Element79 Gold Corp. — Capital/Financing Update 2023

Jul 27, 2023

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Element79 Presents 2023 Work Plan for Dale Property,

Emphasizing Strategic Direc�on

VANCOUVER, BC / THENEWSWIRE / July 26, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS) (" Element 79 Gold ", the " Company ") a mining company focused on gold and silver today confirms that it has reviewed and approved its comprehensive 2023 work plan for the Dale Gold Property, situated in the Porcupine Mining Division, Dale Township, Ontario, Canada. The Work plan will start immediately in July 2023.

"Today's announcement is driven by the strong commitment to con�nued progress while emphasizing our strategic direc�on, enabling a smooth spin out of Synergy Metals Corp, as recently announced," said James Tworek, President and CEO of Element79. "The successful execu�on of the Dale Property work plan will reinforce our ability to showcase the property's great poten�al, which in the future, through con�nued work by Synergy Metals Corp, could boast successes similar to what our regional neighbours GFG Resources see in their recent explora�on successes and IAMgold’s upcoming Coté Mine opening. We look forward to receiving and sharing the results of this campaign later this summer."

The 2023 Dale Property Explora�on Program

The proposed prospec�ng, stripping, and sampling program outlines a comprehensive ground campaign targe�ng addi�onal gold mineraliza�on. All ac�vi�es will be me�culously documented and analyzed, in prepara�on for a revised 43-101 technical report to be filed at a future date.

Innova�ve Explora�on with SHERP CENTAUR

Element79 will employ a "SHERP CENTAUR," one of the most advanced amphibious vehicles on the market, providing the explora�on team with unprecedented mobility, giving them access to previously inaccessible areas on the property with rugged or wet terrain and genera�ng significant costs savings compared to using a helicopter for access.

High-Poten�al Prospec�ng Loca�ons

highly anomalous zones of quartz veining and/or shearing a on the Dale Property through conven�onal prospec�ng from of areas easily accessible via Horwood Lake by boat. The current work plan aims to extend these discoveries inland to verify their con�nuity.

Addi�onally, the Dale Property has shown poten�al for other styles of mineraliza�on such as Volcanogenic Massive Sulphide (VMS) in the volcanics rocks surrounding the Dale granodiorite stock. Notably, the

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current program will target massive pyrite dykelet in the north part of the property which as returned anomalous silver. Overall, the Dale Property boasts numerous gold, silver, and other anomalous occurrences that present an exci�ng opportunity for Element79 Gold and spin out of Synergy Metals Corp.

Experienced Team of Prospectors

The prospec�ng team will be led by two experienced prospectors who bring extensive wilderness, mineral explora�on and SHERP CENTAUR opera�on skills, ensuring a successful and efficient campaign.

Director of Element79 Gold and a "qualified person" as defined by Na�onal Instrument 43-101.

About Element79 Gold Corp.

Elem ent79 Gold is a m ining com pany focused on gold and silver com m itted to m axim izing shareholder value through responsible m ining practices and sustainable developm ent of its projects. Elem ent79 Gold's m ain focus is on two core properties: developing its previouslyproducing, high-grade gold and silver m ine, the Lucero project located in Arequipa, Peru, with the intent to bring it back into production in the near term ; and its Њagship Maverick Springs Project located in the fam ous gold m ining district of northeastern Nevada, USA, between the Elko and White Pine Counties. Maverick Springs hosts a 43-101-com pliant, pit-constrained m ineral resource estim ate reЊecting an inferred resource of 3.71 m illion 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 eاective date of October 19, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which are non-core to its prim ary business focus. ﺖn British Colum bia, Elem ent79 Gold has executed a Letter of ﺖntent and funded a drilling program to acquire a private com pany that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 m ineral claim s located in Central British Colum bia, approxim ately 20km west of Fort St. Jam es. The Com pany also has an option to acquire a 100% interest in the Dale Property, 90 unpatented m ining claim s located approxim ately 100 km southwest of Tim m ins, 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 Arrangem ent spin-out process through the rest of 2023. The Com pany continues to negotiate the sale of its non-core Battle Mountain projects and the Snowbird Property.

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

Contact Informa�on

For corporate maters, please contact:

For investor rela�ons inquiries, please contact:

Investor Rela�ons Department

Phone: +1.613.879.9387

E-mail: investors@element79.gold

Cau�onary Note Regarding Forward Looking Statements

This press contains "forward-looking informa�on" and "forward-looking statements" under applicable securi�es laws (collec�vely, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportuni�es that are based on forecasts of future results, es�mates of amounts not yet determinable and assump�ons of management made in light of management's experience and percep�on of historical trends, current condi�ons and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; explora�on ac�vi�es; the �ming and result of explora�on ac�vi�es; capital projects and explora�on ac�vi�es and the possible results thereof; acquisi�on opportuni�es; and the impact of acquisi�ons, if any, on the Company. Assump�ons may prove to be incorrect and actual results may differ materially from those an�cipated. Consequently, forwardlooking statements cannot be guaranteed. As such, investors are cau�oned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assump�ons or expecta�ons upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predic�ons, expecta�ons, beliefs, plans, projec�ons, objec�ves or future events or performance (o�en, but not always, using words or phrases such as "seek", "an�cipate", "plan", "con�nue", "es�mate", "expect", "may", "will", "project", "predict", "forecast", "poten�al", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forwardlooking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertain�es and other factors that may cause actual results to materially differ

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from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integra�on of acquisi�ons; actual results of explora�on ac�vi�es; conclusions of economic evalua�ons; changes in project parameters as plans con�nue to be refined; commodity prices; varia�ons in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes rela�ve to specifica�ons and expecta�ons; accidents; labour rela�ons; rela�ons with local communi�es; changes in na�onal or local governments; changes in applicable legisla�on or applica�on thereof; delays in obtaining approvals or financing or in the comple�on of development or construc�on ac�vi�es; exchange rate fluctua�ons; requirements for addi�onal capital; government regula�on; environmental risks; reclama�on expenses; outcomes of pending li�ga�on; limita�ons on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedarplus.ca. Although the Company has atempted to iden�fy important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as an�cipated, es�mated or intended. The Company believes that the expecta�ons reflected in these forward-looking statements are reasonable, but no assurance can be given that these expecta�ons will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obliga�on, to update these forward-looking statements, except as required by applicable laws.

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.