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This was an interview with Element 29 Resources about their copper-focused projects in Peru, mainly the Elida copper-molybdenum-silver project, with side discussion on Flor de Cobre and earlier-stage Paka and Pahuay. The main part of the conversation was about drilling progress at Elida, permitting (including the move from 20 to 40 drill platforms), financing/treasury, metallurgy work, timing for assay results and a resource update, plus near-term risks and what could get drilled next.

TL;DR

Elida kept advancing in 2025, they added funding, and they are still drilling while trying to grow the pit-constrained resource toward a 500Mt open-pit milestone before moving toward a PEA. Near-term, Richard said hole 41/42 results are expected later in Q2 (with hole 41 potentially reported first), they do not currently expect to raise money before those results, and they are lining up metallurgy work to test recoveries and concentrate quality assumptions used in the model.

What have they done for shareholders lately?
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CEO Osmond said they finished a drill program and released results, ran a large MT geophysical survey at Elida, secured a new 5-year access agreement tied to an upgraded drill permit process, and drilled at Elida from late August through year-end with three rigs, later reporting the first five holes and keeping two rigs active. They also described ongoing drilling as both infill (to improve confidence) and step-outs (to add tonnes), and highlighted deeper intercepts and mineralization below the current pit shell as support for both open-pit expansion and a possible deeper underground component.
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How much money do they have and what are they spending it on?
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They ended the year with just over C$7 million in the bank. Richard said current spending is mainly drilling at Elida (roughly $700 per metre on average, rising with depth), permitting and community work, and upcoming metallurgy test work, while trying to keep corporate overhead modular at about $100,000 per month (about $1.2 million for the year) and avoid running multiple large drill programs at the same time. Richard also estimated that roughly $30 million total may be needed to get to a PEA stage.
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Upcoming catalysts
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Technically, they’re mostly looking forward to the assays from holes 41 and 42 (with possible hole 41-only news first), completion of the current Elida program toward roughly 7,000 m for the year, metallurgy test work results, and potentially more geophysics to the north. Operationally, the biggest points are a decision on exemption from Peru’s prior consultation process for the Elida permit upgrade and, if needed, filing the collective impacts report to keep the 40-platform permit moving. Corporately, they are targeting a resource update for late 2026 or early 2027 (depending on whether they keep drilling on strong results), plus possible late-year drilling at Flor de Cobre and permitting progress/news on Paka.
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Risks
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The biggest near-term risk is still geology, meaning whether step-out drilling keeps adding meaningful tonnes at Elida. Practical execution risks also came through clearly because of potentially slower drilling because of deep water table conditions and difficult water pumping logistics to the drill sites, assay turnaround delays versus prior years, rainy-season disruptions, and permit timing for the 40-platform expansion, while longer-dated financing risk remains in the background because management’s own estimate to reach PEA stage is much larger than current cash.

Element 29 Resources CEO Interview

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