Element 29 Adds Third Drill Rig to Accelerate the Ongoing Drill Program at its Elida Porphyry Cu-Mo-Ag Deposit in Perú

Vancouver, British Columbia--(Newsfile Corp. - October 15, 2025) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) ("Element 29" or the "Company") is pleased to announce that a third drill rig has just been mobilized to its Elida Porphyry Copper ("Cu") - Molybdenum ("Mo") - Silver ("Ag") Deposit ("Elida") to expand the current drill program in central Perú.

Richard Osmond, President and CEO of Element 29, comments, "Bringing in a third rig represents a significant acceleration of our exploration objectives at Elida. The additional drilling capacity will allow us to follow up exciting results from last year by testing additional high-priority targets in parallel, as we aim to advance Elida towards a major copper discovery in a premier mining jurisdiction, delivering significant value to our shareholders."

The additional diamond drill rig is already on site and accelerating the current campaign (refer to September 3, 2025 press release) which is aimed at unlocking significant resource growth. The 2024 drilling campaign recognized some of the best Cu-Mo-Ag grades reported at Elida, extending well beyond the current pit-constrained inferred mineral resource estimate¹ ("Mineral Resource"). It has highlighted potential for a high-grade Cu-core at depth - a hallmark of many economic porphyry Cu deposits. This campaign represents a major step toward realizing the full potential of Elida, with an opportunity to meaningfully expand resources and advance the project.

The current drilling program will comprise up to 7,000 metres ("m") of diamond drilling (Figure 1) and is designed to potentially expand the existing Mineral Resource and enhance the overall Cu-Mo-Ag grades. New drill holes will test the potential for resource expansion beyond the current mineral resource constraining pit shell to depths exceeding 1,000 m, while the upper portions of the holes infill to strengthen confidence in the existing Mineral Resource, and potentially enhance the overall Cu-Mo-Ag grades. Exploration targeting outside the current Mineral Resource bounds is supported by a 3D resistivity model derived from the recent magnetotellurics ("MT") geophysical survey, which identified several high-priority untested targets (refer to news release - June 26, 2025).

To date, there has been insufficient exploration to increase the Mineral Resource and it is uncertain if further exploration will result in an increase in the tonnage and/or grades. However, several drill holes have already extended the porphyry Cu-Mo-Ag mineralization well beyond the current pit shell to depths exceeding 1,000 m, highlighting the strong growth potential of the Elida deposit.

Drill Program Update

The first drill rig was initially planned to re-enter and extend hole ELID033, which previously intersected 1,039.6 m of 0.54% CuEq² (0.39% Cu, 0.036% Mo, 2.96 g/t Ag) from bedrock surface at 69.9 m, including 310.1 m of 0.71% CuEq² (0.56% Cu, 0.040% Mo, 3.49 g/t Ag) from 799.5 m to the end of hole at 1,109.6 m (refer to news release dated January 22, 2025). The objective was to test for a potential higher-grade Cu-core at depth coincident with a large, low-resistivity MT geophysical anomaly. After several unsuccessful re-entry attempts, including a wedge at 616.4 m (ELID033A), the hole was abandoned, and the rig was relocated to the ELID037 platform, approximately 150 m to the northeast on the same platform as ELID035 to test this target. Core from ELID033A (87.9 m) is being retained for geotechnical and metallurgical testing.

Hole ELID037 is designed to further define the Cu-Mo-Ag grade distribution within the existing Mineral Resource and to evaluate the potential for resource expansion beyond the current pit shell. The hole is planned to a depth of approximately 1,500 m to test for potential higher-grade mineralization below hole ELID033 while also testing a large, low-resistivity MT geophysical anomaly (Figure 2), interpreted to coincide with a potential higher-grade Cu-core.

Drilling in ELID037 is ongoing and has reached a current depth of 834 m. The hole has intersected 63 m of overburden, followed by 322.8 m of intercalated biotitic hornfels-altered siltstones and skarn-altered calcareous siltstones, transitioning into a much thicker sequence of strongly skarn-altered calcareous siltstones to the current depth. The section is cut by porphyry type A- and B-type quartz stockwork veins carrying variable amounts of pyrite-chalcopyrite-molybdenite associated with potassic alteration.

Locally the calcareous siltstone units are replaced by carbonate replacement deposit (CRD)-style massive to semi-massive sulfide intervals that partially to completely replace calcareous units with pyrrhotite-pyrite-chalcopyrite-magnetite mineralization. The section is overprinted by intermediate-sulphidation ("IS") mineralization, characterized by patches, stringers, and open-space fillings of similar pyrrhotite-pyrite-chalcopyrite-magnetite strongly associated with retrograde epidote-chlorite alteration. Like ELID033, an increasing chalcopyrite-to-pyrite ratio downhole suggests proximity to a higher-grade Cu-core at greater depth.

