Mr. James Tworek reports

ELEMENT79 GOLD CORP CONFIRMS CLOSING OF PRIVATE PLACEMENT FINANCING

Element79 Gold Corp. has closed its private placement for gross proceeds of $600,000, as previously announced on Dec. 19, 2023. Element79 issued 5,309,735 common shares under the offering at a price of 11.3 cents per share.

The securities issued pursuant to the offering will be subject to a four-month-plus-one-day hold period expiring April 29, 2024, as prescribed by applicable Canadian securities laws.

The company intends to use the net proceeds from the offering for general corporate purposes.

The company did not incur any finders' or brokers' fees in connection with the offering.

James Tworek, chief executive officer and director of Element79 Gold, cited: "We are grateful for this investment and announcing it today is a fantastic way for us to close out the year. This significant investment comes from a strategic investor with a long-term perspective, who shares our belief in our project strategy and team's ability to execute. We look forward to the completion of the 2023 Lucero work plan and providing the investment community with further updates on other ongoing corporate initiatives in the near term."

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.

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 (1.37 Moz Au and 175 Moz Ag) and anticipates completing this sale on or before March 28, 2024.

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 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 spinout process.

We seek Safe Harbor.