Mr. James Tworek reports

ELEMENT79 PROVIDES BI-WEEKLY MCTO STATUS UPDATE

Element79 Gold Corp. is providing a biweekly default status update in accordance with National Policy 12-203 (Management Cease Trade Orders).

In previous releases, the company announced that it had been granted an a management cease trade order from the B.C. Securities Commission, the company's principal regulator. The MCTO is in connection with the company's delay in filing its audited annual financial statements for the year ended Aug. 31, 2024, and management's discussion and analysis, and related chief executive officer and chief financial officer certificates for the period, which were required to be filed on or before Dec. 30, 2024.

The MCTO 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 with its auditor and expects to file the filings as soon as possible and in any event no later than Feb. 28, 2025.

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.