Resume of senior positions managing world-class projects with multi-billion-dollar budgets at Skeena Resources, Eldorado Gold, and Rio Tinto Group

VANCOUVER, BC / ACCESSWIRE / July 7, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") today announces that it has appointed Mr. Shane Williams, Chief Operation Officer of Skeena Resources Limited, to its Board of Directors.

Mr. Williams carries a history of significant value creation in both early-stage and operating companies, which includes senior executive and management roles overseeing and delivering world-class multi-billion-dollar projects at highly prominent companies, including:

• Chief Operation Officer at Skeena Resources Limited (NYSE Listed), Eskay Creek Project
  • A key member of the Skeena Resources team as the company developed from explorer to becoming a leading tier-one developer, overseeing the flagship Eskay Creek project's advancement towards production and increasing shareholder value by +300%. The Eskay Creek project has been estimated to have an after-tax net present value of $1.4 billion.
• Senior Vice President at Eldorado Gold Corporation (NYSE Listed), $2B Global Project Portfolio
  • Oversaw the transition of the Lamaque Project from exploration into a successful operation in a record 18-months, with first year ramp up resulting in an increase in company value by approximately $300 million (an increase of over +50% at the time). The Lamaque mine continues to deliver significant value to Eldorado gold portfolio.
• General Manager of Expansion Projects at Iron Ore Company of Canada a subsidiary of the Rio Tinto Group (NYSE Listed), $2.5B CAPEX
  • Managed a combined capital expenditure of $2.5 billion across a series of expansion projects and studies.

"I am excited to join the BOD of Element 79 at this time. With my past experience and history of successful project delivery, I feel have many synergies which are directly relevant to Element 79 ongoing development in South America and will also serve to accelerate the pace of development of Element 79 and its various properties," commented Mr. Williams.

Mr. Williams completed his Master of Project Management degree at the University of Limerick in Ireland and his Bachelor of Engineering degree in Electrical Engineering at Technological University Dublin. He brings with him nearly 20 years of experience in senior management and executive roles where he has delivered significant value to well-known companies in the mining and resources sectors.

"Through his experience, Shane has delivered tremendous value to Element79 Gold in his time acting as an Advisor to the Board, and we're pleased to now be welcoming him as a Director of the Company," remarked James Tworek, President and CEO of Element79 Gold. "The combined wealth of knowledge that has recently lent its support to Element79 Gold has the entire team eager to drive forward with the goal of accelerating greater value to shareholders on our route to the next stage of our corporate development strategy."

About Element79 Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting 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 effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In Peru, Element79 Gold holds 100% interest in the past producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past producing Machacala Mine. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer
E-mail: [email protected]

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.

Technical Disclaimer

This news release and related maps contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company's properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions 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; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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 duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

Element 79 Gold makes no warranty as to the completeness, accuracy, verifiability, or suitableness of any of the information contained on the following third-party links and expressly undertakes no obligation to update the following links.

1. Resume provided by Mr. Shane Williams

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.

SOURCE: Element79 Gold Corp.

Historic production averaging up to 19 g/t Au Equivalent, Recent sampling returned up to 116 g/t Au Equivalent, Includes one of the highest-grade underground mines in Peru's history

VANCOUVER, BC / ACCESSWIRE / June 29, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") announces that pursuant to the definitive share purchase agreement dated June 19, 2022 (the "Agreement"), it has closed the acquisition of all of the issued and outstanding common shares of Calipuy Resources Inc. ("Calipuy") from the shareholders of Calipuy (the "Calipuy Shareholders"). Calipuy, through its subsidiaries, holds 100% interest in two past producing gold-silver mines: the Lucero mine ("Lucero"), one of the highest-grade underground mines in Peru's history⁽¹⁾ at grades averaging 19.0 g/t Au Equivalent ("Au Eq") (14.0 g/t gold and 373 g/t silver),^(1,2) as well as the Machacala Project ("Machacala" and, together with Lucero, the "Properties") which averaged production grades of 10.5 g/t Au Eq (6.0 g/t gold and 340 g/t silver).⁽³⁾ Operations were suspended in 2005 at Lucero and 1991 at Machacala due to the persistence of low gold and silver prices at the time. Element79 Gold has previously disclosed the terms of the Agreement (see news release dated June 20, 2022, available on SEDAR).

Highlights of the High-Grade Peruvian Gold Portfolio :

• Recent samples at Lucero returned up to 116.8 g/t Au Eq (78.7g/t Au and 2,856 g/t Ag)⁽⁹⁾; Consistent with historic high grade production of 19.0 g/t Au Eq (14.0 g/t Au and 373 g/t Ag) between 1998 and 2004⁽²⁾; Recent historic prospecting indicates potential for additional bulk-tonnage high-sulphidation gold-silver deposit
• Most recent drilling at Machacala returned up to 15.7 g/t Au Eq (13.55 g/t AU and 164 g/t Ag) over 3.15m in the drill hole Ma-04 on the Fragua vein⁽¹⁰⁾; 230,000 tonnes of historical production averaging 10.5 g/t Au Eq (6.0 g/t Au and 340 g/t Ag) from 1979 to 1991⁽³⁾;

"The closing of the Calipuy transaction delivers high-grade assets, potentially capable of operating in the near-term, to Element79 Gold's growing portfolio, offering an expedited route toward cash-flow generation through these significant production-stage properties," commented James Tworek, President and CEO of the Company. "With the on-site team being assembled and planning is underway for both sites, Element79 Gold's focus is to accelerate the timeline to operations at these properties by expanding on current datasets and exploration at each asset."

Peru has a mining-friendly legislation that allows up to 350 tpd production while larger scale production permitting is underway. Element79 Gold has previously stated that it intends to pursue the opportunities aggressively (see news releases dated March 10, 2022, March 17, 2022, and June 20, 2022, available on SEDAR).

