Element 79 Gold Reports Progress on Lucero Property Work and Community Engagement

Underground Mapping and Sampling

Recent work has focused on mapping and surface and underground sampling at the Apacheta area. The following progress has been made:

• Underground Mapping: 4 addits, 2,505 linear meters (358m/day).
• Sampling: 200 samples collected (28 samples per day), including 26 QA/QC samples.

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Image 1 - Updated map outlining mapping and channel sampling progress at the Lucero project. December 2023.

Further field work is underway at the Lucero site and is expected to complete on or around December 30th , with the total 2023 work program re-generating unavailable historical mapping and data sets, including a significant volume of channel samples along the addits and veins where past production, and current artisanal production is coming from. This data will help the Company develop geological models and both underground and surface-level drilling targets, which the Company intends to form a drilling campaign around in mid-2024.

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Image 2 - Channel samples from the Apacheta vein. December 2023.

Social Affairs

The local Chachas community continues to provide invaluable support to our geological team, ensuring seamless mapping and sampling activities. Following on the Company's commitments as outlined in its news release of October 6, 2023 it has coordinated the manufacturing of the second batch of HDPE pipes as part of our proactive approach to support the community's infrastructure needs; the delivery of the second part of the piping donation for the Ticlla irrigation program will be complete by December 22, 2023.

In addition to completing upon its previous social commitments, the field team engages in daily dialogues with local artisanal miners from the upper parts of the mines to strengthen social relations and heighten awareness, facilitating continued entry into the other galleries of the Apacheta region of the project.

In the spirit of community collaboration, a special chocolatada, a heartwarming seasonal chocolate drink, was shared with artisan miners in the Lomas Doradas camps on December 21 and will be shared with the workers and some of the community in Chachas on the night of the 24th.

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Image 3 - Element79 Gold Corp. community relations manager, Jorge Vasquez, with the local artisanal miners enjoying a seasonal chocolatada together at the Lomas Doradas camp at the Lucero project. December 21, 2023.

James Tworek, President and CEO of Element 79 Gold, added, "This really is two interdependent projects running simultaneously: A geological and mine re-start project along with a Social project. The engagement with the local community reflects our broader commitment to responsible and sustainable mining practices. Collaborating with the local artisanal miners, coordinating efforts, and fostering open dialogues with community stakeholders are integral parts of our approach. While we believe in maximizing the economic value of our assets, we also believe in building positive, enduring relationships with the communities where we operate. Looking ahead, we remain steadfast in our pursuit to build shareholder value. The year-end marks not only a culmination of efforts but a stepping stone towards a promising future for Element 79 Gold and the Lucero project."

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in the near term.

The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. Three properties in the Battle Mountain Portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date around the end of 2023. The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completing this sale on or before March 28, 2024.

In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James.

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

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

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79gold.com

For investor relations inquiries, please contact:

Investor Relations Department

Phone: +1.403.850.8050

E-mail: investors@element79.gold

Cautionary Note Regarding Forward Looking Statements

This press contains "forward?looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward?looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward?looking statements. Any statements that express or involve discussions with respect 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) are not statements of historical fact and may be "forward?looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward?looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward?looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.