Mr. Derek Macpherson reports

GOLD79 ANNOUNCES EFFECTIVE DATE OF PREVIOUSLY ANNOUNCED SHARE CONSOLIDATION

Further to its news release dated April 11, 2024, Gold79 Mines Ltd. has received approval from the TSX Venture Exchange for its one-for-10 share consolidation. The consolidation will be effective at market open on April 22, 2024. The company name will be unchanged and its common shares will continue to trade under the symbol AUU on the TSX Venture Exchange and under the symbol AUSVF on the OTC Markets.

In accordance with the articles and bylaws of the company, the consolidation was approved by the board of directors of the company and shareholder approval is not required. Gold79's board of directors concluded that the company's existing issued and outstanding common share structure is not conducive to securing additional equity financing at levels required to support the company's planned exploration objectives and operations.

As a result of the consolidation, the number of outstanding common shares of the company will be reduced from 191,298,579 to approximately 19,129,857, subject to adjustment for rounding. No fractional shares will be issued in connection with the consolidation. Instead, any fractional share interest of 0.5 or higher arising from the consolidation will be rounded up to one whole share and any fractional share interest of less than 0.5 will be cancelled. No cash consideration will be paid in respect of fractional shares that are cancelled.

Each shareholder's percentage ownership in the company and proportionate voting power will remain unchanged after the consolidation, except for minor changes and adjustments resulting from the treatment of fractional shares. The exercise or conversion price and/or the number of shares issuable with respect to any of the company's outstanding convertible securities will be proportionately adjusted in connection with the consolidation.

Common shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the consolidation ratio through each shareholder's brokerage account. Non-registered shareholders should consult with their broker for further information. A letter of transmittal describing the process by which registered shareholders may obtain new certificates representing their consolidated common shares has been mailed to registered shareholders by the company's transfer agent, TSX Trust Company. All registered shareholders will be required to send their share certificates, along with a properly executed letter of transmittal, to TSX Trust Company, in accordance with the instructions provided in the letter of transmittal. A copy of the letter of transmittal has been posted on the company's issuer profile on SEDAR+.

The company's new Cusip number is 380719203 and the ISIN (international securities identification number) is CA3807192032.

About Gold79 Mines Ltd.

Gold79 Mines is a TSX-V-listed company focused on building ounces in the Southwest United States. Gold79 holds 100-per-cent earn-in option to purchase agreements on three gold projects: the Jefferson Canyon gold project and the Tip Top gold project, both located in Nevada, United States, and the Gold Chain project, located in Arizona, United States. In addition, Gold79 holds a 32.3-per-cent interest in the Greyhound project in Nunavut, Canada, under joint venture by Agnico Eagle Mines Ltd.

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