Breccia Pipe has confirmed extensive hydrothermal alteration and mineralization demonstrating potential for a major extension

Analytical Signal of the Total Magnetic Intensity 18 Rapid Pace of Discovery at Iska Iska

January 26 5,578m Discovery High Grade 257.5m @ 129.6g Ag eq/t Santa Barbara Breccia Pipe

November 24 Discovery Santa Barbara 3,228m Breccia Pipe

November 18 2,898m Discovery Huayra Kasa Breccia Pipe

September 13 Underground Drilling 0m 58 diamond drill holes totaling 30,000m Starts completed to September 7, 2021 to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe, Central Breccia Pipe and Porco Breccia Pipe targets.

20 Geological Plan Map Iska Iska

Potential size of Santa Barbara Breccia Pipe and surrounding mineralized envelope now expanded to 1,200m along strike, 500m wide and extending to a depth of up to 600m

Spectacular continuous channel sampling results from Santa Barbara adit of 442 g Ag eq/t over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m

Recent drill results include: • 129.65 g Ag eq/t over 300.75m • 155.15 g Ag eq/t incl. high Sn at 0.43% over 73.29m • 122.66 g Ag eq/t over 123.6m • 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m

20 North South Cross Section Santa Barbara

Widespread polymetallic mineralization occurs in all major rocks types but is highest grade in the breccia pipe and dacitic dome intruded by the pipe.

Mineralized zone has a general north- northwest trend similar to regional structures in the area and is open along strike

Drilling has confirmed magnetic anomaly northwest of Santa Barbara reflects extensive hydrothermal alteration and mineralization

All drill holes on section except those with assays pending contain multiple reportable intersections with a number of high grade intersections > 110 g Ag eq/t

21 Major Potential in Central Breccia CROSS SECTION

DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m DCN-01 from approx. 263 m to 267 m

Core from high grade section grading 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53 m

Northern part of Central Breccia is dominantly Sn-Ag suggesting a deeper origin for this part of the breccia pipe

22 Potosí-like Metal Contents and Environment

A whole suite of metals including Ag, Sn, Au, Zn, Pb, Cu, In and Bi are present, exactly the sort of assemblage one would like to see in a prolific “Potosí-type” deposit.

Iska Iska is a massive porphyry-epithermal system hosted mainly in large magmatic-hydrothermal breccia pipes and Tertiary dacitic domes

Mineralization has been extensively remobilized and upgraded structurally during post-mineral Andean tectonism Geological team at Iska Iska

Regionally, in terms of metal contents and geological environment There is almost 1km vertically from the valley to Iska Iska is comparable with neighbouring world-class polymetallic the peak of Iska Iska so considerable room to host systems including Cerro Rico de Potosí, San Vicente, a sizeable deposit Chorolque, Tasna and Tatasi In just under a year of of drilling we have confirmed that Iska Iska has the right metal-assemblage, strong Ag- But these other major systems do not have the large and Sn-polymetallic grades, and very large size remarkable mineralized breccia pipes that are uniquely potential but exploration is still in its early days preserved at Iska Iska

24 Conceptual Deposit Model

Iska Iska, especially Santa Barbara Breccia Pipe, is at a comparable stratigraphic level to Cerro Rico de Potosí

Central Breccia formed deeper with mineralization similar to Chorolque

Huayra Kasa is the highest-level breccia pipe at Iska Iska

High grade Au-Bi zone in Huayra Kasa adit has similarities to geology of Tasna deposit

Source: Osvaldo R. Arce 2021, Yacimientos Metaliferos de Bolivia

25 Conceptual Deposit Model Iska Iska

PORPHYRY-EPITHERMAL COMPLEX

26 Large Land Position

Nine additional properties (known as mining areas under Bolivian law), covering a total of 311.75 km, acquired in October 2020 in Iska Iska area

Properties are located on property Aster anomalies with a similar hydrothermal alteration signature to that of Iska Iska

Targets on these properties include: • Polymetallic Ag, Pb, Zn • Polymetallic Ag, Au, Pb, Zn • Sn, W, Base metals

