Mr. James Tworek reports

ELEMENT79 PROVIDES BI-WEEKLY MCTO STATUS UPDATE

Element79 Gold Corp. has provided an update with respect to the previously announced management cease trade order (MCTO) issued by the British Columbia Securities Commission on Jan. 2, 2025. The company is providing notice in accordance with National Policy 12-203 -- Management Cease Trade Orders.

As of today, the company continues to work with its auditor team at Davidson & Company LLP to complete the audited annual financial statements for the year ended Aug. 31, 2024, along with the management's discussion and analysis and the related chief executive officer and chief financial officer certificates for the period, which were required to be filed on or before Dec. 30, 2024.

As previously stated, subject to current conditions remaining the same, the company remains confident in its ability to complete the 2024 filings within the coming two to three weeks and will use its best efforts to complete the process within the timeline indicated.

Since the date of the original announcement: (i) there have been no material changes to the information contained in the original announcement that would reasonably be expected to be material to an investor; (ii) there have been no failures by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines as set out in NP 12-203; (iii) there has not been, nor is there anticipated to be, any other specified default subsequent to the default which is the subject of the original announcement; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed.

The company intends to satisfy the provisions of NP 12-203 and will continue to issue biweekly MCTO status reports until the company files the required filings.