Element 79 Gold Corp. announced that, further to its November 17, 2022 release announcing that the Company had entered into a non-binding leter of intent (the "Valdo LOI") with Valdo Minerals Ltd. ("Valdo"), the par es have mutually agreed to a 60-day extension to the exclusivity period to enter into a definitive agreement for the sale of three properes from its Batle Mountain Por olio located in the northeastern Nevada, US. The other terms of the LOI, as announced by the Company on November 17, 2022, remain unchanged.

Valdo to acquire 100% interests and obligaon in: The North Mill Creek Project - comprised of 6 unpatented claims located at the margins of the Goat Window in Lander County, Nevada, an exposure of lower plate rocks beneath the Roberts Mountains Thrust, the preferred carbonate host of Carlin-type gold deposits. The Elder Creek Project - comprised of 23 unpatented claims, which cover the historic Elder Creek open-pit mine in Lander County, Nevada. According to the revised exclusivity period, the transac on is expected to close by July 15, 2023.

The Batle Mountain Por olio was originally comprised of 15 separate projects totaling over 44,478 acres across 2,203 unpatented claims in five shall es: Elko County, Eureka County, Humboldt County, Lander County, and Nye County. Most of the Batle Mountain Por olio is located within the Batle Mountain Trend, with several projects close to globally reputable gold deposits including Nevada Gold's Cortez Mine. The Batle Mountain Por Olio is comprised primarily of early-stage projects.

While drilling has been completed at some projects, such as Elder Creek (155 holes) and Clover (104 holes), many have only surface sampling and geophysical surveys completed. Of par cular note are the Long Peak, Elephant, Elder Creek, North Mill Creek, Clipper, Pipeline South, West Cortez, and Wal Projects, which are interpreted to lie along the northwest trending fault that hosts the high-grade Pipeline deposit, which is included in Nevada Mine.