Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) completed a private placement on April 21, 2026, issuing 32,245,269 common shares at C$1.10 per share for gross proceeds of C$35,469,796.

The financing brought in Alpayana S.A.C., led by Chair Alejandro Gubbins, as a strategic investor acquiring a 9.9% interest in the company. Randy Smallwood also participated in the placement. The company paid aggregate cash finder's fees totaling C$629,999.99 in connection with the financing.

Element 29 plans to use the net proceeds to fund exploration activities at its Peru projects, including the 2026 drilling program at its Elida porphyry copper-molybdenum-silver deposit in west-central Peru, and for general working capital.

"We would like to thank our existing shareholders for their continued support, and we are pleased to welcome Alpayana S.A.C., led by Chair Alejandro Gubbins, as a new strategic investor," said Richard Osmond, President and CEO. "Alpayana has a long history of mining in Peru, with a strong track record of value creation and deep in-country operational expertise."

The shares issued in the private placement are subject to a statutory four-month and one-day hold period expiring on August 22, 2026.

Element 29 focuses on exploring copper deposits in Peru. The company's primary asset is the Elida porphyry copper-molybdenum-silver deposit in west-central Peru. It also holds three early-stage copper projects covering more than 25,000 hectares of titled concessions, including the Flor de Cobre prospect located 26 kilometers from the Cerro Verde copper mine.

The information is based on a company press release statement.