Mr. Richard Osmond reports

ELEMENT 29 ANNOUNCES PRIVATE PLACEMENT OF UP TO $35,500,000

Element 29 Resources Inc. intends to complete a non-brokered private placement of up to 32,272,727 common shares of the company at a price of $1.10 per share for aggregate gross proceeds to the company of up to $35.5-million.

The net proceeds from the financing will be used to finance exploration activities at the company's Peru projects, including the 2026 drilling program at its flagship Elida porphyry copper-molybdenum-silver (Cu-Mo-Ag) deposit in west-central Peru, and for general working capital.

The company may compensate certain finders a cash fee equal to 7.0 per cent of the aggregate gross proceeds raised from subscriptions under the financing arranged by such finders.

Certain directors and officers of the company may acquire securities under the financing. Any such participation would be considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25 per cent of the company's market capitalization.

The financing remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the financing will be subject to a statutory four-month-and-one-day hold period from the date of issuance.

About Element 29 Resources Inc.

Element 29 is an emerging junior resource company with a highly experienced management team and board focused on exploring and potentially developing Tier 1 copper deposits in Peru, one of the lowest-cost, lowest-risk mining jurisdictions globally.

The company's principal objective is to explore and significantly expand its Elida porphyry Cu-Mo-Ag deposit in west-central Peru. Alongside Elida, the company has three early stage, highly prospective porphyry Cu projects in Peru for more than 25,000 hectares of titled concession. These include the Flor de Cobre porphyry Cu-Mo prospect situated in the Southern Peru copper belt, just 26 km from the Cerro Verde copper mine (Freeport-Buenaventura), as well as the Paka and Pahuay porphyry Cu skarn prospects related to potential tertiary-aged, mineralized porphyry complexes intruding along the eastern margin of the Peruvian Coastal batholith.

All projects are well located for future mine development and will benefit from nearby infrastructure including roads, powerlines, ports, water and a skilled work force.

We seek Safe Harbor.