ELMGF - Element79 Gold Corp. Updates on Nevada Portfolio Retention Strategic Board Resolution to Streamline Battle Mountain Portfolio

(TheNewswire)

Vancouver – TheNewswire - September 6, 2023 – Element79 Gold Corp. (CSE:ELEM ) , ( FSE:7YS ) , ( OTC:ELMGF) ("theCompany") a mining company focused on Gold and Silver assetdevelopment, is proud to provide an update on its Nevada Portfolioholdings, having renewed the claims at many of its Nevada properties,while the Board of Directors having also unanimously voted tosurrender select non-core Battle Mountain project holdings.

The Company confirms mining claimswere renewed at:

• Maverick Springs: In following its core business plan, and its recentlyannounced Option Agreement to sell its interest in the MaverickSprings project ( News Release August 31,2023 ), 247 unpatented claims,covering approximately 4,800 acres, straddling Elko and White PineCounties.

• Clover and West Whistler: Two Battle Mountain Trend properties withstrategic merit for exploration and resource development in the nearterm.

  • Clover: 169non-contiguous, unpatented claims covering 3,063 acres in Elko County,Nevada, within the Midas Mining District, approximately 16 miles Westof Hecla Mining Company’s Midas Mine.

  • West Whistler :covers 103 contiguous, unpatented claims located 9 miles NW of thetown of Eureka, NV, in the Southeastern end of the Battle MountainTrend near several gold deposits including Barrick's CortezMine.

• Properties included in the Valdo Sale Agreement (announced November 17,2022 and extended May 30, 2023;updates on contract renewal pending shortly):

• • The North Mill Creek Project - comprised of 6 unpatented claims located at themargins of the Goat Window in Lander County, Nevada.

  • The Elder Creek Project - comprised of 23 unpatented claims, which coverthe historic Elder Creek open-pit mine in Lander County,Nevada.

  • The Elephant Project - comprised of 197 claims located at the foot of the minedumps at Nevada Gold Mines' Phoenix operation.

In addition to the above, in a meeting held on August31, 2023, the Board of Directors of Element79 Gold Corp. resolved tosurrender its interests in several properties within the BattleMountain portfolio, a shared vision that aligns with the Company’sevolving business strategy. Through deliberation, forecasting andstrategic planning, the Company has chosen to focus its efforts on thehigh-grade, past-producing Lucero mine in Arequipa, Peru, withexploration and development efforts there centered around bringingproduction online in the coming 12 to 18 months , aswell as retaining only its most advanced-stage exploration projects inNevada, determining that surrendering the following projects as ofSeptember 1, 2023 would be in the Company's best interest:

• Clipper (Lander County) - 69 claims

• Pipeline South (Lander County) - 144 claims

• West Cortez (Lander County) - 274 claims

• Walti (Eureka County) - 36 claims

• Walti (Lander County) - 366 claims

• N. Battle Mountain (Lander County) – 67 claims

• Brock (Eureka County) - 220 claims

• Golconda (Humboldt County) - 108 claims

• Horseshoe Basin (Lander County) - 50 claims

Element79 Gold Corp acquired the Battle MountainPortfolio as part of a 16-property acquisition from Clover Nevada LLCand Maverick Springs Mining Company, LLC, each an indirect subsidiaryof Waterton Precious Metals Fund II Cayman, LP on December 23, 2021.

James Tworek, CEO and Director of Element79 Gold Corpstated “As a lean startup mining company, we are evolving as theglobal mining business landscape and global economic forecasts evolve. As a Board and management team we stand firm in our belief that ourbusiness model of developing revenue streams from the sale of ourportfolio of projects and bringing precious metal production online inthe near term is key for the Company’s survival and the benefit ofour shareholders.  This focus stands to be enhanced through trimmingthe portfolio of non-core, lesser-developed projects.  RetainingClover and West Whistler allows an alternate channel for corporategrowth, with two advanced-stage exploration projects in the prolificBattle Mountain Trend with great historical workings and what webelieve to be solid indicative drilling results, where we will exploreand drill further with the intent to develop resource values in thenear term.”

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold andsilver committed to maximizing shareholder value through responsiblemining practices and sustainable development of its projects. Element79 Gold's main focus is on developing itspreviously-producing, high-grade gold and silver mine, the Luceroproject located in Arequipa, Peru, with the intent to bring it backinto production in the near term.

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 ananticipated closing date around the end of 2023.  The Company hasalso signed an Option Agreement to sell the Maverick Springs project,an advanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completingthis sale before the end of 2023.

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 also has an option to acquire a 100% interest inthe Dale Property, 90 unpatented mining claims located approximately100 km southwest of Timmins, Ontario, and has recently announced thatit has transferred this project to its wholly-owned subsidiary,Synergy Metals Corp, and is advancing through the Plan of Arrangementspin-out process through the rest of 2023.

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@element79.gold

For investor relations inquiries,please contact:

Investor Relations Department

Phone: +1.613.879.9387

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 in light ofmanagement's experience and perception of historical trends, currentconditions and expected future developments. Forward-lookingstatements include, but are not limited to, statements with respect to: theCompany's business strategy; future planning processes; explorationactivities; the timing and result of exploration activities; capitalprojects and exploration activities and the possible results thereof;acquisition opportunities; and the impact of acquisitions, if any, onthe Company. Assumptions may prove to be incorrect and actual resultsmay differ materially from those anticipated. Consequently,forward-looking statements cannot be guaranteed. As such, investorsare cautioned not to place undue reliance upon forward-lookingstatements as there can be no assurance that the plans, assumptions orexpectations upon which they are placed will occur. All statementsother than statements of historical fact may be forward?lookingstatements. Any statements that express or involve discussions withrespect 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) arenot statements of historical fact and may be "forward lookingstatements".

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 those expressed or implied by suchforward-looking statements, including but not limited to: the durationand effects of the coronavirus and COVID-19; risks related to theintegration of acquisitions; actual results of exploration activities;conclusions of economic evaluations; changes in project parameters asplans continue to be refined; commodity prices; variations in orereserves, grade or recovery rates; actual performance of plant,equipment or processes relative to specifications and expectations;accidents; labour relations; relations with local communities; changesin national or local governments; changes in applicable legislation orapplication thereof; delays in obtaining approvals or financing or inthe completion of development or construction activities; exchangerate fluctuations; 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 . Althoughthe Company has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-looking statements, there may be other factors that causeresults not to be as anticipated, estimated or intended. The Companybelieves that the expectations reflected in these forward-lookingstatements are reasonable, but no assurance can be given that theseexpectations will prove to be correct and such forward?lookingstatements included herein should not be unduly relied upon. Thesestatements speak only as of the date hereof. The Company does notintend, and does not assume any obligation, to update theseforward-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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