Net Asset Value(s)

El Oro Ltd

25 February 2019

El Oro Ltd. ("the Company") Registration No: 49778

Immediate Announcement: Net Asset Values for 31 December 2018 and 31 January 2019

Valuation date 31 December 2018

Currency GBP

NAV 72.5 pence

Share Price (mid) 62.0 pence

Discount 14.5 %

Cash held £10.4million (equivalent to 16.5 pence per share)

Valuation date 31 January 2019

Currency GBP

NAV 75.3 pence

Share Price (mid) 62.0 pence

Discount 17.7 %

Cash held £17.2million (equivalent to 27.2 pence per share)

The above NAVs reflect:

(i) an adjustment decreasing the value of the portfolio by circa £2.3million being the difference between the fair values of the portfolio and its net realisable value in light of the pending reorganisation proposals; and

(ii) recognising a provision of circa £0.4million in respect of estimated reorganisation costs

The combined impact of these two items was to decrease the NAV as at 31 December 2018 by 4.2p per share.

The Company's Share Price can be found at www.tisegroup.com and also on SETSqx [ticker - ELX].

For further information, please contact:

Aztec Financial Services (Guernsey) Limited 01481 748831

Chris Copperwaite

El Oro Ltd www.eloro.com 020 7581 2782

Robin Woodbine Parish, Chairman

Una Ni Dhonaill

Registered address: East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP

End of announcement