Element 29 Receives Upgraded Five-Year Drill Permit Supporting Advancement of the Elida Porphyry Cu-Mo-Ag Project, Peru

Authorizes up to 40 drill platforms over a five-year period to support resource growth and exploration. Recent regulatory changes provide a pathway to increase the permitted drilling capacity to up to 60 drill platforms through a DIA amendment. Vancouver, British Columbia--(Newsfile Corp. - July 28, 2026) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) (" Element 29 " or the " Company ") is pleased to announce that it has received an upgraded Permiso de Inicio de Actividades (" PIA ") drill permit from the Peruvian Ministerio de Energía y Minas (" MINEM ") for the ongoing diamond drilling program at its Elida Porphyry Copper (" Cu ") - Molybdenum (" Mo ") - Silver (" Ag ") Deposit (" Elida " or the " Property ") in central Perú. Richard Osmond, President and CEO of Element 29, states: " Receipt of the upgraded PIA drill permit marks an important milestone for Element 29 and builds on years of detailed environmental and compliance work. This not only unlocks exploration, but also provides flexibility in how we systematically advance our flagship Elida project. Together with our long-term community agreement and ongoing drill program, the permit supports our objective of growing the Mineral Resource while evaluating the broader potential of the Elida porphyry system. " Drilling Program Update Mr. Osmond continues, " Drilling at Elida continues to progress, with two drill rigs currently operating and more than 4,885 metres completed as part of the planned 10,000-metre diamond drilling program ." The new PIA drill permit was approved under a Declaración de Impacto Ambiental (" DIA ") environmental certification, authorizing up to 40 drill platforms over a five-year period. Receipt of the new PIA drill permit and the execution of a five-year community Access Agreement (refer to June 4, 2025, news release ) represent significant milestones for advancing the Elida project. For a detailed view of the area covered under the expanded permit, see Figure 1. Exploration Opportunity Under the previous 20-platform PIA drill permit, exploration activities were largely focused on expanding the Zone 1 Mineral Resource, with only limited drilling completed across the broader hydrothermal alteration footprint of the Elida porphyry Cu-Mo-Ag system. The additional 20 authorized drill platforms will allow the Company to expand its drilling footprint and systematically evaluate a cluster of five porphyry targets, supporting continued Mineral Resource growth while advancing the district-scale exploration potential of the Elida porphyry system. New Permitting Regulations Recent amendments to Peru's environmental permitting regulations under a Supreme Decree (Decreto Supremo N.° 014-2026-EM, published July 18, 2026) now allow qualifying DIA-certified mineral exploration projects to include up to 60 drill platforms, subject to regulatory approval. Element 29 intends to promptly initiate the DIA amendment process to increase the number of authorized drill platforms, further expanding the Company's permitted drilling footprint to the north towards Zones 5 and 6. Qualified Person The scientific and technical content of this news release has been reviewed and approved by Richard Osmond (P.Geo.), Element 29's President and CEO, 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 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 [email protected] Kevin Guichon Investor Relations Consultant +1 (888) 246-7881 [email protected]   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-