Element 29 Resources Inc. announced on July 23, 2026 that drill hole ELID035 at its Elida Porphyry Copper-Molybdenum-Silver Deposit in west-central Perú intersected 1,534.6 metres grading 0.58% CuEq, 0.34% Cu, 0.064% Mo, and 2.56 g/t Ag, from 56.6 m to the end of hole at 1,591.2 m — the longest intercept the program has recorded.

Within that interval sits a higher-grade core: 361.2 m of 0.54% CuEq (0.40% Cu, 0.040% Mo, and 4.02 g/t Ag), from 56.6 m to 417.8 m, per the company's July 23 Newsfile release.

The existing pit-constrained inferred Mineral Resource Estimate — 321.7 million tonnes at 0.32% Cu, 0.03% Mo, and 2.61 g/t Ag at a 0.2% Cu cutoff, carrying a 0.74:1 modeled strip ratio — was built on 14,361 metres of drilling and ends more than 1,000 metres above where ELID035 terminated, per the July 23 Newsfile release.

"The latest drilling continues to demonstrate the grade, scale and continuity of the mineralized system, while refining our geological model and identifying opportunities to expand the resource both laterally and at depth," CEO Richard Osmond said in the July 23 release.

The 2026 campaign has completed 4,885.5 m of a planned 10,000 m program, with two rigs currently active on site. Assays from the remaining holes are pending, per the July 23 Newsfile release.

The existing resource was modeled as open-pit and constrained to a pit shell that ELID035 passes through and extends more than 1,000 metres below, per the July 23 Newsfile release. The company's stated objectives are resource expansion and de-risking the deposit both laterally and at depth, per the same release.

On the broader market backdrop, the week ended July 24, 2026 was difficult for risk assets. The S&P 500 closed Friday at 7,411.98, the Nasdaq at 24,975.82, and the Dow at 51,947.25, per CNBC's July 24 outlook. The Nasdaq posted a 2% weekly decline. Mixed earnings from major technology companies and rising crude oil prices weighed on sentiment, per CNBC. The Roundhill Magnificent Seven ETF fell more than 5% week-to-date, per CNBC. The Federal Reserve's July 28–29 meeting adds another variable: Fed Governor Christopher Waller's recent remarks have intensified speculation about a potential rate hike, per Intellectia AI's analysis.

Two rigs remain active at Elida. The 2026 program has a planned total of 10,000 m, per the July 23 Newsfile release.