Eloro Resources : Annual Information Form

ANNUAL INFORMATION FORM

For the Year Ended March 31, 2022

Dated July 29, 2022

ELORO RESOURCES LTD.

Suite 200 - 20 Adelaide Street East

Toronto, Ontario

M5C 2T6

	TABLE OF CONTENTS
ITEM 1:	PRELIMINARY NOTES ......................................................................................................................	3
1.1	Effective Date of Information ..................................................................................................................	3
1.2	Financial Statements and Management Discussion and Analysis............................................................	3
1.3	Currency...................................................................................................................................................	3
1.4	Scientific and Technical Information.......................................................................................................	3
ITEM 2:	CAUTIONARY NOTES........................................................................................................................	3
2.1	Cautionary Note Regarding Forward Looking Statements and Forward Looking Information...............	3
2.2	Cautionary Note to United States Investors Regarding Classification of Mineral Resource Estimates...	6
ITEM 3:	CORPORATE STRUCTURE...............................................................................................................	6
3.1	Name, Address and Incorporation............................................................................................................	6
3.2	Inter-corporate Relationships ...................................................................................................................	6
ITEM 4:	GENERAL DEVELOPMENT OF THE BUSINESS..........................................................................	6
4.1	Overview..................................................................................................................................................	6
4.2	Three Year History...................................................................................................................................	7
ITEM 5:	DESCRIPTION OF THE BUSINESS................................................................................................	14
ITEM 6:	MATERIAL MINERAL PROJECT..................................................................................................	14
6.1	Iska Iska Project.....................................................................................................................................	14
Authorization and Purpose..................................................................................................................................	15
Project Description and Land Tenure..................................................................................................................	15
Geology and Mineralization................................................................................................................................	17
Status of Exploration...........................................................................................................................................	19
Metallurgical Testwork.......................................................................................................................................	20
Mineral Resource................................................................................................................................................	21
Interpretation and Conclusions ...........................................................................................................................	21
Recommendations...............................................................................................................................................	29
ITEM 7:	RISK FACTORS..................................................................................................................................	34
Nature of Mineral Exploration and Mining.........................................................................................................	34
Foreign Operations, Including Emerging and Developing Market Risk.............................................................	34
Community Relations .........................................................................................................................................	35
Enforcement of Canadian judgments against persons or companies outside of Canada.....................................	36
Dependence on Outside Parties...........................................................................................................................	44
Volatility of Stock Price......................................................................................................................................	45
Conflicts of Interest.............................................................................................................................................	45
Competition.........................................................................................................................................................	45
ITEM 8:	DIVIDENDS .........................................................................................................................................	45
ITEM 9:	DESCRIPTION OF CAPITAL STRUCTURE .................................................................................	46
ITEM 10:	MARKET FOR SECURITIES ...........................................................................................................	47
10.1	Trading Price and Volume .....................................................................................................................	47
10.2	Prior Sales ..............................................................................................................................................	47
ITEM 11:	ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL
	RESTRICTION ON TRANSFER ......................................................................................................	47
ITEM 12:	DIRECTORS AND OFFICERS .........................................................................................................	48
12.1	Name, Occupation and Security Holding...............................................................................................	48
12.2	Cease Trade Orders, Bankruptcies, Penalties or Sanctions....................................................................	49
12.3	Conflicts of Interest................................................................................................................................	50
ITEM 13:	LEGAL PROCEEDINGS AND REGULATORY ACTIONS .........................................................	51
13.1	Legal Proceedings ..................................................................................................................................	51

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13.2	Regulatory Actions.................................................................................................................................	51
ITEM 14:	INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ..............	51
ITEM 15:	TRANSFER AGENT AND REGISTRAR.........................................................................................	51
ITEM 16:	MATERIAL CONTRACTS................................................................................................................	51
ITEM 17:	INTERESTS OF EXPERTS ...............................................................................................................	51
17.1	Names of Experts...................................................................................................................................	51
17.2	Interests of Experts.................................................................................................................................	52
ITEM 18:	AUDIT COMMITTEE ........................................................................................................................	52
18.1	The Audit Committee Charter................................................................................................................	52
18.2	Composition of Audit Committee ..........................................................................................................	52
18.3	Relevant Education and Experience.......................................................................................................	53
18.4	Reliance on Certain Exemptions............................................................................................................	53
18.5	Audit Committee Oversight ...................................................................................................................	53
18.6	Pre-Approval Policies and Procedures...................................................................................................	53
18.7	External Audit Service Fees (By Category) ...........................................................................................	53
ITEM 19:	ADDITIONAL INFORMATION .......................................................................................................	54

SCHEDULE "A" - Audit Committee Charter

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ITEM 1: PRELIMINARY NOTES

1.1 Effective Date of Information

References to "Eloro Resources Ltd.", "Eloro", "ELO", the "Company", "its", "our" and "we", or related terms in this Annual Information Form ("AIF"), refer to Eloro Resources Ltd. and include, where the context requires, its subsidiaries.

All information contained in this AIF is as at March 31, 2022, unless otherwise stated.

