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. The placement also welcomed new strategic investor Alpayana S.A.C., alongside other participants supporting the company's growth strategy.
The capital raise comes as Element 29 focuses on exploring and potentially developing Tier-1 copper deposits in Perú, a jurisdiction recognized for low costs and low risk. The company's principal objective is to expand the Elida Porphyry Cu-Mo-Ag Deposit in west-central Perú. Beyond Elida, Element 29 holds three early-stage porphyry copper projects covering more than 25,000 hectares of titled concessions. These include the Flor de Cobre porphyry Cu-Mo prospect in the Southern Perú Copper Belt, located just 26 km from the Cerro Verde copper mine operated by Freeport-McMoRan and Buenaventura. Additionally, the Paka and Pahuay porphyry Cu skarn prospects are associated with tertiary-aged mineralized porphyry complexes along the eastern margin of the Peruvian Coastal Batholith.
The infusion of capital positions Element 29 to accelerate its drilling program at Elida, where the company aims to define and expand the resource base. The involvement of Alpayana S.A.C., a strategic investor, signals confidence in the project's potential. All of Element 29's projects benefit from nearby infrastructure, including roads, powerlines, ports, water, and a skilled workforce, which supports future mine development.
For more details on the private placement, the full press release is available at https://ibn.fm/pM2E9. Additional information about Element 29 Resources can be found at www.e29copper.com.
This financing represents a significant step for Element 29 as it seeks to advance its copper assets in a mineral-rich region. With drilling planned for 2026, the company is poised to generate new data that could enhance the project's viability. The strategic backing from Alpayana may also open avenues for future partnerships or development funding.