Lucero Project

Formerly operated as the Shila mine from 1989 to 2005, Lucero consists of 10,805 hectares located in the Shila range of southern Peru, which contains several historic high grade gold-silver mines.⁽¹⁾ Lucero consistently delivered high grades during 16 years of operations, and between 1998 and 2004 reported production averaging approximately 18,800 ounces of gold and 435,000 ounces of silver per year at grades of 19.0 g/t Au Eq (14.0 g/t Au and 373 g/t Ag),⁽²⁾ with recoveries at the ore processing facility averaging 94.5% for gold and 85.5% for silver.⁽¹⁾

A recent NI 43-101 technical report on Lucero has been prepared for Calipuy by Mining Plus. Samples collected by the technical report's Qualified Person (the "QP") returned up to 116.8 g/t Au Eq (78.7g/t Au and 2,856 g/t Ag)⁽⁹⁾. Due to a lack of historical data, the project does not host any resources. However, access to the historic workings is available, and the QP states Lucero is underexplored and has significant exploration potential for extension of known veins, and to discover additional veins.⁽⁹⁾

Lucero is one of many low-sulphidation epithermal Au-Ag deposits hosted in tertiary volcanics of the Central Andes Cordillera of southern Peru. The project hosts 74 recognized epithermal veins, 14 of which have been partially exploited. High grade 'bonanza-style' direct shipping ore was mined in the past from low-to-intermediate-sulphidation quartz-carbonate massive sulphide veins. Prospecting by previous operator Condor Resources Inc. from 2012 to 2020 identified the high-sulphidation epithermal alteration zone with structures that returned peak sample values of 80.1 g/t Au Eq (33.4 g/t Au and 3,500 g/t Ag)⁽¹¹⁾. This alteration zone, measuring approximately 1,300 metres by 1,400 metres, exhibited no evidence of prior sampling or drilling and is believed to host potential for a bulk tonnage disseminated gold-silver deposit.⁽¹⁾

"Lucero offers a rare opportunity to explore for not only an underground high-grade low sulphidation system but potentially an open pit-able high sulphidation system as well," stated Neil Pettigrew, M.Sc., P.Geo, Director of Element79 Gold "This project has never experienced modern exploration techniques and I am very confident that significant gold-silver resources are to be found."

A 0.5% Net Smelter Returns royalty is retained by Sandstorm Gold Ltd., one of the largest gold royalty companies in the world.⁽²⁾

Figure. 1 Location Map of the Lucero and Machacala Projects.

Machacala Project

Machacala consists of over 4,000 hectares located in the District of Carabamba, Province of Julcan, Department of La Libertad. In 2004, Gold Hawk Resources, Inc. ("Gold Hawk") estimated a total inferred resource of 420,000 Au Eq ounces hosted within 1,560,000 tonnes, which equates to a gold equivalent grade of 8.4g/t, however individual gold and silver grades were not reported.⁽⁴⁾ This historic estimate is the most recent historic resource estimate relevant to Machacala. In additional Machacala also includes approximately 200,000 tonnes of tailings, which have historically been estimated in 2004 to grade 1.26 g/t gold and 74 g/t silver(6). This historical tailings estimate is historic in nature, and non-43-101 compliant. Historical metallurgical studies by Gold Hawk show 87% recoveries of gold and 50%+ recovery of silver in 24 hours of leaching un-milled tailings, with re-milling able to increase recoveries to 90% of gold and 73% of silver in 24 hours of leaching.(7). A qualified person has not conducted sufficient work on either the historical Gold Hawk or Tailings estimates required to categorize these resources to the CIM definition of a current mineral resources, which may include the preparation of a new NI 43-101 Technical Report. Element79 Gold is not treating these historic estimates as current mineral resources and a qualified person has not reviewed the work to define the quality of work associated with this historic estimate. While these historical estimates are considered to be relevant to future exploration of the Machacala property they should not be relied upon and there can be no assurance that any of the historical resources, in whole or in part, will ever become economically viable.

Machacala was first commercially mined in the 1950s before being acquired and operated by Minera Santa Isabel, S.A. from 1979 to 1991 which mined 230,000 metric tonnes averaging 10.5 g/t Au Eq (6.0 g/t Au and 340 g/t Ag) representing 78,000 Au Eq ounces.⁽⁴⁾ Operations were suspended in 1991 due to the persistence of a low gold ($360/oz) and silver ($3.81/oz) price. Neighboring concessions include those owned by Fortescue Metals Group (ASX Listed) and by Fresnillo Peru S.A.C., a subsidiary of Fresnillo plc (LSE Listed).^(3,5)

The project was most recently explored by Gold Hawk and Meridian Gold between 1997 and 2004, with a total of 8,500m in 45 core and RC drill holes completed. Highlights of this drilling include 11.6 g/t Au Eq (11.32 g/t Au and 23.6 g/t Ag) over 3.7m in the Casa Fuerza vein, and 15.7 g/t Au Eq over 3.15 m (13.55 g/t Au and 164 g/t Ag) in the Fragua vein¹⁰⁾. Machacala hosts multiple low-sulphidation epithermal Au-Ag veins, of which only four have been only modestly exploited.⁽⁵⁾

A 1.5% Net Smelter Returns royalty is retained by previous owners of the property.

"Machacala possesses significant historical data, as well as 8,500 meters of recent drilling, which we hope will assist in the definition of NI 43-101 compliant resources," commented Neil Pettigrew, M.Sc., P.Geo, Director of Element79 Gold. "The project is also at a low elevation and has excellent infrastructure which will facilitate returning the project to production."

Terms of the Acquisition

Pursuant to the Agreement, the Company acquired all of the issued and outstanding securities of Calipuy from the Calipuy Shareholders (the "Acquisition"). As consideration for the Acquisition, the Company paid USD$15 million by the issuance, on a pro rata basis to the Calipuy Shareholders, of (i) an aggregate of 19,165,484 common shares of the Company at deemed issue price of CAD$1.00 per share (the "Consideration Shares") and (ii) performance bonus warrants to acquire an aggregate of 3,833,085 common shares of the Company (the "PerformanceBonus Warrants").

Each Performance Bonus Warrant is exercisable into one common share of the Company at an exercise price of CAD$2.00 per share for a period of three years from Exercise Eligibility Date (as defined herein), subject to achievement of the Bonus Performance Target (as defined herein), the policies of the Canadian Securities Exchange (the "Exchange") and the terms of warrant certificates to be issued to the Calipuy Shareholders in respect thereof. The Company may accelerate expiry of the Performance Bonus Warrants if the common shares of the Company have a closing price greater than CAD$3.50 per share for a period of ten consecutive trading days on the Exchange at any time after the closing of the Acquisition (the "Closing"). The holders of the Performance Bonus Warrants will not have the right to exercise the Performance Bonus Warrants until projects carried out on the Properties have cumulatively reached a minimum production target of 9,000 tons of ore yielding a minimum of 1,500 oz Au within a 30-day production period (the "Bonus PerformanceTarget") and the Company provides notice of achievement of the Bonus Performance Target via news release (the "Exercise EligibilityDate").

