At the helm of Eloro Resources Ltd. (TSX: ELO), Chairman and CEO Thomas G. Larsen is steering one of the most compelling silver-tin polymetallic discoveries in South America, the Iska Iska Project, situated in the heart of Bolivia’s prolific Potosà Department. In a recent video update released to investors, Larsen stated:
“We have come up with a major world-class discovery, a never-before-drilled project in what we call a collapse resurgent caldera centre of a massive volcano.”
That conviction, grounded in over four decades of resource sector experience and backed by more than 109,000 metres of diamond drilling, sits at the heart of Eloro’s rapidly evolving story. Following a C$17 million bought deal financing and a strategic acquisition in Cartier Silver Corporation, the Company is moving aggressively into 2026 with the capital, team, and assets required to justify increasing market attention.
The Man Driving the Mission: Thomas G. Larsen, Chairman and CEO
Figure 1: Thomas G. Larsen, Chairman and CEO of Eloro Resources Ltd in an interview at Centurion One Bahamas Summit 2025 [Source: Money Channel NYC]
Few figures in the Canadian mining sector match Thomas Larsen’s breadth of experience. Over a career spanning more than 40 years in the investment industry, Larsen has specialised in corporate finance and the management of junior resource companies, raising in excess of C$200 million for various Projects and ventures.
His track record includes a pivotal chapter at Champion Iron Limited, where he served as President and CEO following the completion of the transformational merger between Australian-based Mamba Minerals Ltd. and TSX-listed Champion Iron Mines Limited in April 2014. Prior to that merger, he led Champion Iron Mines Limited as its President and CEO, developing the foundational iron ore assets that would later propel the company into production.
At Eloro, Larsen wears two hats — Chairman and CEO. He also currently serves as CEO of Cartier Silver Corporation (CSE: CFE), a strategic overlap that reflects the interconnected nature of his portfolio-building approach.
In his recent video message, Larsen articulated both his macro view and his operational focus with clarity:
“I really do believe that there is truly a physical shortage of silver. Eloro Resources — our focus is basically the discovery and moving forward with the giant silver-tin polymetallic project in southern Bolivia.”
He went on to underscore the scale of what the Company has uncovered in Bolivia, placing the discovery in its full historical context:
“It’s probably one of the largest deposits discovered in the last couple hundred years in Bolivia.”
For a man who has built, sold, and scaled mining companies across multiple commodity cycles, Larsen’s enthusiasm for Iska Iska is notable. He clearly believes this is the defining Project of his career — and the data, in several respects, supports that belief.
Figure 2: Location map of Iska Iska in Bolivia [Source: Eloro Resources]
Eloro’s Portfolio: A Multi-Jurisdiction Platform for Precious and Base Metals
Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties spanning three countries: Bolivia, Peru, and Quebec. While the flagship Iska Iska Project in Bolivia commands the vast majority of the Company’s capital and operational attention, the broader portfolio reflects a deliberate strategy to maintain geographic diversification and optionality across multiple metal categories.
Key Assets at a Glance
- Iska Iska, Bolivia — Giant silver-tin polymetallic porphyry-epithermal complex; flagship Project (100% economic interest via 99% JV interest)
- La Victoria Gold/Silver Project, Peru — 82% interest; located in the North-Central Mineral Belt of Peru, approximately 50 km south of the Lagunas Norte and La Arena gold mines
- Quebec Properties — Earlier-stage assets providing additional optionality in a tier-one Canadian jurisdiction
- Strategic Investment — Cartier Silver Corporation — Growing equity stake in a silver-focused issuer, now exceeding 11.85% on an undiluted basis
Iska Iska, Bolivia: The Crown Jewel
Location and Access
The Iska Iska Porvenir Concession covers 900 hectares (9 km²) situated 48 km north of Tupiza city in the Sud Chichas Province of the Department of PotosÃ, Bolivia. The property sits within the southwestern portion of the Eastern Cordillera — a geological belt that hosts a remarkable suite of world-class mineral deposits, including gold, silver, iron ore, zinc, tin, lead, and lithium. Critically, Iska Iska is road-accessible and carries no royalties.
The site sits at approximately 4,000 metres above sea level. While the altitude demands operational adaptation, Bolivia’s Potosà region has a tradition of mining that stretches back centuries — a fact Larsen himself acknowledges:
“They have fantastic expertise. [Bolivia] has a huge tradition over the years for mining.”
Geology: A Collapsed Caldera of Rare Complexity
What makes Iska Iska genuinely exceptional is its geological character. The deposit is classified as a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene collapsed and resurgent caldera, emplaced on Ordovician-age rocks. The system incorporates major breccia pipes, dacitic domes, and hydrothermal breccias.
The mineralised complex extends across a substantial three-dimensional footprint:
- Along strike: at least 4 km in a general NNW-SSE direction
- In width: at least 2 km
- In depth: likely extending more than 1 km below surface
The mineralisation age is consistent with that of Bolivia’s most celebrated deposits — including the historic Cerro Rico de Potosà — as well as nearby world-class assets such as San Vicente, Chorolque, Tasna, and Tatasi, all of which sit on the same geological trend.
