Element79 Gold Corp. Provides Updates on Crescita Capital Facility and Confirms Debt Settlement

Company Further Strengthens Balance Sheet by Entering Debt Settlement Agreement with Creditor

VANCOUVER, BC / THENEWSWIRE / April 26, 2023 – Element79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS) ("Element79 Gold", the "Company") a mining company focused on gold, silver and associated metals, provided an update to investors today by confirming the status of its equity draw-down facility with Crescita Capital.

Clarifica�on of Past Crescita Capital Drawdowns

Since the most recent News Release regarding draws from its Crescita Equity Investment Facility (September 19, 2022), Element79 Gold confirms that it has completed intermitent draws to fund opera�onal capital, to strengthen its balance sheet, and explora�on work totaling $1,250,500, issuing a total of 22,700,000 shares in exchange during the same �me period. The remaining funds that can be drawn down from the Crescita Equity Investment Facility, subject to the Company’s desire to do so, is $3,579,500 un�l May 5, 2025.

For more informa�on about the Equity Investment Facility, please see the Company's press releases dated February 3, 2022, and May 5, 2022.

"Crescita's con�nued support has been instrumental in providing short-term liquidity through the Company’s 2021 and 2022 M&A ac�vity, providing valuable flexibility to sustain opera�ons through the more difficult second half of 2022 and also to ramp up explora�on programs underway at Lucero and Maverick Springs in 2023.” Comments James Tworek, CEO of Element79 Gold Corp. “While our Opera�ons team con�nues to grow and manage work on our core projects, our Management and Board have been fostering rela�onships with strategic investors who seek to support the Company and con�nue to execute our development strategies. We expect to announce further 2023 capital raising ini�a�ves shortly to fund development at a more aggressive pace.”

Debt Setlement

The Company also announces that it has entered into a debt setlement agreement with an arms-length creditor (the "Creditor") to setle CAD$80,000.00 (the "Debt Setlement") of debt for services provided by the Creditor to the Company.

In setlement and full sa�sfac�on of the debt in the amount of CAD$80,000.00, the Company has agreed to issue to the Creditor 1,066,667 common shares in the capital of the Company (the "Common Shares") at a deemed issue price of $0.075 per Common Share.

All Common Shares issued pursuant to the Debt Setlement are subject to a statutory hold period of four months plus a day from the date of issuance of the Common Shares in accordance with applicable securi�es legisla�on.

About Element79 Gold

Element79 Gold is a mining company focused on gold, silver, and associated metals and commited to maximizing shareholder value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's primary focus is on two core proper�es: Lucero Property in Arequipa, Peru, and its flagship Maverick Springs Property in the gold mining district of northeastern Nevada, USA. The Maverick Springs Property, located between the Elko and White Pine Coun�es, hosts a 43-101-compliant, pit-constrained mineral resource es�mate reflec�ng an inferred resource of 3.71 million ounces of gold equivalent "AuEq" at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effec�ve date of October 19, 2022. Element79 Gold also holds a por�olio of 15 proper�es along the Batle Mountain trend in Nevada. As part of its Canadian opera�ons, Element79 Gold has the op�on to acquire a 100% interest in the Snowbird High-Grade Gold Project, consis�ng of 10 mineral claims approximately 20km west of Fort St. James in Central Bri�sh Columbia. The Company also has the op�on to acquire the Dale Property, comprised of 90 unpatented mining claims in the Timmins Mining Division, Dale Township, in Ontario, Canada. The Company is analyzing the non-core Nevada, Dale, and Snowbird projects for further merit of explora�on, sale, or spin-out.

For more informa�on about the Company, please visit www.element79.gold

Contact Informa�on

For corporate maters, please contact:

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

For investor rela�ons 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.sedar.com. 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 deЉned in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.