Mr. James Tworek reports

ELEMENT79 GOLD CORP PROVIDES UPDATE ON NEVADA PORTFOLIO

Element79 Gold Corp. has provided several updates related to its Nevada portfolio.

Highlights of Element79's Nevada portfolio since acquisition in 2021:

• A portfolio of 16 projects was acquired as an all-or-nothing package from Waterton Global Resource Management in December, 2021; the company has subsequently reviewed, updated and expanded historical data sets and ultimately divested of many projects with an eye to generate shareholder value;
• Two projects sold to Centra in 2023 -- Stargo and Long Peak; Long Peak National Instrument 43-101 report expected to be complete during late summer 2024;
• The company made the strategic decision to not renew the claims on eight projects due to being very early stage and outside of the company's parameters to work on; data rooms for these projects were retained;
• The Maverick Springs project was purchased with a 1.8-million-ounce-gold-equivalent historical resource, which the company reviewed, reworked and increased the mineral resource estimate to 3.71 million ounces gold equivalent; Maverick Springs was sold to Sun Silver on May 8, 2024, with cash received being used to pay off debts and accounts payable; the company retained 3.5 million shares of Sun Silver Ltd. at 20 Australian cents as an investment in the development of the Maverick Springs asset; the company will hold and divest these shares strategically over time;
• Valdo portfolio -- original option expired; in discussions with multiple counterparties for sale of the same projects, anticipated closing in 2024;
• Clover and West Whistler -- portfolio under review, currently in discussions with third parties to sell.

Valdo Minerals Ltd. package reset for sale

The Company confirms the expiry of the previously announced letter of intent (LOI) with Valdo for the purchase of the North Mill Creek, Elder Creek and Elephant Projects, including all land claims and historical databases relative to the projects therein. The original LOI was established on Nov. 17, 2022, with an original closing date of July 15, 2023. As the parties communicated through the process and were working toward a closing, a 60-day extension was granted, which has expired.

The company is in discussions with two parties regarding these same projects with the intent to close the sale of them within 2024. Element79 Gold remains committed to the successful completion of the divestiture of these projects and believes that it will come to commercially beneficial terms for their sale in the near term.

The North Mill Creek project

The North Mill Creek project comprises six unpatented claims located at the margins of the Goat Window in Lander county, Nevada. The Goat Window is an exposure of lower-plate rocks beneath the Roberts Mountains thrust, which is the preferred carbonate host of Carlin-type gold deposits. Previous drilling completed at North Mill Creek yielded encouraging results warranting follow-up exploration.

The Elder Creek project

The Elder Creek project comprises 23 unpatented claims that cover the historic Elder Creek open-pit mine in Lander county, Nevada. Elder Creek is hosted in upper-plate rocks, where the mine area is believed to represent leakage from the deeper lower plate of the Roberts Mountains thrust, suggesting that deeper targets could host significant mineralization within faulted and anticline-folded sedimentary beds.

The Elephant project

The Elephant project comprises 197 claims located at the foot of the mine dumps at Nevada Gold Mines' Phoenix operation. Elephant hosts a covered pediment target with various depths of cover based on the displacement of fault blocks. Limited past drilling has confirmed the presence and mineralization of the Elephant target model.

Remaining Nevada portfolio under review

With the sale of Maverick Springs bringing attention to the company, it has been fielding calls with counterparties inquiring about the remaining projects in the Element79 Gold portfolio -- Clover and West Whistler. These projects have been visited and are under review by the Element79 Gold team, being weighed for further development and dealing.

Clover

Clover is in Elko county in Township 38 Range 44 and in Township 37 Range 44. The property comprises 162 claims over 3,063 acres. Clover is positioned over felsic volcanics and tuffaceous sedimentary rocks. Two sets of conjugate faults strike across or adjacent to the property, with each of these fault systems projects to a major gold producer. Past project owners had drilled 104 holes and have completed remediation work; past drill results include the following: JK-4C intersected 32 feet at 25 grams per tonne with a peak intersection of 2.5 feet at 274 grams per tonne gold; CL-13 intersected 25 feet at 7.85 grams per tonne gold; and USCV012 intersected 10 feet at 20.4 grams per tonne gold.

West Whistler

Nineteen kilometres west of Eureka, Nev., West Whistler is a moderate group of 103 claims over 2,057 acres in Eureka county, regionally proximate to the Gold Ruby Hill mine (formerly Barrick; current day i80). Historic work includes mapping, soil sampling, VLF (very-low-frequency) survey and six drill holes.

"Element79 Gold has been on a constant mission to continue unlocking additional value from the vast portfolio of projects that had been amassed over the past few years, with the intent to create value for our shareholders. The current market trend of rising gold and silver prices as well as the business- and mining-friendly state of Nevada are key points that have driven past sales as well as current (potential) transactional counterparties to reach out on the remaining Battle Mountain projects in our portfolio," stated James Tworek, chief executive officer and director of Element79 Gold. "We, with industry teammates and transactional counterparties, have always believed the Battle Mountain portfolio contains several notable future targets which warrant extensive exploration and prospecting to further validate historic high-grade samples and drilling results. We have seen success in other sales from the portfolio, and we continue to pursue this strategy of unlocking value for our shareholders and to increase focus on exploring and developing our core high-grade, past-producing Lucero project."

Qualified person

The technical information in this release has been reviewed and verified by Kim Kirkland, fellow of AusIMM (No. 309585), chief operating officer of Element79 Gold and a qualified person as defined by NI 43-101.

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 exploring developing its past-producing, high-grade gold and silver mine, the Lucero project, located in Arequipa, Peru, with the intent to restart production in the near term.

The company holds a portfolio of five properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The company is currently reviewing the Battle Mountain portfolio for exploration and development or sale.

The company also holds an option to acquire a 100-per-cent interest in the Dale property and 90 unpatented mining claims located approximately 100 kilometres southwest of Timmins, Ont., and it 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.