Element 29 Closes $12.0 Million Private Placement with Continued Participation from Strategic Investors All dollar amounts are Canadian, unless otherwise noted.
Element 29 Closes $12.0 Million Private
Placement with Continued Participation from
Strategic Investors
All dollar amounts are Canadian, unless otherwise noted.
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2026) -
Element 29 Resources Inc.
(TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU)
("
Element 29
" or the "
Company
") announces that it
has closed, effective August 10, 2026, its previously announced, non-brokered private placement (the
"
Financing
") and issued 7,272,727 common shares (each a "
Share
") of the Company at a price of
$1.65 per Share for aggregate gross proceeds of $11,999,999.55.
Richard Osmond, President and CEO, states, "
We are pleased to close this financing with continued
support from our strategic investors. Alpayana S.A.C., led by Chair Alejandro Gubbins, topped up its
position to maintain a 9.9% interest in the Company, and we welcome additional participation from
Randy Smallwood. Their support is a strong endorsement of our team and our Perú copper portfolio,
and it strengthens our financial position as we advance our plans at Elida and across the broader
portfolio.
"
The net proceeds from the Financing will be used to fund exploration activities across the Company's
portfolio of copper projects in Perú, including the flagship Elida, as well as the Flor de Cobre and Paka
projects.
In connection with the Financing and in accordance with the policies of the TSX Venture Exchange, the
Company paid aggregate cash finder's fees totaling $405,396.92.
The Shares issued pursuant to the Financing will be subject to a statutory four-month-and-one-day hold
period expiring on December 11, 2026.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there
be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful, including any of the securities in the United States of America. The securities have not been
and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act")
or any U.S. state securities laws and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered
under the 1933 Act and applicable U.S. state securities laws, or an exemption from such registration
requirements is available.
About Element 29 Resources Inc.
Element 29 is an emerging junior resource company with a highly experienced management team and
board focused on the discovery and advancement of copper projects in Perú, one of the lowest-cost,
lowest-risk mining jurisdictions globally. The Company's flagship project is the Elida Porphyry Cu-Mo-Ag
Deposit in west-central Perú which has an initial pit-constrained inferred Mineral Resource Estimate
1
of
321.7 million tonnes grading 0.32% Cu, 0.03% Mo and 2.61 g/t Ag at a 0.2% Cu cutoff grade. Alongside
Elida, the Company has three (3) early stage, highly prospective porphyry Cu projects in Perú that
include the Flor de Cobre porphyry Cu-Mo prospect situated in the Southern Perú Copper Belt, just 26
km from the Cerro Verde copper mine
2
(Freeport-Buenaventura) as well as the Paka and Pahuay
porphyry Cu skarn prospects. All projects are well located for future mine development and will benefit
from nearby infrastructure including roads, power infrastructure, ports, water, and a skilled workforce.
On Behalf of the Board of Directors:
"
Richard Osmond, P.Geo."
CEO and Director
For media enquiries or more information on this press release, please contact:
Dylan Berg
VP Investor Relations & Marketing
+1 (888) 246-7881
Kevin Guichon
Investor Relations Consultant
+1 (888) 246-7881
More information is available at
www.e29copper.com
.
Neither the TSX Venture Exchange (the "
TSX-V
") nor its Regulation Service Provider (as that term is
defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this press
release.
Notes:
1
.
The Mineral Resource Estimate information is available in "NI 43-101 Technical Report, Mineral Resource Estimation of the Elida
Porphyry Copper Project in Perú" dated September 20, 2022, and prepared in accordance with Form 43-101F1 by Marc Jutras, P.Eng.,
M.A.Sc., Ginto Consulting Inc.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking information and forward-looking statements within
the meaning of applicable Canadian securities legislation (collectively, "
Forward-looking
Statements
"). Any statements that are contained in this press release that are not statements of
historical fact may be deemed to be Forward-looking Statements. Forward-looking Statements are
frequently, but not always, identified by words such as "may", "will", "intends", "proposed", "believes",
"continues", "plans", "expects" or similar expressions (or the negative and grammatical variations of
any of these terms). Forward-looking Statements in this press release include, but are not limited to,
statements with respect to the completion of the fully-committed Financing, the use of proceeds of the
Financing, the Company's resource properties and future capital requirements; and the Company's
plans, focus and objectives.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors
and assumptions. Although Element 29's management considers these beliefs and assumptions
reasonable based on currently available information, there can be no assurance that such statements
will prove to be accurate, and actual results and future events could differ materially from those
anticipated in such statements. Forward-looking Statements necessarily involve known and unknown
risks, and important factors, among others, that could cause actual results to differ materially from the
Company's expectations include: the Company obtaining finanal acceptance of the FIanncing from
the TSX-V; the timeliness and success of regulatory approvals; fluctuations in copper and other
commodity prices; uncertainties inherent in the exploration of mineral properties; risks associated with
general economic conditions; changes in legislation, income tax and regulatory matters; currency and
interest rate fluctuations; inability to access sufficient capital from internal and external sources; and
other risk factors set forth in the Company's prospectus under the heading "Risk Factors".
Readers are further cautioned not to place undue reliance on Forward-looking Statements as there
can be no assurances that the plans, intentions or expectations upon which they are placed will occur.
The Company undertakes no obligation to update or revise any Forward-looking Statements, whether
as a result of new information, future events or otherwise, except as may be required by law. New
factors emerge from time to time, and it is not possible for Element 29 to predict all of them or assess
the impact of each such factor or the extent to which any factor, or combination of factors, may cause
results to differ materially from those contained in any Forward-looking Statement. Any Forward-
looking Statements contained in this press release are expressly qualified in their entirety by this
cautionary statement.
2
This news release contains information about adjacent properties on which
Element 29 has no right to explore or mine.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
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https://www.newsfilecorp.com/release/309069