Mr. Richard Osmond reports

ELEMENT 29 CLOSES $12.0 MILLION PRIVATE PLACEMENT WITH CONTINUED PARTICIPATION FROM STRATEGIC INVESTORS

Element 29 Resources Inc. has closed, effective Aug. 10, 2026, its previously announced, non-brokered private placement and issued 7,272,727 common shares of the company at a price of $1.65 per share for aggregate gross proceeds of $11,999,999.55.

Richard Osmond, president and chief executive officer, 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-per-cent interest in the company and we welcome additional participation from Randy Smallwood. Their support is a strong endorsement of our team and our Peru 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 finance exploration activities across the company's portfolio of copper projects in Peru, 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 finders' fees totalling $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 Dec. 11, 2026.

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 Peru, one of the lowest-cost, lowest-risk mining jurisdictions globally. The company's flagship project is the Elida porphyry Cu-Mo-Ag (copper-molybdenum-silver) deposit in west-central Peru, which has an initial pit-constrained inferred mineral resource estimate (1) of 321.7 million tonnes grading 0.32 per cent copper (Cu), 0.03 per cent molybdenum (Mo) and 2.61 grams per tonne (g/t) silver (Ag) at a cut-off grade of 0.2 per cent Cu. Alongside Elida, the company has three early-stage, highly prospective porphyry Cu projects in Peru, which include the Flor de Cobre porphyry Cu-Mo 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 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 work force.

(1) The mineral resource estimate information is available in "NI 43-101 Technical Report, Mineral Resource Estimation of the Elida Porphyry Copper Project in Peru," dated Sept. 20, 2022, and prepared in accordance with Form 43-101F1 by Marc Jutras, PEng, MASc, Ginto Consulting Inc.

We seek Safe Harbor.