All issuances of Consideration Shares were paid in CAD denominated shares at the agreed exchange rate of CAD$1.2777 to USD$1.00. An aggregate of 12,971,503 Consideration Shares and 2,594,298 Performance Bonus Warrants are subject to a lock-up agreement, whereby 50% will be released from lock-up 6 months from Closing and the remaining 50% will be released 12 months from Closing. The balance of the Consideration Shares and Performance Bonus Warrants, other than those held by U.S. persons, are not subject to any resale restrictions under applicable securities laws.

The Acquisition is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101"). Antonios Maragakis, who is the CEO and a director of Calipuy, is also a director and the COO of the Company. Shane Williams, who was a director of Calipuy immediately prior to the Closing, was recently elected as a director of the Company at its Annual General Meeting on June 22, 2022 (together, the "Related Parties"). Each of the Related Parties have disclosed their interest in the Acquisition to the board of directors of each of the Company and Calipuy, and abstained from voting on approval of the Agreement, the Acquisition and the Closing. Prior to Closing, neither of the Related Parties held any common shares of the Company, and following Closing their beneficial direct and indirect shareholdings increased to 97,688 common shares and 292,509 common shares, respectively. The Acquisition, the Agreement and the Closing were reviewed and considered by the disinterested members of the board of directors of the Company with each of the Related Parties recusing themselves from discussions relating to the same, and the disinterested members of the board unanimously approved entry into the Agreement and completion of the Acquisition on the terms of the Agreement. The Company believes that the Acquisition provides an opportunity to advance the Properties and deliver value to Element79 shareholders. A special committee was not formed for the purpose of reviewing the Acquisition and an independent valuation was not obtained in connection with the Acquisition. On Closing, each of the Related Parties terminated any and all compensation agreements they had with Calipuy and waived any entitlement to severance or change of control payments by Calipuy that would have otherwise been triggered as a result of the Acquisition. In connection with the Acquisition, the Company relied on (i) the exemption at paragraph 5.5(b) of MI 61-101 from the valuation requirements since the Company is not listed on any of the markets specified therein; and (ii) the exemption at paragraph 5.7(a) of MI 61-101 from the minority approval requirements as the fair market value of the 97,688 Consideration Shares and 19,537 Performance Bonus Warrants issued to Mr. Maragakis, and the 292,509 Consideration Shares and 58,501 Performance Bonus Warrants issued to a company controlled by Mr. Williams, on Closing is less than 25% of the market capitalization of the Company.

All Au Equivalent calculations were performed using $1,650/oz gold, and $22/oz silver in line with the Company's Maverick Springs 43-101 resource estimate (see news release January 31st, 2022, available on SEDAR).

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.

About Element79 Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the well-known gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a technical report, pit-constrained mineral resource estimate reflecting 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 effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold holds 100% interest in the past producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past producing Machacala Mine, subject to the royalties and encumbrances detailed in the Agreement. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer
E-mail: [email protected]

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

Technical Disclaimer

This news release and related maps contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company's properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions 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; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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 duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

Element 79 Gold makes no warranty as to the completeness, accuracy, verifiability, or suitableness of any of the information contained on the following third-party links and expressly undertakes no obligation to update the following links.

1. https://web.archive.org/web/20220308020414/https://condorresources.com/portfolio/lucero/

2. https://web.archive.org/web/20220308020532/https://www.sandstormgold.com/our-royalties/lucero/

3. https://www.bnamericas.com/en/news/Gold_Hawk_Buys_Machala_Project

4. Gold Hawk Resources Inc News Release, 2004-04-26

5. https://web.archive.org/web/20220308020657/https://www.affinitygold.com/machacala-highlights

6. Gold Hawk Resources Inc News Release, 2004-06-28

7. Affinity Gold Corp. Corporate Presentation March 2013

8. https://web.archive.org/web/20220308020649/https://www.sec.gov/Archives/edgar/data/1397970/000118374013000409/f8k08162013ex99-2.htm

9. Draft NI 43-101 technical Report, Lucero Property, Arequipa Region, Peru, prepared by Esteban Manrique Zuniga of Mining Plus with and effective date of September 4^th 2021. Prepared for Calipuy Resources Inc.

10. Gold Hawk Resources Inc. News Release, 2000-09-19

11. Condor Resources Inc. December 6, 2012 news release https://condorresources.com/news/archive/2012/condor-acquires-former-producing-gold-silver-concessions-near-arequipa-in-southern-peru/

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.

SOURCE: Element79 Gold Corp.

VANCOUVER, BC / ACCESSWIRE / June 23, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", or the "Company") is pleased to announce today a non-brokered private placement ("Private Placement") of up to 4,000,000 units of the Company (each, a "Unit") at a price of CAD$0.50 per Unit for anticipated gross proceeds up to CAD$2,000,000.

Each Unit will be comprised of one common share of the Company (a "Share") and one non-transferrable common share purchase warrant (a "Warrant"). Each warrant is exercisable into one common share at a price of CAD$1.00 per share for a period of twenty-four months from the date of issuance, subject to acceleration (10-day VWAP above CAD $1.20, 30 days to settle). All securities issued pursuant to the Private Placement are subject to a statutory hold period expiring 4 months and one day from the date of issuance. Element79 Gold intends to use the net proceeds of the Private Placement to further operations and exploration initiatives in Nevada, as well as the Peruvian portfolio the Company plans to acquire through Calipuy Resources Inc. (news release dated June 20, 2022, available here), to make property payments, and for general and administrative purposes. Finders fees and commission may be payable in connection with the Private Placement.

Element79 Gold CEO James Tworek commented on this recent announcement stating, "This is the first formal capital raise for the Company since our IPO and we are excited about all of the progress we have made in the past 10 months, and our prospects for growth with our Nevada and Peruvian portfolios. Completing this raise will provide us with the funds to move efforts forward with our Flagship Maverick Springs as well as drilling, exploration and planning with the Lucero and Machacala."

