Element 29 Closes $3.26 Million Private Placement Page 1

Vancouver, British Columbia–(Newsfile Corp. – August 29, 2024) – Element 29 Resources Inc.TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) ( “Part 29” or the “Company“) announces that it has completed its non-brokered private placement financing of 13,058,984 units (the “Units“) at a price of $0.25 per unit for total gross proceeds of $3,264,746 (the “Financing“).

Each Unit issued under the Financing will consist of one ordinary share in the capital of the Company (a “Ordinary shares“) and one non-transferable warrant to purchase ordinary shares (a “bail“). Each Warrant is exercisable for one Ordinary Share (a “Warrant share“) at an exercise price of $0.50 per Warrant Share until August 29, 2027.