Element79 Press Release- Fostering Local Community Engagement

Element79 Gold Corp Continues Fostering Local Community Engagement

Advancing Engagement, Exploration and Exploitation Agreements

VANCOUVER, BC / THENEWSWIRE / JUNE 4, 2024 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF)

(FSE: 7YS0) ("Element79", the "C ompany ") provides further updates on its community relations initiatives

and ongoing exploration and exploitation agreements progress with local communities.

Element79 continues to foster strong relationships with the communities it operates in and around,

balancing sustainable development of both its projects as well as helping the surrounding populations.

Recent meetings have reaffirmed the overall support for the Company’s desire to develop and ramp up to

production at Lucero, beginning with the current pending long-term agreements for surface rights access.

As outlined in the Company’s news release from April 25th, and in online conferences or interviews since

the last reporting, the Chachas community had a new mayor come into effect in the first quarter of 2024,

with the transition from the old administration requiring a ratification of the Community’s Charter pri or

to any further agreements could be legally bound. The maximum timeline that the Community has

allotted for its Charter to be ratified is July 28, 2024. The seven towns that make up the greater Chachas

community are actively engaged in discussions and processes around the Charter, recognizing this is critical

for advancing other initiatives within the community itself, as well as providing for regional mining

business to restart.

Two agreements are currently under review by the Chachas Community and Lomas Doradas mining

association: The first includes the Company obtaining approval of 10-15 years of surface rights access for

exploration and exploitation, while in turn, a second cooperation agreement from the Company to Lomas

Doradas is being considered to provide the local mining association small scale mining rights at Lucero for

a similar term.

The Company confirms that its discussions with Lomas Doradas to formalize cooperation agreements are

advancing positively. On average, 120 artisanal miners from the Lomas Doradas community work in

mineral extraction at Lucero throughout the year. The cooperation agreements will ensure a unified and

coordinated approach to mineral extraction and the associated ore mined by Lomas Doradas will be sold

to Element79, to then resell.

Element79 Gold Corp continues to maintain a presence in the community for social outreach and

communication, with its team touring between the remote towns that make up Chachas, helping and

gaining a greater understanding of the unique perspectives, concerns and opportunities for coop eration

in each location. During May, the team recently had the privilege to be invited to participate in a Vicuñ a

Shearing ceremony, further highlighting the growing relationship with local communities. This sustainable

practice celebrates the collection of vicuña wool, one of the world's most valuable fibers.

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The Company continues to prioritize sustainable development initiatives, including ongoing social

awareness efforts to inform the community about the positive impacts anticipated from the project and

the work that will be carried out, along with responsible practices that will be implemented.

Element79 remains dedicated to advancing its shareholder’s interest through value creation, sustainable

development and community empowerment where it operates. Further updates on these important

contracts and other social developments will be provided in due course.

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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 2024.

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 Portf o l i o a r e u n d e r c o n t r a c t f o r s a l e t o V a l d o

Minerals Ltd., with an anticipated closing date in the first half of 2024.

The Company holds 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.

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: [email protected]

For investor relations inquiries, please contact:

Investor Relations Department

Phone: +1.403.850.8050

E-mail: [email protected]

Cautionary Note Regarding Forward-Looking Statements

This press contains "forward-l ooking information" and "forward-looking statements" under applicable

securities laws (collectively, "forward-l ooking 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

considering 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-l ooking 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",

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"intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical

fact and may be "forward-l ooking 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-l ooking statements are reasonable, but no assurance can be given that these expectations will

prove to be correct and such forward-l ooking 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.