Element79 Gold Corp. — Capital/Financing Update 2023

Jul 13, 2023

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Batle Mountain Por�olio in Nevada

VANCOUVER, BC / THENEWSWIRE / JULY 13, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS) (" Element 79 Gold ", the " Company ") announces that, further to its November 17, 2022 release, the Company has closed the sale of two proper�es from its Batle Mountain Por�olio located in the gold mining district of northeastern Nevada, USA to a subsidiary of Centra Mining Ltd. (" Centra ").

Under the terms of the Asset Purchase Agreement, Centra purchased all of Element79 Gold's interests and obliga�ons in rela�on to the Long Peak Project (" Long Peak ") and the Stargo Project (" Stargo ") in exchange for total considera�on of CAD $1,000,000 paid by the issuance of an aggregate of 2,500,000 common shares of Centra at a deemed price of CAD $0.40 per share (the “ Payment Shares ”). The transac�on closed on July 13, 2023, subject to regulatory approval.

"The sale of Long Peak and Stargo to Centra marks another milestone in Element79 Gold's journey for the strategic development of its high-grade gold assets," commented James Tworek, President and CEO of Element79 Gold. "This achievement enables us to unlock addi�onal value from our extensive por�olio of prospec�ve proper�es while advancing our core projects and driving their success to new heights."

Tworek added, "With other development assets in this exci�ng region, and with the prospec�ve nature of the proper�es being sold, we are excited to maintain our exposure to the very promising poten�al of these proper�es and the opportunity for con�nued discovery through our equity par�cipa�on in Centra."

The Batle Mountain Por�olio

The Batle Mountain Por�olio was originally comprised of 15 separate projects totaling over 44,478 acres across 2,203 unpatented claims in five coun�es: Elko County, Eureka County, Humboldt County, Lander County, and Nye County. Most of the Batle Mountain Por�olio is located within the Batle Mountain Trend, with several projects close to globally reputable gold deposits including Nevada Gold's Cortez Mine.

The Batle Mountain Por�olio is comprised primarily of early-stage projects. While drilling has been completed at some projects, such as Elder Creek (155 holes) and Clover (104 holes), many have only surface sampling and geophysical surveys completed. Of par�cular note are the Long Peak, Elephant, Elder Creek, North Mill Creek, Clipper, Pipeline South, West Cortez, and Wal� Projects, which are interpreted to lie along the northwest trending fault that hosts the high-grade Pipeline deposit, which is included in Nevada Gold's Cortez Mine.

Press Reslease July 13, 2023

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Figure 1 . Map of Nevada showing location of Battle Mountain Projects, and select major gold mines.

The Long Peak Project

Long Peak is comprised of 34 unpatented claims located near Copper Basin and the Copper Canyon Mine in Lander County, Nevada. Long Peak hosts significant historic prospects, warran�ng further explora�on at Long Peak.

The Stargo Project

Stargo is comprised of 337 unpatented claims located south of the Batle Mountain Trend in Nye County, Nevada. The large claim block contains atrac�ve host rocks, ter�ary age intrusives, and appropriate aged structural prepara�on to represent an atrac�ve area for explora�on target development.

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, high-grade 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 43-101-compliant, 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)

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Press Reslease July 13, 2023

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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. 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, Canada in the Timmins Mining Division, Dale Township. The Company is analyzing the non-core Nevada projects, the Dale Property and the Snowbird Property for further merit of explora�on, sale or spin-out.

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

Contact Informa�on

For corporate matters, please contact:

E-mail: jt@element79.gold

For investor rela�ons inquiries, please contact:

Investor Relations 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 closing of the sale of the Long Peak Project and the Stargo Project; obtaining regulatory approval for the sale of the Long Peak Project and the Stargo Project; 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, forward-looking 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 "forward-looking statements".

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Press Reslease July 13, 2023

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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 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.sedar.com. 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.

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