Element 29 Resources Inc. announces results of three additional drill holes from the recently completed 4,500 metre, twelve-hole drill program at the Flor de Cobre Copper Project located in southern Peru. These additional holes continue to show excellent correlation with their respective historical holes. The position and thickness of enrichment intersected by the twinned holes is similar to their historical counterparts.

Drill hole FDC003 intersected 295.65 m of 0.38% copper including 46.95 m of 0.69% Cu as oxides and 67.30 m of 0.46% Cu in the enriched sulphide zone followed by 145.50 m of 0.30% Cu in the primary sulphide zone. Drill hole FDC004 intersected 164.60 m of 0.43% Cu including 37.45 m of 0.75% Cu in an enriched sulphide zone followed by 127.15 m of 0.33% Cu in the primary sulphide zone. Drill hole FDC005 intersected 143.00 m of 0.34% Cu including 57.40 m of 0.46% Cu in an enriched sulphide zone followed by 85.60 m of 0.26% Cu in the primary sulphide.

The objectives of the current drill program are to verify the historical resource estimate of 57.4 million tonnes of 0.67% Cu associated with a supergene enrichment blanket formed on the Candelaria porphyry and to explore for primary Cu sulphide mineralization underneath the enrichment blanket to depths of over 500 m. The source of the historical resource estimate is the report Rio Amarillo Mining Ltd. - Candelaria Porphyry Copper Deposit, Arequipa, Peru, Mineral Reserve Estimate, 1996. This historical resource is relevant to Flor de Cobre as it suggests supergene-enriched mineralization of interest may be present at Candelaria. However, the Company cautions that the parameters, assumptions, and methods used to calculate the historical estimate are unknown.

Additionally, the historical estimate does not use resource categories described in CIM Definition Standards for Mineral Resources and Mineral Reserves . It is also unclear what portion of this historical resource estimate is within the current Flor de Cobre property configuration. A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource and it is unclear if the current work plan will confirm the resource.

For these reasons, the historical resource has not been verified by the Company and the Company is not treating the historical estimate as a current mineral resource. The Company's drill program consists of approximately 4,500 m of diamond drilling centred on the Candelaria porphyry complex . A total of 2,180 m was allocated to twin nine historical drill holes to verify the accuracy of existing historical geochemical assays and drill logs .

These nine drill holes are interpreted to represent 70% of the Cu contained in the historical copper resource estimate and potentially verify the assay results and provide the level of confidence needed for completion of a planned resource estimate that meets CIM best practice guidelines. The first three drill holes of the 2022 Flor de Cobre drill program included 349 m of 0.77% Cu, including 123 m of 1.42% Cu. The remaining 2,320 m in three drill holes was allocated to the drill program will test the primary copper sulphide mineralization potential below the supergene enrichment blanket to depths of more than 500 m. Drill hole FDC003 was collared in an early phase of quartz monzodiorite porphyry belonging to the Candelaria porphyry complex, as shown in Figure 3 and intersected 46.95 m of 0.69% Cu in an oxide zone above a chalcocite-dominated enrichment zone returning 67.3 m of 0.46% Cu.

Primary sulphide mineralization with a pyrite-chalcopyrite assemblage extended beneath the enrichment zone and returned 145.5 m of 0.30% Cu. Strong potassic alteration overprinted by sericite-pyrite alteration continued to the end of the hole at 394 m. FDC004 intersected the strongly potassic altered, early quartz monzodiorite porphyry through its entire length. Chalcocite-dominated enrichment was encountered at 74.4 m below surface and returned 37.45 m of 0.75% Cu followed by 127.15 m of 0.33% Cu of primary sulphide.

Locally elevated copper grades are present in the broader primary sulphide interval . The southern edge of the early quartz monzodiorite porphyry was cored by FDC005, which intersected an enrichment zone of 57.4 m of 0.46% Cu followed by primary sulphides returning 85.6 m of 0.26% Cu. Alternating intervals of early quartz monzodiorite porphyry, later quartz monzodiorite porphyry, hydrothermal breccia, and sedimentary host rocks were intersected.

The primary objective of the drilling program is to verify results from historical drilling, which was a combination of core and reverse circulation drilling completed in the mid-1990's by Rio Amarillo and Phelps Dodge. Materials from these drilling programs are unavailable and prevented a Qualified Person from verifying copper geochemical results. Therefore, twinning selected holes is required to verify results from historical drilling such that it can be used in future resource estimation.

Furthermore, analysis of other elements of interest such as molybdenum and silver were incomplete in the historical database. Multi-element analysis from twinned holes provides an opportunity to investigate a possible economic contribution of these constituents. The third hole of the 2022 program twinned historical reverse circulation drill hole CAR-190, FDC004 twinned historical reverse circulation hole CAR-189, and FDC005 twinned historical core hole M-008.

Results from the latest batch of holes were very similar to their historical twins both in Cu grades and the position of the enrichment zone. The Company continues to progress drill permitting on the Atravesado porphyry target in preparation for initial drill-testing of a priority porphyry target supported by coincident outcrop geology, surface geochemistry, and geophysical responses. Atravesado is located approximately 2 kilometres northwest of Candelaria and is a 1.5 km x 1.6 km circular zone characterized by outcropping copper oxide mineralization in association with quartz vein stockworks and potassic alteration .

Late-mineral porphyry dikes are also mapped within the target area.