Mr. James Tworek reports

ELEMENT79 GOLD ANNOUNCES NOTICE OF FORCE MAJEURE ON LUCERO PROJECT

Element79 Gold Corp. has provided a notice of force majeure to Condor Resources Inc. to temporarily suspend payment obligations under the Lucero project agreement entered into between Calipuy Resources Inc., a wholly owned subsidiary of the company, and Condor on Dec. 21, 2020.

The company has faced significant difficulties in advancing the Lucero project since the acquisition of Calipuy on June 19, 2022. As a result of conflicts with the local community, significant delays of relevant governmental authorities to act on necessary legislation and policies, and municipal inaction preventing the enforcement of mineral claims, Element79 has been unable to access the Lucero project and perform exploration or commercial mining operations. As such, the company provided the notice to Condor today to suspend payment obligations until the sooner of the end of the force majeure event or 24 months from the date of the notice. At this time, the company is uncertain as to when the force majeure event will cease.

Element79 remains committed to advancing the Lucero project and developing the Lucero project into a commercially viable mining operation. The company is currently in the process of pursuing alternatives to push the project forward and work collaboratively with stakeholders to end the force majeure event. The company will continue to update stakeholders as the situation develops, as and when appropriate.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on the exploration and development of high-grade gold and silver assets. Its principal asset is the past-producing Lucero project in Arequipa, Peru, where it aims to resume operations through both conventional mining and tailings reprocessing. In the United States, the company holds interests in multiple projects along Nevada's Battle Mountain trend. Additionally, Element79 Gold has completed the transfer of its Dale property in Ontario to its wholly owned subsidiary, Synergy Metals Corp., and is progressing through the plan of arrangement spinout process.

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