ELMGF - Element79 Gold Corp Announces Key Leadership Transition: COO Antonios Maragakis to Remain as Director Kim Kirkland Appointed as New COO

(TheNewswire)

Vancouver, BC – TheNewswire- November15 2023 – Element79 Gold Corp (CSE:ELEM ) ( FSE:ELMGF ) ( OTC: ELMGF), a mining companyfocused on gold and silver, today announces a significant change inits leadership team: Antonios Maragakis, the company's Chief OperatingOfficer (COO) and Director, will be stepping down from his active roleas COO due to other professional commitments but will continue toserve as a valued member of the Board of Directors.

Hilights:

• AntoniosMaragakis, COO and Director of Element79 Gold Corp, to step down fromhis active COO role due to other professional commitments.

• Mr. Maragakiswill remain on the company's board of directors, continuing tocontribute to the strategic vision.

• Kim Kirkland,currently VP Exploration, appointed as the new COO, effective today.Kim Kirkland brings extensive industry knowledge and operationalexpertise in both Nevada and Peru to lead the company'soperations.

• The leadershiptransition aims to strengthen Element79 Gold Corp's position in thegold mining sector and enhance its long-term goals.

• Furtherreinforcing the Company’s ability to execute its current explorationand development plans, it has renewed its engagement with MinePlusGroup for project support.

AntoniosMaragakis has been an integral part of Element79 Gold Corp's growthand success, playing a pivotal role in the company's operations andstrategic direction since October 2021.  Mr. Maragakis’ decision tostep back from his active role as COO is driven by his new andevolving professional needs.  His efforts at the Company have alwaysincluded and been supported by the team at Mine+ Group ( www.MinePlusGroup.com ), a globally-focused mining consultancy.  Element79 Gold Corp is grateful for his invaluable contributions tothe organization to date, and Mr. Maragakis will remain an essentialmember of Element79 Gold Corp's board, where his expertise andinsights will continue to benefit the company.

Replacing Mr.Maragakis as the new Chief Operating Officer (COO) is Kim Kirkland,currently serving as the company's Vice President of Exploration. Mr.Kirkland is a seasoned mining veteran with a track record spanning seniorexecutive and lead engineering roles at some of the world’s biggest mining companies, with a core focus on operating minesin Nevada and Peru.  Kim has been intimately involved in Element79Gold’s project and strategic development processes since joining theCompany in March 2022, making him the ideal candidate to lead Element79Gold Corp's operations into the future. His extensive knowledge of ourprojects, commitment to safety, and dedication to sustainablepractices align perfectly with the Company’s corporatevalues.

"We aregrateful to Antonios for his outstanding leadership as COO, and we arepleased that he will remain on our board. We fully support hisdecision to prioritize his professional commitments while continuingto contribute to the Element79 strategic vision," said James C.Tworek, CEO and Director of Element79 Gold Corp. "We are alsoexcited to welcome Kim Kirkland as our new COO. His deep industryknowledge and operational expertise of mine development and operationsin Peru will be instrumental as we continue to advance through thecoming phases of the Lucero project, executing our shared corporatevision."

Kim Kirkland'sappointment as COO will be effective today.  He will assumeresponsibility for overseeing the company's day-to-day operations,including the development and execution of exploration and miningactivities, while ensuring the highest standards of safety and bothenvironmental and community relations stewardship.  His unique careerexperience in mining operations in both Nevada and Peru make him a keyasset to and figure in Element79 Gold Corp’s project portfoliodevelopment in both of those regions.

Element79’shistorical engagement with MinePlus Group has been renewed, so as toensure continuity of knowledge and ongoing project support on anas-needed basis.

Element79 GoldCorp remains committed to its mission of delivering exceptional valueto its shareholders, stakeholders, and the communities in which itoperates. The transition of leadership will further strengthen thecompany's position in the gold mining sector and enhance its abilityto achieve its long-term goals.

About Element79Gold Corp.

Element79 Goldis a mining company focused on gold and silver committed to maximizingshareholder value through responsible mining practices and sustainabledevelopment of its projects.  Element79 Gold's focus is on developingits past-producing, high-grade gold and silver mine, the Luceroproject located in Arequipa, Peru, with the intent to restartproduction in the near term.

