Mr. Richard Osmond reports

ELEMENT 29 CLOSES $35.4 M PRIVATE PLACEMENT WITH 9.9% INTEREST ACQUIRED BY STRATEGIC INVESTOR

Element 29 Resources Inc. has closed, effective April 21, 2026, its non-brokered private placement and issued 32,245,269 common shares of the company at a price of $1.10 per share for aggregate gross proceeds of $35,469,796.

Richard Osmond, president and chief executive officer, stated: "We would like to thank our existing shareholders for their continued support, and we are pleased to welcome Alpayana SAC, led by chair Alejandro Gubbins, as a new strategic investor with a 9.9-per-cent interest in the company. Alpayana has a long history of mining in Peru, with a strong track record of value creation and deep in-country operational expertise. We are also pleased to welcome Randy Smallwood into the financing. Together, their participation represents a strong endorsement of the company and our Peru copper portfolio, strengthening our technical and financial position as we advance our projects toward potential Tier 1 discoveries in a world-class mining jurisdiction."

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 deposit in west-central Peru, and for general working capital.

In connection with the financing and in accordance with the policies of the TSX Venture Exchange, the company paid aggregate cash finders' fees totalling $629,999.99.

The shares issued pursuant to the financing will be subject to a statutory four-month-and-one-day hold period expiring on Aug. 22, 2026.

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 copper-molybdenum-silver deposit in west-central Peru. Alongside Elida, the company has three early-stage, highly prospective porphyry copper projects in Peru for more than 25,000 hectares of titled concession. These include the Flor de Cobre porphyry copper-molybdenum prospect, situated in the Southern Peru copper belt, just 26 kilometres from the Cerro Verde copper mine (Freeport-Buenaventura), as well as the Paka and Pahuay porphyry copper 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, power lines, ports, water and a skilled work force.

We seek Safe Harbor.