Mr. James Tworek reports

ELEMENT 79 GOLD CORP ANNOUNCES PROPOSED SHARE CONSOLIDATION

Element 79 Gold Corp.'s board of directors has approved a consolidation of the common shares in the capital of the company at a ratio of one postconsoldation share for 10 preconsolidation common shares. The share consolidation remains subject to the approval of the Canadian Securities Exchange (the CSE). The company will issue a news release upon receiving CSE approval, announcing the effective date of the share consolidation. The consolidated shares will subsequently begin trading on a consolidated basis under the existing company name and trading symbol.

As a result of the consolidation, each 10 existing shares outstanding will automatically combine into one consolidated share without any action on the part of the holders, and the number of outstanding common shares will be reduced from approximately 131,394,391 common shares to approximately 13,139,439 common shares. The consolidation will also apply to common shares issuable upon the exercise of the company's outstanding stock options and warrants. No fractional shares will be issued as a result of the consolidation. In the event a shareholder would otherwise be entitled to receive a fractional share from the consolidation, the number of consolidated shares to be received by such shareholder shall be rounded down to the next highest whole number of consolidated shares.

The company will take the required steps to amend the exercise prices of the company's issued and outstanding share purchase warrants and incentive share purchase options post consolidation in order to maintain the incentive for the respective holders

Mr. Tworek, chief executive officer and director of Element79 Gold, stated: "The board of directors considered this consolidation carefully and believes that the proposed consolidation will better position the company to attract additional institutional investors into the company. There is no name change in conjunction with the consolidation, and the company's trading symbol will remain the same. On final approval from the CSE, the company expects its postconsolidation common shares to commence trading on a consolidated basis at the open of markets on Nov. 8, 2023.

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 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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