Element 29 Resources Inc. has completed its non-brokered private placement, issuing 7,272,727 common shares at a price of $1.65 per share to raise aggregate gross proceeds of $12.0 million.

The completed financing brings fresh capital into the company's treasury as it continues diamond drilling across its Peruvian assets. Net proceeds are earmarked for exploration activities at the flagship Elida copper-molybdenum-silver deposit in west-central Peru, alongside work on the Flor de Cobre and Paka projects.

Strategic backers maintained and adjusted their shareholdings through the placement. Alpayana S.A.C., led by Chair Alejandro Gubbins, participated to top up its position and maintain its 9.9% interest in Element 29. The latest round also brought in additional backing from Randy Smallwood.

The new shares carry a statutory four-month-and-one-day hold period expiring on December 11, 2026. In connection with the placement, the company paid aggregate cash finder's fees totaling $405,396.92.

The transaction follows a larger private placement closed by Element 29 in April 2026 at $1.10 per share, marking a higher issue price for the current $12.0 million raise.

The exploration funds support ongoing work at the flagship Elida project, which holds an initial pit-constrained inferred mineral resource estimate of 321.7 million tonnes grading 0.32% copper, 0.03% molybdenum, and 2.61 g/t silver at a 0.2% copper cutoff grade. Field activities at Elida are supported by an upgraded five-year PIA drill permit received in July 2026.

"We are pleased to close this financing with continued support from our strategic investors. Alpayana S.A.C., led by Chair Alejandro Gubbins, topped up its position to maintain a 9.9% interest in the Company, and we welcome additional participation from Randy Smallwood. Their support is a strong endorsement of our team and our Perú copper portfolio, and it strengthens our financial position as we advance our plans at Elida and across the broader portfolio."

— Richard Osmond, President and CEO

Read the full announcement: Element 29 Closes $12.0 Million Private Placement with Continued Participation from Strategic Investors