Element 29 Resources Inc. provided an update and summary of its wholly-owned Elida Copper Project located in central Peru. Elida is a large porphyry copper-molybdenum- silver (Cu-Mo-Ag) system discovered in 2015. An initial drill program, completed by Elida's previous operator, Lundin Mining Peru SAC, consisted of a total of 9,880 m in 18 diamond drill holes. All holes intercepted Cu-Mo-Ag mineralization, with six of the holes at the Central/Area 1 Target that intercepted significant Cu-Mo-Ag mineralization. DDH 15ELID012 returned the high assay results, with an intercept of 503 m of 0.42% Cu, 0.046% Mo, 3.23 g/t Ag, for 0.579% CuEq grade, including 393 m of 0.455% Cu, 0.048% Mo, 3.58 g/t Ag, for 0.623% CuEq grades. Some of the mineralized intercepts begin immediately below the colluvial cover demonstrating that the mineralized system sub-crops beneath the post-mineral unconsolidated cover sequence. Most drill holes also ended in mineralization, suggesting the system is open at depth. With a renewed community agreement in place until 2025, Element 29 has been working alongside community partners for years and reinforces strong relationship with local stakeholders. The 2021 exploration program will consist of 3,600 m of in-fill drilling in and around the known copper mineralization at the Central/Area 1 Target to tighten up the drill spacing in order to complete a maiden National Instrument 43- 101 compliant mineral resource estimate. Preliminary metallurgical studies are also planned to be completed from existing core from previous drilling. The Company is pursuing an exploration target at the Elida Central/Area 1 of 200M to 500M tonnes, with grades ranging between 0.35%-0.45% Cu, 0.03%-0.05% Mo and 3.5 g/t to 4.5 g/t Ag. This exploration target is based on the high-quality data from the initial 18 drill hole diamond drill program completed by Lundin, and the surficial mapping and detailed interpretations undertaken by Lundin and Globetrotters Resources Peru SAC. The potential quantity and grade of this exploration target is conceptual in nature. There is currently insufficient drilling data to define a mineral resource and it is uncertain if further exploration will result in this target being delineated as a mineral resource.