Mr. James Tworek reports

ELEMENT 79 GOLD REPORTS PROGRESS ON LUCERO PROPERTY WORK AND COMMUNITY ENGAGEMENT

Element79 Gold Corp. has provided a progress update on the continuing underground work on the Apacheta and Pillune areas of its flagship Lucero property.

Underground mapping and sampling

Recent work has focused on mapping and surface and underground sampling at the Apacheta area. The following progress has been made:

• Underground mapping: four addits, 2,505 linear metres (358 m/day);
• Sampling: 200 samples collected (28 samples per day), including 26 quality assurance/quality control samples.

Further fieldwork is under way at the Lucero site and is expected to complete on or around Dec. 30, with the total 2023 work program regenerating unavailable historical mapping and data sets, including a significant volume of channel samples along the addits and veins where past production, and current artisanal production is coming from. These data will help the company develop geological models and both underground and surface-level drilling targets, which the company intends to form a drilling campaign around in mid-2024.

Social affairs

The local Chachas community continues to provide invaluable support to the company's geological team, ensuring seamless mapping and sampling activities. Following on the company's commitments as outlined in its news release of Oct. 6, 2023, it has co-ordinated the manufacturing of the second batch of HDPE pipes as part of its pro-active approach to support the community's infrastructure needs; the delivery of the second part of the piping donation for the Ticlla irrigation program will be complete by Dec. 22, 2023.

In addition to completing upon its previous social commitments, the field team engages in daily dialogues with local artisanal miners from the upper parts of the mines to strengthen social relations and heighten awareness, facilitating continued entry into the other galleries of the Apacheta region of the project.

In the spirit of community collaboration, a special chocolatada, a heartwarming seasonal chocolate drink, was shared with artisan miners in the Lomas Doradas camps on Dec. 21 and will be shared with the workers and some of the community in Chachas on the night of Dec. 24.

James Tworek, president and chief executive officer of Element79 Gold, added: "This really is two interdependent projects running simultaneously: a geological and mine restart project along with a social project. The engagement with the local community reflects our broader commitment to responsible and sustainable mining practices. Collaborating with the local artisanal miners, co-ordinating efforts and fostering open dialogues with community stakeholders are integral parts of our approach. While we believe in maximizing the economic value of our assets, we also believe in building positive, enduring relationships with the communities where we operate. Looking ahead, we remain steadfast in our pursuit to build shareholder value. The year-end marks not only a culmination of efforts but a stepping stone towards a promising future for Element79 Gold and the Lucero project."

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 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.

We seek Safe Harbor.