Element79 Provides Corporate Updates

(TheNewswire)

Vancouver – TheNewswire – January30, 2025 – Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)("Element79 Gold", the "Company") is providing a series of corporate updates regarding themultiple initiatives is has underway, including:

• Bi-Weekly MCTO Status Update

• Lucero Project, Community Update

• Clover Project Status Update

• Update on Synergy Metals Corp Plan of Arrangement SpinOut Transaction

Bi-Weekly MCTO Status Update

a biweekly default status update in accordance withNational Policy 12-203 – Management Cease Trade Orders (“NP12-203”).

In a press release dated January 2 nd , 2025 andfurther advised on the 16 th , the Company announced (the “DefaultAnnouncement”) that it submitted an application to the BritishColumbia Securities Commission (the “BCSC”), the Company’sprincipal regulator, for a management cease trade order (“MCTO”)in connection with the Company’s delay in filing its audited annualfinancial statements for the year ended August 31, 2024, and themanagement's discussion and analysis and related CEO and CFOcertificates for the period (collectively, the “RequiredDocuments”) which were required to be filed on or before December30, 2024.

The MCTO was issued by the BCSC on January 2, 2025. Itprevents the Company’s Chief Executive Officer and Chief FinancialOfficer from trading in the Company’s securities but does not affectthe ability of other shareholders, including the public, to trade inthe securities of the Company. The MCTO remains in effect until theCompany files the Required Documents and the BCSC’s ExecutiveDirector has revoked the MCTO. The Company continues to workdiligently with its auditors and expects to file the Filings as soonas possible and in any event no later than February 28, 2025, as isrequired for compliance with the BCSC MCTO order.

The Company confirms that since the date of the DefaultAnnouncement: (a) there has been no material change to the informationset out in the Default Announcement that has not been generallydisclosed; (b) there has been no failure by the Company in fulfillingits stated intentions with respect to satisfying the provisions of thealternative information guidelines set out in NP 12-203; (c) there hasnot been, nor is there anticipated to be, any specified defaultsubsequent to the default which is the subject of the DefaultAnnouncement; and (d) there is no other material informationconcerning the affairs of the Company that has not been generallydisclosed.

The Company confirms that it will continue to satisfythe provisions of the alternative information guidelines under NP12-203 by issuing bi-weekly default status reports in the form of newsreleases for so long as it remains delayed in filing the RequiredDocuments.

Lucero Project,Community Update

The Element79 Gold Corp team remains committed to strengtheningits relationship with the communities that form up the greater Chachasregion (the “Community”), earning its role as a trusted allythrough promoting mutual development of the Lucero mine project andthe Community as a whole.  Building up to theend of 2024, after receiving approval from the Community at large onOctober 6 in the Huarocopalca annex, the Company previously presentedin writing agreements that await a counterproposal from the Community. The Company awaits receipt of the counterproposal prior to theupcoming April General Assembly, allowing time to understand andfurther discuss the objective of obtaining long-term surface rightsauthorization to commence exploration and mining activities at thatmeeting.

Additionally, the Company is waiting for further datafrom the Lomas Doradas (local artisanal mining) Association regardingthe sixty-five (65) REINFOS that Element79 us willing to support intheir formalization process within the Company’s mining concessionsat Lucero.

The Community has an upcoming annual anniversary onFebruary 14 th , wherein it has requested a modest donation from the Companyto help support the costs of the celebration. As part of Element79’sSocial Responsibility policy, we are fully committed to supporting thecommunity’s traditions and customs through donations that arereciprocated, allowing in exchange, an interim 7-day period surfaceaccess to the mining concessions with trained personnel, extraneous toother long-term contract negotiation, as soon as possible in 2025. Simliar to 2023 campaigns, this access period would grant theCompany access to conduct water and soil sampling, mine datacollection, and verification of coordinate points, which are necessaryto formalize mining contracts for Lomas Doradas members and to advancethe REINFO formalization process.

Clover ProjectUpdate

The Companyupdates that it has just received a notice from the United StatesDepartment of the Interior Bureau of Land Management (“BLM”)stating that various claims, previously referred to as the Cloverproject (the “Clover Project”) in Elko County, Nevada, have beenforfeited by the Company and it has also learned through its ownresearch that the claims have been over-staked by a third-party. Since acquiring the Clover project, the Company had made varioussite visits and had been working with other areas of the BLM relativeto bonding, historical environmental work and drilling permitting, aswell as had made payments to maintain the Clover Project’s statusprior to the BLM annual deadline.  The Company believes its claim wascancelled incorrectly and it is reviewing any and all remedies tochallenging this decision with the Interior Board of LandAppeals.

Update on SynergyMetals Corp Plan of Arrangement Spin-Out Transaction

The Company has received a closing agenda from itscounsel and as the signing of the transaction documentation asreported on January 13, 2025, it is both preparing updated financialreporting documents for Synergy Metals Corp and awaiting updatedfinancial documents from amalgamator company, 1425957 BC Ltd. tocomplete the submission package to the BC Courts and BCSC forapprovals.  Further updates on this progress will be provided in duecourse through the completion of the Plan of Arrangement transaction.

About Element79Gold Corp.

Element79 Goldis a mining company actively exploring and developing its portfolio ofassets, including the high-grade, past-producing Lucero project inArequipa, Peru, and properties along the Battle Mountain Trend inNevada. The Company also holds an option to acquire the Dale Propertyin Ontario and is advancing the plan of arrangement spin-out processfor its majority owned subsidiary, Synergy Metals Corp.

For furtherdetails on this announcement and the Company’s projects, pleasevisit www.element79.gold

ContactInformation

For corporatematters, please contact:

James C. Tworek,Chief Executive Officer

E-mail: jt@element79.gold

For investorrelations inquiries, please contact:

Investor RelationsDepartment

Phone:+1.403.850.8050

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 considering 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 completion of the Spin-OutArrangement, the completion of the Amalgamation, the completion of theConcurrent Financing, the Company's business strategy; future planningprocesses; exploration activities; the timing and result ofexploration activities; capital projects and exploration activitiesand the possible results thereof; acquisition opportunities; and theimpact of acquisitions, if any, on the Company. Assumptions may proveto be incorrect 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".

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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