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# FS

Source: https://elororesources.com/site/assets/files/6876/eloro_q1_2027_interim_financials_file_copy.pdf
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# FS
Eloro Resources Ltd.
Condensed Interim Consolidated Financial Statements
June 30, 2026
(expressed in Canadian dollars)
(unaudited)
Management’s Comments on Unaudited Condensed Interim Consolidated Financial Statements
These unaudited condensed interim consolidated financial statements of Eloro Resources Ltd. (the “Company”) have been
prepared by management and approved by the Board of Directors of the Company.
These unaudited condensed interim consolidated financial statements have not been reviewed by the Company’s external
auditors.
Eloro Resources Ltd.
Consolidated Statements of Financial Position
(expressed in Canadian dollars)
(unaudited)
June 30, March 31,
Notes 2026 2026
$ $
Assets
Current
Cash and cash equivalents 21,846,198 24,863,699
Receivables 125,944 131,969
Marketable securities 3 313,200 391,393
Prepaid expenses 401,973 490,238
22,687,315 25,877,299
Right-of-use asset 4 22,175 33,263
Investment in associate 5 1,346,403 1,553,907
Option payment advance 6 1,193,338 779,308
Restricted cash held in trust 7 2,567,109 2,507,508
Exploration and evaluation 7 67,460,131 66,055,578
95,276,471 96,806,863
Liabilities
Current
Accounts payable and accrued liabilities 12 977,470 1,606,637
Current portion of lease liability 8 26,248 39,081
1,003,718 1,645,718
Shareholders’ equity
Share capital 9 151,862,499 150,887,844
Warrants 4,176,271 4,279,909
Contributed surplus 18,994,156 16,832,602
Foreign currency reserve 481,247 455,824
Deficit (81,241,420) (77,295,034)
94,272,753 95,161,145
95,276,471 96,806,863
Commitments and contingencies 13
Subsequent event 15
Approved by the Board: Thomas Larsen Francis Sauve
Director Director
1
See accompanying notes to condensed interim consolidated financial statements.
Eloro Resources Ltd.
Consolidated Statements of Loss and Comprehensive Loss
(expressed in Canadian dollars)
(unaudited)
3 months ended June 30,
Notes 2026 2025
$ $
Expenses
Professional fees 12 54,999 55,122
Directors' fees 9 and 12 45,000 45,000
Consulting fees 12 202,500 160,000
Financing bonus - 175,000
Stock-based compensation 9 2,615,954 1,821,614
Investor relations and marketing 12 584,012 396,294
General and office 151,573 105,319
Travel 87,351 59,012
Depreciation 4 11,088 11,088
Accretion of interest 8 522 1,263
Foreign exchange (gain) loss (94,357) 101,609
Fair value adjustment on marketable securities 3 78,192 46,525
Impairment of exploration and evaluation 7 116,608 190,892
Other income (114,560) (13,165)
3,738,882 3,155,573
Loss before share of net loss of an associate (3,738,882) (3,155,573)
Share of loss of an associate 5 (207,504) -
Loss for the period (3,946,386) (3,155,573)
Other comprehensive income to be reclassified to
profit or loss in subsequent years (net of tax)
Currency translation adjustment 25,423 127,637
Comprehensive loss for the period (3,920,963) (3,027,936)
Loss per share - basic and diluted (0.03) (0.03)
Weighted average number of shares outstanding -
basic and diluted 119,631,953 92,721,450
2
See accompanying notes to condensed interim consolidated financial statements.
Eloro Resources Ltd.
