Mr. James Tworek reports

ELEMENT79 GOLD CORP ANNOUNCES NON BROKERED PRIVATE PLACEMENT FINANCING

Subject to Canadian Securities Exchange approval, Element79 Gold Corp. will raise up to $600,000 through a non-brokered private placement. The financing will consist of an aggregate of up to 5,309,734 common shares offered at a price of 11.3 cents per share.

The principal use of the proceeds of the offering will be for financing continuing exploration work, operating and administrative expenses, working capital, and general corporate purposes.

In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will be legended with a hold period of four months and one day from the date of issuance.

About Element79 Gold Corp.

Element79 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'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 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 first quarter 2024. 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 (1.37 million ounces gold and 175 million ounces silver), and anticipates completing this sale on or before March 28, 2024.

In British Columbia, Element79 has executed a letter of intent and financed a drilling program to acquire a private company that holds the option to a 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 has an option to acquire a 100-per-cent interest in the Dale property, 90 unpatented mining claims located approximately 100 kilometres 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 spinout process through first quarter 2023.

We seek Safe Harbor.