Mr. James Tworek reports

ELEMENT79 GOLD CORP. CONFIRMS CLOSURE OF FINANCING, CORPORATE NOTE OVER-SUBSCRIPTION

Element79 Gold Corp. has closed its recent round of capital raising efforts. The previously initiated non-brokered corporate notes were met with robust investor interest, resulting in an oversubscription. The company has garnered capitalization commitments surpassing the initial offering, with the notes being oversubscribed at $145,000.

In addition to the above capital raising efforts from the marketplace, the company reconfirms closing its previously announced drawdown from the Crescita Equity investment facility for an amount of $100,000.

James C. Tworek, chief executive officer of Element79, commented: "We appreciate the ongoing support from our investment community. The oversubscription of the notes underlines the trust and confidence placed in Element79's vision and strategy. These funds will facilitate our operational commitments at both Lucero and Nevada portfolio through the coming months."

Proceeds from the above mentioned sale of the notes and draw from Crescita Capital 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, and 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 trends in Nevada, with the Clover and West Whistler projects 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 3.71 million ounces (Moz) gold equivalent (AuEq) (1.37 Moz gold (Au) and 175 Moz silver (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 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 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 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.

We seek Safe Harbor.