Mr. James Tworek reports

ELEMENT79 GOLD PROVIDES CORPORATE UPDATES

Element79 Gold Corp. has made progress toward the closing sales of the company's Long Peak project, Stargo project, Elder Creek project, North Mill Creek project and Elephant project (five properties) in Nevada.

Element79 Gold is currently negotiating definitive agreements with the purchasing parties. The company expects to release further information in the coming weeks, with a tentative closing date set approximately for Dec. 16, 2022.

Strategic planning for 2023 under way

Element79 Gold continues to review financing options as well as explore sale and joint venture opportunities from the company's extensive Canadian and Nevada portfolios.

The company has taken stock of the large data set and drill core library that was inherited with the Maverick springs project and plans to leverage this data set. A relogging, resampling and petrographic program is planned for the new year. To assist is refining future drill targets on the property.

Further planning is being completed on the company's Peruvian portfolio, with the intention of beginning site work in calendar Q1 2023 leading up to ore extraction.

"While this time of year is typically where many slow down, we are running flat out on strategic planning, corporate finance. It has been an exciting 2022 calendar year and we have grown substantial achieved much in the 15 months since our IPO last August. Much of this is down to the great work of our amazing team. The company's core focus is to commence preliminary production in 2023, with the design of employing the non-dilutive cash flow generated from those operations on our two Peruvian properties. This has been a core goal of our whole team and we are both motivated and excited about the progress we are making daily," quotes Element79 Gold chief executive officer James Tworek.

Updates to board of directors

The company would like to announce that effective immediately, Konstantin Lichtenwald will be stepping down from the board. Mr. Lichtenwald has served as a member of the board of directors with the company since its inception, and has assisted with various listing and strategic advisory services since then. Element79 Gold is pleased to report that he will remain engaged as an adviser to the board of directors.

About Element79 Gold Corp.

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada, United States, between the Elko and White Pine counties, where it has recently completed a National Instrument 43-101-compliant, pit-constrained mineral resource estimate reflecting an inferred resource of 3.71 million ounces of gold equivalent (AuEq) at a grade of 0.92 gram per tonne AuEq (0.34 gram per tonne Au and 43.4 g/t silver (Ag)) with an effective date of Oct. 7, 2021 (see news release Oct. 20, 2022, available on SEDAR). The acquisition of the Maverick Springs project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the company is analyzing for further merit of exploration, along with the potential for sale or spinout. In British Columbia, Element79 Gold has executed a letter of intent to acquire a private company which holds the option to 100-per-cent interest of the Snowbird high-grade gold project, which consists of 10 mineral claims located in central British Columbia, approximately 20 kilometres west of Fort St. James. In Peru, Element79 Gold holds 100-per-cent interest in the past-producing Lucero mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past producing Machacala mine.

The company also has an option to acquire 100-per-cent interest in the Dale property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ont., Canada, in the Timmins mining division, Dale township.

We seek Safe Harbor.