Element 29 Reports Longest and Highest-Grade Intercepts to Date at Elida with 1,489 m of 0.58% CuEq2

The most recent news release (January 26, 2026) announces assay results from the ongoing 2025/2026 diamond drilling program at the flagship Elida porphyry copper-molybdenum-silver deposit in Peru. The highlight is hole ELID037, which intersected 1,489 metres of 0.58% copper equivalent (CuEq) from surface, including a higher-grade interval of 1,152m of 0.64% CuEq from 400m depth. This represents the longest and highest-grade intercept reported to date at the project. The hole bottomed in strong mineralization (last 93.8m of 0.87% CuEq). Results from four other holes (ELID036, 038, 039, 040) also intersected broad intervals of mineralization, confirming continuity. The company reports 4,700m of a planned 7,000m program completed, with drilling ongoing using two rigs. An updated mineral resource estimate is planned upon completion of the 2026 program.

This news is materially positive. It confirms and exceeds the key investment thesis for Element 29: expanding the resource and encountering higher-grade mineralization at depth. * Confirms and Exceeds Geological Model: The results from ELID037 validate the company's geological targeting based on prior drilling (e.g., ELID033's 1,039.6m of 0.54% CuEq) and the 2025 magnetotelluric (MT) survey, which identified a deep, low-resistivity anomaly. Intercepting nearly 1.5km of continuous mineralization, with grades improving at depth, is a exceptional result for a porphyry system and significantly derisks the potential for a large, high-grade core. * Direct Path to Resource Upgrade: The CEO explicitly states an updated mineral resource is planned after the 2026 program. These long, high-grade intercepts, particularly from holes drilled within and beyond the existing 2022 pit shell, will directly contribute to increasing the tonnage and likely the average grade of the resource. This is the primary value-creation lever for an exploration company. * Operational Momentum Confirmed: The news follows a series of positive operational updates: successful financing (Aug 2025), receipt of a key environmental certification (DIA in Jan 2026), renewal of community access, and progress on drilling. This release is not an isolated event but a successful culmination of prior steps. * Context vs. History: Compared to all previous news, these are the best drill results announced by the company. They materially advance the project beyond the existing 321.7 Mt inferred resource and provide strong evidence for the "Tier-1 discovery potential" highlighted in the corporate presentation.

Element 29 Resources is a copper-focused exploration company operating in Peru. Its flagship asset is the Elida Porphyry Copper-Molybdenum-Silver Deposit in west-central Peru. * Elida Project: A large, road-accessible porphyry system with a significant existing inferred resource of 321.7 million tonnes at 0.32% Cu, 0.029% Mo, and 2.61 g/t Ag (0.2% Cu cut-off), pit-constrained with a low strip ratio of 0.74:1. The project is characterized by a 2.5km x 2.5km alteration footprint. The current drill program aims to expand this resource and discover higher-grade zones at depth, as confirmed by the latest results. Infrastructure is favorable (moderate elevation, grid power proximity, access to ports).