Mr. James Tworek reports

ELEMENT79 GOLD CORP. ANNOUNCES GRANT OF MANAGEMENT CEASE TRADE ORDER

Element79 Gold Corp., due to timing delays related to changing auditors, has missed its filing deadline of Dec. 30, 2024, for its audited annual financial statements and accompanying management's discussion and analysis (MD&A), as well as the related chief executive officer and chief financial officer certificates, for the year ended Aug. 31, 2024, as required under applicable Canadian securities laws.

In connection with the company's inability to file the annual filings on time, the company was granted approval for a management cease trade order (MCTO) under National Policy 12-203, Management Cease Trade Orders, by the British Columbia Securities Commission, as principal regulator. The company changed its auditor in May, 2024, and, as a result of audit complications and requirements resulting from increased transaction volume experienced by the corporation, it requires the extension and therefore applied for the MCTO. The company anticipates that, subject to current conditions remaining the same, it will require approximately three additional weeks to complete the process and will use its best efforts to complete the process within the timeline indicated.

The company expects to file the annual filings as soon as they are available, but in any event no later than Jan. 30, 2025 .

Until the company files the annual filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's common shares listed on the Canadian Securities Exchange. However, the company's CEO and CFO, and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade in the company's shares, nor will the company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the company until such time as the annual filings and all continuous disclosure requirements have been filed by the company, and the MCTO has been lifted.

The company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the company that has not been generally disclosed.

About Element79 Gold Corp.

Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain trend in Nevada. The company also holds an option to acquire the Dale property in Ontario and is advancing the plan of arrangement spinout process for its wholly owned subsidiary, Synergy Metals Corp.