Mr. James Tworek reports

ELEMENT79 GOLD CORP ANNOUNCES CLOSING OF OVERSUBSCRIBED FIRST TRANCHE OF PRIVATE PLACEMENT

Further to the previous financing announcement released on July 3, 2024, Element79 Gold Corp. has completed its first tranche of its placement for $288,815 of financing through its non-brokered private placement. This tranche of closing will see the company issue a total of 1,255,717 units for this tranche.

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 four 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, 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.

Element79 shall continue to seek funds, anticipating closing its final tranche of up to an aggregate of $450,000 within the following two weeks.

About Element79 Gold Corp.

Element79 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'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 beginning 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 2024.

The company, through its subsidiary, Synergy Metals Corp., holds 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 is advancing through the plan of arrangement spinout process.

We seek Safe Harbor.