Mr. James Tworek reports

ELEMENT79 PROVIDES CORPORATE UPDATES

Element79 Gold Corp. is providing a series of corporate updates regarding the multiple initiatives it has under way, including:

• Biweekly MCTO (management cease trade order) status update;
• Lucero project, community update;
• Clover project, status update;
• Update on Synergy Metals Corp. plan of arrangement spinout transaction.

Biweekly MCTO status update

a biweekly default status update in accordance with National Policy 12-203 -- Management Cease Trade Orders (NP 12-203).

In a press release dated Jan. 2, 2025, and further advised on Jan. 16, the company announced that it submitted an application to the British Columbia Securities Commission (the BCSC), the company's principal regulator, for a management cease trade order (MCTO) in connection with the company's delay in filing its audited annual financial statements for the year ended Aug. 31, 2024, and the management's discussion and analysis and related CEO (chief executive officer) and CFO (chief financial officer) certificates for the period which were required to be filed on or before Dec. 30, 2024.

The MCTO was issued by the BCSC on Jan. 2, 2025. It prevents the company's chief executive officer and chief financial officer from trading in the company's securities but does not affect the ability of other shareholders, including the public, to trade in the securities of the company. The MCTO remains in effect until the company files the required documents and the BCSC's executive director has revoked the MCTO. The company continues to work diligently with its auditor and expects to file the filings as soon as possible and in any event no later than Feb. 28, 2025, as is required for compliance with the BCSC MCTO order.

The company confirms that since the date of the default announcement: (a) there has been no material change to the information set out in the default announcement that has not been generally disclosed; (b) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (d) there is no other material information concerning the affairs of the company that has not been generally disclosed.

The company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains delayed in filing the required documents.

Lucero project, community update

The Element79 Gold team remains committed to strengthening its relationship with the communities that form up the greater Chachas region, earning its role as a trusted ally through promoting mutual development of the Lucero mine project and the community as a whole. Building up to the end of 2024, after receiving approval from the community at large on Oct. 6 in the Huarocopalca annex, the company previously presented in writing agreements that await a counterproposal from the community. The company awaits receipt of the counterproposal prior to the upcoming April general assembly, allowing time to understand and further discuss the objective of obtaining long-term surface rights authorization to commence exploration and mining activities at that meeting.

Additionally, the company is waiting for further data from the Lomas Doradas (local artisanal mining) Association regarding the 65 Reinfos that Element79 is willing to support in its formalization process within the company's mining concessions at Lucero.

The community has an upcoming annual anniversary on Feb. 14, wherein it has requested a modest donation from the company to help support the costs of the celebration. As part of Element79's social responsibility policy, the company is fully committed to supporting the community's traditions and customs through donations that are reciprocated, allowing in exchange, an interim seven-day period surface access to the mining concessions with trained personnel, extraneous to other long-term contract negotiation, as soon as possible in 2025. Simliar to 2023 campaigns, this access period would grant the company access to conduct water and soil sampling, mine data collection, and verification of coordinate points, which are necessary to formalize mining contracts for Lomas Doradas members and to advance the Reinfo formalization process.

Clover project update

The company updates that it has just received a notice from the United States Department of the Interior Bureau of Land Management (BLM) stating that various claims, previously referred to as the Clover project in Elko county, Nevada, have been forfeited by the company and it has also learned through its own research that the claims have been overstaked by a third party. Since acquiring the Clover project, the company had made various site visits and had been working with other areas of the BLM relative to bonding, historical environmental work and drilling permitting, as well as had made payments to maintain the Clover project's status prior to the BLM annual deadline. The company believes its claim was cancelled incorrectly and it is reviewing any and all remedies to challenging this decision with the Interior Board of Land Appeals.

Update on Synergy Metals Corp. plan of arrangement spinout transaction

The company has received a closing agenda from its counsel and as the signing of the transaction documentation as reported on Jan. 13, 2025, it is both preparing updated financial reporting documents for Synergy Metals and awaiting updated financial documents from amalgamator company, 1425957 B.C. Ltd. to complete the submission package to the B.C. courts and BCSC for approvals. Further updates on this progress will be provided in due course through the completion of the plan of arrangement transaction.

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 majority owned subsidiary, Synergy Metals Corp.

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