Mr. James Tworek reports

ELEMENT 79 GOLD SIGNS OPTION AGREEMENT FOR SALE OF MAVERICK SPRINGS PROJECT

Element79 Gold Corp. has entered into an option agreement dated Aug. 28, 2023, with Green Power Minerals Pty. Ltd., pursuant to which it has granted Green Power Minerals an option to purchase the Maverick Springs project.

"Today's exciting announcement is a pivotal step in the company's history to optimize our property portfolio and best bring about sustainable long-term growth," states James Tworek, chief executive officer of Element79 Gold. "By strategically divesting the Maverick Springs project, we are positioning ourselves for greater financial health, reinforcing our commitment to maximizing shareholder value, and creating a robust and streamlined portfolio, while fostering a cohesive team approach to advance the development of our Lucero project in Peru, through exploration to production in the coming 12 to 18 months, and the Clover and West Whistler projects in Nevada, which we believe both hold a significant opportunity for near-term resource development."

About the Maverick Springs project

The Maverick Springs project consists of approximately 4,800 acres across 247 unpatented claims that straddle the border of Elko county and White Pine county, proximal to the Carlin trend, a belt of gold deposits approximately five miles wide and 40 miles long that is one of the world's richest gold mining districts, having produced more gold than any other mining district in the United States. For more information on Maverick Springs, visit the company's website.

About Green Power Minerals Pty. Ltd.

Green Power Minerals is an Australian private company focused on the development of precious metals projects. "The company has been actively engaged in negotiations with the Green Power Minerals for several weeks, and we are eagerly supporting Green Power Minerals through the final steps of their due diligence process, including a scheduled site visit in late summer 2023, prior to a proposed closing date," added Mr. Tworek. "Green Power Minerals' strategic goals and their commitment for the continued development of the Maverick Springs project's potential closely aligns with our core value and promises to make this a mutually beneficial endeavour."

Terms of the option agreement

The terms of the option agreement are as follows.

Green Power Minerals will, subject to certain conditions precedent, pay a total option fee equal to $66,000 for an option to acquire the Maverick Springs property until Sept. 30, 2023. Green Power Minerals may extend such option by mutual agreement between parties by making an additional payment of $100,000 (U.S.).

Should Green Power Minerals choose to exercise the option within the option period, they will, at completion:

1. Issue to the company (or its nominee) $1.5-million worth of fully paid ordinary shares;
2. Pay to the company a total of $4-million in cash.

The completion of the transaction is subject to a number of conditions precedent that are common in transactions of this nature. The transaction is subject the requirements of the Canadian Securities Exchange.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silver 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. The company also holds a portfolio of 13 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. The company continues to negotiate the sale of its non-core Battle Mountain projects. 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., 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 spin-out process through the rest of 2023.

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