ELMGF - Element79 Gold Announces Notice of Force Majeure on Lucero Project
(TheNewswire)
VANCOUVER, BC – TheNewswire - June 27, 2025 – Element79 Gold Corp. (CSE: ELEM | FSE:7YS0 | OTC: ELMGF) (" Element79 Gold ",the " Company ") today announced that it has provided a notice offorce majeure (“ Notice ”) to Condor Resources Inc.(“ Condor ”) to temporarily suspend payment obligations under theLucero Project Agreement entered into between Calipuy Resources Inc.(“ Calipuy ”), a wholly owned subsidiary of the Company, and Condor onDecember 21, 2020 (the “ Lucero Agreement ”).
The Company has faced significant difficulties inadvancing the Lucero Project since the acquisition of Calipuy on June19, 2022. As a result of conflicts with the local community,significant delays of relevant governmental authorities to act onnecessary legislation and policies, and municipal inaction preventingthe enforcement of mineral claims, Element79 has been unable to accessthe Lucero Project and perform exploration or commercial miningoperations (“ Force MajeureEvent ”). As such, the Company provided theNotice to Condor today to suspend payment obligations until the soonerof the end of the Force Majeure Event or twenty-four (24) months fromthe date of the Notice. At this time, the Company is uncertain as towhen the Force Majeure Event will cease.
Element79 remains committed to advancing the LuceroProject and developing the Lucero Project into a commercially viablemining operation. The Company is currently in the process of pursuingalternatives to push the Project forward and work collaboratively withstakeholders to end the Force Majeure Event. The Company will continueto update stakeholders as the situation develops, as and whenappropriate.
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on theexploration and development of high-grade gold and silver assets. Itsprincipal asset is the past-producing Lucero Project in Arequipa,Peru, where it aims to resume operations through both conventionalmining and tailings reprocessing. In the United States, the Companyholds interests in multiple projects along Nevada's Battle MountainTrend. Additionally, Element79 Gold has completed the transfer ofits Dale Property in Ontario to its wholly owned subsidiary, SynergyMetals Corp., and is progressing through the Plan of Arrangementspin-out process.
For more information about the Company, please visit www.element79.gold
For Further Information, PleaseContact:
James C. Tworek
Chief Executive Officer
E-mail: jt@element79gold.com
Investor Relations Department
Phone: +1 (403.850.8050
E-mail: investors@element79gold.com
Cautionary Note Regarding ForwardLooking Statements
This press release containsforward-looking statements within the meaning of applicable securitieslaws. The use of any of the words "anticipate,""plan," "continue," "expect,""estimate," "objective," "may," "will,""project," "should," "predict,""potential" and similar expressions are intended to identifyforward-looking statements. In particular, this press release containsforward-looking statements concerning the Company’s explorationplans, development plans and the Force Majeure Event. Although theCompany believes that the expectations and assumptions on which theforward-looking statements are based are reasonable, undue relianceshould not be placed on these statements because the Company cannotprovide assurance that they will prove correct. Forward-lookingstatements involve inherent risks and uncertainties, and actualresults may differ materially from those anticipated. Factors thatcould cause actual results to differ include conditions in theduration of the Force Majeure Event, and receipt of regulatory andshareholder approvals. These forward-looking statements are made as ofthe date of this press release, and, except as required by law, theCompany disclaims any intent or obligation to update publicly anyforward-looking statements.
Neither the Canadian SecuritiesExchange nor the Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
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