The Company further announces that it has entered into Debt Settlement Agreements (the "Debt Agreements") with certain arms-length creditors (the "Creditors") for the settlement of a total of $304,569 debt in respective debts for professional and consulting services provided by the Creditors to the Company. In settlement and full satisfaction of the debt in the amount of $222,194 the Company will issue 435,674 common shares (the ‘Shares") at a deemed price of $0.51 per Share. In settlement and full satisfaction of the debt in the amount of $42,375, the Company will issue 69,420 Shares at a deemed price of $0.60 per Share, in full satisfaction of $35,000 the Company will issue 64,815 shares at a deemed price of $0.54, and will settle $5,000 through the issuance of 10,000 Shares at a deemed price of $0.50 per Share. Total aggregate number of common shares to be issued pursuant to the Debt Agreements is 579,908.

The issuance of the Shares to the Creditors is subject to the approval of the Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.

Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: [email protected]

For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

About Element79 Gold

Element79 Gold is a mining company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project ("Maverick Springs") between the Elko and White Pine Counties in Nevada, USA and recently completed an 43-101-compliant, pit-constrained mineral resource estimate (MRE) on the flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada. The acquisition of Maverick Springs also included a portfolio of 15 properties along the Battle Mountain trend in Nevada and is completing analysis on these properties for further merit of exploration, along with the potential for sale or spin-out. The Company has recently entered into a definitive agreement to acquire two previously-producing high-grade Au-Ag mines in Peru. The Company's management, exploration and operations teams have completed their due diligence trip to Peru to review these assets and establish its in-country Operations team. In British Columbia, the Company has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Private Placement, the closing thereof, and the proposed use of proceeds of the Private Placement; the closing of the acquisition of the Peruvian properties; the Company's plans for exploration and development of its mineral properties; the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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: that the parties may not be able to complete the Private Placement as expected or at all, that that the proceeds of the Private Placement may not be spent as stated herein; that the acquisition of the Peruvian properties may not be completed, at all or on the terms announced; risks related to doing business in foreign jurisdictions; the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, 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.

SOURCE: Element79 Gold Corp.

VANCOUVER, BC / ACCESSWIRE / June 22, 2022 / Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold", or the "Company") is pleased to announce the results from its Annual General Meeting ("AGM or Meeting") held on June 22, 2022.

A requisite majority of shareholders, casting votes in person or by proxy, approved all items of business at the Meeting today. Element79 Gold would like to congratulate Konstantin Lichtenwald, Neil Pettigrew and Antonios Maragakis on their re-elections, as well as welcoming Shane Williams to the board of directors. Element79 Gold would also like to thank Julie Hajduk for her service to the Company during her tenure on the board, and wishes her success the upmost success in her future endeavours.

Adoption of the Company's new articles (the "Articles") and omnibus equity incentive plan (the "Plan") as described in the Company's information circular dated May 20, 2022 for the AGM (the "Information Circular"), were approved by the shareholders as well together with all other matters presented to shareholders for approval including ratifying the number of, and election of directors for the financial year ended August 31, 2021, appointment of SHIM & Associates LLP, Chartered Professional Accountants, as the auditors of the Company for the financial years ending in August 31, 2021 and August 31, 2022, and authorizing the rectification of certain corporate deficiencies. Biographies for the board, a copy of the Articles, and a copy of the Plan are included in the Information Circular, a copy of which was filed on SEDAR on June 1, 2022 and on the Company's website.

The AGM took place at the offices of Clark Wilson LLP at 900 - 885 West Georgia Street, Vancouver, BC on Wednesday, June 22, 2022 at 10:00 A.M. PDT. The Company will conducted a successful hybrid meeting that allowed registered shareholders and duly appointed proxyholders to participate both online and in person. The Company offered a virtual format in order to provide shareholders with an equal opportunity to attend and participate at the AGM, regardless of the particular constraints, circumstances or risks that they may be facing as a result of COVID-19.

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer
E-mail: [email protected]

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

About Element79 Gold

Element79 Gold is a mining company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project ("Maverick Springs") between the Elko and White Pine Counties in Nevada, USA and recently completed an 43-101-compliant, pit-constrained mineral resource estimate (MRE) on the flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada. The acquisition of Maverick Springs also included a portfolio of 15 properties along the Battle Mountain trend in Nevada and is completing analysis on these properties for further merit of exploration, along with the potential for sale or spin-out. The Company has recently acquired two previously-producing high-grade Au-Ag mines in Peru. The Company's management, exploration and operations teams have completed their due diligence trip to Peru to review these assets and establish its in-country Operations team. The intent of this asset purchase is to bring on production and generate cash flow from these assets within 24 months from their acquisition, anticipated in June 2022. In British Columbia, the Company has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the proposed acquisition of certain properties and the timing for completion of such transactions; the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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: that the parties may not be able to satisfy the conditions to Closing of the Acquisition, at all or on the terms announced; the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, 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.

SOURCE: Element79 Gold Corp.

Historic production averaging up to 19 g/t Au Equivalent, Recent sampling returned up to 116 g/t Au Equivalent, Includes one of the highest-grade underground mines in Peru's history

VANCOUVER, BC / ACCESSWIRE / June 20, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", or the "Company") today announced that it has entered into a definitive share purchase agreement dated June 19, 2022 (the "Agreement") for the acquisition (the "Acquisition") of all of the issued and outstanding common shares of Calipuy Resources Inc. ("Calipuy") which, through its subsidiaries, holds 100% interest in two past producing high-grade gold-silver mines: the Lucero mine ("Lucero"), one of the highest-grade underground mines in Peru's history⁽¹⁾ at grades averaging 19.0 g/t Au Equivalent ("Au Eq") (14.0 g/t gold and 373 g/t silver),⁽²⁾ as well as the Machacala Project ("Machacala", and together with Lucero, the "Properties") which averaged production grades of 10.5 g/t Au Eq (6.0 g/t gold and 340 g/t silver).⁽³⁾ Operations were suspended in 2005 at Lucero and 1991 at Machacala due to the persistence of low gold and silver prices at the time.

Terms of the Agreement

Pursuant to the Agreement, the Company will acquire all of the issued and outstanding securities of Calipuy (the "Acquisition"). Calipuy is a private British Columbia corporation which, through its subsidiaries in Peru, holds a 100% interest in the Lucero property and Machacala property, subject to certain royalties, encumbrances and other interests, as more particularly described in the Agreement.

