Element 29 receives environmental OK for Paka

Mr. Richard Osmond reports ELEMENT 29 RECEIVES DIA ENVIRONMENTAL CERTIFICATION ADVANCING DRILLING PERMIT APPLICATION AT PAKA PORPHYRY-SKARN CU-ZN-(AU-AG) PROJECT, PERU Element 29 Resources Inc. has received environmental certification under a declaracion de impacto ambiental 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 drilling permit at its Paka porphyry-skarn copper-zinc-gold-silver project in southern Peru. Richard Osmond, president and chief executive officer of Element 29, commented: "Receiving the DIA environmental certification at Paka represents a major catalyst for the company as we advance toward our inaugural drill program on a large, highly prospective porphyry-skarn system along the possible northwest extension of the southern Peru copper belt. In a strengthening copper market and with growing investor interest in new discoveries, we believe Paka offers significant discovery potential, and securing the PIA permit will allow us to begin testing this district-scale porphyry copper system." The DIA environmental certification for Paka, approved up to 40 drilling platforms 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. This approval represents an important advancement toward securing a PIA, which would allow the company to commence an inaugural drilling program at Paka. As part of the process for the PIA drilling permit application, the company is preparing 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 represents key milestones for Paka and satisfies a critical requirement for the new PIA drilling permit application. Elida drilling program update Drilling on the Elida porphyry copper-molybdenum-silver deposit continues with two diamond drill rigs currently operating. Five drill holes were completed and reported on Jan. 26, 2026, totalling more than 4,700 metres of the planned 7,000-metre program. The remaining 2,300 metres are expected to be completed before the end of first quarter 2026 under the existing ficha tecnica ambiental environmental certification, which authorizes up to 20 drilling platforms. Assay results will be released as they become available. Mr. Osmond continued: "Drilling at Elida continues to deliver valuable technical information as we follow up on higher-grade intercepts along the northern extension of the deposit. With two rigs active and additional drilling planned, our focus remains on expanding the mineralized footprint while advancing Elida toward the next stage of resource growth." Current drilling is focused on the follow-up of long, higher-grade Cu-Mo-Ag continuous intercepts from holes ELID037, ELID033, ELID035 and ELID025 along the northern side of the deposit, targeting a significant opportunity for a meaningful mineral resource expansion. These deep holes have materially expanded the mineralized footprint at grades exceeding the initial mineral resource estimate and have shifted exploration toward targeting well beyond the previous constraining pit shell. In follow-up drilling, the company will test a large, low-resistivity magnetotelluric anomaly interpreted to correlate with higher-grade, sulphide-rich carbonate replacement deposit and skarn-type copper mineralization beyond the current resource area. Additional drilling is planned along the southern side of the deposit to evaluate resource growth potential in areas considered favourable for maintaining a low strip ratio. The company has received an upgraded DIA environmental certificate and is advancing a new PIA drill permit, which is expected to authorize up to 40 drilling platforms for up to five additional years. Receipt of the PIA would represent a key milestone by significantly expanding the permitted drilling footprint and supporting continued advancement of Elida. Subject to receipt of the PIA, an additional 5,000 m of follow-up drilling is planned for the first half of 2026. Preliminary metallurgical testwork is planned for second quarter 2026 to evaluate Cu-Mo-Ag concentrate recoveries and assess potential deleterious elements across key ore types within the Elida deposit. This campaign represents an important step toward unlocking the full potential of Elida, with opportunities to meaningfully expand resources and continue to advance the deposit. Element 29 Resources at PDAC 2026 Meet the Element 29 team at booth No. 2739 at PDAC 2026, taking place March 1 to March 4 at the Metro Toronto Convention Centre in Toronto. The company will showcase Elida drill core from the 2025 drilling campaign and provide investors with updates on exploration results, coming catalysts at Elida and growth plans across its copper project portfolio in Peru, a world-class mining jurisdiction. Mr. Osmond will be presenting at 2 p.m. ET on Tuesday, March 3, 2026, in the Investment Hub Theatre in the Investors Exchange at PDAC 2026. PDAC is the world's premier mineral exploration and mining convention, attracting more than 27,000 participants from over 125 countries, including institutional investors, mining executives, government representatives, analysts and technical professionals. 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 kilometres 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, power lines, ports, water and a skilled work force. We seek Safe Harbor.