Mr. James Tworek reports

ELEMENT79 GOLD REPORTS MULTIPLE HIGH GRADE RESULTS FROM PILLUNE AREA, LUCERO PROJECT, AREQUIPA, PERU

Element79 Gold Corp. has released additional underground chip sample assay results from the 2023 work campaign at the Pillune area of the Lucero mine project in Arequipa, Peru.

Highlights:

• Assays from 2023 underground grab and channel samples completed by SLM Resource Group from the Pillune area of the past-producing Lucero mine project have been received, reviewed and reported herein.
• Multiounce gold and multiounce silver reinforce the significant potential of restarting this past-producing mine today:
  • 10.5 ounces per ton gold and 29 oz/t silver in sample LUC2023-33;
  • 4.7 oz/t gold and 29 oz/t silver in sample LUC2023-34.
• Further laboratory assays from remaining 2023 work campaigns are being received shortly and will be released as soon as available.

"This batch of 24 assay results from the 2023 underground sampling program conducted by contractor SLM Resource Group completed on the Pillune area of the Lucero project revealed impressively high-grade gold and silver mineralization, up to 10.5 ounces per ton gold and greater than 29 ounces per ton silver, in addition to some great base metals results. This is encouraging to us, as it further validates the potential for a significant high-grade future operation," said James Tworek, chief executive officer and director of Element79 Gold.

The assay results were collected during the 2023 program and consist of underground chip samples across several veins from the Apacheta zone, which returned up to 11.7 oz/t gold and 247 oz/t silver (see April 27, 2023, news release), the Pillune area (the focus of this release) and the Sando Alcalde area, where local informal miners have worked sporadically for the past several years. The 2023 work program carried out by SLM Resource Group revealed high-grade gold-silver mineralization, confirming two orientations of mineralized structures. These comprise a roughly east-west orientation associated with higher precious metals and a more-northwest orientation associated with higher base metals, both with economic grades (see an attached table).

"The latest assay results confirm the high-grade nature of the Lucero project, consistent with visible mineralization observed during our team's site visits and by prior operators," said Mr. Tworek. "We have the benefit of a running start, as the Lucero project has been in production in the past, local artisanal miners are actively working in the region today, and barring annual rainy season conditions, many underground workings remain accessible. These new results provide high-grade results from SLM's 2023 campaign on the Pillune area of Lucero and continue to encourage our belief that the project hosts significant commercially exploitable veins, as it has seen little modern exploration. We await one more batch of assays from the SLM campaign, as well as the results of the mapping and more-thorough channel sampling campaign carried out by the Ore Discovery team, which ended on Dec. 31. We look forward to sharing additional results shortly as lab results are received.

"These positive results, along with historical data, are being modelled and analyzed to produce underground and surface drill targets for our upcoming drill program. We look forward to updating our investors on additional results from the 2023 work campaigns as we receive and analyze them."

Quality assurance/quality control

All samples were collected by Helmut Herrera of SLM Mining Services SAC of Peru (Lima) and submitted to Certimin SA of Peru (Lima). Samples were prepared by crushing to 90 per cent passing fewer than two millimetres, with a 250-gram split pulverized to 85 per cent passing 75 micrometres, and analyzed by four-acid digestion followed by inductively couple plasma with an optical emission spectrophotometry detector (ICP-OES) for 35 elements including silver, while gold was analyzed by fire assay with a 30-gram sample with an atomic absorption spectrophotometry detector (AAS) finish for assays of up to 10 g/t. Overlimit gold was analyzed by fire assay with a gravimetric finish. Overlimit silver (greater than 100 g/t) was analyzed by four-acid digestion and AAS finish. Overlimit lead and zinc were analyzed by ore-grade techniques using four-acid digestion and ICP-OES finish.

Qualified person

The technical information in this release has been reviewed and verified by Neil Pettigrew, MSc, PGeo, director of Element79 Gold, a qualified person as defined by National Instrument 43-101.

About Element79 Gold Corp.

Element79 Gold is a gold and silver mining company committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's core 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 2024. In January, 2024, the company entered into a non-binding letter of intent with Compania de Minas Buenaventura regarding the potential offtake of minerals produced from the Lucero project.

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 million ounces Au and 175 million ounces Ag), and anticipates completing this sale on or before July 21, 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 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 confirmed 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.