Element79 Gold Corp Announces Closing of Second Tranche of Placement

Mar 29, 202401:21 UTC

(TheNewswire)

Vancouver, British Columbia –TheNewswire - March 28, 2024 - Element79 Gold Corp (the"Company") ELEM ELMGF (FSE:7YS0) Further to the Corporation’s previous Financingsannouncement, Element79 is pleased to announce the successfulcompletion of its second tranche of its placement for an addition$300,075 of funding through its Non-Brokered Private placement. Thissecond tranche of closing will see the Company issue a total of1,304,674 Units for this tranche. The second tranche of the placementwas largely subscribed to by a strategic investor who recognizes thelong-term value and potential of the Company. This investor brings notonly capital but also invaluable expertise and connections within thesector which will accelerate the Company’s corporatedevelopment.

The Placement consists of Units of the Company (each a“Unit”) at a purchase price of $0.23 per Unit. Each Unit will becomprised of one common share of the Company (a “Common Share”)and one common share purchase warrant (each a “Warrant”). EachWarrant will be exercisable for one Common Share at a price of $0.35per Common Share for two (2) years from the date of issuance. Allsecurities issued for the placement will be subject to a four monthand one day hold from the date of issue which is anticipated to beApril 4th in keeping with CSE regulations.

The warrants are subject to an acceleration clausewhereby should the shares of the Company trade at or above $0.40 pershare on the North American stock exchange on which it is then listedfor ten consecutive trading days (after the date that is four monthsand one day from the closing of the Offering) the warrants may beaccelerated. There were Finder’s Fees of 5% cash and 5% in warrantson some of this Second tranche of the placement.

Element79 has to date raised a total of $550,075through the facilities of its placement and shall continue to seekfunds, anticipating closing its final tranche within the next tenbusiness days.

About Element79 Gold Corp

Element79 Gold Corp is a gold and silver mining companycommitted to maximizing shareholder value through responsible miningpractices and sustainable development of its projects. Element79Gold's core focus is on developing its past-producing, high-grade goldand silver mine, the Lucero project located in Arequipa, Peru, withthe intent to restart production in 2024.

The Company also holds a portfolio of 5 propertiesalong the Battle Mountain trend in Nevada, with the Clover and WestWhistler projects believed to have significant potential for near-termresource development. Three properties in the Battle MountainPortfolio are under contract for sale to Valdo Minerals Ltd., with ananticipated closing date in the first half of 2024. The Company hasalso signed an Option Agreement to sell the Maverick Springs project,an advanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technicalreport titled: Amended Technical Report on the Maverick SpringsProject, Nevada, USA, by Allan Armitage, PhD., P.Geo, and RohanMillar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) andanticipates completing this sale on or before July 21, 2024.

In British Columbia, Element79 Gold has executed aLetter of Intent and funded a drilling program to acquire a privatecompany that holds the option to 100% interest of the SnowbirdHigh-Grade Gold Project, which consists of 10 mineral claims locatedin Central British Columbia, approximately 20km west of Fort St.James.

The Company has an option to acquire a 100% interest inthe Dale Property, 90 unpatented mining claims located approximately100 km southwest of Timmins, Ontario, and has recently announced thatit has transferred this project to itswholly-owned subsidiary, Synergy Metals Corp, and is advancing throughthe Plan of Arrangement spin-out process.

For more information about the company please visit ourofficial website at www.element79.gold

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer andDirector

E-mail: jt@element79.gold

For investor relations inquiries,please contact:

Investor Relations Department

Phone: +1.403.850.8050

E-mail: investors@element79.gold

Cautionary Note Regarding ForwardLooking Statements

This press release contains "forward‐lookinginformation" and "forward-looking statements" underapplicable securities laws (collectively, "forward‐lookingstatements"). These statements relate to future events or theCompany's future performance, business prospects or opportunities thatare based on forecasts of future results, estimates of amounts not yetdeterminable and assumptions of management made in light ofmanagement's experience and perception of historical trends, currentconditions and expected future developments. Forward-lookingstatements include, but are not limited to, statements with respectto: the Company's business strategy; future planning processes;exploration activities; the timing and result of explorationactivities; capital projects and exploration activities and thepossible results thereof; acquisition opportunities; and the impact ofacquisitions, if any, on the Company. 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.

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.