Mr. James Tworek reports

ELEMENT79 GOLD ANNOUNCES EXECUTION OF AGREEMENT WITH CENTRA MINING LTD. FOR SALE OF PROPERTIES FROM BATTLE MOUNTAIN PORTFOLIO IN NEVADA

Further to its Nov. 17, 2022, news release, Element 79 Gold Corp. has entered into an asset purchase agreement for the sale of two properties from its Battle Mountain portfolio located in the gold mining district of northeastern Nevada, United States, to a subsidiary of Centra Mining Ltd.

Under the terms of the agreement, Centra has agreed to purchase all of Element79 Gold's interests and obligations in relation to the Long Peak project and the Stargo project in exchange for a total consideration of $1-million payable by the issuance of an aggregate of 2.5 million common shares of Centra at a deemed price of 40 cents per share. The transaction is expected to close on or before June 30, 2023, and is subject to regulatory approval.

"The sale of Long Peak and Stargo to Centra marks another milestone in Element79's journey for the strategic development of its high-grade gold assets," commented James Tworek, chief executive officer of Element79. "Centra realizes that these projects have great exploration potential along with the rest of their portfolio and it will be exciting to see what their near-term development plans are. We are excited to maintain our exposure to the very promising development potential of these properties through our equity participation in Centra."

Mr. Tworek added: "We have been working at the sale of the non-core assets in the Battle Mountain for over a year now, and it feels great to confirm that we have one package of properties now signed up and pending their closing date. This achievement further helps to highlight the currently unrealized value of the individual properties in the Battle Mountain portfolio, helping to re-envision a benchmark for corporate valuation, and enabling us to unlock additional value from our extensive portfolio of prospective properties while increasing Element79 Gold's focus, energy and capital flows on developing its flagship Maverick Springs, and both defining a resource at and bringing production on-line at Lucero in 2024."

Element79 Gold's Battle Mountain portfolio

The Battle Mountain portfolio was originally composed of 15 separate projects totalling over 44,478 acres across 2,203 unpatented claims in five counties: Elko county, Eureka county, Humboldt county, Lander county and Nye county. Most of the Battle Mountain portfolio is located within the Battle Mountain trend, with several projects close to globally reputable gold deposits, including Nevada Gold's Cortez mine.

The Battle Mountain portfolio is composed primarily of early-stage projects. While drilling has been completed at some projects, such as Elder Creek (155 holes) and Clover (104 holes), many have only surface sampling and geophysical surveys completed. Of particular note are the Long Peak, Elephant, Elder Creek, North Mill Creek, Clipper, Pipeline South, West Cortez and Walti projects, which are interpreted to lie along the northwest-trending fault that hosts the high-grade Pipeline deposit, which is included in Nevada Gold's Cortez mine.

The Long Peak project

Long Peak is composed of 34 unpatented claims located near Copper basin and the Copper Canyon mine in Lander county, Nevada. Long Peak hosts significant historic prospects, warranting further exploration at Long Peak.

The Stargo project

Stargo is composed of 337 unpatented claims located south of the Battle Mountain trend in Nye county, Nevada. The large claim block contains attractive host rocks, tertiary-age intrusives, and appropriate aged structural preparation to represent an attractive area for exploration target development.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold, silver and associated metals committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's main focus is on two core properties: the previously producing, high-grade gold and silver mine, Lucero, located in Arequipa, Peru, with the intent to bring it back into production in the near term; and its flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada, United States, between the Elko and White Pine counties. Maverick Springs hosts a National Instrument 43-101-compliant, pit-constrained mineral resource estimate reflecting an inferred resource of 3.71 million ounces (Moz) of gold equivalent (AuEq) at a grade of 0.92 gram per tonne (g/t) AuEq (0.34 g/t gold (Au) and 43.4 g/t silver (Ag)) with an effective date of Oct. 19, 2022. The acquisition of the Maverick Springs project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which are non-core to its primary business focus. In British Columbia, Element79 Gold has executed a letter of intent and financed a drilling program to acquire a private company that holds the option to a 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. The company also has an option to acquire a 100-per-cent interest in the Dale property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ont., Canada, in the Timmins mining division, Dale township. The company is analyzing the non-core Nevada projects, the Dale property and Snowbird property for further merit of exploration, sale or spinout.

We seek Safe Harbor.