Mr. James Tworek reports

ELEMENT79 GOLD CORP ANNOUNCES UPDATE TO BINDING OPTION AGREEMENT FOR MAVERICK SPRINGS SILVER PROJECT

Element79 Gold Corp., along with its subsidiaries ELEM U.S. Holdings Inc and ELEM Maverick Springs LLC, has made an amendment to its binding option agreement for the Maverick Springs project. This amendment follows a productive negotiation with Green Power Minerals Pty. Ltd. (soon to be known as Sun Silver Ltd.). The original agreement, dated Aug. 28, 2023, and announced Aug. 31, 2023, and Oct. 23, 2023, has been updated to reflect the evolving interests and continued collaboration between the parties.

This variation comes after the agreement was amended by mutual agreement reached through a letter deed dated Jan. 12, 2024 (refer to the press release dated Jan. 17, 2024).

The following amendments have been made pursuant to the variation:

• Amendment of share allocation: The share component of the consideration has been adjusted from $1.5-million worth of fully paid ordinary shares to 3.5 million fully paid ordinary shares.
• Increase in cash consideration: The cash consideration has been increased from $4-million to $4.4-million.

Except for amendments made under the variation, all terms and conditions of the agreement (as amended by the first variation) previously stated remain in full force and effect, including the option period, remaining in effect until the earlier of July 10, 2024, or completion of the acquisition. Both parties have acknowledged that this letter deed will prevail in case of any inconsistency with the terms of the original agreement, ensuring a seamless adjustment to the updated terms.

"These amendments not only strengthen the strategic partnership between Element79 and Green Power but also continue to align with our long-term vision for the Maverick Springs project," said James Tworek, chief executive officer of Element79. "The adjustments in the consideration underscore our dedication to balancing shareholder value creation with strategic partnerships, ensuring a robust foundation for sustainable growth of Element79 operations, and facilitate the continued development of our key projects while reinforcing our position in the mining sector."

The agreement, as amended, remains governed by the laws of the State of Nevada, United States, with both parties submitting to the exclusive jurisdiction of the Nevada District Court in Reno.

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 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 gold and 175 million ounces silver) (see National Instrument 43-101 technical report titled "Amended Technical Report on the Maverick Springs Project, Nevada, USA," by Dr. Allan Armitage, PhD, PGeo, and Rohan Millar, BSc, PGeo, dated Oct. 7, 2022, available on SEDAR+), 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 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, comprising 90 unpatented mining claims located approximately 100 kilometres southwest of Timmins, Ont. The company 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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