Mr. James Tworek reports

ELEMENT 79 GOLD ANNOUNCES 60-DAY EXTENSION TO VALDO LOI

Further to Element 79 Gold Corp.'s Nov. 17, 2022, release announcing that the company had entered into a non-binding letter of intent with Valdo Minerals Ltd., the parties have mutually agreed to a 60-day extension to the exclusivity period to enter into a definitive agreement for the sale of three properties from its Battle Mountain portfolio located in northeastern Nevada, United States.

The other terms of the LOI, as announced by the company on Nov. 17, 2022, remain unchanged.

Proposed transaction highlights:

• Valdo to acquire 100-per-cent interests and obligation in:
  • The North Mill Creek project -- comprising six unpatented claims located at the margins of the Goat Window in Lander county, Nevada, an exposure of lower plate rocks beneath the Roberts Mountains thrust, the preferred carbonate host of Carlin-type gold deposits;
  • The Elder Creek project -- comprising 23 unpatented claims, which cover the historic Elder Creek open-pit mine in Lander county, Nevada, hosted in upper plate rocks where the mine area is believed to represent leakage from the deeper lower plate of the Roberts Mountains thrust;
  • The Elephant project -- comprising 197 claims located at the foot of the mine dumps at Nevada Gold Mines' Phoenix operation hosting a covered pediment target with various depths of cover based on the displacement of fault blocks.
• Valdo to issue 3.75 million common shares at a deemed price of 30 cents per share, representing an aggregate value of $1,125,000.
• According to the revised exclusivity period, the transaction is expected to close by July 15, 2023.

"As we progressed toward the initial term of the LOI, Valdo expressed a desire for an extension as they finalize their project structuring and capitalization plans," said James Tworek, Element79 Gold chief executive officer. "Our collaboration with Valdo holds great promise; spurred by their continued interest in how the optioned portfolio synergizes with their other regionally adjacent projects, we are confident that this extension will pave the way for a successful closing and strong Valdo story in the future."

Element79 Gold's Battle Mountain portfolio

The Battle Mountain portfolio originally comprised 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 primarily comprises 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.

Qualified person

The technical information in this release has been reviewed and verified by Neil Pettigrew, MSc, PGeo, director of Element79 Gold and a qualified person as defined by National Instrument 43-101.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold, silver and associated metals and 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: developing its previously producing, high-grade gold and silver mine, the Lucero project 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, U.S., between the Elko and White Pine counties. Maverick Springs hosts an NI 43-101 compliant, pit-constrained mineral resource estimate reflecting an inferred resource of 3.71 million ounces of gold equivalent at a grade of 0.92 gram per tonne AuEq (0.34 g/t Au and 43.4 g/t 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 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 the Snowbird property for further merit of exploration, sale or spinout.

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