Mr. Richard Osmond reports

ELEMENT 29 RECEIVES PRIOR CONSULTATION PROCESS EXEMPTION FOR THE ATRAVESADO PORPHYRY CU-MO TARGET DRILL PERMIT

Element 29 Resources Inc. has received exemption from the consulta previa (prior consultation) process from the Peruvian Ministerio de Energia y Minas -- Oficina General de Gestion Social (MINEM) for exploration drilling at its wholly owned Atravesado porphyry copper-molybdenum (Cu-Mo) target as part of the Flor de Cobre project, located in the southern Peru copper belt.

After receiving the declaracion de impacto ambiental (DIA) environmental approval to drill from a maximum of 40 platforms as part of the Atravesado drill permit application (refer to March 1, 2024, press release), the company submitted a collective impacts report to MINEM in March, 2024. This report assessed the collective impacts of drilling activities on the host indigenous community lands. On Oct. 21, 2024, MINEM notified the company that it had been exempted from the prior consultation process. Upon completing the surface access agreement with the host community, all requirements for MINEM to issue the authorization to initiate exploration activities will be met, with plans to conduct an initial drill program in 2025.

Atravesado is a large porphyry Cu-Mo target located within the company's 100-per-cent-owned Flor de Cobre concessions. The target is defined by anomalous surface rock Cu-Mo geochemistry, surface IP (induced polarization) resistivity and chargeability geophysical anomalies, and corresponding geological indicators within an area of approximately 1.5 kilometres (km) by 2.0 km.

Atravesado showcases widespread Cu oxide mineralization associated with a leached capping zone atop phyllic-overprinted, potassic-altered, Cretaceous-aged Yura group sediments. Increased densities of A-type veins within the potassic alteration zone correlate with enhanced Cu oxide mineralization and elevated surface rock Cu-Mo geochemistry, resulting from the remobilization of Cu from weathered primary sulphide mineralization. The intense potassic alteration footprint and associated Cu mineralization, along with the identification of several narrow potassic-altered quartz-monzonite porphyry dikes at surface, suggest the potential for a deeper, untested early-mineral porphyry intrusion as part of a larger multiphase porphyry intrusive complex. This is further supported by the 3-D inversion model of the ground IP geophysics.

Appointment of German Mining Network

Subject to regulatory approval, the company has retained the services of German Mining Networks GmbH (GMN), an investor relations firm, located at Hauptstrasse 82, 98593 Floh-Seligenthal, Germany, to provide investor relations services, specifically the arrangement of investor meetings and investor roadshows to European investors.

Peter Krah is the managing director of GMN and will be responsible for all services to be performed to the company. The agreement will be for an initial term of three months, with the opportunity to extend by mutual agreement, for a fee of $6,800 per month. No bonus fees or stock options will be paid to the consultant. Neither GMN nor Mr. Krah currently have a direct or indirect interest in the securities of the company, or any right or intent to acquire such an interest. GMN and Mr. Krah are arm's length to the company.

About Flor de Cobre

Flor de Cobre is located 35 km southeast of Arequipa, and straddles the border between the departments of Arequipa and Moquegua, the provinces of Arequipa and General Sanchez Cerro, and the districts of Polobaya and La Capilla.

The property comprises 11 mining concessions for a total of 2,735.355 hectares and one mining claim for an additional 400 ha, which are 100 per cent owned by the company's Peruvian subsidiary, Candelaria Resources SAC. The project is in the southern Peru copper belt, which is host to numerous porphyry Cu-Mo deposits, including the Cerro Verde Cu-Mo mine operated by Freeport-McMoRan; the Cuajone and Toquepala Cu-Mo mines operated by Southern Copper; and the Quellaveco Cu-Mo mine operated by Anglo American. Flor de Cobre is five km northwest of the Chapi mine and 26 km southeast of the Cerro Verde mine.

Flor de Cobre hosts the Atravesado porphyry Cu-Mo target, a classic Andean porphyry system with Cu-Mo mineralization potentially associated with a multiphase quartz monzonite porphyry complex. Atravesado is characterized by widespread Cu oxide mineralization, and strong surface rock Cu geochemistry associated with lower Cretaceous-aged quartzite and sandstone sedimentary rocks which form the upper part of the Yura group. These rocks are also cut by several narrow potassic-altered quartz monzonite porphyry dikes.

The property is situated at a modest elevation of 2,700 metres with excellent infrastructure for future mine development, and is accessible along paved and maintained unpaved roads from the hub city of Arequipa.

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 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 potentially develop its Elida porphyry copper deposit in west-central Peru, which has an initial inferred mineral resource estimate of 321.7 million tonnes grading 0.32 per cent Cu, 0.03 per cent Mo and 2.61 grams per tonne silver at a 0.2-per-cent Cu cut-off grade, and a low 0.74:1 modelled strip ratio. 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.

Alongside Elida, the company has three early-stage, highly prospective porphyry Cu projects in Peru for more than 25,000 ha 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.