Mr. James Tworek reports

ELEMENT79 ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Element79 Gold Corp. has closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $500,024. Pursuant to the private placement, the company has issued 5,000,240 units at a price of 10 cents per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant is exercisable into one share at an exercise price of 15 cents until Nov. 14, 2026. The company will not be subjecting the warrants to an acceleration clause.

The rest of the private placement may close in one or more additional tranches. The company intends to use a portion of the proceeds raised from the private placement. Element79 will use the net proceeds from the offering with a targeted 70 per cent to be invested into its mining projects in Peru and Nevada, 15 per cent for corporate operations/audit, and 15 per cent to investor relations/marketing. The securities issued under the private placement will be subject to a statutory hold period in accordance with applicable securities laws of four months and one day from the date of issue, expiring March 15, 2025. No finders' fees will be paid in connection with the private placement.

About Element79 Gold Corp.

Element79 is a mining company with a focus on exploring and developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production at the mine and through reprocessing its tailings, in the near term.

The company holds a portfolio of four properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The company has retained the Clover project for resource development purposes, and has signed a binding agreement to sell three projects with a closing date on or before Nov. 30, 2024.

The company also 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 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.