Element 29 Resources Inc. (TSX.V: ECU) (OTCQB: EMTRF) (BVL: ECU) announced the closing of a non-brokered private placement, issuing 32,245,269 common shares at C$1.10 per share for gross proceeds of approximately C$35.47 million. The company plans to use the proceeds to advance exploration activities in Perú, including its 2026 drilling program at the Elida copper-molybdenum-silver project, while welcoming new strategic investor Alpayana S.A.C. and other participants supporting its growth strategy.
The financing marks a significant milestone for Element 29, providing the capital necessary to accelerate exploration at its flagship Elida project. The Elida Porphyry Cu-Mo-Ag Deposit, located in west-central Perú, is the company’s primary focus. Alongside Elida, Element 29 holds three early-stage, highly prospective porphyry copper projects in Perú, covering more than 25,000 hectares of titled concessions. 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), as well as the Paka and Pahuay porphyry Cu skarn prospects.
The involvement of Alpayana S.A.C., a strategic investor, underscores the potential of Element 29’s assets in one of the world’s premier mining jurisdictions. Perú is recognized as a low-cost, low-risk mining destination, offering significant advantages for resource development. All of Element 29’s projects are well-located for future mine development, benefiting from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce.
The proceeds from the private placement will be deployed primarily to fund the 2026 drilling program at Elida, which aims to delineate and expand the resource. This exploration work is critical for advancing the project toward a potential feasibility study. The company’s management team and board bring extensive experience in the mining sector, positioning Element 29 to effectively execute its growth strategy.
For more details on the private placement, visit the full press release at https://ibn.fm/pM2E9. Additional information about Element 29 Resources is available at www.e29copper.com.
The successful closing of this financing round highlights the market’s confidence in Element 29’s strategy and the quality of its copper assets in Perú. With a strong balance sheet, the company is well-positioned to advance its exploration programs and create value for shareholders.