On closing of the Acquisition (the "Closing"), the USD$15 million purchase price for the shares of Calipuy will be paid by the issuance on a pro rata basis to the shareholders of Calipuy (the "Calipuy Shareholders") of (i) an aggregate of 19,165,486 common shares of the Company at an issue price of CAD$1.00 per share (the "Consideration Shares") and (ii) performance bonus warrants to acquire an aggregate of 3,833,085 common shares of the Company (the "Performance Bonus Warrants"). Each Performance Bonus Warrant is exercisable into one common share of the Company at an exercise price of CAD$2.00 per share for a period of three years from Exercise Eligibility Date (as defined herein), subject to achievement of the Bonus Performance Target (as defined herein), the policies of the Canadian Securities Exchange (the "Exchange") and the terms of warrant certificates to be issued to the Calipuy Shareholders in respect thereof. The Company may accelerate expiry of the Performance Bonus Warrants if the common shares of the Company have a closing price greater than CAD$3.50 per share for a period of ten consecutive trading days on the Exchange at any time after Closing. The holders of the Performance Bonus Warrants will not have the right to exercise the Performance Bonus Warrants until projects carried out on the Properties have cumulatively reached a minimum production target of 9,000 tons of ore yielding a minimum of 1,500 oz Au within a 30 day production period (the "Bonus Performance Target") and the Company provides notice of achievement of the Bonus Performance Target via news release (the "Exercise Eligibility Date"). All issuances of Consideration Shares will be paid in CAD denominated shares at the agreed exchange rate of CAD$1.2777 to USD$1.00. An aggregate of 12,971,503 Consideration Shares and 2,594,298 Performance Bonus Warrants will be subject to a lock-up agreement, whereby 50% will be released from lock-up 6 months from Closing and the remaining 50% will be released 12 months from Closing. The balance of the Consideration Shares, other than those held by U.S. persons, are not subject to any resale restrictions under applicable securities laws.

The Acquisition is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101"). Antonios Maragakis, who is the CEO and a director of Calipuy, is also a director and the COO of the Company. Mr. Maragakis has disclosed his interest in the Acquisition to the board of directors of each of the Company and Calipuy, and has abstained from voting on approval of the Agreement and the Acquisition. In addition, Shane Williams who has been nominated for election to the board of directors of the Company at the upcoming shareholders meeting scheduled for June 22, 2022 is a director of Calipuy. Prior to Closing, neither Mr. Maragakis nor Mr. Williams holds any common shares of the Company, and following Closing their beneficial direct and indirect shareholdings will increase to 97,688 common shares and 292,509 common shares, respectively. The Acquisition and Agreement were reviewed and considered by the disinterested members of the board of directors of the Company with Mr. Maragakis recusing himself for discussions relating to the same, and the disinterested members of the board unanimously approved entry into the Agreement and completion of the Acquisition on the terms of the Agreement. The Company believes that the Acquisition provides an opportunity to advance the Properties and deliver value to Element79 shareholders A special committee was not formed for the purpose of reviewing the Acquisition and an independent valuation was not obtained in connection with Closing, each of Mr. Maragakis and Mr. Williams will terminate any and all compensation agreements with Calipuy and will waive any entitlement to severance or change of control payments by Calipuy that would have otherwise been triggered as a request of the Acquisition. In connection with the Acquisition, the Company is relying on (i) the exemption at paragraph 5.5(b) of MI 61-101 from the valuation requirements since the Company is not listed on any of the markets specified therein; and (ii) the exemption at paragraph 5.7(a) of MI 61-101 from the minority approval requirements as the fair market value of the 97,688 Consideration Shares and 19,537 Performance Bonus Warrants issuable to Mr. Maragakis, and the 292,509 Consideration Shares and 58,501 Performance Bonus Warrants issuable to a company controlled by Mr. Williams, on Closing is less than 25% of the market capitalization of the Company.

Completion of the Acquisition is subject to various conditions precedent, certain third-party approvals, and other standard conditions for a transaction of this type. There can be no assurance that the Acquisition will be completed as proposed or at all.

This description of the terms of the Agreement is a summary only and reference should be made to the full text of the Agreement, a copy of which has been filed on SEDAR.

Highlights of the High-Grade Peruvian Gold Portfolio:

• Recent sampling at Lucero returned up to 116.8 g/t Au Eq (78.7g/t Au and 2,856 g/t Ag)⁽⁹⁾; Consistent with historic high grade (19.0 g/t Au Eq (14.0 g/t Au and 373 g/t Ag)) production between 1998 and 2004⁽²⁾; recent historic prospecting indicates potential for additional bulk-tonnage high sulphidation gold-silver deposit
• Most recent drilling at Machacala by Gold Hawk returned up 15.7 g/t Au Eq (13.55 g/t Au and 164 g/t Ag) over 3.15m in the drill hole Ma-04 on the Fragua vein⁽¹⁰⁾; 230,000 tonnes of historical production averaging 10.5 g/t Au Eq (6.0 g/t Au and 340 g/t Ag) from 1979 to 1991⁽³⁾;

"The acquisition of these high-grade Peruvian gold assets offers Element79 Gold the opportunity to harness new avenues for near-term cash-flow and take an accelerated path toward potentially operating multiple production-stage facilities," commented James Tworek, President and CEO of the Company. "Element79 Gold is eager to take immediate action toward initiating development and operations at Lucero and Machacala."

Peru has mining-friendly legislation that allows up to 350 tpd production while larger scale production permitting is underway. Element79 Gold has previously stated that it intends to pursue the opportunities aggressively (see news releases dated March 10, 2022 and March 17, 2022, available on SEDAR).

