Element 79 Gold Corp. announced that is has completed an LOI with Compañía de Minas Buenaventura S.A.A. ("BVN") that is a significant stride toward realizing reanimating and generating revenue from its past-producing Lucero property, near Chachas, Arequipa, Peru. Key Terms of the LOI Under the terms of the LOI, Element 79 Gold and BVN have outlined several key points that promise exciting prospects for the Lucero property: Bulk Sampling Program: A Pilot Bulk Sampling Program is set to commence in mid- 2024, aiming to extract a minimum quantity of ore over a 12-month period, to be shipped to BVN's Orcopampa mill for processing.

Definitive Agreement: The parties are committed to negotiating a Definitive Agreement approximately 90 days before the Pilot Program's start. Quantity: ELEM will deliver an average of 200 tons per day of ore to BVN's Orcopampa facilities under the Pilot Program. Right of First Refusal: BVN has the exclusive right of first refusal to buy the ore produced by ELEM during the Pilot Program.

Purchase Price: The purchase price per metric ton of ore will be determined per delivery, after sampling and testing by BVN, based on industry standards and the LME (London Metal Exchange) pm price of the day. Delivery Schedule: Specific delivery schedules will be mutually agreed upon in advance, ensuring smooth coordination with Orcopampa's operations. Quality Control: Rigorous quality control mechanisms will be established to meet agreed-upon specifications.