The second rig is drilling hole ELID036, located along the southwest side of the pit to follow up on the Cu-Mo-Ag mineralization intersected in ELID023, which returned 523.5 m of 0.35% CuEq² (0.24% Cu, 0.024% Mo, 2.9 g/t Ag), including 91 m of 0.56% CuEq² (0.41% Cu, 0.032% Mo, 4.1 g/t Ag) from bedrock surface at 87 m (refer to news release - January 19, 2022). The original hole ELID036 was lost due to overburden collapse at a depth of 176.05 m and relabeled as ELID036A, with core retained for geotechnical and metallurgical testing.

ELID036 is currently being redrilled from the same setup and has reached a depth of 470 m. Drilling has intersected calc-silicate-altered feldspathic arenites, biotitic and hornfels-altered siltstones, and skarn-altered calcareous units, cut by with several phyllic-altered quartz monzonite porphyry ("QMP") dykes. The section exhibits similar porphyry-type A- and B-type quartz stockwork veining with variable amounts of pyrite-chalcopyrite-molybdenite associated with potassic alteration, as well as IS mineralization occurring as patches, stringers and open-space filling of pyrrhotite-pyrite-chalcopyrite-magnetite associated with retrograde epidote-chlorite alteration. Secondary chalcocite occurs locally, rimming and replacing pyrite as disseminations and along fractures in the upper portion of the hole.

Hole ELID036 provides an opportunity to improve the overall Cu-Mo-Ag grades within the Mineral Resource and to potentially expand mineralization beyond the current pit shell, without negatively impacting the deposit's low 0.74:1 strip ratio. The hole also targets a large, low-resistivity MT geophysical anomaly interpreted to represent strongly hydrothermally altered volcano-sedimentary rocks along the contact with the Elida porphyry intrusive complex, where higher-grade Cu-Mo-Ag mineralization has previously been encountered within the pit shell. Drilling is planned to a depth of 850 m while in ore-grade Cu-Mo-Ag mineralization potentially expanding the resources well beyond the current pit shell. (Figure 3).

The third rig is newly set up on hole ELID038, which is planned to a depth of approximately 1,000 m to test the Elida porphyry system on the eastern side of the current pit shell (Figure 4). The collar is positioned just west of outcropping, strongly phyllic-overprinting-potassic altered volcanoclastic rocks cut by QMP stocks and dykes hosting A-, B-, and D-type veins that are strongly leached and locally contain visible copper oxide mineralization.

ELID038 will also test several strongly potassic-altered QMP dykes and fingers previously intersected in hole ELID005. These intrusions are interpreted as strongly potassic-altered intermineral porphyries characterized by pervasive secondary biotite replacement with EDM-type veining and disseminated chalcopyrite.

With three drill rigs currently operating, the Company plans to complete the majority of the planned 7000 m drilling program before the end of 2025. Core samples are being processed for geochemical analysis with assay results pending.

Exercising Warrants

The Company also announces that it has received gross proceeds of CAD$4,601,313 through the exercise of 18,405,253 common share purchase warrants at a price of $0.25 per share. A total of 18,545,253 warrants were originally issued as part of the Company's private placement completed on September 13, 2023 (refer to news release - September 13, 2023) accounting for 99.2% of issued warrants being exercised. Proceeds will be deployed on the current Elida drill program and for general working capital purposes.

About Elida Porphyry Cu-Mo-Ag Deposit

The Elida porphyry Cu-Mo-Ag deposit occurs along the east side of a large block of 29 contiguous concessions totaling 19,159.06 hectares ("ha") that are 100% owned by Element 29 Resources Inc. The project is in west-central Perú and is road accessible from the capital city, Lima, along the Pan American Highway, 170 kilometres ("km") northwest to the coastal city of Barranca, then inland 75 km along a secondary road with paved and unpaved surfaces.

Elida is well located for future mine development and will benefit from nearby infrastructure and a skilled workforce. The project is situated at a moderate elevation between 1,500 m and 2,000 m with access to transportation routes to coastal shipping ports and power infrastructure, including a 45 mega-watt hydroelectric generation facility situated just 15 km from the Property.

The Elida porphyry complex is a Cu-Mo-Ag mineralized multiphase porphyry system with a 2.5 x 2.5 km hydrothermal alteration footprint at surface, associated with Eocene-aged quartz monzonite stocks, emplaced into the Cretaceous volcano-sedimentary sequence and a granodiorite member of the Peruvian Coastal Batholith. Elida is one of the first Eocene-age mineralized porphyry systems discovered in Perú.

Previous drilling by Element 29 intersected multiple, long intervals of porphyry Cu-Mo-Ag mineralization which has been traced to a depth of greater than 900 m where it remains open. Most of the Cu-Mo mineralization is carried in A-veins, B-veins and C-veins that were formed during the waning stages of potassic alteration, with a significant secondary amount of Cu mineralization carried in later E-veins from a late chlorite-epidote overprint.