Lucero Project

Formerly operated as the Shila mine from 1989 to 2005, Lucero consists of 10,805 hectares located in the Shila range of southern Peru, which contains several historic high grade gold-silver mines.⁽¹⁾ Lucero consistently delivered high grades during 16 years of operations, and between 1998 and 2004 reported production averaging approximately 18,800 ounces of gold and 435,000 ounces of silver per year at grades of 19.0 g/t Au Eq (14.0 g/t Au and 373 g/t Ag),⁽²⁾ with recoveries at the ore processing facility averaging 94.5% for gold and 85.5% for silver.⁽¹⁾

A recent NI 43-101 report has been prepared for Calipuy on Lucero by Mining Plus. Samples collected by the Qualified Person (the "QP") returned up to 116.8 g/t Au Eq (78.7g/t Au and 2,856 g/t Ag)⁽⁹⁾. Due to a lack of historical data, the project does not host any resources. However, access to the historic workings is available, and the QP states Lucero is underexplored and has significant exploration potential for extension of known veins, and to discover additional veins.⁽⁹⁾

Lucero is one of many low-sulphidation epithermal Au-Ag deposits hosted in tertiary volcanics of the Central Andes Cordillera of southern Peru. The project hosts 74 recognized epithermal veins, 14 of which have been partially exploited. High grade 'bonanza-style' direct shipping ore was mined in the past from low-to-intermediate-sulphidation quartz-carbonate massive sulphide veins. Prospecting by previous operator Condor Resources Inc. ("Condor") from 2012 to 2020 identified the high-sulphidation epithermal alteration zone with structures that returned peak sample values of 80.1 g/t Au Eq (33.4 g/t Au and 3,500 g/t Ag).⁽¹¹⁾ This alteration zone, measuring approximately 1,300 metres by 1,400 metres, exhibited no evidence of prior sampling or drilling and is believed to host potential for a bulk tonnage disseminated gold-silver deposit.⁽¹⁾

"Lucero offers a rare opportunity to explore for not only an underground high-grade low sulphidation system but potentially an open pit-able high sulphidation system as well," stated Neil Pettigrew, M.Sc., P.Geo, Director of Element79 Gold "This project has never experienced modern exploration techniques and I am very confident that significant gold-silver resources are to be found."

A 0.5% NSR is retained by Sandstorm Gold Ltd., one of the largest gold royalty companies in the world.⁽²⁾

Machacala Mine

Machacala consists of over 4,000 hectares located in the District of Carabamba, Province of Julcan, Department of La Libertad. In 2004, Gold Hawk Resources, Inc. ("Gold Hawk") estimated a total inferred resource of 420,000 Au Eq ounces hosted within 1,560,000 tonnes, which equates to a gold equivalent grade of 8.4g/t, however individual gold and silver grades were not reported.⁽⁴⁾ This historic estimate is the most recent historic resource estimate relevant to Machacala.. In additional Machacala also includes approximately 200,000 tonnes of tailings, which have historically been estimated in 2004 to grade 1.26 g/t gold and 74 g/t silver⁽⁶⁾. This historical tailings estimate is historic in nature, and non-43-101 compliant. Historical metallurgical studies by Gold Hawk show 87% recoveries of gold and 50%+ recovery of silver in 24 hours of leaching un-milled tailings, with re-milling able to increase recoveries to 90% of gold and 73% of silver in 24 hours of leaching.⁽⁷⁾. A qualified person has not conducted sufficient work on either the historical Gold Hawk or Tailings estimates required to categorize these resources to the CIM definition of a current mineral resources, which may include the preparation of a new NI 43-101 Technical Report. Element79 Gold is not treating these historic estimates as current mineral resources and a qualified person has not reviewed the work to define the quality of work associated with this historic estimate. While these historical estimates are considered to be relevant to future exploration of the Machacala property they should not be relied upon and there can be no assurance that any of the historical resources, in whole or in part, will ever become economically viable.

Machacala was first commercially mined in the 1950s before being acquired and operated by Minera Santa Isabel, S.A. from 1979 to 1991 which mined 230,000 metric tonnes averaging 10.5 g/t Au Eq (6.0 g/t Au and 340 g/t Ag) representing 78,000 Au Eq ounces.⁽⁴⁾ Operations were suspended in 1991 due to the persistence of a low gold ($360/oz) and silver ($3.81/oz) price. Neighboring concessions include those owned by Fortescue Metals Group (ASX Listed) and by Fresnillo Peru S.A.C., a subsidiary of Fresnillo plc (LSE Listed).^(3,5)

The project was most recently explored by Gold Hawk and Meridian Gold between 1997 and 2004, with a total of 8,500m in 45 core and RC drill holes completed. Highlights of this drilling include 11.6 g/t Au Eq (11.32 g/t Au and 23.6 g/t Ag) over 3.7m in the Casa Fuerza vein, and 15.7 g/t Au Eq (13.55 g/t Au and 164 g/t Ag) over 3.15 in the Fragua vein⁽¹⁰⁾. Machacala hosts multiple low-sulphidation epithermal Au-Ag veins, of which only four have been only modestly exploited.⁽⁵⁾

"Machacala possesses significant historical data, as well as 8,500 meters of recent drilling, which we hope will assist in the definition of NI 43-101 compliant resources by the Company in future," commented Neil Pettigrew, M.Sc., P.Geo, Director of Element79 Gold. "The project is also at a lower elevation and has excellent infrastructure which will facilitate returning the project to production."

All gold Equivalent ("Au Eq") calculations were performed using $1,650/oz gold, and $22/oz silver in line with the Company's Maverick Springs 43-101 resource estimate (see news release January 31st, 2022, available on SEDAR).

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.

About Element79 Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting 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 effective date of Feb. 4, 2022 (see news release January 31st, 2022, available on SEDAR). The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold holds 100% interest in the past producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer
E-mail: [email protected]

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

Technical Disclaimer

This news release and related maps contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company's properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the proposed terms of the Acquisition and the Closing thereof, the perceived benefits of the Acquisition; the Company's plans for the Lucero mine and Machacala Project; the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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: that the parties may not be able to satisfy the conditions to Closing of the Acquisition, at all or on the terms announced; the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

Element 79 Gold makes no warranty as to the completeness, accuracy, verifiability, or suitableness of any of the information contained on the following third-party links and expressly undertakes no obligation to update the following links.

1. https://web.archive.org/web/20220308020414/https://condorresources.com/portfolio/lucero/

2. https://web.archive.org/web/20220308020532/https://www.sandstormgold.com/our-royalties/lucero/

3. https://www.bnamericas.com/en/news/Gold_Hawk_Buys_Machala_Project

4. Gold Hawk Resources Inc News Release, 2004-04-26

5. https://web.archive.org/web/20220308020657/https://www.affinitygold.com/machacala-highlights

6. Gold Hawk Resources Inc News Release, 2004-06-28

7. Affinity Gold Corp. Corporate Presentation March 2013

8.https://web.archive.org/web/20220308020649/https://www.sec.gov/Archives/edgar/data/1397970/000118374013000409/f8k08162013ex99-2.htm

9. Draft NI 43-101 technical Report, Lucero Property, Arequipa Region, Peru, prepared by Esteban Manrique Zuniga of Mining Plus with and effective date of September 4^th 2021. Prepared for Calipuy Resources Inc.

