Mr. James Tworek reports

ELEMENT79 ANNOUNCES STOCK OPTION GRANT, PROVIDES FINANCIAL UPDATE

Element79 Gold Corp. has granted incentive stock options to certain directors, officer and consultants of the company to purchase an aggregate of 2,875,000 common shares of the company at an exercise price of five cents per common share expiring three years from the date of grant. The stock options are granted in accordance with the company's stock option plan, which was approved by the shareholders at the company's annual general meeting on June 22, 2022, and the policies of the Canadian Securities Exchange.

Cancellation of previously announced convertible debenture

The company further announces that due to market conditions, it will not be proceeding with its previously announced placement for the issuance of convertible debentures as announced May 5, 2023. The company continues to have financing discussions with several parties regarding equity and/or debt capitalization, streaming financing options, project sales, and alternative financing arrangements for its portfolio of projects with a priority of advancing Lucero and Maverick Springs, and two projects from its Battle Mountain portfolio, Clover and West Whistler.

Further strengthening the balance sheet through shares-for-debt agreements

As a final financial update, the company intends to further strengthen its balance sheet by entering debt settlement agreements with several creditors, settling $106,250 of corporate debts with 2,125,000 shares priced at five cents.

About Element79 Gold Corp.

Element79 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'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 gram per tonne AuEq (0.34 g/t gold and 43.4 g/t silver) 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 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 kilometres southwest of Timmins, Ont., and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp., and is advancing through the plan of arrangement spinout process through the rest of 2023. The company continues to negotiate the sale of its non-core Battle Mountain projects and the Snowbird property.