Mr. James Tworek reports

ELEMENT79 GOLD CORP ANNOUNCES CLOSING OF SECOND TRANCHE OF PLACEMENT

Further to the previous financing announcement, Element79 Gold Corp. has completed its second tranche of its placement for an additional $300,075 of financing through its non-brokered private placement. This second tranche of closing will see the company issue a total of 1,304,674 units for this tranche. The second tranche of the placement was largely subscribed to by a strategic investor who recognizes the long-term value and potential of the company. This investor brings not only capital but also invaluable expertise and connections within the sector, which will accelerate the company's corporate development.

The placement consists of units of the company at a purchase price of 23 cents per unit. Each unit will be composed of 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. All securities issued for the placement will be subject to a four-month-and-one-day hold from the date of issue, which is anticipated to be April 4, in keeping with Canadian Securities Exchange regulations.

The warrants are subject to an acceleration clause whereby, should the shares of the company trade at or above 40 cents per share on the North American stock exchange on which it is then listed for 10 consecutive trading days (after the date that is four months and one day from the closing of the offering), the warrants may be accelerated. There were finders' fees of 5 per cent in cash and 5 per cent in warrants on some of the second tranche of the placement.

Element79 has to date raised a total of $550,075 through the facilities of its placement and shall continue to seek funds, anticipating closing its final tranche within the next 10 business days.

About Element79 Gold Corp.

Element79 is a gold and silver mining company committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79'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 MMoz gold and 175 MMoz silver) (see National Instrument 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by 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 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 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.

We seek Safe Harbor.