Preliminary evaluations of these properties will be carried out in 2022

27 Environmental and Social Governance

A historical mining region that Eloro Resources Committed to a strong ESG program is committed to supporting Environmental study and community • Supplies to the community during COVID-19 consultations currently underway • Sponsorship of school and sports Committed to Bolivian and local work force No artisanal miners on the property with the closest community being Tupiza 48 km away

28 Committed to Bolivian and Local Work Force

Full time on-site team is 100% Bolivian

Actively training recent graduate geologists and technical staff through our intern program

Staff has expanded considerably since start of program in September 2020. Currently there are 14 geologists with 20 support staff working at Iska Iska on a rotational basis

Currently completing an upgrade of computer systems and enhanced training to handle expanded drill program

Preliminary metallurgical tests being carried out in laboratory at Oruro University

Local workers primarily from Tupiza and surrounding communities Training of recent graduate geologists

29 Environmental and Social Governance Goals

Establish policies on social collaboration: health, sports, education, environment, and recreational activities.

Promote activities for the community’s social and cultural welfare.

Facilitate practices that contribute to the community’s progress and improve their quality of life.

Pastry Certificates given to the 34 women of the Strengthen and promote Almona community who participated in the highly healthy recreational activities successful pastry workshop. for children 29 Next Steps Aggressive Exploration Program including 51,000m Diamond Drilling in Progress!

Drilling now focused on outlining an Target zone at Santa Barbara Preliminary metallurgical inaugural NI 43-101 compliant is 1,200m along strike, 500m tests and petrographic mineral resource in the Santa wide and extending to a depth studies are in progress Barbara Breccia Pipe and surrounding of up to 600m mineralized envelope. Expected in Q1 2022 Exploration still at an early stage Eloro Resources well financed but rate of discovery very rapid with 2 bought deals totalling since start of drilling in CDN $30 million in Q1 2021 September 2020. All drill holes released to date have multiple reportable intersections. Three Drill Rigs on site with Area targeted for maiden daily production up to 250 to Additional breccia pipe targets resource is still just a 300 m to further accelerate outlined in major silver-tin subset of the much larger the planned 51,000m diamond polymetallic porphyry- Iska Iska system. drilling program epithermal complex will be tested Stay Tuned!

31 Conclusion

Eloro has the option to earn a 99% interest in the Iska Iska property located in Bolivia’s prolific South Mineral Belt which includes world- class deposits such as: Cerro Rico de Potosí, San Vicente, Chorolque and Tatasi

Bolivia is now actively seeking foreign investment to develop its mining sector which is very underdeveloped

Iska Iska is a major silver-tin polymetallic Drilling now focussed on outlining an inaugural porphyry-epithermal complex associated with NI 43-101 compliant mineral resource in the a Miocene possibly collapsed/resurgent caldera Santa Barbara Breccia and surrounding Mineralization age is similar to Cerro Rico mineralized envelope. Expected in Q1 2022 de Potosí and other polymetallic systems in Exploration is still at a very early stage, but the Bolivia such as Chorolque, Tasna and Choroma, rapid discovery rate shows that the mineralizing located in the same geological trend system is very extensive with potential for multiple large silver-tin polymetallic deposits 32 APPENDIX

32 Mineral Resources of Main Mines Operating/ Exploring in Bolivia

Mineral Regional Mine / Deposit Main Geology Resource / Company Geostructural Stage Project Type Commodities and Mineralization Reserves and Unit Grades

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

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

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

COMIBOL / The deposit is underlain by Tertiary conglomerates, rhyolitic tuffs, Prophecy andesitic flows, dacitic and quartz-latitic domes, and rhyolitic and Pulacayo Altiplano Epithermal IS Ag 50 Mt; 450 g/t Ag Exploration Development andesitic porphyries that host veins filled with quartz, barite, pyrite, Corp. Zn- and Pb-bearing sulfides, and Ag sulfosalts