Drilling Achievements: A World-Class Programme Already Underway
Since the exploration programme began in September 2020, the Company has achieved the following milestones:
- 109,000 metres of diamond drilling completed
- 162 drill holes in total
- Cumulative investment exceeding C$40 million raised through three bought deal financings
The scale of this drilling programme — executed efficiently at high altitude in a remote but road-accessible terrain — reflects not only the technical capability of the Eloro team but also the confidence of institutional investors in the Project’s merit.
Figure 3: Ongoing drilling operation at Iska Iska [Source: Eloro Resources]
The Option Agreement: A Royalty-Free Foundation
The Definitive Option Agreement for the Iska Iska property was signed on January 6, 2020, and structured in a notably favourable manner for the Company:
- Fully permitted for the exploration drill programme
- Road accessible — reducing logistical complexity and cost
- No fixed expenditure requirement — providing operational flexibility
- No royalties on the property — preserving economics in the event of production
The Company issued a total of 500,000 common shares to the title holder and has made option payments totalling US$7.2 million to date, with US$2.8 million remaining.
Figure 4: Iska Iska conceptual deposit model diagram illustrating the four geological stages — SN(W) Porphyry Complex, Dacitic Domes and Breccia Formation, Structural Remobilisation, and the Present-Day erosional surface. [Source: Eloro Resources]
The Road Ahead: Pre-Feasibility Study and 20,000 to 50,000 Metres of Drilling
Eloro’s next major milestone is the completion of a Pre-Feasibility Study (PFS) for Iska Iska. In his video update, Larsen outlined the drilling programme required to meet PFS-level resource definition requirements:
“What’s next is 20 to 50,000 metres of drilling, which is necessary for the PFS because you need 25-metre spacings. So there’ll be continuous ongoing drilling.”
This commitment to sustained, methodical drilling at tighter spacings is the hallmark of a Project transitioning from discovery-stage exploration into advanced development. The 25-metre drill spacing requirement is standard for the higher-confidence resource categories — Measured and Indicated — that underpin a credible PFS.
The scale of the upcoming drilling programme also reinforces the sheer magnitude of the Iska Iska system: to drill out a 4 km by 2 km by 1 km+ mineralised body at 25-metre spacings represents one of the most ambitious resource definition programmes currently underway among TSX-listed junior developers.
La Victoria Gold/Silver Project, Peru: A Secondary Asset With Significant Potential
Eloro holds an 82% interest in the La Victoria Gold/Silver Project, situated in the North-Central Mineral Belt of Peru, approximately 50 km south of two producing gold operations: the Lagunas Norte Gold Mine and the La Arena Gold Mine. The Project is managed through the Company’s Peruvian subsidiary, CompañÃa Minera Eloro Peru S.A.C., under the oversight of General Manager Luc Pigeon, a Professional Geologist (P.Geo) registered in Quebec.
While La Victoria remains a secondary priority relative to Iska Iska, its proximity to established producing mines in a well-understood geological belt provides meaningful optionality — and a potential future catalyst should gold and silver prices continue their current upward trajectory.
Figure 5: Location of La Victoria Project in Peru [Source: Eloro Resources]
Recent Corporate Developments: Capital Raises and Strategic Acquisitions
C$17 Million Bought Deal LIFE Private Placement — Closed March 6, 2026
In early March 2026, the Company closed its bought deal LIFE (Listed Issuer Financing Exemption) private placement, raising gross proceeds of C$17,000,360 — inclusive of the full exercise of the over-allotment option. The Offering involved the sale of 6,538,600 common shares at C$2.60 per share.
The offering was co-led by Red Cloud Securities Inc. and Cantor Fitzgerald Canada Corporation, with Haywood Securities Inc. participating as part of the underwriting syndicate — a combination of well-regarded Canadian institutional dealers that signals broad institutional confidence in the Eloro investment thesis.
The Company intends to direct the net proceeds toward the following priorities:
- Continued exploration and development of the Iska Iska Project in southern Bolivia
- General corporate purposes and working capital
The full exercise of the over-allotment option serves as a robust indicator of institutional demand. Notably, a significant shareholder and company insider participated by committing C$2,501,200, further underscoring the strong alignment between management and shareholder interests.
Prior to this raise, the Company had already closed a C$15 million bought deal private placement in February 2026, reflecting a series of successful capital markets executions providing Eloro with a well-funded runway to pursue its aggressive drilling and development agenda.
Acquisition of Shares of Cartier Silver Corporation — March 16, 2026
In a further demonstration of its conviction in the silver thesis, the Company announced on March 16, 2026 the acquisition of an additional 1,205,000 common shares of Cartier Silver Corporation on the open market, at prices ranging from C$0.17 to C$0.21 per share, for total consideration of C$218,290.
