Mr. James Tworek reports

ELEMENT 79 GOLD PROVIDES UPDATE ON MAVERICK SPRINGS PROJECT OPTION AGREEMENT

Element 79 Gold Corp. has provided an update on the proposed sale of the company's Maverick Springs project to Green Power Minerals Pty. as previously announced in the company's press releases dated Aug. 31, 2023, and Oct. 23, 2023.

Pursuant to the option agreement entered into with Green Power Minerals dated Aug. 28, 2023, Green Power Minerals has paid both the initial option fee and the extension fee for an option to acquire the Maverick Springs project until March 28, 2024. Element79 Gold and Green Power Minerals have now entered into an additional letter deed dated Jan. 12, 2024, that extends the option period to the earlier of July 10, 2024, or the completion or termination of the transaction, as applicable.

Key additional terms of the letter deed are:

• Element 79 Gold must give notice to a third party who holds a right of first refusal with respect to the transaction.
• Green Power Minerals will pay an additional option extension fee of $75,000 within seven days of receipt of the confirmation from such third party that it has elected not to exercise any rights of first offer or other preferential rights.

"We appreciate Green Power Minerals' continued commitment to navigating this option process for the potential sale of Maverick Springs," said James Tworek, chief executive officer of Element 79 Gold. "We are optimistic and hopeful we will close the proposed sale of the Maverick Springs project by the end of the extended option period. We remain dedicated to informing our shareholders as we advance toward this significant milestone."

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 to the requirements of the Canadian Securities Exchange.

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.

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