Mr. James Tworek reports

ELEMENT 79 GOLD CORP CONFIRMS EXTENSION OF OPTION TO PURCHASE MAVERICK SPRINGS PROJECT

Element79 Gold Corp. has confirmed the extension of the option to purchase the Maverick Springs project by Green Power Minerals Pty. Ltd.

As previously announced on August 31, 2023 , Element 79 Gold entered into an option agreement (the "Option Agreement") with Green Power Minerals, granting them the option to purchase Element 79 Gold's Maverick Springs Project.

Green Power Minerals previously paid an option fee equal to CAD$66,000 for an option to acquire the Maverick Springs Project until September 30, 2023. The Company now reports, that as provided for in the Option Agreement, Green Power Minerals extended the option by making an additional payment of USD$100,000 which extends the Option Period by a further 180 days to March 28, 2024.

The terms of the Option Agreement remain as reported in the Company's press release dated August 31, 2023.

James Tworek, Chief Executive Officer of Element 79 Gold, commented, "We would like to thank Green Power Minerals for their diligent engagement with the potential sale of Maverick Springs thus far. We look forward to seeing the transaction complete in the coming months and will provide further updates to our shareholders as we progress towards that goal."

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 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 5 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 US. For more information on Maverick Springs, visit: https://www.element79.gold/projects/nevada/maverick-springs-property.

About Element 79 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 focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in the near term.

The Company also holds a portfolio of 5 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 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completing this sale on or before March 28, 2024.

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 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.

We seek Safe Harbor.