Following this acquisition, Eloro now beneficially owns or controls the following position in Cartier Silver:
- 9,993,500 common shares of Cartier Silver Corporation
- 2,400,000 warrants, each exercisable for one additional common share
- 11.85% undiluted interest and 14.29% partially diluted interest in Cartier Silver
This strategic position reflects the Company’s broader view on the silver market. As Larsen has stated clearly, he believes there is a genuine physical shortage of silver. Eloro is not merely betting on silver through Iska Iska — it is building a silver-oriented portfolio at multiple levels.
Bolivia as a Mining Jurisdiction: A Misunderstood Opportunity
Bolivia often carries an undeserved reputational discount among North American mining investors. The Company’s own assessment — and the record of its operational activities — paints a considerably different picture:
- Mining contributes approximately 30% to Bolivia’s national economy, making it the country’s single largest economic driver
- The country operates under straightforward mining laws with a simple tax structure and no capital controls
- 0% VAT applies to mining and industrial equipment
- Mining Minister Alejandro Santos Laura brings a technical background and is actively supportive of both domestic and foreign mining investment
- Bolivia and Brazil have recently signed 10 bilateral cooperation agreements covering foreign investment protection, mining, and oil and gas exploration
- The government launched a pilot plan to develop and reactivate lithium salars in partnership with international mining companies — a signal of broader resource sector openness
Eloro’s Bolivian operational team is led by Dr. Osvaldo Arce Burgoa, Executive Vice President of Latin American Operations. Dr. Arce is a professional geological and mineral processing engineer with 26 years of experience in Bolivia, holding a Doctorate of Engineering from Tohoku University in Japan and extensive senior roles including former National Director of the Bolivian Geological Survey. His presence in the leadership team significantly de-risks the jurisdictional narrative for prospective investors.
Figure 6: Bolivia Mineral Deposits — Iska Iska (★) positioned within the Bolivian Tin Belt, in the company of some of the country’s most significant polymetallic, orogenic gold, and base metal deposits. [Source: Eloro Resources]
Investor Video Update: Thomas Larsen Speaks Directly to Shareholders
The Company recently released a video update featuring Chairman and CEO Thomas Larsen delivering a direct message to investors about the state of the project and the strategic opportunity. The key themes Larsen communicates are:
- A genuine physical shortage of silver — his macro investment thesis that underpins the strategic rationale for Iska Iska and for the Company’s growing position in Cartier Silver Corporation
- The uniqueness of the Iska Iska caldera setting — a geological framework he describes as a “collapse resurgent caldera centre of a massive volcano,” a structural environment capable of hosting extraordinary mineral concentrations
- The depth of Bolivia’s mining culture — expertise and tradition that the Company actively leverages through its Bolivian team
- The path to a Pre-Feasibility Study — requiring 20,000 to 50,000 metres of additional drilling at 25-metre spacings, with continuous drilling planned
The video serves as a valuable primary source for investors seeking to understand management’s conviction, the strategic context, and the operational roadmap ahead.
Investors’ Outlook
Eloro Resources has delivered compelling share price performance over both the near and medium term, reflecting growing market recognition of the Iska Iska discovery and the Company’s disciplined approach to capital deployment.
| Metric | Value |
| Share Price (as of close, March 26, 2026) | C$1.81 |
| Market Capitalisation (intraday) | C$214.58 million |
| 6-Month Return | +19.87% |
| 1-Year Return | +66.06% |
| Exchange Listing | TSX: ELO |
| Also Listed | OTCQX: ELRRF / FSE: P2QM |
A 66% gain over the past twelve months places Eloro firmly among the top-performing TSX-listed exploration and development companies in its peer group — and it has achieved this with the Pre-Feasibility Study still ahead of it.
Several catalysts support the case for continued investor interest:
- Ongoing and expanding drilling programme — 20,000 to 50,000 metres of additional drilling targeting PFS-level resource definition at 25-metre spacings
- Well-funded balance sheet — C$17 million recently closed, with cumulative capital raises exceeding C$40 million
- Favourable silver and tin macro environment — Larsen’s thesis of a physical silver shortage aligns with broader market trends in industrial and monetary demand for the metal
- World-class geological setting — The Iska Iska caldera system remains largely under-drilled relative to its interpreted scale, leaving significant discovery upside
- Strategic equity position in Cartier Silver — Providing leveraged exposure to a second silver-focused vehicle
- Experienced, aligned management team — Insider participation in the most recent offering underscores management alignment with shareholders
With a well-funded balance sheet, an aggressive development agenda, and a world-class geological setting, Eloro Resources is executing its mission to bring one of the most significant mineral discoveries in South America in recent memory into production. The path is set for the Pre-Feasibility Study to cement the value of the Iska Iska Project and solidify the Company’s position in the global silver and tin market.
Disclaimer: This editorial is intended for informational purposes only and does not constitute investment advice. All financial and operating information has been sourced from publicly available materials and company announcements. Readers are encouraged to conduct their own due diligence before making any investment decisions.
Last modified: March 28, 2026