10. Gold Hawk Resources Inc. News Release, 2000-09-19

11. Condor Resources Inc. December 6, 2012 news release https://condorresources.com/news/archive/2012/condor-acquires-former-producing-gold-silver-concessions-near-arequipa-in-southern-peru/

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.

SOURCE: Element79 Gold Corp.

2021 Phase I Exploration Program yields results comparable to early prospecting samples which returned up to 3.8 g/t gold

VANCOUVER, BC / ACCESSWIRE / June 3, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ( "Element79 Gold" , the " Company ") today announced an update on the results of its 2021 Phase I Exploration Program (the "Work Program") on the Dale Property, located within the Swayze Greenstone belt of the Abitibi Subprovince.

The Work Program, consisting of bedrock trenching and soil sampling, was designed to follow up on several prospecting samples taken by the vendor of the Dale Property which indicated the presence of elevated gold, and was completed over several weeks in the fall of 2021.

Highlights of the Work Program:

• Largely reproduced earlier prospecting results by the Vendors of the property which returned up to 3.8 g/t gold (Au); Samples yielded up to 2.6 g/t Au
• East-west trending mineralized deformation zones with elevated gold values appear to be common across the property; Potential to form an economic mineral resource
• Results of the Work Program warrant an extensive mapping, prospecting and soil sampling program over the Dale Property to identify additional mineralized shear zones

"The first phase of exploration on the Dale Property yielded highly-valuable data on its underlying geological trends and mineralization, supporting the team's initial expectations based on early prospecting samples," remarked James Tworek, President and CEO of Element79 Gold. "Results affirming prospective mineralization in such an established gold mining territory merit a more expansive Phase II exploration program to further solidify the Company's ongoing development strategy at the Dale Property."

Figure 1. Trench 3 Geology Map and Grab Sample Locations and Grades in ppb (parts per billion)

Results of the Work Program

Utilizing the high-resolution data obtained from the drone-based magnetic survey completed by Element79 Gold in 2021, the Work Program consisted of trenching, channel sampling, prospecting, mapping, and soil sampling, following up on historic prospecting by the vendors of the property which has yielded up to 3.8 g/t Au, including several highly anomalous samples grading greater than 0.1 g/t Au, with assay results pending (see news release dated August 16, 2021, available on SEDAR). A total of 5 trenches were excavated, with a total of 83 rock samples and 49 soil samples which yielded results comparable to earlier reconnaissance prospecting, returning up to 2.6 g/t Au from Trench 3, the location of the highest gold assay provided by the vendor, and expanding the original outcrop, leading to a better understanding of the controls on mineralization. Five other grab samples returned > 0.2 g/t Au, with soil samples additionally returning anomalous values up to 54 ppb Au in 8 of 49 samples, suggesting soil sampling is an effective exploration tool on the Dale Property.

Figure 2. Dale Property, Trench Location Map

Mineralization Data, Potential Economic Mineral Resource

4 out of 5 trenches were exposed on east-west striking shear zones that cut through massive unaltered granodiorite of the Dale stock. These shear zones are composed of gabbro dykes with enclaves of foliated metagranodiorite (rafted country rock). Mineralization and alteration are confined to these local shear structures and do not penetrate in the undeformed host metagranodiorite of the Dale stock. This leads to the conclusion that this was a late stage mineralizing event that exploited pre-existing structural weakness in the Dale stock. Though narrow (0.01-3m wide), these east-west trending mineralized deformation zones seem to be common across the property and have elevated gold values. An area with sufficient densities of these shears with more intense alteration could have the potential to form an economic mineral resource.

Figure 3. Simplified Regional Geology of the Dale Property surrounding area, showing nearby significant deposits and producing mines

Additional Exploration Program, Increased Land Package

The results of the Work Program warrant an extensive mapping, prospecting, and soil sampling program over the Dale Property to further expose the east-west mineralization/deformation zones that cut the Dale stock grandiorite to see if they can be exposed over a large area. Element79 Gold intends to pursue an Induced Polarization survey to identify areas of increased pyrite alteration within these shears, which appear to correlate with increased gold mineralization.

On January 12, 2022, Element79 Gold announced it had staked an additional 245.5 hectares directly adjacent to the Western and Northwestern borders of its existing claims, bringing the total land package to 1980.5 hectares (see news release dated January 12, 2022, available on SEDAR).

Annual General Meeting and Connection Details

Element79 Gold is also pleased to announce details of its upcoming Annual General Meeting ("AGM"). The AGM, which is scheduled to take place at the offices of Clark Wilson LLP at 900 - 885 West Georgia Street, Vancouver, BC on Wednesday, June 22, 2022 at 10:00 A.M. PDT, will additionally be available via webcast and conference call via the connection details below.

The Company will be conducting a hybrid meeting that allows registered shareholders and duly appointed proxyholders to participate both online and in person. The Company is offering a virtual format in order to provide shareholders with an equal opportunity to attend and participate at the AGM, regardless of the particular constraints, circumstances or risks that they may be facing as a result of COVID-19.

Participants may register in advance for the AGM at:

https://us02web.zoom.us/webinar/register/WN_0NwKnGDKSsWllx-4r5UGrg

Following registration, a confirmation email will be sent containing the toll free number and information about joining the meeting.

For further details explaining how to attend, and communicate at the AGM please see the Company's Management Information Circular dated May 20 ^th , 2022 filed under the Company's profile on SEDAR at https://www.sedar.com . Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by email at [email protected] .

About Element79 Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting 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 effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer
E-mail: [email protected]

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.

Technical Disclaimer

This news release and related maps contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company's properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions 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; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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 duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

Element 79 Gold makes no warranty as to the completeness, accuracy, verifiability, or suitableness of any of the information contained on the following third-party links and expressly undertakes no obligation to update the following links.

1. Technical Report for MNDM Assessment, Element79 Dale Gold Property by Ryan A. Hrkac, Fladgate Exploration Consulting Corporation, January 2022

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.

SOURCE: Element79 Gold Corp.

VANCOUVER, BC / ACCESSWIRE / May 17, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") is pleased to announce that it has renewed an agreement with CORPCOMM SERVICES LIMITED ("CorpComm") for continued writing and publishing services, and that it has additionally retained Renmark Financial Communications Inc. ("Renmark") to assist the Company with its investor relations and marketing objectives.

