Mr. James Tworek reports

ELEMENT79 GOLD CORP REPORTS ADDITIONAL ASSAY RESULTS REINFORCING LUCERO PROJECT'S MOMENTUM

Element79 Gold Corp. has released additional results from the most-recent underground and surface sampling at its flagship Lucero property.

These geochemical assays of exploration samples continue to support the immense potential housed within Element79's crown jewel.

"The data obtained is not just promising -- it's the cornerstone upon which our future endeavours will be built," said James Tworek, chief executive officer of Element79. "These recent results, coupled with historical data, represent the bedrock upon which we are advancing our Lucero project."

A total of 97 samples were sent for assays, 56 of which returned greater than 0.1 gram per tonne gold (up to 8.55 g/t gold and 523 g/t silver), as shown in an attached table. Several samples also were also rich in base metals (up to 23.7 per cent lead and 9.9 per cent zinc), all of which underscore the richness of the project and further support the company's belief that a robust resource base can be delineated.

All samples were sent for to Certimin SA's laboratories in Lima, Peru, for analysis. Standards and duplicates were inserted every 10th sample.

Recent data from assay results are pivotal for Element79. Firstly, they will serve as the foundation for the company's resource development and future mine planning. These reports are essential steps to the mine evaluation process and highlight crucial milestones in demonstrating the project's viability.

Secondly, these data will inform the direction of the company's 2024 drill program, which will be guided by a three-dimensional modelling of both geology and historical mine workings, designed to maximize efficiency and accuracy. The 3-D model will harness the comprehensive data set that has been amassed, including historical data compilation from the past-producing era leading up to 2005, current surface and underground geochemistry, review and channel sampling of underground workings, mapping (both underground and surface), geophysical surveys, as well as cross-sectional and longitudinal interpretations.

Mr. Tworek added: "This data helps to prove from a methodical and unbiased perspective where both the ore 'is' as much as where the ore 'isn't.' When modelled in conjunction with past sampling data and historical production data, this proves that the current underground addits and open veins, as well as their surface-level expressions, are strong economically, where future exploration and drilling campaigns will highlight where we will focus for ore extraction."

As Element79 moves forward, its confidence is in both the skill and experience of its team as well as the continued positive results its work programs have yielded. The company's mission is to maximize shareholder value through continued development of the Lucero project, by bringing it back into commercial production in a safe, ethical, sustainable and profitable fashion.

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.

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