Element 29 Resources (TSX.V: ECU) (OTCQB: EMTRF) (BVL: ECU) has closed 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. The placement included participation from new strategic investor Alpayana S.A.C. and other investors supporting Element 29's growth strategy.
The Elida project is a porphyry copper-molybdenum-silver deposit located in west-central Perú. Element 29's management team believes the project has significant potential to become a Tier-1 copper deposit. The company also holds three early-stage porphyry copper projects in Perú: Flor de Cobre, Paka, and Pahuay, covering over 25,000 hectares of titled concessions. Flor de Cobre is situated in the Southern Perú Copper Belt, just 26 kilometers from the Cerro Verde copper mine operated by Freeport-Buenaventura. The Paka and Pahuay prospects are related to tertiary-aged mineralized porphyry complexes along the eastern margin of the Peruvian Coastal Batholith.
All projects benefit from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce. Element 29's exploration strategy focuses on expanding known resources and discovering new deposits in one of the world's most favorable mining jurisdictions. The company's experienced management team and board have a track record of advancing projects from exploration to development.
The private placement strengthens Element 29's financial position to execute its exploration programs. The addition of Alpayana S.A.C. as a strategic investor brings additional expertise and capital to support the company's objectives. For more details on the private placement, visit https://ibn.fm/pM2E9.
Element 29 Resources is an emerging junior resource company focused on exploring and developing copper deposits in Perú. The company's principal objective is to explore and significantly expand the Elida deposit. More information is available at www.e29copper.com.
