Element 29 Resources Inc. (TSX.V: ECU) (OTCQB: EMTRF) (BVL: ECU) announced the closing of 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.
This capital infusion is a significant milestone for Element 29, providing the financial resources to accelerate exploration at its flagship Elida project. The company's management team, which has extensive experience in the region, intends to expand the known resource base at Elida through systematic drilling. The project is a porphyry copper-molybdenum-silver deposit located in west-central Perú, a jurisdiction known for its low-cost and low-risk mining environment.
According to the company, the funds will also support work on its other early-stage projects, including Flor de Cobre, Paka, and Pahuay. Flor de Cobre is situated in the Southern Perú Copper Belt, just 26 km from the Cerro Verde copper mine operated by Freeport-McMoRan and Buenaventura. These projects cover more than 25,000 hectares of titled concessions and are well-positioned with access to infrastructure such as roads, powerlines, ports, water, and a skilled workforce.
The participation of Alpayana S.A.C. as a strategic investor underscores the potential value of Element 29's asset portfolio. Alpayana is a Peruvian mining company with operational expertise, and its involvement could bring additional technical and financial support. The private placement was completed without a broker, indicating strong investor confidence in the company's strategy.
For investors, this development is important because it de-risks the exploration phase and positions Element 29 to potentially expand its resource base in a tier-one mining jurisdiction. The global demand for copper is expected to grow due to electrification and renewable energy trends, making projects like Elida strategically valuable. The company's focus on copper, a critical metal for the energy transition, aligns with long-term market fundamentals.
To view the full press release, visit https://ibn.fm/pM2E9. More information about Element 29 is available at www.e29copper.com.
