Mr. James Tworek reports

ELEMENT79 GOLD CORP REPORTS EXCEPTIONALLY HIGH-GRADE RESULTS FROM LUCERO

Element79 Gold Corp. has released additional assay results from underground sampling at its flagship Lucero property, Peru, including samples up to 98 grams per tonne gold and 2,034 grams per tonne silver (sample 2508).

Key highlights:

• Significant mineral endowment -- A total of 455 underground channel samples have been collected from this latest phase, representing nearly 600 kilograms (620 kilograms) of mineralization and 650 kilograms of wallrock. The samples underwent comprehensive analysis by the company's partners at Ore Discovery and unveiled significant exploration potential. Notably, results in 115 samples returned substantial values in gold (Au) (ranging from 1.0 g/t to 98.1 g/t), silver (Ag) (ranging from 0.7 g/t to 3,026 g/t), lead (Pb) (as high as 2.0 per cent) and zinc (Zn) (up to 3.5 per cent), highlighting the robust potential of Lucero's mineral endowment.
• High-grade mineralization -- Among these, 17 samples exhibited gold values surpassing 10 g/t, with eight samples exceeding 20 g/t, and 51 samples boasting silver values exceeding 100 g/t Ag. Of particular significance are 15 high-grade samples with values ranging from 12.65 g/t to an impressive 98.1 g/t Au, and remarkable silver values of 62.1 g/t to 3,026 g/t, and up 3.24 per cent Zn. These findings reaffirm the potential for exceptionally high-grade mineralization.
• Geochemistry total statistics -- Out of a total 455 samples, 58 per cent have grades over 0.1 g/t Au; 26 per cent has grades over one g/t Au; and 9 per cent have grades over five g/t Au. Notably, most of the grades below 0.1 g/t Au correspond to wallrock (footwall or hangingwall).

Next steps

With this latest exceptional assay data, Element79 is poised for strategic advancement. These results transcend routine exploration work; they are pivotal markers demonstrating the Lucero project's tangible promise and potential, serving as the bedrock for the company's forthcoming drill plans and resource estimation.

"As we delve deeper into both contemporary and historical data, we witness the unfolding story of Lucero's vast potential," said James Tworek, chief executive officer and director of Element79. "Harnessing the comprehensive data set will allow Element79 to set new standards in its exploration methodology."

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 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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