Mr. James Tworek reports

ELEMENT79 ANNOUNCES ASSET TRANSFER AND SALE OF WHOLLY OWNED SUBSIDIARY SYNERGY METALS CORP.

Element79 Gold Corp. has approved the transfer of all rights and data related to the Dale property, a gold exploration project in Ontario, Canada, to its newly created, wholly owned subsidiary, Synergy Metals Corp. The company also plans to spin out and sell Synergy Metals through a plan of arrangement.

"The transfer of the Dale property to Synergy Metals will help unlock the property's true value and potential while allowing the company to continue focusing on its core assets," said James Tworek, president and chief executive officer of Element79. "The anticipated spinout and sale of Synergy Metals will also provide additional capital for the company's growth and offer Element79's shareholders an opportunity to participate in a new independent exploration-focused company with a promising gold project."

Further details on the proposed transaction will be announced in due course, including the timing, valuation and distribution of Synergy Metals shares to Element79 shareholders. The transaction is subject to regulatory approval and other customary Canadian Securities Exchange requirements.

About the Dale property

The company has an option to acquire a 100-per-cent interest in the Dale property. The Dale property was originally staked on June 1, 2012, after Algoma-Talisman's appeal failed in December, 2010, reverting several townships back to the Crown. Due to the history of the land tenure, Dale township was privately held and unavailable for conventional staking and prospecting.

The area was staked due to its structural and regional relationships with other gold occurrences and an anomalous gold-in-till, down-ice glacial outwash leading back to the Dale stock. Other anomalous gold-in-glacial-till outwash lead back to historic gold mines supporting the potential of undiscovered gold potential in the Dale stock. Placer Dome Canada Ltd. (PDCL) completed the most extensive exploration program in Dale township to date, which included an airborne magnetic-electromagnetic (EM) survey, followed with a ground campaign. Preliminary exploration by the company has returned prospecting samples up to 2.6 grams per tonne gold from newly exposed trenches (see news release June 3, 2022).

The Dale property is a highly prospective early-stage gold project located in the Swazye greenstone belt, which in turn is part of the Abitibi subprovince which hosts some of the world's largest gold deposits, such as the Timmins camp which has produced over 70 million ounces of gold. The Swazye greenstone belt is best known for hosting IamGold's Cote Lake deposit which contains 10.2 million ounces measured and indicated and 3.8 million ounces inferred, and is located 50 kilometres southeast of the Dale property. The Cote Lake project received a positive construction decision in July, 2020, and plans to achieve commercial production in 2024.

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, 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 of gold equivalent 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 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 km 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.

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