Based on 14,361.4 m of diamond drilling, Element 29 completed an independent pit-constrained Inferred Mineral Resource Estimate which outlined 321.7 million tonnes of 0.32% Cu, 0.029% Mo and 2.61 g/t Ag at a 0.2% Cu cut-off grade and a 0.74:1 strip ratio.

Information on the Mineral Resource is in the technical report, available on the Company's website and on SEDAR+, titled "NI 43-101 Technical Report, Mineral Resource Estimation of the Elida Porphyry Copper Project in Perú" with an effective date of September 20, 2022 and prepared in accordance with Form 43-101F1 by Marc Jutras, PEng MASc, Principal, Mineral Resources, Ginto Consulting Inc., a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, who is independent of Element 29 Resources Inc.

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 a junior resource company with a highly experienced management team and board focused on exploring and potentially developing Tier-1 copper deposits in Perú, 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 Perú. Alongside Elida, the Company has three early stage, highly prospective porphyry Cu projects in Perú for more than 25,000 ha of titled concession. These 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 (Freeport-Buenaventura)³ 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 would benefit from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce.

More information is available at www.e29copper.com.

Figure 1: Location map showing the planned 2025 diamond drilling program at Elida. The proposed drill holes are highlighted in green superimposed on the surface projection of the Mineral Resource (outlined in white) and a 2D level slice of the 3D MT resistivity model at -400 m below topographic surface. The map also shows the location of the porphyry intrusions and the surface projections of historical drill holes. The locations of the 2D sections A-A' in Figure 2, B-B' in Figures 3 and C-C' in Figure 4 are also shown.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/270459_63b251f49481da3e_001full.jpg

Figure 2: A 2D section (looking north) along drill hole ELID037 plotted over the 3D MT resistivity model, drill hole traces from previous programs showing CuEq² (%) grades, and the outline of the pit-shell. The location of this section (A-A') is provided in Figure 1.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/270459_63b251f49481da3e_002full.jpg

Figure 3: A 2D section (looking east) along proposed drill hole ELID036 plotted over the 3D MT resistivity model, drill hole traces from previous programs showing CuEq² (%) grades, and the outline of the pit-shell. The location of this section (B-B') is provided in Figure 1.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/270459_63b251f49481da3e_003full.jpg

Figure 4: A 2D section (looking north) along proposed drill hole ELID038 plotted over the 3D MT resistivity model, drill hole traces from previous programs showing CuEq² (%) grades, and the outline of the pit-shell. The location of this section (C-C') is provided in Figure 1.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/270459_63b251f49481da3e_004full.jpg

Notes:

1. The Mineral Resource Estimate information is available in "NI 43-101 Technical Report, Mineral Resource Estimation of the Elida Porphyry Copper Project in Perú" dated September 20, 2022, and prepared in accordance with Form 43-101F1 by Marc Jutras, P.Eng., M.A.Sc., Ginto Consulting Inc.
2. The CuEq grades are calculated using CuEq = Cu% x 0.85 + [Mo% x 5.3744] + [Ag g/t x 0.0060] utilizing metal prices of Cu = US$4.10/lb (85% recovery), Mo = US$33.90/lb (65% recovery) and Ag = US$26.00/oz (65% recovery) based on a 2-year average of daily spot price (from January 16, 2022, to January 14th, 2025). The daily Mo price was determined by applying a factor of 1.50 to the LME daily spot price for Molybdenum (Platts).
3. This news release contains information about adjacent properties on which Element 29 has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Neither the TSX Venture Exchange (the "TSX-V") nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian securities legislation (collectively, "Forward-looking Statements"). Any statements that are contained in this press release that are not statements of historical fact may be deemed to be Forward-looking Statements. Forward-looking Statements are frequently, but not always, identified by words such as "may", "will", "intends", "proposed", "believes", "continues", "plans", "expects" or similar expressions (or the negative and grammatical variations of any of these terms). Forward-looking Statements in this press release include, but are not limited to, statements with respect to: the Company's resource properties and future capital requirements; and the Company's plans, focus and objectives.

Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. Although Element 29's management considers these beliefs and assumptions reasonable based on currently available information, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking Statements necessarily involve known and unknown risks, and important factors, among others, that could cause actual results to differ materially from the Company's expectations include:; fluctuations in copper and other commodity prices; uncertainties inherent in the exploration of mineral properties; risks associated with general economic conditions; changes in legislation, income tax and regulatory matters; currency and interest rate fluctuations; inability to access sufficient capital from internal and external sources; and other risk factors set forth in the Company's prospectus under the heading "Risk Factors".

Readers are further cautioned not to place undue reliance on Forward-looking Statements as there can be no assurances that the plans, intentions or expectations upon which they are placed will occur. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Element 29 to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

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