Element 29 closes $12.0M private placement

All dollar amounts are Canadian, unless otherwise noted.

Vancouver, British Columbia--(Newsfile Corp. - August 10, 2026) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) (" Element 29 " or the " Company ") announces that it has closed, effective August 10, 2026, its previously announced, non-brokered private placement (the " Financing ") and issued 7,272,727 common shares (each a " Share ") of the Company at a price of $1.65 per Share for aggregate gross proceeds of $11,999,999.55.

Richard Osmond, President and CEO, states, " We are pleased to close this financing with continued support from our strategic investors. Alpayana S.A.C., led by Chair Alejandro Gubbins, topped up its position to maintain a 9.9% interest in the Company, and we welcome additional participation from Randy Smallwood. Their support is a strong endorsement of our team and our Perú copper portfolio, and it strengthens our financial position as we advance our plans at Elida and across the broader portfolio. "

The net proceeds from the Financing will be used to fund exploration activities across the Company's portfolio of copper projects in Perú, including the flagship Elida, as well as the Flor de Cobre and Paka projects.

In connection with the Financing and in accordance with the policies of the TSX Venture Exchange, the Company paid aggregate cash finder's fees totaling $405,396.92.

The Shares issued pursuant to the Financing will be subject to a statutory four-month-and-one-day hold period expiring on December 11, 2026.

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any U.S. state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable U.S. state securities laws, or an exemption from such registration requirements is available.

About Element 29 Resources Inc. Element 29 is an emerging junior resource company with a highly experienced management team and board focused on the discovery and advancement of copper projects in Perú, one of the lowest-cost, lowest-risk mining jurisdictions globally. The Company's flagship project is the Elida Porphyry Cu-Mo-Ag Deposit in west-central Perú which has an initial pit-constrained inferred Mineral Resource Estimate 1 of 321.7 million tonnes grading 0.32% Cu, 0.03% Mo and 2.61 g/t Ag at a 0.2% Cu cutoff grade. Alongside Elida, the Company has three (3) early stage, highly prospective porphyry Cu projects in Perú that include the Flor de Cobre porphyry Cu-Mo prospect situated in the Southern Perú Copper Belt, just 26 km from the Cerro Verde copper mine 2 (Freeport-Buenaventura) as well as the Paka and Pahuay porphyry Cu skarn prospects. All projects are well located for future mine development and will benefit from nearby infrastructure including roads, power infrastructure, ports, water, and a skilled workforce.