Element79 Gold Renews CorpComm

CorpComm is a public communications provider which is focused on supporting the core mission of Element79 Gold by communicating the long-term vision of the Company in the public media space. Element79 Gold has renewed an annual agreement with CorpComm to retain its writing and publication services to support awareness of the Company.

In consideration of the services to be provided, the monthly fees incurred by Element79 Gold Corp. will be a cash consideration of up to $15,000, starting April 15^th, 2022, for a period of one year, ending on April 15^th, 2023.

Element79 Gold Retains Renmark

Renmark is a full-service investor relations firm representing small, medium and large-cap public companies trading on all major North American exchanges. Element79 Gold has retained Renmark to help the Company connect with retail investors, as well as to provide awareness to the Company across various outlets and media channels.

In consideration of the services to be provided, the monthly fees incurred by Element79 Gold Corp. will be a cash consideration of up to $8,000 CAD, starting May 1^st, 2022, for a period of seven months ending on November 30^th, 2022, and monthly thereafter.

"We're pleased to announce that in addition to renewing CorpComm, we have selected Renmark to reinforce Element79 Gold's profile in the financial community and enhance visibility of our company," commented James Tworek, President and CEO of Element79 Gold. "We chose the combination of CorpComm and Renmark because their methodologies complement each other well, and we feel that with both working together they will be highly effective in getting our company's value, vision and plans communicated to the investing public".

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.

Technical Disclaimer

This news release may contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company's properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.

About Element79 Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting 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 effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com.

On Behalf of the Company

James Tworek
CEO

Contact Information

Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions 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; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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 duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, 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.

SOURCE: Element79 Gold Corp.

VANCOUVER, BC / ACCESSWIRE / May 5, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") is pleased to announce that Crescita Capital LLC ("Crescita") has increased its equity drawdown facility commitment to the Company from $5,000,000 to $10,000,000. The additional funding is being made available pursuant to an amendment dated May 2, 2022 (the "Amendment") to the original Investment and Advisory Agreement with Crescita dated September 14, 2020 (the "Original Agreement", and together with the Amendment, the "Agreement"). The Company is able to make drawdown requests for funding, from time to time, pursuant to the facility and on closing of each drawdown, the Company will issue common shares to Crescita in accordance with the terms of the Agreement.

The Company has fully utilized the initial $5,000,000 of Crescita's invested capital in its corporate development and project advancement since its IPO in August 2021, including completing the Phase 1 exploration program on the Dale property, the drilling program on the Snowbird property, and closing on the acquisition of the Nevada portfolio. Element79 Gold intends to utilize the additional capital to continue progress on its high-tempo development strategy, including the upcoming acquisition of the high-grade Peruvian gold portfolio of Calipuy Resources Inc. ("Calipuy"), the continued advancement of the 43-101 compliant mineral resource at the Company's flagship Maverick Springs Project, and further exploration of the highly prospective Battle Mountain Portfolio. Near term, additional diamond drilling and metallurgical studies are planned to enable a significant portion of the Maverick Springs resource to be upgraded from the inferred to the indicated category.

"Securing this additional capital, particularly in this market environment where many investors are tightening their purse strings, could not be a stronger vote of confidence for Element79 Gold" remarked James Tworek, CEO of Element79 Gold. "We appreciate Crescita's repeated investment and belief in our story. The timing is excellent. Element79 Gold now enters into its next phase of development from a position of strength, with the ability to focus on the long-term strategic wins for all our stakeholders."

In addition to providing for the additional $5,000,000 equity drawdown commitment (the "Second Commitment"), the Amendment provides for certain amendments to the Original Agreement including the addition of the requirement for the Company to make a top up payment to Crescita in the event that the volume weighted average price of the Company's common shares is less than the subscription price paid by Crescita for a particular drawdown in the 30 days following the drawdown, and amends the fees payable to Crescita for the Second Commitment. The Company will pay an 8% fee to Crescita on the Additional Commitment, which fee will be satisfied by the issuance of 533,333 common shares at a deemed price per share equal to the last closing price of the shares prior to the date of the Amendment, less the maximum discount permitted by the Canadian Securities Exchange. These shares are subject to a four-month hold. A copy of the Original Agreement and Amendment are both filed on SEDAR under the Company's profile.

Potential Road to Cashflow Operations: Tailings Utilization and Pre-Production Cashflow

The additional capital will be used to start technical work leading to a PEA and also unlocking the potential for preproduction cashflow through at Machacala as the project develops into 350tpd production. This will also allow the Company to investigate opportunities for cashflow, including reprocessing the historic tailing, estimated to contain approximately 200,000 tonnes at Machacala which were estimated in 1997 by Gold Hawk to contain grades of 1.26 g/t gold and 74 g/t silver.⁽¹⁾ Previous metallurgical studies by Gold Hawk show 87% recoveries of gold and 50%+ recovery of silver in 24 hours of leaching of un-milled tailings, with re-milling able to increase recoveries to 90% of gold and 73% of silver in 24 hours of leaching. While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

"The Peruvian assets, and particularly Machacala, have a clear path towards production in the near-term," commented Antonios Maragakis. "These funds will be critical in progressing the key geological and engineering work to unlock the mines' potential in an expedited manner".

While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

Jason Wells, Managing Director of Crescita Capital stated: "We are excited to continue to financially support Element79 Gold and its transition from an exploration company to a producer. The upside that this brings all of the shareholders is significant".

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.

About Element79 Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting 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 effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com.

On Behalf of the Company

James Tworek
CEO

Contact Information

Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the availability of funding for the Company and issuance of shares to Crescita pursuant to the Agreement; the Company's plans for use of the funding provided by Crescita; the Company's plans for exploration and development of the properties the own or are proposing to acquire; the completion of the acquisition of Calipuy and the advancement of its properties; the prospects for mineral resources on certain properties; the prospects for leaching and milling at certain properties; the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated, including the risk that the Company does not advance its properties as planned;, that the results of exploration and development are not favorable to the Company; that the projects are not feasible; and the risk that Crescita is not able to fund drawdowns as requested by the Company. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties 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 duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

1. Gold Hawk Resources Inc News Release, 2004-06-28

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.

SOURCE: Element79 Gold Corp.