Element79 Announces Extension to Proposed Spin Out and Merger

(TheNewswire)

VANCOUVER, BC – TheNewswire - May 1, 2025 – Element79 Gold Corp. (CSE:ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the"Company”) announces that, in connectionwith its previously announced proposed arrangement transaction withSynergy Metals Corp. (" Synergy ") pursuant to an arrangementagreement dated January 10, 2025 (the “ Arrangement Agreement ”), it has entered an amending agreement dated April 30,2025, to extend the proposed deadline for completion of thetransactions contemplated by the Arrangement Agreement to August 31,2025.

The Company also announces that, in connection with thepreviously announced amalgamation anticipated to follow sucharrangement pursuant to a merger agreement dated January 10, 2025 (the" MergerAgreement "), between Synergy, Synergy’swholly owned subsidiary, 1515041 B.C. Ltd. (“ Synergy SubCo ” ) , and 1425957 B.C. Ltd.(“ 142 ”), it has entered an amending agreement dated April 30,2025, to extend outside date for completion of the transactionscontemplated by the Merger Agreement to August 31, 2025.

The Company remains committed to both the proposedarrangement and the subsequent proposed amalgamation of Synergy SubCoand 142 in connection with the acquisition by Synergy of all of theissued and outstanding shares of 142, as further described in itspress release dated January 13, 2025.

For further details on this announcement and theCompany’s projects, please visit www.element79.gold

Contact Information

For corporatematters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79.gold

For investorrelations inquiries, please contact:

Investor Relations Department

Phone: +1.403.850.8050

E-mail: investors@element79.gold

Cautionary Note Regarding ForwardLooking Statements

This press contains "forward ? looking information" and"forward-looking statements" under applicable securitieslaws (collectively, "forward ? looking statements"). These statements relate to futureevents or the Company's future performance, business prospects oropportunities that are based on forecasts of future results, estimatesof amounts not yet determinable and assumptions of management madeconsidering management's experience and perception of historicaltrends, current conditions and expected future developments.Forward-looking statements include, but are not limited to, statementswith respect to: the timing and completion of the arrangement and thetiming and completion of the amalgamation. 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 ? 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 ? 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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