Mr. James Tworek reports

ELEMENT79 PROVIDES CAPITALIZATION UPDATE DRAWS FROM EQUITY FACILITY, AND ANNOUNCES CORPORATE NOTE CAPITAL RAISE

Element79 Gold Corp. has recently leveraged its Crescita equity investment facility, a catalyst for the company's growth since the original announcement on Feb. 3, 2022. The Company has recently drawn CA$ 100,000 from this facility. In total, the Company has drawn $7,104,500 from Crescita Equity Facility since its inception, using the funding to support its operations and develop its portfolio of mining projects, having issued an aggregate total of 34,264,945 shares to Crescita.

In addition to the above, Element 79 Gold has initiated today at market close a non-brokered financing of up to CA$ 100,000 in the form of Corporate Note Units (the "Notes"). Each Note Unit holding a 1-year maturity will consist of a minimum investment of $25,000. The principal amount of the Notes will bear interest at 18% simple interest per annum (calculated not in advance) with 100% warrant coverage (each a "Warrant"), and the Notes will be open for prepayment after 60 days. Each Warrant will be exercisable into a common share (each a "Share") of the Company at a price of $0.05 per Share. As of the time of this news release, the Company has signed capitalization commitments of the Notes for $100,000.

Proceeds from the abovementioned draw from Crescita Capital as well as the sale of the Notes will be used for operations, including the annual payment of Nevada project claim lease fees and the advancement of the social contract development in Peru to allow the Lucero work plan to unfold.

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 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 14 properties along the Carlin and Battle Mountain trend in Nevada, with the Clover and West Whistler projects are believed to have significant potential for near-term resource development. The Company has signed an option agreement to sell its Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completing this sale before the end of 2023. The Company continues to negotiate the sale of its non-core Nevada and Battle Mountain projects. 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, 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. For more information about the Company, please visit www.element79.gold

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