The Company alsoholds a portfolio of 5 properties along the Battle Mountain trend inNevada, with the Clover and West Whistler projects believed to havesignificant potential for near-term resource development. Threeproperties in the Battle Mountain Portfolio are under contract forsale to Valdo Minerals Ltd., with an anticipated closing date aroundthe end of 2023.  The Company has also signed an Option Agreement tosell the Maverick Springs project, an advanced-stage exploratoryproperty with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and175MMoz Ag) and anticipates completing this sale on or before March28, 2024.

In BritishColumbia, Element79 Gold has executed a Letter of Intent and funded adrilling program to acquire a private company that holds the option to100% interest of the Snowbird High-Grade Gold Project, which consistsof 10 mineral claims located in Central British Columbia,approximately 20km west of Fort St. James.

The Company hasan option to acquire a 100% interest in the Dale Property, 90unpatented mining claims located approximately 100 km southwest ofTimmins, Ontario, and has recently announced that it has transferredthis project to its wholly-owned subsidiary, Synergy Metals Corp, andis advancing through the Plan of Arrangement spin-out process throughthe rest of 2023.

For moreinformation about the Company, please visit www.element79.gold

ContactInformation

For corporatematters, please contact:

James C. Tworek,Chief Executive Officer

E-mail: jt@element79gold.com

For investorrelations inquiries, please contact:

Investor RelationsDepartment

Phone:+1.613.879.9387

E-mail: investors@element79.gold

Cautionary NoteRegarding Forward Looking Statements

This presscontains "forward?looking information" and"forward-looking statements" under applicable securitieslaws (collectively, "forward?looking statements"). Thesestatements relate to future events or the Company's futureperformance, business prospects or opportunities that are based onforecasts of future results, estimates of amounts not yet determinableand assumptions of management made in light of management's experienceand perception of historical trends, current conditions and expectedfuture developments. Forward-looking statements include, but are notlimited to, statements with respect to: the Company's businessstrategy; future planning processes; exploration activities; thetiming and result of exploration activities; capital projects andexploration activities and the possible results thereof; acquisitionopportunities; and the impact of acquisitions, if any, on the Company.Assumptions may prove to be incorrect and actual results may differmaterially from those anticipated. Consequently, forward-lookingstatements cannot be guaranteed. As such, investors are cautioned notto place undue reliance upon forward-looking statements as there canbe no assurance that the plans, assumptions or expectations upon whichthey are placed will occur. All statements other than statements ofhistorical fact may be forward?looking statements. Any statementsthat express or involve discussions with respect to predictions,expectations, beliefs, plans, projections, objectives or future eventsor 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 similarexpressions) are not statements of historical fact and may be"forward?looking statements".

Actual resultsmay vary from forward-looking statements. Forward-looking statementsare subject to known and unknown risks, uncertainties and otherfactors that may cause actual results to materially differ from thoseexpressed or implied by such forward-looking statements, including butnot limited to: the duration and effects of the coronavirus andCOVID-19; risks related to the integration of acquisitions; actualresults of exploration activities; conclusions of economicevaluations; changes in project parameters as plans continue to berefined; commodity prices; variations in ore reserves, grade orrecovery rates; actual performance of plant, equipment or processesrelative to specifications and expectations; accidents; labourrelations; relations with local communities; changes in national orlocal governments; changes in applicable legislation or applicationthereof; delays in obtaining approvals or financing or in thecompletion of development or construction activities; exchange ratefluctuations; requirements for additional capital; governmentregulation; environmental risks; reclamation expenses; outcomes ofpending litigation; limitations on insurance coverage as well as thosefactors discussed in the Company's other public disclosure documents,available on www.sedarplus.ca . Although the Company has attempted to identifyimportant factors that could cause actual results to differ materiallyfrom those contained in forward-looking statements, there may be otherfactors that cause results not to be as anticipated, estimated orintended. The Company believes that the expectations reflected inthese forward?looking statements are reasonable, but no assurancecan be given that these expectations will prove to be correct and suchforward?looking statements included herein should not be undulyrelied upon. These statements speak only as of the date hereof. TheCompany does not intend, and does not assume any obligation, to updatethese forward-looking statements, except as required by applicablelaws.

Neither theCanadian Securities Exchange nor the Market Regulator (as that term isdefined in the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

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