Mr. James Tworek reports

ELEMENT79 GOLD CORP ANNOUNCES KEY LEADERSHIP CHANGE: WELCOMES TAMMY GILLIS AS NEW CHIEF FINANCIAL OFFICER

Element79 Gold Corp. has made a significant change in its leadership team. The company has appointed Tammy Gillis as its new chief financial officer (CFO), effective the beginning of the business day of Sept. 18, 2023. Ms. Gillis brings a wealth of experience and expertise to the role, further strengthening Element79 Gold's commitment to financial excellence and growth.

Ms. Gillis, CPA, CMA, has over 20 years of experience in the public markets, bringing a comprehensive background in finance, reporting and regulatory requirements for junior exploration, manufacturing, bio-technology and technology industries. Ms. Gillis has been part of teams that have completed several financings, grant applications and acquisition transactions. Ms. Gillis started her career working at a corporate and securities law firm. Ms. Gillis previously served as corporate accountant for an international manufacturing company that had revenue in excess of $120-million and as chief financial officer for a technology company with patented cathode materials used in lithium-ion batteries that successfully built a pilot plant with the assistance of over $4-million in government grants. Ms. Gillis has served as an officer for several TSX Venture Exchange- and Canadian Securities Exchange-listed issuers.

"I am thrilled to join Element79 Gold Corp and contribute to the company's ongoing success," said Ms. Gillis. "I am eager to work alongside the talented team at Element79 Gold Corp. and help drive the company's financial strategies to new heights."

Ms. Gillis's appointment follows a thorough search process conducted by Element79 Gold's board of directors, and she will be replacing Heidi Gutte, CGA, CPA, who has played a key role in the company's financial management during her tenure since the company's pre-IPO (initial public offering) days. Ms. Gutte has resigned from her former chief financial officer role as part of this leadership change, and will continue to support the company in a consultancy role for the coming months to ensure a smooth transition through the year-end 2022/2023 audits.

"Our business model has evolved and with our focus towards bringing production on-line, along with continued exploration and divestitures in Nevada and Canada. This evolution brings with it an opportunity to strategically reshape the makeup of our team in order to adapt to meet new challenges we anticipate. We are confident that Tammy is the right financial team leader to steer our financial operations and support our growth objectives, and her deep industry knowledge and acumen will be instrumental in achieving our strategic goals," stated James Tworek, chief executive officer and director of Element79 Gold. "We thank Ms. Gutte for her years of help since the earliest days of the company's inception and through its fast-paced evolution until today. We are confident she will continue to find successes as her career develops into the future."

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 five 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. Three properties in the Battle Mountain portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date around the end of 2023. The company has also signed an option agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an inferred resource of 3.71 million ounces gold equivalent (AuEq) (1.37 Moz gold (Au) and 175 Moz silver (Ag)) and anticipates completing this sale before the end of 2023.

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.

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