Mr. Richard Osmond reports

ELEMENT 29 RECEIVES ENVIRONMENTAL PERMIT FOR FLOR DE COBRE COPPER PROJECT AND ANNOUNCES PARTNERSHIP WITH GLOBETROTTERS ON EXPLORATION ACTIVITIES

Element 29 Resources Inc. has received environmental permit approval for exploration drilling at its wholly owned Atravesado porphyry target on the Flor de Cobre copper project, located in southern Peru.

The permit, known as a Declaracion de Impacto Ambiental (DIA), allows the company to drill from a maximum of 40 drilling platforms. Following approval of the environmental permit, Element 29 requested approval from the Peruvian General Mining Bureau (DGM) for the Authorization to Initiate Exploration Activities (AIEA), which is a normal course step that triggers Peruvian authorities to evaluate the effect of exploration activities on the local community. The outcome of this evaluation will establish whether there is a need for a prior consultation process (Consulta Previa). In parallel, the company is negotiating a surface rights agreement with the local community. After completing these steps, the company expects that Peruvian authorities will be able to issue approval of the AIEA.

Partnering with GlobeTrotters on exploration

The company plans to partner with GlobeTrotters Resource Group, a private exploration company focused on project generation in South America. GlobeTrotters has been actively exploring in Peru for more than 10 years and responsible for the initial discovery of the company's flagship Elida porphyry Cu-Mo-Ag (copper-molybdenum-silver) deposit and the Atravesado porphry Cu target at Flor de Cobre. The plans are to utilize GlobeTrotters' technical expertise in Peru to advance the company's portfolio of highly prospective porphyry Cu projects and share operational resources to potentially significantly cut costs. The plans to partner with GlobeTrotters, the largest shareholder of the company, complements the appointment of Manuel Montoya as chief technical officer (see Feb. 29, 2024, press release).

Richard Osmond, chairman and chief executive officer, commented: "The receipt of the Atravesado target DIA on our Flor de Cobre project is an important step towards drilling this highly prospective target. Our Peruvian team has worked diligently on both permitting and on gaining a better understanding of the Atravesado target. We anticipate receipt of the drill permit by Q3 2024."

Mr. Osmond continues, "The planned partnership with GlobeTrotters fits perfectly with our strategic plans to reduce corporate costs and focus our efforts as much as possible on advancing our portfolio of highly prospective Peruvian porphyry copper projects in one of the top mining jurisdictions globally."

Atravesado is a large porphyry Cu target on the 1,800-hectare (ha) Flor de Cobre property in the southern Peru copper belt that hosts some of the world's largest Cu mines and deposits. Outcrop samples anomalous in Cu and molybdenum (Mo), resistivity and chargeability anomalies, and corresponding geological indicators define the target with an area of approximately 1.5 kilometres by 2.0 kilometres. Mapping completed by the Element 29 geological team suggests Atravesado is part of a larger porphyry complex that extends to the Candelaria zone to the southeast. The core of the Atravesado target has not been tested by drilling.

Candelaria concessions

As part of the company's option agreement renegotiation discussions with the underlying property vendor of the Candelaria concessions comprising a total of 127.12 ha, the company's wholly owned subsidiary Candelaria Resources S.A.C. has signed a non-binding letter of intent following the expiry of the previous five-year option agreement entered in 2019. The company will provide status updates on the new negotiations with the property vendor.

Qualified person

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

About Flor de Cobre

Flor de Cobre is a porphyry Cu exploration project that contains the recently outlined Atravesado porphyry Cu target 2.5 km northwest of the historical Candelaria mine. The property is in the southern Peru copper belt and is five km northwest of Nexa Resources' Chapi mine and 26 km southeast of the Cerro Verde mine owned by Freeport-McMoRan, Sumitomo Metal Mining and Compania de Minas Buenaventura. Flor de Cobre hosts a classic Andean porphyry system with primary Cu sulphide mineralization associated with a multiphase quartz monzonite porphyry complex. Weathering redistributed primary mineralization into a subhorizontal enrichment blanket containing secondary Cu oxide and sulphide minerals at the base of a hematitic leached cap. Remnants of the upper jarositic component of the leached cap overlying the hematitic cap are preserved on the higher hill tops around the Candelaria prospect. An IP/resistivity geophysical survey completed in 2019 outlined a core of moderate resistivity that coincides with widespread Cu oxide mineralization, strong Cu geochemistry and late-stage quartz monzodiorite porphyry dikes. The resistive core is surrounded by a high-chargeability halo corresponding with weathered quartz-sericite-pyrite alteration.

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.

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, water and a skilled work force.

We seek Safe Harbor.