Element 29 clears DIA for drill permit at Elida

Executive Summary

• Element 29 Resources Inc. has received environmental certification (DIA) from Peru's MINEM, a critical milestone for its new drilling permit application (PIA) at the Elida porphyry Cu-Mo-Ag deposit.
• The DIA allows for up to 40 drilling platforms and is valid for five years, significantly expanding the permitted footprint compared to the current FTA-based permit (20 platforms, expiring Q2 2026).
• Current drilling operations are progressing well, with two rigs active and 4,600 meters completed toward a 7,000-meter target; assay results are pending.

Key Details

• Environmental Certification: Received Declaracion de Impacto Ambiental (DIA) from Ministerio de Energia y Minas (MINEM).
• Permit Scope: The new DIA covers up to 40 drilling platforms, valid for up to five years.
• Current Permit Status: Existing PIA (approved under Ficha Tecnica Ambiental/FTA) allows 20 platforms and expires in Q2 2026.
• Drilling Progress:
  • Two drill rigs currently operating.
  • Five drill holes completed.
  • Total drilled: >4,600 meters.
  • Planned program: 7,000 meters of diamond drilling.
  • Status: Assay results are pending.
• Regulatory Milestones:
  • Executed a new five-year access agreement with the host community on April 30, 2025.
  • Completing a collective impacts report (Informe de Impactos Colectivos) for submission to the Ministerio de Cultura for the prior consultation (Consulta Previa) process.
• Project Background (Elida):
  • Location: West-central Peru, 170 km NW of Lima, 75 km inland from Barranca.
  • Concessions: 32 contiguous concessions totaling 22,800 hectares (100% owned).
  • Geology: Eocene-age porphyry system with a 2.5 x 2.5 km hydrothermal alteration footprint.
  • Infrastructure: Access to Pan American Highway, power infrastructure (45 MW hydroelectric facility 15 km away), and skilled workforce.
• Historical Drilling & Resources:
  • Total historical drilling: 40 holes, 23,223.55 meters.
  • 2022 Inferred Resource Estimate (based on 14,361.4 m of drilling):
    • 321.7 million tonnes.
    • 0.32% Cu, 0.029% Mo, 2.61 g/t Ag.
    • Cut-off: 0.2% Cu, 0.74:1 strip ratio.
  • Mineralization traced to depths >1,000 m and remains open.

Notable Quotes

• "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." — Richard Osmond, President and CEO
• "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." — Richard Osmond, President and CEO