Element 29 Resources Inc. (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, while welcoming new strategic investor Alpayana S.A.C. and other participants supporting its growth strategy.
The financing strengthens Element 29’s ability to explore and potentially develop Tier-1 copper deposits in Perú, a jurisdiction known for low costs and low risk. The Elida project, located in west-central Perú, is the company’s primary focus, alongside three early-stage porphyry copper projects: Flor de Cobre, Paka, and Pahuay. These projects cover more than 25,000 hectares of titled concessions and are situated in highly prospective regions, such as the Southern Perú Copper Belt, just 26 km from the Cerro Verde copper mine operated by Freeport-McMoRan and Buenaventura.
Element 29’s management team, with extensive experience in mineral exploration and development, aims to significantly expand the Elida deposit through systematic drilling. The proceeds from the placement will fund geophysical surveys, geochemical sampling, and drilling campaigns designed to delineate and expand the resource base. The company’s projects benefit from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce, which could facilitate future mine development.
The inclusion of Alpayana S.A.C. as a strategic investor underscores confidence in Element 29’s project portfolio and management. Alpayana, a Peruvian mining company with operational expertise, may provide additional technical and operational support. This partnership aligns with Element 29’s strategy to leverage local knowledge and capital to advance its assets efficiently.
For more information about Element 29 Resources, visit www.e29copper.com. The full press release can be accessed at https://ibn.fm/pM2E9.
