Eloro Resources: Updated Resource for Silver-Tin Project in Bolivia Coming in Q1 2026

Key Concepts

• Polymetallic Project: A mining project that extracts multiple valuable metals from a single deposit.
• Strategic Metals: Metals considered vital for a nation's economy and security, often subject to government interest and support.
• Tin: A critical mineral, particularly important for electric vehicles and electronics.
• Silver Equivalent (AgEq): A calculation that expresses the value of all metals in a deposit in terms of silver ounces, allowing for a single metric of resource size.
• Resource Estimate (MRE): An estimation of the quantity and grade of mineralized material in a deposit.
• Preliminary Economic Assessment (PEA): An early-stage study that provides a conceptual understanding of the economic viability of a mining project.
• Pre-feasibility Study: A more detailed study than a PEA, which provides a more robust assessment of a project's technical and economic feasibility.
• Infill Drilling: Drilling conducted within the known boundaries of a mineral deposit to increase the confidence in the resource estimate.
• Metallurgy: The science and engineering of extracting metals from their ores.
• Byproduct: A secondary commodity produced during the extraction of a primary commodity.

Polymetallic Project in Bolivia

Chris Holden, Vice President of Corporate Development at Resources, discusses the company's significant polymetallic project located in Bolivia. This project is notable for being one of the largest of its kind in South America and potentially globally. The deposit contains a combination of silver, zinc, and tin.

Strategic Importance of Tin and Other Metals

The metals being extracted, particularly tin, are listed by governments as strategic minerals. This classification enhances the project's visibility within the mining investment sector. Holden emphasizes that while many silver and polymetallic projects exist, few, if any, in the Americas have tin as a significant component. Resources' project is highlighted as the only one of its kind being developed in the Americas, with other tin development occurring in Africa, England, Australia, and the Far East.

Geopolitical Context and Diversification

The changing political landscape in Bolivia, with a perceived improvement in relations with the US government, presents an opportunity for Bolivia to become a substantial supplier of critical minerals. This aligns with the US's objective to diversify its supply chains and reduce reliance on China. Resources is actively pursuing this opportunity.

Resource Estimate and Drilling Progress

The company has a current resource estimate of approximately 1.115 billion ounces of silver equivalent. However, this estimate is 2-3 years old. Resources plans to publish an updated resource estimate in the first quarter of the following year. Holden indicates that the tonnage is unlikely to change significantly, but an increase in grade is anticipated. This is based on recent infill drilling results, which have consistently shown grades above the previous resource estimate. For instance, a bulk sample conducted in January of the current year yielded 90 grams of silver per ton, which translates to almost 200 grams per ton on a silver equivalent basis. While not all of the deposit is expected to be at this grade, these results are generating significant enthusiasm for economic modeling.

The Significance of Tin

While silver and zinc are primary commodities, there has been a strategic shift to emphasize tin due to its importance in electric vehicles and other technologies. Holden explains that the tin deposit is distinct but interconnected with the polymetallic zinc portion. Crucially, silver is present in both parts of the deposit, with 25-30 grams of silver on the tin side and potentially higher on the polymetallic side. This means that if the tin deposit were mined independently, the silver would effectively be produced as a byproduct, making the tin extraction cost-neutral or even free on a byproduct basis.

Market Demand for Tin

With tin prices around $39,000 per ton, the metal is gaining significant attention, especially in Europe. In North America, there is a growing awareness of the need for tin, as there are no tin projects currently being developed in the US. Historically, Peru, Bolivia, and other parts of the Americas have been suppliers, and Resources aims to be a major provider to the North American market.

Preliminary Economic Assessment (PEA) and Future Studies

The updated resource estimate is a prerequisite for the Preliminary Economic Assessment (PEA). Resources is actively working on the PEA, with metallurgical testing scheduled for December. Much of the behind-the-scenes work for the PEA has been completed, and its finalization is dependent on the updated resource data. The company has extensive metallurgical expertise and a strong understanding of Bolivian polymetallic and tin deposits. Following the PEA, further drilling will be required to advance the project to a pre-feasibility stage.

Positive Outlook for Bolivia and Resources

Holden expresses optimism about the current environment for Resources. Commodity prices are strong, and suppliers who have been absent from Bolivia for 15-20 years are beginning to re-enter the country, recognizing the emerging opportunities. Bolivia has significant exploration potential, with limited exploration activity in the past two decades. The company is observing an increase in exploration companies and suppliers entering the country, indicating a positive trend. There is also a perception that the Bolivian government is open to changes in mining regulations and arbitration rules, which is creating a more favorable environment for mining development.

Conclusion and Future Prospects

Resources is in a strong position, with a significant polymetallic project in Bolivia. The company is set to release an updated resource estimate in the first quarter of the upcoming year, which is expected to show an increase in grade. Work on the PEA is progressing, with its completion contingent on the new resource data. The strategic importance of tin, coupled with favorable commodity prices and a potentially more mining-friendly environment in Bolivia, positions Resources for a promising future. The interview concludes with well wishes for the upcoming year and a strong belief that it will be a successful one for the company.