Element 29 closes $12M private placement for Peru copper projects

Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) closed a non-brokered private placement on August 10, 2026, raising approximately C$12.0 million through the issuance of 7,272,727 common shares at C$1.65 per share.

Proceeds from the financing will fund exploration at the company's copper projects in Peru, including its flagship Elida project, as well as the Flor de Cobre and Paka projects.

Alpayana S.A.C., chaired by Alejandro Gubbins, participated in the placement to maintain a 9.9% interest in the company. Randy Smallwood also participated in the financing.

President and CEO Richard Osmond said in a statement: "Their support is a strong endorsement of our team and our Peru copper portfolio, and it strengthens our financial position as we advance our plans at Elida and across the broader portfolio."

The company paid aggregate cash finder's fees of C$405,396.92 in connection with the financing. The shares issued are subject to a statutory four-month-and-one-day hold period expiring December 11, 2026.

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