Element79 Gold Corp. — Capital/Financing Update 2023

Jul 21, 2023

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Provides Financial Update

VANCOUVER, BC / THENEWSWIRE / July 20, 2023 – Element79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS) (" Element 79 Gold ", the " Company ") announces that it has granted incen�ve stock op�ons to Certain Directors, Officer and consultants of the Company to purchase an aggregate of 2,875,000 common shares of the Company at an exercise price of $0.05 per common share expiring three years from the date of grant. The stock op�ons are granted in accordance with the Company’s Stock Op�on Plan, which was approved by the shareholders at the Company’s annual general mee�ng on June 22, 2022, and the policies of the Canadian Securi�es Exchange.

Cancella�on of Previously Announced Conver�ble Debenture

The Company further announces that due to market condi�ons it will not be proceeding with its previously announced placement for the issuance of conver�ble debentures as announced May 5, 2023. The Company con�nues to have financing discussions with several par�es regarding equity and/or debt capitaliza�on, streaming financing op�ons, project sales and alterna�ve financing arrangements for its por�olio of projects with a priority of advancing Lucero, Maverick Springs, and two projects from its Batle Mountain por�olio, Clover and West Whistler.

Further Strengthening the Balance Sheet Through Shares for Debt Agreements

agreements with several creditors, setling $106,250 of corporate debts with 2,125,000 Shares priced at $0.05.

About Element79 Gold

Element79 Gold is a mining company focused on gold, silver and associated metals and commited to maximizing shareholder value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's main focus is on two core proper�es: developing its previously-producing, highgrade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it back into produc�on in the near term; and its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Coun�es. Maverick Springs hosts a 43-101compliant, pit-constrained mineral resource es�mate reflec�ng an inferred resource of 3.71 million ounces of gold equivalent "AuEq" at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effec�ve date of October 19, 2022. The acquisi�on of the Maverick Springs Project also included a por�olio of 15 proper�es along the Batle Mountain trend in Nevada, which are non-core to its primary business focus. In Bri�sh Columbia, Element79 Gold has executed a Leter of Intent and funded a drilling program to acquire a private company that holds the op�on to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central Bri�sh Columbia, approximately 20km west of Fort St. James.

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Element79 Gold Corp. Press Release July 19,02023

The Company also has an op�on to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly-owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process through the rest of 2023. The Company con�nues to nego�ate the sale of its non-core Batle Mountain projects and the Snowbird Property.

For more informa�on about the Company, please visit www.element79.gold

Contact Informa�on

For corporate matters, please contact:

jt@element79.gold

For investor relations inquiries, please contact:

Investor Rela�ons Department

Phone: +1.613.879.9387

E-mail: investors@element79.gold

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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