Mr. James Tworek reports

ELEMENT79 GOLD ANNOUNCES SALE OF PROPERTIES FROM BATTLE MOUNTAIN PORTFOLIO IN NEVADA

Further to its Nov. 17, 2022 release, Element79 Gold Corp. has closed 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 Asset Purchase Agreement, Centra purchased all of Element79 Gold's interests and obligations in relation to the Long Peak Project ("Long Peak") and the Stargo Project ("Stargo") in exchange for total consideration of CAD $1,000,000 paid by the issuance of an aggregate of 2,500,000 common shares of Centra at a deemed price of CAD $0.40 per share (the "Payment Shares"). The transaction closed on July 13, 2023, subject to regulatory approval.

"The sale of Long Peak and Stargo to Centra marks another milestone in Element79 Gold's journey for the strategic development of its high-grade gold assets," commented James Tworek, President and CEO of Element79 Gold. "This achievement enables us to unlock additional value from our extensive portfolio of prospective properties while advancing our core projects and driving their success to new heights."

Tworek added, "With other development assets in this exciting region, and with the prospective nature of the properties being sold, we are excited to maintain our exposure to the very promising potential of these properties and the opportunity for continued discovery through our equity participation in Centra."

The Battle Mountain Portfolio

The Battle Mountain Portfolio was originally comprised of 15 separate projects totaling 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 comprised 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 comprised 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 comprised 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

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, USA, between the Elko and White Pine Counties. Maverick Springs hosts a 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 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date of October 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 funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company also has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, 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 spin-out.

We seek Safe Harbor.