Original-Research: Eloro Resources Ltd. - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu Eloro Resources Ltd.

Unternehmen: Eloro Resources Ltd.

ISIN: CA2899003008

Anlass der Studie: Update Report

Empfehlung: Buy

seit: 23.05.2022

Kursziel: CAD 16,90 (bisher CAD 15,30)

Kursziel auf Sicht von: 24 Monate

Letzte Ratingänderung: -

Analyst: Peter Thilo Hasler

Eloro closes CAD 9.8m Bought Deal Financing

Shortly after Eloro Resources filed an updated technical report on the Iska

Iska silver-tin polymetallic project in the Bolivian Potosi Department, the

company announced that it closed a CAD 9.775m bought deal financing. With

an immaculate 100% track record of holes drilled that intersected

reportable mineralization, we reiterate our Buy rating for Eloro Resources

and increase our fully diluted price target to CAD 16.90 from CAD 15.30 per

share, derived from an in-situ valuation of Iska Iska's Santa Barbara

Breccia Pipe.

Eloro Resources has closed a bought deal financing of 3,007,710 units of

the company at a price of CAD 3.25 per unit. Each unit consists of one

share and one-half of a warrant of the company. Each warrant entitles the

holder to acquire an additional common share at a price of CAD 4.75 for a

period of 24 months following the closing of the offering.

Gross proceeds of the bought deal underwritten by Cormark Securities are

CAD 9.775m. The net proceeds of CAD 8.939m will be mainly used to carry out

more drilling in the Santa Barbara area where after the recent discovery of

extensive high-grade mineralization Eloro needs to fully define the

mineralized zone for an estimation of an inaugural mineral resource for

Iska Iska. In addition, recent drilling has indicated the potential for a

significant tin porphyry in the Porco area which could become a second

major discovery at Iska Iska, in our view.

After completing the remaining 4,628 metres of the current drilling

program, most probably in June, Eloro says it will commence the recommended

phase I work program set out in the Technical Report with an estimated

completion date of October 2022e. The activities contemplated by this phase

1 program include 15,000 metres of additional drilling and the completion

of a maiden mineral resource estimate for Iska Iska.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/24261.pdf

Kontakt für Rückfragen

Peter Thilo Hasler, CEFA

+49 (89) 74443558/ +49 (152) 31764553

peter-thilo.hasler@sphene-capital.de

-übermittelt durch die EQS Group AG.-

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