Consolidated Statements of Changes in Equity
(expressed in Canadian dollars)
(unaudited)
Foreign
Share Contributed currency
capital Warrants Surplus reserve Deficit Total
$ $ $ $ $ $
(note 9) (note 9) (note 9)
Balance, March 31, 2026 150,887,844 4,279,909 16,832,602 455,824 (77,295,034) 95,161,145
Exercise of warrants 416,617 - - - - 416,617
Fair value of exercised warrants 103,638 (103,638) - - - -
Fair value of cancelled stock options 454,400 - (454,400) - - -
Stock-based compensation - - 2,615,954 - - 2,615,954
Other comprehensive income for the period - - - 25,423 - 25,423
Loss for the period - - - - (3,946,386) (3,946,386)
Balance, June 30, 2026 151,862,499 4,176,271 18,994,156 481,247 (81,241,420) 94,272,753
Balance, March 31, 2025 102,287,014 2,744,305 21,965,536 366,096 (69,255,963) 58,106,988
Private placement of units 7,775,101 - - - - 7,775,101
Fair value of warrants issued (1,273,636) 1,273,636 - - - -
Fair value of broker warrants issued (148,096) 148,096 - - - -
Share issue costs (950,754) - - - - (950,754)
Exercise of stock options 393,000 - - - - 393,000
Fair value of exercised stock options 232,020 - (232,020) - - -
Stock-based compensation - - 1,821,614 - - 1,821,614
Other comprehensive income for the period - - - 127,637 - 127,637
Loss for the period - - - - (3,155,573) (3,155,573)
Balance, June 30, 2025 108,314,649 4,166,037 23,555,130 493,733 (72,411,536) 64,118,013
3
See accompanying notes to condensed interim consolidated financial statements.
Eloro Resources Ltd.
Consolidated Statements of Cash Flows
(expressed in Canadian dollars)
(unaudited)
3 months ended June 30,
2026 2025
$ $
Cash provided by (used in)
Operating activities
Loss for the period (3,946,386) (3,155,573)
Items not affecting cash
Depreciation 11,088 11,088
Accretion of interest 522 1,263
Stock-based compensation 2,615,954 1,821,614
Unrealized loss on marketable securities 78,192 46,525
Share of loss of an associate 207,504 -
Unrealized foreign exchange gain (59,601) -
Impairment of exploration and evaluation 116,608 190,892
Changes in non-cash operating working capital
Receivables 6,025 (54,119)
Prepaid expenses 88,265 33,965
Accounts payable and accrued liabilities (709,657) 26,812
(1,591,486) (1,077,533)
Financing activities
Interest paid on lease liabilities (522) (1,263)
Repayment of lease liabilities (12,833) (11,970)
Private placements of units - 7,775,101
Share issue costs - (950,754)
Exercise of warrants 416,617 -
Exercise of stock options - 393,000
403,262 7,204,114
Investing activities
Due from Cartier Silver Corporation - (368,951)
Option payment advance (414,030) (143,648)
Exploration and evaluation (1,440,670) (1,215,386)
(1,854,700) (1,727,985)
Net increase (decrease) in cash and cash equivalents (3,042,924) 4,398,596
Cash and cash equivalents, beginning of period 24,863,699 257,585
Currency translation adjustment 25,423 127,637
Cash and cash equivalents, end of period 21,846,198 4,783,818
Cash and cash equivalents consist of:
Cash 320,924 570,768
Cash equivalents 21,525,274 4,213,050
21,846,198 4,783,818
Supplementary information
Income taxes paid - -
4
See accompanying notes to condensed interim consolidated financial statements.
Eloro Resources Ltd.
Notes to Condensed Interim Consolidated Financial Statements
June 30, 2026
(expressed in Canadian dollars)
(unaudited)
1. Nature of operations
Eloro Resources Ltd. (the “Company”) is a public company engaged in the exploration and development of a polymetallic
property in Bolivia and a gold-silver property in Peru.
The Company was incorporated under the Business Corporations Act of Ontario on April 11, 1985 and its registered office
is located at 20 Adelaide Street East, Suite 200, Toronto, Ontario, M5C 2T6.
2. Basis of presentation
Statement of compliance
These condensed interim consolidated financial statements have been prepared in accordance with International
Accounting Standard 34, Interim Financial Reporting, using accounting policies consistent with International Financial
Reporting Standards and its interpretations adopted by the International Accounting Standards Board.
The accounting policies used in these condensed interim consolidated financial statements are consistent with those
disclosed in the Company’s audited consolidated financial statements for the year ended March 31, 2026.
These condensed interim consolidated financial statements do not include certain information and disclosures normally
included in annual financial statements prepared in accordance with IFRS and should be read in conjunction with the
Company’s annual financial statements for the year ended March 31, 2026.
