Mr. James Tworek reports

ELEMENT79 GOLD CORP ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Element 79 Gold Corp. intends to raise up to $400,000 through a non-brokered private placement of units of the company at a purchase price of 23 cents per unit. Each unit will comprise one common share of the company and one common share purchase warrant. Each warrant will be exercisable for one common share at a price of 35 cents per common share for two years from the date of issuance.

The proceeds of the financing will be used for funding continuing community relations, contractual and exploration work in Peru, legal expenses related to the closing of the sale of Maverick Springs project, and general working capital.

In accordance with applicable Canadian securities laws, all securities issued pursuant to the financing will be subject to a statutory hold period of four months and one day from the date of issuance. The closing of the financing is subject to the approval of the Canadian Securities Exchange.

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.