Mr. Richard Osmond reports

CORRECTION FROM SOURCE: ELEMENT 29 RESOURCES RENEWS 5-YEAR SURFACE ACCESS AGREEMENT AT ITS ELIDA PROJECT

Element 29 Resources Inc. has signed a renewed five-year surface access agreement with the host community at its flagship Elida porphyry copper-molybdenum-silver (Cu-Mo-Ag) project in central Peru.

This agreement, which will expire April 30, 2030, secures long-term access to support both current and future exploration activities and is a key requirement for the company's recent application for a new drill permit under an expanded and more comprehensive Declaracion de Impacto Ambiental (DIA) environmental approval. The proposed permit would significantly increase the number of authorized drilling platforms from 20 to 40 and enable drilling activity to continue for an additional five-year term as part of a broader exploration strategy at Elida.

Richard Osmond, president and chief executive officer, commented: "The successful renewal of our community access agreement underscores the strength of our local relationships and our commitment to advancing Elida in close collaboration with our rightsholders. We remain focused on progressing the project in a responsible and mutually beneficial manner as we work to unlock its potential as a Tier 1 copper project. We are grateful to the community for their ongoing support and partnership."

As part of its commitment to local engagement and economic development, the company has employed community members to assist with the continuing magnetotellurics (MT) geophysical survey. The survey includes more than 100 MT stations distributed across a five-kilometre-by-six-kilometre area and is designed to generate a high-resolution, three-dimensional (3-D) resistivity model of the subsurface to depths exceeding 2,000 metres (m). The company intends to use the MT data to help delineate deeper, higher-grade Cu-Mo-Ag mineralization and to guide exploration of the broader hydrothermal alteration footprint of the Elida deposit below 500 m. The survey results will provide valuable insights into the geometry and scale of the mineralized system and aid in the planning of future drill campaigns.

The company also intends to employ community members to assist with the continuation of the Elida phase 3 drilling program under the existing Ficha Tecnica Ambiental (FTA) environmental approval and drill permit. The phase 3 drilling program aims to potentially expand the current pit-constrained inferred mineral resource estimate and improve overall Cu-Mo-Ag grades. The first two drill holes, completed in late 2024, intersected broad intervals of Cu-Mo-Ag mineralization starting at bedrock surface and extending to depths exceeding 1,000 m (refer to news release -- Jan. 22, 2025).

In parallel, the company is preparing a collective impacts report to support its request for exemption from the Consulta Previa (prior consultation) process, which is required as part of the new drill permit application under the DIA environmental approval.

About Elida porphyry Cu-Mo-Ag deposit

The Elida porphyry Cu-Mo-Ag deposit occurs along the east side of a large block of 29 contiguous concessions totalling 19,749 hectares (ha) that are 100 per cent owned by Element 29 Resources. The project is in west-central Peru and is road accessible from the capital city, Lima, along the Pan American Highway, 170 km northwest to the coastal city of Barranca, then inland 75 km along a secondary road with paved and unpaved surfaces.

Elida is well located for future mine development and will benefit from nearby infrastructure and a skilled work force. The project is situated at a moderate elevation between 1,500 m and 2,000 m with access to transportation routes to coastal shipping ports and power infrastructure, including a 45-megawatt hydroelectric generation facility situated just 15 km from the property.

The Elida porphyry complex is a Cu-Mo-Ag mineralized multiphase porphyry system with a 2.5 by 2.5 km hydrothermal alteration footprint at surface, associated with Eocene-aged quartz monzonite stocks, emplaced into the Cretaceous volcano-sedimentary sequence and a granodiorite member of the Peruvian Coastal batholith. Elida is one of the first Eocene-age mineralized porphyry systems discovered in Peru.

Previous drilling by Element 29 intersected multiple, long intervals of porphyry Cu-Mo-Ag mineralization which has been traced to a depth of greater than 900 m where it remains open. Most of the Cu-Mo mineralization is carried in A veins, B veins and C veins that were formed during the waning stages of potassic alteration, with a significant secondary amount of Cu mineralization carried in later E-veins from a late chlorite-epidote overprint.

Based on 14,361.4 m of diamond drilling, Element 29 completed an independent pit-constrained inferred mineral resource estimate which outlined 321.7 million tonnes of 0.32 per cent Cu, 0.029 per cent Mo and 2.61 g/t Ag at a 0.2 per cent Cu cut-off grade, and a 0.74:1 strip ratio.

Information on the mineral resource is in the technical report, available on the company's website and on SEDAR+, titled "NI 43-101 Technical Report, Mineral Resource Estimation of the Elida Porphyry Copper Project in Peru" with an effective date of Sept. 20, 2022, and prepared in accordance with Form 43-101 F1 by Marc Jutras, PEng MASc, principal, mineral resources, Ginto Consulting Inc., a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, who is independent of Element 29 Resources.

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 CEO, 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 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 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, power lines, ports, water and a skilled work force.

We seek Safe Harbor.