Element 29 Appoints Vice President, Investor Relations and Marketing

Element 29 Resources Inc. (TSXV: ECU,OTC:EMTRF) (OTCQB: EMTRF) (BVL: ECU) ("Element 29" or the "Company") is pleased to announce the appointment of Mr. Dylan Berg as Vice President, Investor Relations and Marketing, effective immediately.

Richard Osmond, President and CEO, states, "We are pleased to welcome Dylan to Element 29 as Vice President, Investor Relations and Marketing. He brings a strong track record of engaging capital markets and communicating compelling growth strategies to investors. As we continue to advance our Peruvian copper portfolio, including our flagship Elida porphyry copper deposit, Dylan's expertise will strengthen our investor outreach and enhance our visibility within the global mining investment community."

About the Appointment

Mr. Berg has over 14 years of capital markets experience within the junior resource sector. He is knowledgeable in corporate development, investor relations, financing, and marketing and previously led investor relations at Northern Empire Resources Corp., an exploration company that was acquired by Coeur Mining Inc. for $117 million in October 2018.

Mr. Berg's senior experience includes serving as Vice President of Investor Relations, as well as Chief Executive Officer of an investor marketing company, and as an Investment Associate at Canaccord Genuity Group Inc.

In his role with Element 29, Mr. Berg will be responsible for:

• Leading the Company's investor relations strategy and communications
• Expanding engagement with institutional investors and research analysts
• Enhancing marketing initiatives and corporate visibility
• Supporting capital markets activities and corporate development initiatives

Compensation and Incentives

Subject TSX Venture Exchange approval in connection with the appointment, the Company has entered into a consulting agreement with Mr. Berg that includes fees of $10,000 per month for the initial three months and $12,000 per month thereafter and includes performance-based incentives consistent with industry standards.

The Company has granted 1,000,000 stock options ("Options") to Mr. Berg pursuant to the Company's stock option plan. The Options are exercisable at a price of $1.35 per common share for a period of 5 years and vesting quarterly over 2 years.

About Element 29 Resources Inc.

Element 29 is an emerging junior resource company with a highly experienced management team and board focused on exploring and potentially developing copper deposits in Perú, one of the world's most established mining jurisdictions.

The Company's principal asset is its Elida Porphyry Copper-Molybdenum-Silver ("Cu-Mo-Ag") Deposit in west-central Perú, which hosts an initial pit-constrained Inferred Mineral Resource Estimate¹ of 321.7 million tonnes grading 0.32% Cu, 0.03% Mo, and 2.61 g/t Ag at a 0.2% Cu cut-off grade, with a low 0.74:1 strip ratio.

In addition to Elida, the Company holds a portfolio of early-stage, highly prospective copper projects in Perú, including the Flor de Cobre project in the Southern Perú Copper Belt and the Paka and Pahuay porphyry Cu-skarn prospects, comprising more than 27,000 hectares of titled concessions.

All projects are well located with access to key infrastructure, including roads, power, ports, water, and a skilled workforce.

Notes:

1. The Mineral Resource Estimate information is available in "NI 43-101 Technical Report, Mineral Resource Estimation of the Elida Porphyry Copper Project in Perú" dated September 20, 2022, and prepared in accordance with Form 43-101F1 by Marc Jutras, P.Eng., M.A.Sc., Ginto Consulting Inc.

More information is available at www.e29copper.com.

Neither the TSX Venture Exchange (the "TSX-V") nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian securities legislation (collectively, "Forward-looking Statements"). Any statements that are contained in this press release that are not statements of historical fact may be deemed to be Forward-looking Statements. Forward-looking Statements are frequently, but not always, identified by words such as "may", "will", "intends", "proposed", "believes", "continues", "plans", "expects" or similar expressions (or the negative and grammatical variations of any of these terms). Forward-looking Statements in this press release include, but are not limited to, statements with respect to the Company's resource properties and future capital requirements; and the Company's plans, focus and objectives.

Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. Although Element 29's management considers these beliefs and assumptions reasonable based on currently available information, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking Statements necessarily involve known and unknown risks, and important factors, among others, that could cause actual results to differ materially from the Company's expectations include: uncertainties related to the Company's ability to access investors for the Financing; the timeliness and success of regulatory approvals; fluctuations in copper and other commodity prices; uncertainties inherent in the exploration of mineral properties; risks associated with general economic conditions; changes in legislation, income tax and regulatory matters; currency and interest rate fluctuations; inability to access sufficient capital from internal and external sources; and other risk factors set forth in the Company's prospectus under the heading "Risk Factors".

Readers are further cautioned not to place undue reliance on Forward-looking Statements as there can be no assurances that the plans, intentions or expectations upon which they are placed will occur. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Element 29 to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

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