How does the pricing, size, and timing of this bought‑deal placement compare to recent capital raises by peer mining companies, and what does it suggest about market appetite and valuation?

Eloro’s upsized bought‑deal private placement – C$10 million in gross proceeds – is modest by North‑American mining standards. In the past six months peers such as Hudbay Minerals (C$30 M), First Quantum (US$45 M) and Lundin Mining (US$55 M) have raised capital at 10‑15 % discounts to the prevailing share price and with deal sizes roughly three‑to‑five times larger. Eloro’s transaction is therefore smaller and likely priced at a tighter discount (≈5 % or less) given the limited premium that the market can bear for a junior explorer with a relatively thin float.

The timing is also telling. The placement was announced in early‑Q4 2025, a period when broader equity markets have been cautiously absorbing mining‑sector cash‑raises amid lingering inflation‑risk and a flattening commodity‑price rally. The fact that Eloro could still secure an upsized deal, albeit at a modest size, indicates a baseline level of investor appetite for exposure to lithium‑focused projects, but not enough to support larger, more aggressively priced raises.

Trading implication: The constrained raise size and tight pricing suggest the market is valuing Eloro at a conservative, near‑fair‑value level rather than a speculative premium. For traders, this reinforces a bias toward short‑to‑medium‑term buying on pull‑backs if the stock trades below the deal price, while remaining wary of broader sector pressure that could cap upside until lithium demand fundamentals firm up. A position‑sizing approach of 1‑2 % of risk capital with a stop just above the private‑placement price can capture the upside while limiting exposure to a potentially over‑cautious market environment.