1.2 Financial Statements and Management Discussion and Analysis

This AIF should be read in conjunction with the Company's audited consolidated annual financial statements as at and for the year ended March 31, 2022 (the "Financial Statements"), as well as the accompanying Management's Discussion and Analysis ("MD&A") for such period. The Financial Statements and MD&A are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com under the Company's profile.

1.3 Currency

All references to "$" or "dollars" in this AIF are to Canadian dollars, unless otherwise expressly stated.

1.4 Scientific and Technical Information

Unless otherwise indicated, scientific and technical information in this AIF relating to the Company's mineral properties has been reviewed and approved by Dr. Bill Pearson, P. Geo., Executive Vice President Exploration of the Company and a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

ITEM 2: CAUTIONARY NOTES

2.1 Cautionary Note Regarding Forward Looking Statements and Forward Looking Information

Information and statements contained in this AIF that are not historical facts are forward-looking information or forward-looking statements within the meaning of Canadian securities legislation (hereinafter collectively referred to as "forward-lookingstatements") that involve risks and uncertainties. This AIF contains forward-looking statements such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Examples of forward-looking statements in this AIF include, but are not limited to, statements with respect to:

• the Company's ability to comply with permitting and regulatory requirements related to exploration, and development of its projects in Bolivia, Peru and Canada;
• the ongoing volatility of the novel coronavirus ("COVID-19") outbreak as a global pandemic and the potential impact of COVID-19 (including COVID-19 variants) on the Company's operations;
• the Company's drill program at the Iska Iska Project (as defined herein) for 2022 and beyond;
• the Company's exploration and development program at the Iska Iska Project;
• the effect of the new Mining and Metallurgy Law (Ley de Mineria y Metalurgia) enacted by Law No. 535 on May 28, 2014 by the Bolivian government on the Company's current and future operations at the Iska Iska Project;
• the anticipation that mineral resources at the Iska Iska Project can be developed with limited, systematic, underground drilling and channel sampling;
• the Company's ability to meet the requirements for the maintenance of each of its mining concessions;
• the Company's ability to continue accessing the surface lands overlying its concessions;
• the Company's ability to secure required permitting approvals from relevant regulatory bodies in Bolivia, Peru and Canada;

Eloro AIF for fiscal year ended March 31, 2022

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• the Company's ability to manage and/or mitigate any environmental and/or social risks associated with the development of any of its projects to the mining stage, as well as through mine construction and operation;
• the estimated capital and operating costs associated with the exploration, development, construction and operation of a mine, processing plant and other facilities required to start up a mine at any of its projects;
• the Company's ability to continue as a going concern;
• the Company's going-forward strategy;
• commodity prices;
• the adequacy of the Company's working capital;
• the Company's expectation that it will incur operating losses in future periods due to ongoing expenses associated with the holding, exploration and development of the Company's mineral property interests;
• the Company's ability, through the application of legal norms in the respective jurisdiction, and with the support of the relevant government authorities, to prevent illegal mining activity on its concessions;
• the mining assets optioned or acquired by the Company being and remaining attractive investment opportunities;
• the Company's intention to retain any future earnings and other cash resources for the future development and operation of its business; and
• the Company's intention not to declare or pay any cash dividends in the foreseeable future.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "is expected", "scheduled", "estimates", "intends", "anticipates", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", or "might" occur or be achieved. Any such forward-looking statements are based, in part, on assumptions and factors that may change, thus causing actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. Such factors and assumptions may include, but are not limited to: assumptions concerning base and precious metal prices; cut-off grades; accuracy of any mineral resource estimates and resource modeling; timing and reliability of sampling and assay data; representativeness of mineralization; timing and accuracy of metallurgical test work; anticipated political and social conditions; impact of the COVID-19 pandemic on the Company's business and results of operations; expected government policy, including reforms, the ability to successfully raise additional capital; and other assumptions used as a basis for the preparation of the NI 43-101 technical report of Micon International Limited titled "Technical Report on the Exploration and Diamond Drilling of the Iska Iska Polymetallic Project, Sud Chichas Province, Department of Potosi, Bolivia", with an effective date of March 31, 2022 and dated May 1, 2022.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation:

• risks relating to price fluctuations for gold, silver, copper, tin and other precious and base metals;
• risks inherent in any mineral resource estimation;
• risks relating to government expropriation or termination of the Company's mineral property interests;
• risks relating to inaccurate geological and engineering assumptions;
• risks relating to all of the Company's mineral concessions and projects being located in Bolivia, Peru and Canada, including political, social, economic, security and regulatory instability;
• risks relating to changes in Bolivia, Peru and Canada's national, provincial and local political leadership, including impacts these may have on general and mining specific public policies, administrative agencies and social stability;
• risks relating to local political and social unrest, including opposition to mining, pressure for economic benefits such as employment or social investment programs, access to land for agricultural or artisanal or illegal mining purposes, claims by aboriginal or indigenous peoples or other demands;
• risks relating to the social, political, administrative, environmental and geological conditions in areas in proximity to the concessions under development;
• risks relating to the Company's rights or activities being impacted by litigation or administrative processes including administrative refusal to approve registration of transfers of corporate interests and mining agreements;

Eloro AIF for fiscal year ended March 31, 2022

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