Mr. Steve Stakiw reports

ELEMENT 29 RESOURCES CLOSES PRIVATE PLACEMENT OF $2.86 MILLION

Element 29 Resources Inc. has closed its non-brokered private placement financing of 19,045,253 units at a price of 15 cents per unit for aggregate gross proceeds of $2,856,788.

Each unit issued under the financing consists of one common share in the capital of the company and one non-transferable common share purchase warrant. Each warrant is exercisable for one common share at an exercise price of 25 cents per warrant share until Sept. 13, 2025.

Insiders of the company participated in the offering for an aggregate amount of 1.12 million 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 offering and in accordance with the policies of the TSX Venture Exchange, the company paid aggregate cash finders' fees totalling $144,007.

The net proceeds from the financing will be used to finance exploration activities at the company's Peru projects 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 Jan. 14, 2024.

Details of the offering were previously announced on July 31, 2023, and Sept. 7, 2023.

About Element 29 Resources Inc.

Element 29 is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects toward development in one of the world's more established mining jurisdictions. Element 29's growth strategy is led by its strong board and management, who have a proven record of discovery and delivering value to the company's shareholders.

The company's principal objective is to explore and develop its Elida porphyry copper deposit in west-central Peru and its Flor de Cobre porphyry copper project, located in the southern Peru copper belt, 26 kilometres southeast from Freeport-McMoRan's Cerro Verde copper mine. Both projects are well located for potential mine development and will benefit from nearby infrastructure, including roads, power lines, ports and water, and a skilled work force.

We seek Safe Harbor.