Element79 Gold Corp Provides Corporate Update with Focus on Peru, Nevada Projects

(TheNewswire)

Consistent progress towards near term renewal of surface rights access in Peru

December 10, 2024 TheNewswire - Vancouver, Canada - Element79 Gold Corp. (CSE: ELEM, FSE: 7YS0, OTC: ELMGF) is pleased to provide a progress update on some of its portfolio of mine projects in Peru and Nevada.  The Company has been periodically updating investors on its efforts to advance the Lucero Mine and Lucero Tailings projects while building strong partnerships with local stakeholders. Activities have been focused on generating a safe and profitable working relationship within Chachas and alongside the Lomas Doradas artisanal mining association.

Lucero - Key Activities and Progress Through November and December:

1. Engagement with Regional Government of Arequipa (DREM):

• Coordinated field activities starting November 2, including meetings with Ing. Iván Prado and the Arequipa DREM team.  Supported DREM's meeting at the Chachas Municipal Auditorium, which Element79 representatives attended.

• Initiated plans for in-situ meetings with key mining stakeholders in Chachas, scheduled throughout November and early December.

• Advanced documentation for 64 REINFO (Formalization Process Registries) applications with completed IGAFOM (Environmental and Safety Framework).

2. Collaboration with Chachas Authorities and Key Stakeholders:

• Met with Vice President of the Chachas community, Víctor Antonio Condorcahuana Taya, discussing collaboration and establishing groundwork for direct dialogues and completing contracts.

• On November 11, a pivotal community meeting involving key authorities and local organizations to align on partnership terms took pla ce. Terms have been tabled by Element79; awaiting responses.

3. Managing Risks and Leveraging Opportunities:

• Addressing local empowerment stemming from potential national-level REINFO formalization extensions, ensuring balanced agreements that respect community rights while enabling project access and development.

• Developing strategies to manage community concerns regarding tailings reclamation while focusing on securing agreements for land use and plant installations.

• Discussing local security and ongoing logistical, energy and personal security matters for miners and mining operations; community security through project expansion phases.

4. Immediate Results:

• The formal dialogue process between Element79 and the Chachas community began on November 11, aiming for community assembly validation of key agreements; negotiation terms from the Company have been outlaid and the Community and Lomas Doradas are working on responses.

• Redoubled requests for immediate term site access in 2024 for a 5–7-day review of existing mine and tailings site workings, current waste rock dumps and sampling leading to a refreshed 43-101 for Lucero using more recent/accurate data.

• Strengthened relationships with influential local leaders, such as the community's Vice President, to foster goodwill and ensure project continuity.

• Initiated enhancement of Chachas community infrastructure with advanced internet connectivity using Starlink technology.

James Tworek, CEO and Director of Element79 Gold Corp commented: "In late 202 3 the former leadership in Chachas had granted Element79 Gold Corp surface access to complete a brief work plan, and the term of that permit ended along with the end of the term of local leadership.  Despite consistent presence and effort in building with new community leadership in 2024, there have been challenges realigning the Company in the minds and schedules of both Chachas and Lomas Doradas.  This year's biggest challenge has been managing past expectations for site access, getting audience and attention with community leadership, versus the calendar.  Being in open discourse with both local parties at the negotiating table, mediated by the Arequipa state DREM as we are, is where we need to be to build forward and have better control of Lucero Mine and Lucero Tailings business plans unfolding in 2025 and beyond."

Lucero Mine and Lucero Tailings - Future Steps in Chachas

It is noteworthy that there is a seasonal end to the site access and activity at the Lucero project.  The rainy season in Arequipa begins in December, customarily signaling the annual end of mining activity, and continues through approximately March-April. .

Element79 Gold remains committed to progressing the Lucero Mine and Lucero Tailings Projects with the following immediate next steps:

• Continued engagement and dialogue with local annex authorities and stakeholders in Chachas to ensure alignment and shared value creation in 2025 and beyond.

• Continued collaboration with DREM to streamline formalization and approval processes between the Company, Chachas and Lomas Doradas.

• Feedback on the approval of the Company's redoubled request for a 5-7 day site visit to review the current workings and environmental status, to be accompanied by personnel from the Arequipa ARMA (environmental) and DREM (construction/logistical), is pending approval on December 14 th .

Context on Corporate Undertakings: Arequipa, Peru

LOI with Buenaventura: On January 30, 2024, the Company announced that it had signed an LOI with Compañía de Minas Buenaventura S.A.A. ("BVN").  While the LOI is still in effect, the Company has been advised by BVN that due to its ongoing Progressive Closure Plan relative to the former workings at the Lucero Mine, it is unable to accept product from those same workings, but should the Company open up new workings not included in the Progressive Closure Plan, there exists the potential to restart offtake discussions with BVN.

Lucero Ta i lings project: On September 26, the Company announced that it had secured an LOI for launching a tailings reprocessing business relative to the tailings generated from past commercial production at the Lucero mine.  The terms of the LOI are still in context, and the Company awaits completing its surface rights access contracts to be able to access and drill the tailings piles to pull comparative samples.  This tailings project, including generating a 43-101 compliant Mineral Resource Estimate and PEA on the tailings, is slated as a priority for 2025.

Context on Corporate Undertakings: Battle Mountain, Nevada

Sale of Nevada project package to 1472886 BC Ltd. : Announced on September 9, 2024 , the Company and the counterparty to the sale are working with their respective legal teams to close the sale of these assets in the most expeditious manner possible.

The Company looks forward to providing further updates on the above initiatives, in addition to further processes underway, as developments continue to unfold.

About Element79 Gold Corp.

Element79 Gold is a mining company with a focus on exploring and developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production at the mine and through reprocessing its tailings, in the near term.

The Company holds a portfolio of four properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The Company has retained the Clover project for resource development purposes and signed a binding agreement to sell three projects with an imminent 2024 closing date.

The Company also 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: 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 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 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‐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".

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.

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