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 placement closed on [date not provided], with shares issued at a premium to recent trading levels, reflecting strong investor confidence in the company's portfolio of Peruvian copper assets. Element 29 intends to allocate the funds primarily toward exploration and development of the Elida project, located in west-central Perú, which the company describes as a Tier-1 copper porphyry deposit. The 2026 drilling program aims to expand the resource base and define the deposit's full potential.
Element 29 is an emerging 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. 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), 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.
The company's projects are well located for future mine development and will benefit from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce. The addition of Alpayana S.A.C. as a strategic investor brings operational expertise and financial backing, which may accelerate the company's path toward development. Alpayana is a Peruvian mining company with experience in copper and other base metals.
The capital raise comes at a time of growing global demand for copper, driven by electrification and renewable energy infrastructure. Peru remains a key mining jurisdiction, with established infrastructure and a supportive regulatory environment. Element 29's focus on advancing the Elida project positions it to potentially contribute to future copper supply, subject to successful exploration and development.
For more information about Element 29 Resources, visit www.e29copper.com. The full press release is available at https://ibn.fm/pM2E9.