Silver mineralization is hosted by zones of sheeted veinlets, stockwork “Bolivian- Eastern veinlets, crackle veins and breccia zones in brittle fractures in quartz Nd; Silver Sand New Pacific type” Ag Exploration Cordillera arenites or sandstones of Cretaceous rocks. Mineralized fractures approx. 200 g/t Ag polymetallic 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) 34 Summary of Targets, New Properties Iska Iska Area

No. Name Sq. Km Geological Description Target

SE part of the Early Miocene resurgent Kari Kari caldera. It is filled with welded ignimbrites and ash flows from 8-5 Ma. Comprises a 1 Puna 22 Complex fault system of N-S, NNE-SSW and E-W directions that are filled with Sn, W and base metal mineralization. Main Sn, W, Base Metals alteration products are silicification and highly altered Fe minerals.

Subvolcanic dacites and andesites hosting Ag, Pb and Zn mineralization. Basement is the Silurian Llallagua Formation sandstone. 2 Khuchu 17 The neighboring area is composed of wide and long veins hosting enriched mineralized pockets. Main hydrothermal alterations Polymetallic Ag, Pb, Zn Ingenio are sericitization and argillization.

The claim area is composed of mainly siliciclastic sediments of Silurian age that comprises diamictites, shales, slates, sandstones 3 Tomave 125 and quartzites. They are likely to host both high temperature tin, and late stage Ag, Zn and Pb mineralization. Hydrothermal Polymetallic Ag, Zn, Pb alterations are silicification, sericitization, argillization and propylitization.

Atocha Tertiary volcanics extruding Silurian sediments, mineralization occurs in both rocks and are composed of veins, stockworks and 4 23.75 Polymetallic Zn, Pb, Ag, Au Florida veinlets hosting Zn-Pb-Ag. Main alteration products are sericitization and advanced argillization.

Polymetallic (Ag, Pb, Zn) mineralization associated with a collapsed caldera, which consists of pyroclastic rocks, flows, volcanic 5 Atocha 38 Polymetallic Ag, Pb, Zn, Au domes, and dacitic to andesitic dikes. Hydrothermal alterations are sericitization and advanced argillization.

Includes a remarkable circular feature that outlines a structural basin in Ordovician sedimentary rocks, covering an area of about 16 km2 (4 x 4 km) and a neighboring southern extension of about 9 km long by 5 km wide, in which several hydrothermal alteration 6 Tup 3 18.5 types are present on the processed satellite imagery. Hydrothermal alteration consists of carbonatic, argillic and sericitic alterations Sn, Base metals along with minor illite, Fe oxide, chlorite and kaolinite.

Rocks are mostly sedimentary, although some volcanics also probably occur in the vicinity. The main geological feature 7 Tup 4 5.5 corresponds to a N-S regional fault located in the center of the property that appears to control mineralization in the zone. Polymetallic Ag, Pb, Zn, Au Intense alteration zones composed of abundant sericite, argillic and kaolinite and minor illite, chlorite, Fe oxide and carbonates.

Ordovician sandstones and shales within an eastern extension of an intrusion. Main alteration products are jarositization, 8 Tup 5 10.25 Sn, Base Metals argillization and sericitization.

Possible collapsed volcano with resurgent eroded dacite domes and lava flows that are hosting a probably polymetallic 9 Pajchi 42.75 mineralization composed of a high temperature tin mineralization overlapped by Ag-Zn-Pb mineralization. Hydrothermal Polymetallic Ag-Zn-Pb, Au alteration types are argillization, strong oxidation, and sericitization.

See Slide 25 for locations Au=gold, Ag=silver, Zn=zinc, Pb=lead, Sn=tin, W=tungsten 35 TSXV ELO | FSE P2Q | OTCQX ELRRF

CANADA BOLIVIA

Thomas Larsen Dr. Osvaldo Arce Ph.D., P.Geo. CEO General Manager, Jimena Moran Minera Tupiza S.R.L. Executive Assistant – Bilingual Tel: +59 171 591-004 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

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