Element79 Gold Corp Announces Execution of Definitive Agreement to Acquire Gold Mountain Project in Nevada

(TheNewswire)

Vancouver, BC – TheNewswire - August 1, 2025 – Element79 Gold Corp.
ELEM ELMGF (FSE: 7YS0) ("Element79 Gold", the
"Company") is pleased to announce thatit has executed a definitive Asset Purchase Agreement (the“Agreement”) dated July 31, 2025, with Donald James McDowell (the“Vendor”) for the acquisition of a 100% interest in the GoldMountain Project located in Lander County, Nevada.

The Gold Mountain Project consists of 34 unpatentedmining claims covering highly prospective ground in the heart ofNevada’s Battle Mountain trend. Under the terms of the Agreement,Element79 Gold, through its wholly owned subsidiary ELEM BattleMountain LLC, has agreed to acquire all rights, title, and interest inthe Gold Mountain assets in exchange for the issuance of 100,000,000common shares of the Company at a deemed price of C$0.02 per share, aswell as a cash payment of US$137,485.85 payable following the closingof the Company’s next equity financing.

As part of the transaction, the Vendor will retain a 3%Net Smelter Return (NSR) royalty on all future mineral production fromthe project. This arm’s length transaction isnot considered a fundamental change for the Company.  No finder’sfees will be paid in conjunction with the transaction. The CompanyWill ensere that all required regulatory Filings are made in regardsto this transaction.

Full details of the acquisition are available in theAsset Purchase Agreement filed on SEDAR+.

James Tworek, CEO of Element79 Gold,commented:

“This acquisition marks a significant step inadvancing our strategic focus in Nevada. The Gold Mountain Projectprovides a drill-ready opportunity with strong geological fundamentalsin one of the most prolific gold regions in the world. Our technicalteam is preparing an exploration program for later this year to beginunlocking the value of this asset.”

About Element79 Gold Corp

Element79 Gold Corp is a mining company focused on goldand silver exploration, with a portfolio of assets in Nevada and Peru.The Company is actively advancing its Elephant project in the BattleMountain trend of Nevada, as well as the drill-ready Gold Mountainproject in Battle Mountain, Nevada. The Company also holds an optionto purchase the high-grade Lucero mine in southern Peru.  Element79 Gold has completed the transfer ofits Dale Property in Ontario to its wholly owned subsidiary, SynergyMetals Corp., and is progressing through the Plan of Arrangementspin-out process. Element79 Gold is listed on
the Canadian Securities Exchange ELEM, the Frankfurt Stock
Exchange (FSE: 7YS0), and the OTC Markets ELMGF.

Investor Relations Contact:

Investor Relations Department

\Email: investors@element79.gold

Phone: +1.604.319.6953

Corporate Contact:

James C. Tworek, Chief Executive Officer andDirector

Email: jt@element79.gold

Cautionary Note Regarding ForwardLooking Statements

This press release contains forward-looking statementswithin the meaning of applicable securities laws. The use of any ofthe words "anticipate," "plan,""continue," "expect," "estimate,""objective," "may," "will,""project," "should," "predict,""potential" and similar expressions are intended to identifyforward-looking statements. In particular, this press release containsforward-looking statements concerning the Company’s explorationplans, development plans and the Force Majeure Event. Although theCompany believes that the expectations and assumptions on which the forward-looking statements are basedare reasonable, undue reliance should not be placed on thesestatements because the Company cannot provide assurance that they willprove correct. Forward-looking statements involve inherent risks anduncertainties, and actual results may differ materially from thoseanticipated. Factors that could cause actual results to differ includeconditions in the duration of the Force Majeure Event, and receipt ofregulatory and shareholder approvals. These forward-looking statementsare made as of the date of this press release, and, except as requiredby law, the Company disclaims any intent or obligation to updatepublicly any forward-looking statements.

Neither the Canadian Securities Exchange nor the MarketRegulator (as that term is defined in the policies of the CanadianSecurities Exchange) accepts responsibility for the adequacy oraccuracy of this release.

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