Mr. James Tworek reports

ELEMENT 79 GOLD CORP SIGNS LOI FOR LUCERO PROPERTY ORE SALES IN 2024

Element79 Gold Corp. has completed a letter of intent with Compania de Minas Buenaventura SAA (BVN) that is a significant stride toward realizing reanimating and generating revenue from its flagship past-producing Lucero property, near Chachas, Arequipa, Peru.

A transformative move

Element79 Gold has signed a letter of intent (LOI) with BVN that paves the way for the sale of ore from the Lucero property. This marks a pivotal moment in the company's journey and aligns directly with its cash flow generation strategy for 2024.

Unlocking Lucero's potential

Chief executive officer of Element79 Gold, James C. Tworek, expressed his confidence in the opportunity the LOI realizes, stating: "This LOI represents a pivotal moment for ELEM -- proof of concept that this past-producing mine has valuable economic potential today -- by aligning with a potential regional commercial partner, and spurring the path to restarting commercial production in the near term. Our team has a series of project milestones to achieve along the way to realizing this potential offtake, including completing a definitive agreement with BVN. We are confident our efforts will enrich our understanding of Lucero's property and help unlock more of the inherent value of ELEM's crown jewel."

Key terms of the LOI

Under the terms of the LOI, Element79 Gold and BVN have outlined several key points that promise exciting prospects for the Lucero property:

• Bulk sampling program: A pilot bulk sampling program is set to commence in mid-2024, aiming to extract a minimum quantity of ore over a 12-month period, to be shipped to BVN's Orcopampa mill for processing.
• Definitive agreement: The parties are committed to negotiating a definitive agreement approximately 90 days before the pilot program's start.
• Quantity: Element79 Gold will deliver an average of 200 tonnes per day of ore to BVN's Orcopampa facilities under the pilot program.
• Right of first refusal: BVN has the exclusive right of first refusal to buy the ore produced by Element79 Gold during the pilot program.
• Purchase price: The purchase price per metric tonne of ore will be determined per delivery, after sampling and testing by BVN, based on industry standards and the LME (London Metal Exchange) price of the day.
• Delivery schedule: Specific delivery schedules will be mutually agreed upon in advance, ensuring smooth co-ordination with Orcopampa's operations.
• Quality control: Rigorous quality control mechanisms will be established to meet agreed-upon specifications.

Unlocking the past for a bright future

The expertise of Element79 Gold's team, notably in mine planning and development, Andean geology, and mine operations in Peru, which played an important role in the current community relations and 2023 mapping and sampling plan, will all play a crucial role in drilling for resource value and restarting production. Another component of the LOI is that BVN has granted Element79 Gold access to valuable historical information from its archives, allowing Element79 Gold to benefit from a more comprehensive understanding of the property, and therefore a greater potential for more effective and efficient mine planning. This knowledge will be instrumental in developing an efficient bulk-tonnage extraction and toll processing plan.

A bright future beckons

Element79 Gold's management and board believes it is in a remarkable position and opportunity, opening doors to revenue generation from the Lucero property. This strategic partnership has great potential, marking a significant milestone in the company's pursuit of excellence in the mining industry along with the community of Chachas.

Note: This letter of intent is not legally binding and is intended as a preliminary expression of the parties' intentions, subject to further negotiation and execution of formal additional agreements.

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 in the first half of 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 Moz gold and 175 Moz silver) and anticipates completing this sale on or before July 21, 2024.

In British Columbia, Element79 Gold has executed a letter of intent and finaced 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.