Mr. James Tworek reports

ELEMENT79 GOLD CORP PROVIDES CORPORATE UPDATE WITH FOCUS ON PERU, NEVADA PROJECTS

Element79 Gold Corp. has provided a progress update on some of its portfolio of mine projects in Peru and Nevada. The company has been periodically updating investors on its efforts to advance the Lucero mine and Lucero tailings projects while building strong partnerships with local stakeholders. Activities have been focused on generating a safe and profitable working relationship within Chachas and alongside the Lomas Doradas artisanal mining association.

Lucero -- key activities and progress through November and December:

1. Engagement with regional government of Arequipa (DREM):
   1. Coordinated field activities starting Nov. 2, including meetings with Ing. Ivan Prado and the Arequipa DREM team. Supported DREM's meeting at the Chachas Municipal Auditorium, which Element79 representatives attended.
   2. Initiated plans for in situ meetings with key mining stakeholders in Chachas, scheduled throughout November and early December.
   3. Advanced documentation for 64 REINFO (Formalization Process Registries) applications with completed IGAFOM (Environmental and Safety Framework).
2. Collaboration with Chachas authorities and key stakeholders:
   1. Met with vice-president of the Chachas community, Victor Antonio Condorcahuana Taya, discussing collaboration and establishing groundwork for direct dialogues and completing contracts.
   2. On Nov. 11, a pivotal community meeting involving key authorities and local organizations to align on partnership terms took place. Terms have been tabled by Element79; awaiting responses.
3. Managing risks and leveraging opportunities:
   1. Addressing local empowerment stemming from potential national-level REINFO formalization extensions, ensuring balanced agreements that respect community rights while enabling project access and development.
   2. Developing strategies to manage community concerns regarding tailings reclamation while focusing on securing agreements for land use and plant installations.
   3. Discussing local security and continuing logistical, energy and personal security matters for miners and mining operations; community security through project expansion phases.
4. Immediate results:
   1. The formal dialogue process between Element79 and the Chachas community began on Nov. 11, aiming for community assembly validation of key agreements; negotiation terms from the company have been outlaid and the community and Lomas Doradas are working on responses.
   2. Redoubled requests for immediate term site access in 2024 for a five-to-seven-day review of existing mine and tailings site workings, current waste rock dumps, and sampling leading to a refreshed National Instrument 43-101 for Lucero using more recent/accurate data.
   3. Strengthened relationships with influential local leaders, such as the community's vice-president, to foster goodwill and ensure project continuity.
   4. Initiated enhancement of Chachas community infrastructure with advanced internet connectivity using Starlink technology.

James Tworek, chief executive officer and director of Element79 Gold, commented: "In late 2023 the former leadership in Chachas had granted Element79 Gold Corp. surface access to complete a brief work plan, and the term of that permit ended along with the end of the term of local leadership. Despite consistent presence and effort in building with new community leadership in 2024, there have been challenges realigning the company in the minds and schedules of both Chachas and Lomas Doradas. This year's biggest challenge has been managing past expectations for site access, getting audience and attention with community leadership, versus the calendar. Being in open discourse with both local parties at the negotiating table, mediated by the Arequipa state DREM as we are, is where we need to be to build forward and have better control of Lucero mine and Lucero tailings business plans unfolding in 2025 and beyond."

Lucero mine and Lucero tailings -- future steps in Chachas

It is noteworthy that there is a seasonal end to the site access and activity at the Lucero project. The rainy season in Arequipa begins in December, customarily signaling the annual end of mining activity, and continues through approximately March-April.

Element79 Gold remains committed to progressing the Lucero mine and Lucero tailings projects with the following immediate next steps:

• Continued engagement and dialogue with local annex authorities and stakeholders in Chachas to ensure alignment and shared value creation in 2025 and beyond.
• Continued collaboration with DREM to streamline formalization and approval processes between the company, Chachas and Lomas Doradas.
• Feedback on the approval of the company's redoubled request for a five-to-seven-day site visit to review the current workings and environmental status, to be accompanied by personnel from the Arequipa ARMA (environmental) and DREM (construction/logistical), is pending approval on Dec. 14.

Context on corporate undertakings: Arequipa, Peru

LOI with Buenaventura: On Jan. 30, 2024, the company announced that it had signed an LOI with Compania de Minas Buenaventura SAA (BVN). While the LOI is still in effect, the company has been advised by BVN that due to its continuing progressive closure plan relative to the former workings at the Lucero mine, it is unable to accept product from those same workings, but should the company open up new workings not included in the progressive closure plan, there exists the potential to restart offtake discussions with BVN.

Lucero tailings project: On Sept. 26, the company announced that it had secured an LOI for launching a tailings reprocessing business relative to the tailings generated from past commercial production at the Lucero mine. The terms of the LOI are still in context, and the company awaits completing its surface rights access contracts to be able to access and drill the tailings piles to pull comparative samples. This tailings project, including generating a NI 43-101 compliant mineral resource estimate and PEA (preliminary economic assessment) on the tailings, is slated as a priority for 2025.

Context on corporate undertakings: Battle Mountain, Nevada

Sale of Nevada project package to 1472886 B.C. Ltd.: Announced on Sept. 9, 2024, the company and the counterparty to the sale are working with their respective legal teams to close the sale of these assets in the most expeditious manner possible.

The company looks forward to providing further updates on the above initiatives, in addition to further processes under way, as developments continue to unfold.

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.

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