Mr. Richard Osmond reports

ELEMENT 29 CLOSES PRIVATE PLACEMENT OF $6.3M

Element 29 Resources Inc. has closed, effective Aug. 19, 2025, its non-brokered private placement of 12,649,000 units of the company at a price of 50 cents per unit for aggregate gross proceeds to the company of up to $6,324,500.

Each unit issued under the financing consists of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable for one common share at an exercise price of 70 cents per warrant share until Aug. 19, 2028.

The net proceeds from the financing will be used to finance exploration activities at the company's Peru projects, including the phase III drill program at its flagship Elida porphyry copper-molybdenum-silver (Cu-Mo-Ag) deposit in west-central Peru, and for general working capital.

All securities issued pursuant to the financing are subject to a statutory four-month-and-one-day hold period expiring on Dec. 20, 2025.

Insiders of the company participated in the financing for an aggregate amount of 330,000 units. Such participation is considered a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. In completing such transaction, the company relied on exemptions from the formal valuation and minority shareholders approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the insiders' participation in the offering did not exceed 25 per cent of the fair market value of the company's market capitalization.

In connection with the financing and in accordance with the policies of the TSX Venture Exchange, the company paid aggregate cash finders' fees totalling $254,415.

Details of the financing were previously announced on July 17, 2025, and Aug. 1, 2025.

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 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 hectares (ha) of titled concession. These 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) (1), 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.

(1) This news release contains information about adjacent properties on which Element 29 has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the company's properties.

We seek Safe Harbor.