Announcement • Jul 24

Element 29 Resources Inc. Announces Assay Results from Three Drill Holes, Including the Extension of ELID035

Element 29 Resources Inc. announced assay results from three drill holes, including the extension of ELID035, as part of its ongoing diamond drilling program at its Elida Porphyry Copper ("Cu") - Molybdenum ("Mo") - Silver ("Ag") Deposit ("Elida" or the "Property") in central Perú. Elida continues to deliver long intercepts of Cu-Mo-Ag mineralization, with ELID035 returning the longest continuous interval of mineralization drilled to date, extending from near surface to a vertical depth of more than 1,500 m., well beyond the limits of the current Mineral Resource Estimate¹, reinforcing the potential for further Mineral Resource expansion. Reported intercepts represent downhole lengths; true widths are not known at this time. ELID035 was originally drilled to a depth of 979.0 m (Table 1), where it was terminated for operational reasons while still in mineralization. The hole was subsequently extended to a final depth of 1,591.2 m and returned the longest continuous mineralized interval to date at Elida, intersecting 1,534.6 m grading 0.58% CuEq² (0.34% Cu, 0.064% Mo, 2.56 g/t Ag) from the bedrock surface at 56.6 m depth to the end of hole (Table 2). This includes 1,071.5 m grading 0.61% CuEq² (0.34% Cu, 0.073% Mo, and 2.18 g/t Ag) from 520.2 m to the end of hole, extending mineralization more than 1,000 m beyond the limits of the current Mineral Resource Estimate¹. The hole also intersected 508.0 m grading 0.64% CuEq² (0.4% Cu, 0.066% Mo, 2.42 g/t Ag) from 1,083.2 m to the end of hole, including 186.8 m grading 0.77% CuEq² (0.50% Cu, 0.076% Mo, and 3.00 g/t Ag) from 1,257.5 m to 1,444.3 m depth. These deeper, higher-grade intervals are spatially associated with a large low-resistivity magnetotelluric geophysical anomaly that also coincides with the deep, higher-grade mineralization intersected in hole ELID037 (refer to news release - January 26, 2026). Together, these holes demonstrate continuity of the mineralized system at depth, highlighting the potential for Mineral Resource expansion in this area.

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