Mr. James Tworek reports

ELEMENT79 GOLD REPORTS ADDITIONAL HIGH-GRADE RESULTS FROM PILLUNE, SANDO ALCALDE REGIONS OF LUCERO PROJECT

Element79 Gold Corp. has released the final results of the 2023 work campaign that SLM Resource Group completed at the Lucero mine project in Arequipa, Peru.

Highlights:

• Element79's 2023 focus was on identifying and revisiting historical workings at the past-producing Lucero mine where previous commercial production came from the Apacheta, Pillune and Sando Alcalde areas.
• A total of 72 chip samples were collected as part of the 2023 SLM program, with the final 27 taken from the Pillune and Sando Alcalde areas forming this release:
  • 1.7 ounce per ton gold and 189 oz/t silver at Sando Alcalde (sample LUC2023-059);
  • 2.6 oz/t gold and three oz/t silver at Pillune (sample LUC2023-063).
• These assay results reflect the multiounce-gold and multiounce-silver nature of the Lucero mineralization, and reinforce the significant potential of restarting this past-producing mine in the near term.
• Further laboratory assays from later 2023 work campaigns are being received shortly and will be released as soon as available.

"We are grateful for SLM's body of work and pleased with its results, as it has helped shine a light on the current state of the vein in the historic workings and project viability. As anticipated, this final batch of 27 assays from SLM's 2023 underground sampling program revealed impressively high-grade gold and silver mineralization, up to 2.6 ounces per ton gold and 189 ounces per ton silver, in addition to some great base metals results. Combined with the chip sample assays that were received from SLM's work at the Apacheta and Pillune regions (see news releases dated April 27, 2023, and Feb. 6, 2023) of the Lucero mine, this clarifies an exciting picture of what we believe will be a significant, high-grade mining operation," said James Tworek, chief executive officer and director of Element79 Gold.

The assay results were collected underground as chip samples across several veins from the Pillune and Sando Alcalde areas, where local informal miners have worked sporadically since the Lucero (then, Shila) mine ceased commercial production in 2005. The 2023 work program carried out by SLM Resource Group focused on three different underground workings and revealed high-grade gold-silver mineralization (see an attached table) and host veins ranging from 0.1 metre to 0.3 metre thick.

"The areas of the Lucero project that we are focused on in the initial stages of development are the veins that have provided past commercial production. These final assay results form a complete set of data from the SLM work campaign from 2023 undoubtedly confirm the high-grade nature of the former mine, consistent with visible mineralization observed during our team's site visits and by prior operators," said Mr. Tworek. "Along with data from our 2023 and previous work programs, we will be analyzing and modelling these results as drivers for drill targeting in and around the commercially exploitable veins.

"These positive results, along with historical data, are being modelled and analyzed to produce underground and surface drill targets for our upcoming Q1/Q2 drill program. We look forward to updating our investors on additional plans for the 2024 field season once this modelling is complete."

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 (silver grading greater than 1,000 g/t was analyzed by fire assay with a gravimetric 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.

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.