Mr. Richard Osmond reports

ELEMENT 29 RECEIVES DIA ENVIRONMENTAL CERTIFICATION ADVANCING NEW DRILLING PERMIT APPLICATION AT ELIDA PORPHYRY CU-MO-AG DEPOSIT, PERU

Element 29 Resources Inc. has received environmental certification under a Declaracion de Impacto Ambiental (DIA) from the Peruvian Ministerio de Energia y Minas (MINEM), marking a significant milestone in the company's application for a new Programa de Inicio de Actividades (PIA) drilling permit at its Elida porphyry copper-(Cu)-molybdenum-(Mo)-silver-(Ag) deposit in central Peru.

Richard Osmond, president and chief executive officer of Element 29, commented, "Completion of the DIA represents an important step toward securing a new PIA that would significantly expand the current permitted drilling footprint and support continued advancement of the company's flagship Elida project in Peru, within a strong market environment for copper, molybdenum and silver."

Mr. Osmond continues: "Drilling at Elida continues to progress well with two drill rigs currently operating and five drill holes completed totalling more than 4,600 metres of the planned 7,000-metre diamond drilling program; assay results are pending. Current drilling is being conducted under the existing PIA drilling permit, which remains valid through Q2 2026."

Element 29's current PIA drilling permit was approved under a Ficha Tecnica Ambiental (FTA) environmental certification, authorizing up to 20 drilling platforms and is scheduled to expire in Q2 2026. The newly approved DIA, which is valid for a period of up to five years, provides a comprehensive review of potential environmental impacts associated with exploration activities and outlines appropriate mitigation measures for up to 40 drilling platforms. This approval represents an important advancement toward securing a replacement PIA, which would allow the company to continue exploration beyond the current pit-constrained mineral resource estimate and further evaluate the larger hydrothermal alteration footprint of the Elida porphyry Cu-Mo-Ag (copper-molybdenum-silver) system.

As part of the requirements for the new PIA drilling permit application, the company also executed a new five-year access agreement with the host community on April 30, 2025 (refer to June 4, 2025, news release), and is in the process of completing a collective impacts report (Informe de Impactos Colectivos) for submission to the Ministerio de Cultura as part of the prior consultation (Consulta Previa) process.

The receipt of the DIA environmental certification, together with the execution of the access agreement, represents key milestones for Elida, as they satisfy critical requirements of the new PIA drilling permit application.

About Elida porphyry Cu-Mo-Ag deposit

The Elida porphyry Cu-Mo-Ag deposit occurs along the east side of a large block of 32 contiguous concessions totalling 22,800 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 kilometres (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 metres and 2,000 m with access to transportation routes to coastal shipping ports and power infrastructure, including a 45 mega-watt 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-kilometre 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 1,000 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 retrograde alteration from a later chlorite-epidote overprint.

The company has completed 40 drill holes for a total of 23,223.55 metres (m) of diamond drilling at Elida. Based on just 14,361.4 m of drilling, Element 29 completed an independent pit-constrained inferred mineral resource estimate in late 2022, 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 estimate 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 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 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 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.