These condensed interim consolidated financial statements were approved and authorized for issue by the Board of
Directors on August 12, 2026.
3. Marketable securities
Marketable securities, among other marketable securities, includes the Company’s investment in warrants of Cartier Silver
Corporation (“Cartier”), each of which, entitles the Company to purchase one common share of Cartier for $0.20 until
October 7, 2028. Three directors of the Company are directors of Cartier.
Fair value
Number $
Investment in Cartier warrants
Balance, March 31, 2026 2,400,000 240,852
Unrealized loss – (81,352)
Balance, June 30, 2026 2,400,000 159,500
The fair value of the Cartier warrants was calculated using the Black-Scholes option pricing model with the following inputs
and assumptions:
June 30, 2026 March 31, 2026
Number of warrants held 2,400,000 2,400,000
Exercise price $0.20 $0.20
Share price $0.13 $0.17
Risk-free interest rate 2.74% 2.87%
Expected volatility based on historical volatility 109% 108%
Expected life of warrants 2.27 years 2.52 years
Expected dividend yield 0% 0%
Fair value $159,500 $240,852
Fair value per warrant $0.07 $0.10
See note 5, Investment in associate, Cartier.
5
4. Right-of-use asset
$
Right-of-use asset, March 31, 2026 and June 30, 2026 221,751
Accumulated depreciation, March 31, 2026 188,488
Depreciation 11,088
Accumulated depreciation, June 30, 2026 199,576
Balance, June 30, 2026 22,175
5. Investment in associate, Cartier
On October 7, 2025, the Company determined that it has significant influence over Cartier and accounts for its investment
in Cartier as an investment in an associate using the equity method.
As at June 30, 2026, the Company held 9,993,500 Cartier common shares (March 31, 2026 - 9,993,500) with a fair value
of $1,299,155 (March 31, 2026 - $1,698,895), representing 11.83% (March 31, 2026 - 11.83%) of the outstanding Cartier
common shares (see note 15, Subsequent event).
Number of
Cartier
common
shares
held $
Balance, March 31, 2026 9,993,500 1,553,907
Share of loss, excluding change in the fair value of Cartier’s investment in the Company – (207,504)
Balance, June 30, 2026 9,993,500 1,346,403
The following is a summary of Cartier’s statement of financial position and reconciliation to carrying amounts as at June 30,
2026:
$
Assets
Cash 2,019,187
Other current assets 280,430
2,299,617
Investment in Eloro Resources Ltd. 4,345,422
Right-of-use asset 22,167
6,667,206
Liabilities and shareholders’ equity
Current liabilities 320,464
Shareholders’ equity 6,346,742
6,667,206
Reconciliation to carrying amount:
Share percentage ownership of Cartier 11.83%
$
Company’s share of net assets of Cartier 750,820
Difference between the Company’s share of net assets of Cartier and carrying value 595,583
Carrying value of investment in Cartier 1,346,403
6
The following is a summary of the statement of loss and comprehensive loss of Cartier for the 3 months ended June 30,
2026:
3 months ended
June 30, 2026
$
Expenses
Expenses 338,737
Exploration and evaluation 1,166,901
Stock-based compensation 251,546
1,757,184
Operating loss (1,757,184)
Decrease in fair value of investment in Eloro Resources Ltd. (780,615)
Loss and comprehensive loss (2,537,799)
6. Option payment advance
On July 29, 2020, the Company granted a 2% interest in its wholly-owned Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera
Tupiza”) to an officer of Minera Tupiza. The Company has an option to increase its interest in Minera Tupiza to 99% by
purchasing a 1% interest from the officer for US$3,000,000. The option was scheduled to expire on July 27, 2024, but was
extended by mutual agreement to July 27, 2026, and subsequently extended to July 27, 2029. At June 30, 2026, the
Company has made instalment payments of US$900,000 (March 31, 2026 - US$600,000) on account of the option.
7. Exploration and evaluation
March 31, June 30,
2026 Exploration Impairment 2026
$ $ $ $
Property
Iska Iska 66,055,578 1,404,553 ‒ 67,460,131
La Victoria – 116,608 (116,608) –
66,055,578 1,521,161 (116,608) 67,460,

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