Eloro Resources Commences 40,000‑Metre Drilling Campaign at Iska Iska

Eloro Resources Ltd. (TSX: ELO) has entered into a drilling contract with Major Drilling Group International Inc. to execute an initial 40,000‑metre program at its polymetallic silver‑tin project, Iska Iska, located in the Potosí Department of Bolivia. The agreement, announced on 20 February 2026, will mobilise two drilling rigs immediately, with a third expected to arrive in the coming weeks. The programme will focus on a series of 50‑metre and 25‑metre infill holes in the Santa Barbara corridor, and will extend to the other five mineralised zones identified within the Iska Iska caldera.

Dr. Osvaldo Arce, P.Geo., Executive Vice President Operations, Latin America “With Major Drilling now engaged, the Company will be able to complete a sufficient amount of 50 m and 25 m infill drill hole spacings in the Santa Barbara corridor and to drill the other five mineralised zones at Iska Iska to enhance the resource footprint for our economic studies and also drill other prospective targets within the perimeter of the Iska Iska Caldera.”

The CEO, Thomas Larsen, added that the partnership marks a renewed presence for Major Drilling in Bolivia following the general elections. He emphasised the strategic importance of the Iska Iska project for Eloro’s portfolio, which also includes exploration activities in northern Quebec and northeast Ontario.

Project Significance

Iska Iska is a polymetallic deposit that hosts silver, tin, and other base metals. The 40,000‑metre drill program represents a significant step toward delineating the extent and grade of the mineralisation, thereby refining the project’s resource estimates. Successful drilling could position Eloro as a key player in the growing global demand for silver and tin, commodities that underpin a range of industrial and technological applications.

Market Context

Eloro Resources is listed on the Toronto Stock Exchange and trades in Canadian dollars. As of 19 February 2026, the company’s share price stood at CAD 3.11, within a 52‑week range of CAD 0.77 to CAD 3.42. The firm’s market capitalization is approximately CAD 213.7 million. Investors note that the company’s price‑to‑earnings ratio is negative, reflecting its exploration‑stage status and the absence of operating earnings.

The launch of the drilling programme is expected to generate new data that may influence future resource estimates and, consequently, the company’s valuation. Market participants will likely monitor drilling results closely, as they could either strengthen investor confidence or raise additional questions regarding the viability of the project.

Outlook

With Major Drilling’s expertise in specialised mining services, Eloro aims to accelerate its exploration timeline at Iska Iska. The company’s leadership views the initiative as a critical milestone that could unlock further investment opportunities, both in terms of resource expansion and potential partnership or acquisition interests. As the programme unfolds, stakeholders will be watching for the first set of drilling data, which will provide a clearer picture of Iska Iska’s potential contribution to Eloro’s long‑term growth strategy.