Element79 Provides Capitalization Update Draws From Equity Facility, and Announces Corporate Note Capital Raise

Element79 Provides Capitaliza�on Update Draws From Equity Facility, and Announces Corporate Note Capital Raise Non-Brokered Corporate Notes Financing for Up to CA$ 100,000

VANCOUVER, BC / THENEWSWIRE / August 31, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS) ("Element 79 Gold", the "Company") a mining company focused on gold and silver, announces that it has recently leveraged its Crescita Equity Investment Facility (“Crescita Capital”), a catalyst for the Company’s growth since the original announcement on February 3, 2022. The Company has recently drawn CA$ 100,000 from this facility. In total, the Company has drawn $7,104,500 from Crescita Equity Facility since its incep�on, using the funding to support its opera�ons and develop its por�olio of mining projects, having issued an aggregate total of 34,264,945 shares to Crescita.

In addi�on to the above, Element 79 Gold has ini�ated today at market close a non-brokered financing of up to CA$ 100,000 in the form of Corporate Note Units (the "Notes"). Each Note Unit holding a 1-year maturity will consist of a minimum investment of $25,000. The principal amount of the Notes will bear interest at 18% simple interest per annum (calculated not in advance) with 100% warrant coverage (each a "Warrant"), and the Notes will be open for prepayment a�er 60 days. Each Warrant will be exercisable into a common share (each a "Share") of the Company at a price of $0.05 per Share. As of the �me of this news release, the Company has signed capitaliza�on commitments of the Notes for $100,000.

Proceeds from the abovemen�oned draw from Crescita Capital as well as the sale of the Notes will be used for opera�ons, including the annual payment of Nevada project claim lease fees and the advancement of the social contract development in Peru to allow the Lucero work plan to unfold.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silver commited to maximizing shareholder value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's main focus is on developing its previously-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it back into produc�on in the near term; The Company also holds a por�olio of 14 proper�es along the Carlin and Batle Mountain trend in Nevada, with the Clover and West Whistler projects are believed to have significant poten�al for near-term resource development. The Company has signed an op�on agreement to sell its Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and an�cipates comple�ng this sale before the end of 2023. The Company con�nues to nego�ate the sale of its non-core Nevada and Batle Mountain projects. In Bri�sh Columbia, Element79 Gold has executed a Leter of Intent and funded a drilling program to acquire a private company that holds the op�on to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central Bri�sh Columbia, approximately 20km west of Fort St. James. The Company also has an op�on 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 spinout process through the rest of 2023. For more informa�on about the Company, please visit www.element79.gold

Contact Informa�on For corporate matters, please contact:

James C. Tworek, Chief Execu�ve Officer E-mail: [email protected]

For investor relations inquiries, please contact:

Investor Rela�ons Department

Phone: +1.613.879.9387 E-mail: [email protected]

Cau�onary Note Regarding Forward Looking Statements

This press contains "forward-looking informa�on" and "forward-looking statements" under applicable securi�es laws (collec�vely, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportuni�es that are based on forecasts of future results, es�mates of amounts not yet determinable and assump�ons of management made in light of management's experience and percep�on of historical trends, current condi�ons 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; explora�on ac�vi�es; the �ming and result of explora�on ac�vi�es; capital projects and explora�on ac�vi�es and the possible results thereof; acquisi�on opportuni�es; and the impact of acquisi�ons, if any, on the Company. Assump�ons may prove to be incorrect and actual results may differ materially from those an�cipated. Consequently, forwardlooking statements cannot be guaranteed. As such, investors are cau�oned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assump�ons or expecta�ons 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 predic�ons, expecta�ons, beliefs, plans, projec�ons, objec�ves or future events or performance (o�en, but not always, using words or phrases such as "seek", "an�cipate", "plan", "con�nue", "es�mate", "expect", "may", "will", "project", "predict", "forecast", "poten�al", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forwardlooking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertain�es 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 dura�on and effects of the coronavirus and COVID-19; risks related to the integra�on of acquisi�ons; actual results of explora�on ac�vi�es; conclusions of economic evalua�ons; changes in project parameters as plans con�nue to be refined; commodity prices; varia�ons in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes rela�ve to specifica�ons and expecta�ons; accidents; labour rela�ons; rela�ons with local communi�es; changes in na�onal or local governments; changes in applicable legisla�on or applica�on thereof; delays in obtaining approvals or financing or in the comple�on of development or construc�on ac�vi�es; exchange rate fluctua�ons; requirements for addi�onal capital; government regula�on; environmental risks; reclama�on expenses; outcomes of pending li�ga�on; limita�ons 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 atempted to iden�fy 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 an�cipated, es�mated or intended. The Company believes that the expecta�ons reflected in these forward-looking statements are reasonable, but no assurance can be given that these expecta�ons 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 obliga�on, 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.