Mr. James Tworek reports

ELEMENT79 ANNOUNCES PRIVATE PLACEMENT

Element79 Gold Corp. is launching a non-brokered private placement of up to 10 million units, at a price of 10 cents per unit for gross proceeds of up to $1-million. The units will consist of one common share of the company and one share purchase warrant. Each warrant will be exercisable by the warrant holder to acquire one additional share at a price of 15 cents for a period of 24 months from the closing of the offering.

The warrants are subject to an acceleration clause, whereby if the closing price of the common shares of the company on the Canadian Securities Exchange (the CSE) is equal to 20 cents or higher for ten consecutive trading days, the company may accelerate the expiry of the warrants to the date that is 30 business days from the date of the issuance of a news release by the company announcing the exercise of the acceleration right.

Element79 will use the net proceeds from the offering with a targeted 70 per cent to be invested into projects (85 per cent Lucero, 15 per cent Clover), 15 per cent for corporate operations/audit and 15 per cent to investor relations/marketing.

The issuance of securities in connection with this offering will be subject to Canadian Securities Exchange approval and the securities will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities laws.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silver, and is committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold'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 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 2025.

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 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.