ELMGF - Element79 Gold Corp Announces Update to Binding Option Agreement for Maverick Springs Silver Project

(TheNewswire)

VANCOUVER, BC / THENEWSWIRE / March18, 2024 – Element79 GoldCorp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) ("Element79", the "Company along with its subsidiaries ELEM US HoldingsInc and ELEM Maverick Springs, LLC (collectively referred to as"Element79"), announces an amendment to its Binding OptionAgreement for the Maverick Springs Project. This amendment follows aproductive negotiation with Green Power Minerals Pty Ltd, (soon to beknown as Sun Silver Limited ("Green Power")). The originalagreement (the "Agreement") dated August 28, 2023, andannounced August 31 and October 23, 2023, has been updated to reflectthe evolving interests and continued collaboration between the parties(“Variation”).

This Variation comes after the Agreement was amended by mutualagreement reached through a letter deed dated January 12, 2024 (the"First Variation") (refer to the press release dated January17, 2024).

The following amendments have been made pursuant to the Variation:

1. Amendment of Share Allocation :The share component of the consideration has been adjusted from"CAD$1,500,000 worth of fully paid ordinary shares" to"3,500,000 fully paid ordinary shares."

2. Increase in CashConsideration : The cash consideration has been increased from"CAD$4,000,000" to "CAD$4,400,000".

Except for amendments made under the Variation, all terms andconditions of the Agreement (as amended by the First Variation)previously stated remain in full force and effect, including the option period, remaining in effect until the earlier of July10, 2024, or completion of the acquisition. Both parties haveacknowledged that this letter deed will prevail in case of anyinconsistency with the terms of the original Agreement, ensuring aseamless adjustment to the updated terms.

"These amendments not only strengthen the strategic partnershipbetween Element79 and Green Power but also continue to align with ourlong-term vision for the Maverick Springs Project," said JamesTworek, CEO of Element79. "The adjustments in the considerationunderscore our dedication to balancing shareholder value creation withstrategic partnerships, ensuring a robust foundation for sustainablegrowth of Element79 operations, and facilitate the continueddevelopment of our key projects while reinforcing our position in themining sector."

The Agreement, as amended, remains governed by the laws of the Stateof Nevada, USA, with both parties submitting to the exclusivejurisdiction of the Nevada District Court in Reno.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silvercommitted to maximizing shareholder value through responsible miningpractices and sustainable development of its projects.  Element79Gold's focus is on devel oping its past-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to restart production in 2024.

The Company also holds a portfolio of 5 propertiesalong the Battle Mountain trend in Nevada, with the Clover and WestWhistler projects believed to have significant potential for near-termresource development. Three properties in the Battle MountainPortfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the firsthalf of 2024.  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) (see 43-101 technical report titled: Amended TechnicalReport on the Maverick Springs Project, Nevada, USA, by AllanArmitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October7, 2022, available on SEDAR) and anticipates completing this sale onor before July 21, 2024.

In British Columbia, Element79 Gold has executed aLetter of Intent and funded a drilling program to acquire a privatecompany that holds the option to 100% interest of the SnowbirdHigh-Grade Gold Project, which consists of 10 mineral claims locatedin Central British Columbia, approximately 20km west of Fort St.James.

The Company has an option to acquire a 100% interest in the DaleProperty, 90 unpatented mining claims located approximately 100 kmsouthwest of Timmins, Ontario, and has recently announced that it hastransferred this project to its wholly owned subsidiary, SynergyMetals Corp, and is advancing through the Plan of Arrangement spin-outprocess.

For more information about the Company, please visit www.element79.gold

Contact Information

For corporatematters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79gold.com

For investorrelations inquiries, please contact:

Investor RelationsDepartment

Phone: +1.403.850.8050

E-mail: investors@element79.gold

Cautionary Note Regarding ForwardLooking Statements

This press contains "forward?lookinginformation" and "forward-looking statements" underapplicable securities laws (collectively, "forward?lookingstatements"). These statements relate to future events or theCompany's future performance, business prospects or opportunities thatare based on forecasts of future results, estimates of amounts not yetdeterminable and assumptions of management made consideringmanagement's experience and perception of historical trends, currentconditions and expected future developments. Forward-lookingstatements include, but are not limited to, statements with respectto: the Company's business strategy; future planning processes;exploration activities; the timing and result of explorationactivities; capital projects and exploration activities and thepossible results thereof; acquisition opportunities; and the impact ofacquisitions, if any, on the Company. Assumptions may prove to beincorrect and actual results may differ materially from thoseanticipated. Consequently, forward-looking statements cannot beguaranteed. As such, investors are cautioned not to place unduereliance upon forward-looking statements as there can be no assurancethat the plans, assumptions or expectations upon which they are placedwill occur. All statements other than statements of historical factmay be forward?looking statements. Any statements that express orinvolve discussions with respect to predictions, expectations,beliefs, plans, projections, objectives or future events orperformance (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 results may vary from forward-lookingstatements. Forward-looking statements are subject to known andunknown risks, uncertainties and other factors that may cause actualresults 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 identify importantfactors that could cause actual results to differ materially fromthose 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 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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