Mr. Richard Osmond reports

ELEMENT 29 MOBILIZES THIRD DRILL RIG TO ELIDA COPPER PROJECT, PERU

Element 29 Resources Inc. has mobilized a third drill rig to its flagship Elida porphyry copper-molybdenum-silver (Cu-Mo-Ag) project, located in west-central Peru.

Richard Osmond, president and chief executive officer of Element 29, commented: "Adding a third rig allows us to evaluate the broader Elida porphyry system beyond zone 1, starting with zone 4, an untested mineralized porphyry stock that intrudes the eastern margin of the Peruvian coastal batholith, which is known to host several of Peru's largest porphyry copper mines."

Elida drilling program update

The continuing program is being conducted under the 40-platform drill permit approved in July, 2026 (see news release dated July 28, 2026). With three rigs operating, the company aims to surpass its previously announced 10,000-metre 2026 drilling target. Drilling is planned to continue into 2027, with the potential addition of a fourth rig. As drilling progresses, cumulative drill metres are expected to exceed 30,000 metres, more than twice the total drilling completed in support of the initial inferred mineral resource estimate (MRE) (1). Local assay laboratory turnaround times are currently two to four weeks.

Two rigs are currently focused on stepout drilling to extend zone 1 westward and evaluate potential resource expansion beyond the current MRE (1). These holes are designed to follow up on long mineralized intercepts in ELID033, ELID035 and ELID037, which suggest potential for stronger Cu-Mo-Ag mineralization at depth and westward toward the exposed coastal batholith. The Elida porphyry system is a cluster of porphyry stocks, dikes and fingers interpreted as part of the tertiary magmatic arc emplaced along the eastern margin of the coastal batholith.

The third rig will commence drilling at zone 4, a high-priority target immediately west of zone 1 within the Elida porphyry cluster. Zone 4 hosts a mineralized porphyry stock emplaced directly along the contact between the batholith and volcanosedimentary host rocks. The porphyry stock and host rocks exhibit strong phyllic alteration overprinting earlier potassic alteration, with visible copper oxide staining and anomalous Cu-Mo rock geochemistry, making zone 4 a highly prospective target for Cu-Mo-Ag mineralization.

Next steps

Results from drilling around zone 1 and at zone 4 will guide follow-up targeting. The company plans to test the porphyry targets in zones 2 and 3 following the initial drilling at zone 4.

In parallel, the company plans to advance resource modelling and metallurgical testwork with Synectiq Inc., as announced on May 7, 2026. The testwork is designed to characterize the principal ore types, evaluate copper, molybdenum and silver recoveries, and assess concentrate quality. The results are intended to support assumptions for an updated mineral resource estimate and future technical studies.

The company also intends to seek an amendment to its declaracion de impacto ambiental (DIA) environmental certification and the corresponding permiso de inicio de actividades (PIA) drill permit to increase authorized drilling capacity from 40 to up to 60 platforms. The proposed increase is subject to regulatory approval and would provide greater flexibility to evaluate the broader Elida porphyry system.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Richard Osmond, PGeo, Element 29's president and chief executive officer, who is the qualified person, as defined by National Instrument 43-101, Standards for Disclosure for Mineral Projects.

About Element 29 Resources Inc.

Element 29 Resources is a copper exploration company advancing a portfolio of projects in Peru, highlighted by one of the country's most significant recent discoveries. Led by a seasoned and accomplished executive team and board, the company is advancing its flagship Elida porphyry copper-molybdenum-silver deposit through resource expansion, derisking and continued exploration for new discoveries. The portfolio also includes the Flor de Cobre, Paka and Pahuay projects. All are located at low elevations near established infrastructure that supports exploration and potential future development. Element 29 applies a disciplined, geology-led approach to resource growth and discovery.

(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.

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