Element79 Gold Corp. — Capital/Financing Update 2023

Nov 14, 2023

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Element79 Gold - Advancements in Field Work and Community Rela�ons in Lucero Region

VANCOUVER, BC / THENEWSWIRE / November 14, 2023 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) (" Element79 Gold ", the " Company ") is pleased to provide a comprehensive update on the recent advancements in geologic field work and community rela�ons ini�a�ves in the Apacheta and Sando Alcalde areas of its flagship Lucero property.

Geological Field Work Progress:

sampling at the Apacheta and Sando Alcalde areas. Despite adverse weather condi�ons affec�ng surface work, underground work at Sando Alcalde commenced on Saturday, September 21st, following authoriza�on from The Community of Chachas, RRCC. The achievements include:

• Mine Workings Mapping: 1,400 linear metres covered, represen�ng 40% more than the ini�al target schedule.

• Surface Geological Mapping (1:2,500 scale): A total of 360 hectares were mapped, contribu�ng to a cumula�ve total of more than 400 hectares .

• Field Sta�ons: 98 established, with a cumula�ve total of 279.

• Samples Collected: A total of 111 samples have been collected and sent to Cer�min Laboratory (33 surface, 64 underground, and 14 QA/QC).

mapping now 75% complete.

Geological Observa�ons:

Mineraliza�on occurs within vein-faults at both the botom and top. On the surface, it manifests as a siliceous ledge with Fe-Mn oxides and an argillic halo. Three dis�nct surface events have been iden�fied: massive gray silica, whi�sh silica, and drusy quartz filling cavi�es with OxFe.

There are two main structure types:

1. Base Metal Structure: Comprising galena-sphalerite-pyrite (1st event), rhodochrosite-rhodonitesilica (breccia�ng sulfides, 2nd event), galena-pyrite-chalcopyrite band to the vein footwall (3rd event), and drusy quartz with OxFe filling cavi�es (4th event).

2. Characterized by a central suture of tens of cen�metres of gray silicapyrite-chalcopyrite-galena filled with drusy quartz and clay-OxFe halos.

Near these structures altera�on of gray to whi�sh silica with clays (possibly dickite?) is prevalent, showing moderate to strong argillic altera�on. Halos generally do not exceed 2 metres in width. As one moves away from the structures, the predominant altera�on shi�s to a weak to moderate chloriteepidote-calcite (propyli�c halo).

The structural orienta�on follows three main controls: AZ 330° for main veins, EW for faults and secondary veins, and AZ 60° for some faults and the emplacement of the daci�c intrusive.

sampling by sectors.

• Support in the Geology Area: Permanent monitoring during the day to avoid disrup�on of data collec�on ac�vi�es.

• Engagement with Ar�sanal Miners: Visits to working areas to build posi�ve rela�ons and awareness with ar�sanal miners in the upper parts of Lomas Doradas.

• Dialogue with Community Leaders: Personal dialogue with leaders and the president of Lomas Doras and coordinate the entry of geologists for mapping ac�vi�es.

• Coordina�on for Entry to Galleries: Coordina�on with the president of the Chachas community and the president of Lomas Doradas for entry to ac�ve mining galleries, ensuring safety through collabora�on with project managers and security.

• Community Ini�a�ves: pipe dona�on to be used by the Chachas community water conveyance project.

Element79 Gold remains commited to transparency, community engagement, and the responsible development of its Lucero Property. The Company looks forward to con�nued progress and collabora�on with the local community.

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

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silver commited to maximizing shareholder value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart produc�on in the near term.

The Company also holds a por�olio of 5 proper�es along the Batle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant poten�al for near-term resource

development. Three proper�es in the Batle Mountain Por�olio are under contract for sale to Valdo Minerals Ltd., with an an�cipated closing date around the end of 2023. The Company has also signed an Op�on Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and an�cipates comple�ng this sale on or before March 28, 2024.

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 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.

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

Contact Informa�on

For corporate matters, please contact:

E-mail: jt@element79gold.com

For investor relations 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 from those expressed or implied by such forward-looking statements, including but not limited to: the dura�on and effects of the coronavirus and COVID-19; 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.