Eloro raising $15 million from upsized bought deal financing
Eloro Resources Ltd. [ELO-TSX, ELRRF-OTCQX, P2QM-FSE] said a previously announced bought deal financing has been upsized to $15 million, up from the earlier $10 million target.
The company said an underwriting syndicate has now agreed to purchase 5.8 million common shares for $2.60 per share.
Net proceeds are earmarked for continued exploration and development of the Iska Iska silver-tin polymetallic project in southern Bolivia where the company recently launched a 40,000-metre drill program. In a press release on February 20, 2026, the company said two drill rigs are currently being mobilized to the project, while a third is expected to be added in the company weeks.
Eloro said it will grant the underwriters an option, to purchase for resale up to an additional 769,300 offered shares at the offering price, potentially raising additional proceeds of up to $2.0 million. The over-allotment option can be exercised for up to 48 hours prior to closing which is scheduled to occur on March 6, 2026.
Eloro shares were active on the news, easing 10.4% or 30 cents to $2.59. The shares trade in a 52-week range of $3.42 and 77 cents.
Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro, has a 99% joint venture interest and a 100% economic participation interest in the Iska Iska property, which can be classified as a polymetallic epithermal-porphyry complex.
Eloro is targeting two different deposit styles juxtaposed against one another; a very large silver-zinc-lead dominant system located next to a high-grade tin system. It is expected that both will become part of a single bulk tonnage open pit mining operation at the Iska Iska property.
Definition in-fill drilling across the starter pit area aims to improve the tonnage and grade announced in a 2023 resource estimate that pegged the inferred resource in a polymetallic domain at 560 million tonnes of grade 13.8 g/t silver, 0.73% zinc, and 0.28% lead, and a potentially open-pittable resource of 110 million tonnes of 0.12% Sn(tin), 14.2 g/t silver and 0.14% lead in a separate tin domain.
However, much of the current polymetallic domain resource, is defined by 100-metre-spaced drilling, which likely underestimates the overall grade. More recently, holes have been drilled on a 50-metre by 50-metre spacing that has been found to be optimum for confirming continuity and grade of mineralization, especially for high-grade tin and silver.
Commenting on the launch of the 40,000-metre drill program, the company said that with a drilling contractor engaged, it will be able to complete a sufficient amount of 50 to 25-metre infill drill hole spacings in the Santa Barbara corridor and to drill the other five mineralized zones at Iska Iska to enhance the resource footprint for economic studies and also drill other prospective targets within the perimeter of the Iska Iska Caldera.