Eloro Resources Ltd. Revises Payment Schedule for Iska Iska Project in Bolivia
- Eloro Resources adjusts payment schedule for Iska Iska project, securing a 100% stake with a modified timeline.
- The company will deduct US$1,800,000 from payments for exploration at the nearby Mina Casiterita property.
- Eloro focuses on exploration across Bolivia, Peru, and Quebec, with Iska Iska as a key project in its portfolio.
Eloro Resources Adjusts Payment Schedule for Iska Iska Project
Eloro Resources Ltd. announces a strategic amendment to the payment schedule for its key Iska Iska silver-tin polymetallic project in Bolivia. The modification, reached in agreement with Empresa Minera Villegas S.R.L., adjusts the timeline for the remaining US$4,450,000 needed for Eloro to secure a 100% stake in the project. This adjustment is notable as it reflects Eloro's commitment to managing its financial obligations while advancing its exploration initiatives. The company highlights the importance of Iska Iska, which is recognized as a significant mineral deposit that is both road-accessible and royalty-free, thereby enhancing its attractiveness as a development target.
In an effort to streamline the acquisition process, Eloro will deduct US$1,800,000 spent on exploration activities at the nearby Mina Casiterita property from the total outstanding payments. This strategic move allows Eloro to optimize its cash flow while still fulfilling its obligations. Moreover, the agreement for the adjacent Mina Casiterita and Mina Hoyada properties has been revised to require a cash payment of US$1,800,000 within a year of obtaining the necessary mining rights, along with the issuance of 200,000 common shares upon completion of the property transfer. These modifications reflect Eloro's proactive approach to securing its interests and advancing its exploration portfolio.
Eloro Resources continues to focus on exploration and mine development across Bolivia, Peru, and Quebec, with the Iska Iska project serving as a cornerstone of its operations. The company also maintains an 82% stake in the La Victoria Gold/Silver Project in Peru, indicating its diverse asset base in the precious metals sector. As Eloro navigates the complexities of resource acquisition and development, these strategic financial adjustments position the company for potential growth and enhanced operational efficiency. Stakeholders can connect with Eloro's leadership team, including Chairman and CEO Thomas G. Larsen and Vice-President Jorge Estepa, for further insights into the company's ongoing initiatives.
In addition to the payment schedule adjustments, Eloro recently reported a significant improvement in its financial performance for the fiscal year ending March 31, 2025. The company recorded a net loss of CAD 3.77 million, down from CAD 17.01 million the previous year, showcasing effective cost management and operational enhancements. This reduction in losses, coupled with a decrease in basic loss per share from CAD 0.22 to CAD 0.05, reflects Eloro's ongoing commitment to achieving greater financial stability and growth in the competitive mining sector.