Element79 Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Element79 Gold is a gold and silver mining company focused on revenue generation, committed to maximizing shareholder value through responsible mining practices and sustainable project 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 five 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 portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the first half of 2024. The Company has also signed an option agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an inferred resource of 3.71 million ounces gold equivalent (1.37 million ounces Au and 175 million ounces Ag), and anticipates completing this sale end of May 2024.

In British Columbia, Element79 Gold has executed a letter of intent and financed a drilling program to acquire a private company that holds the option to a 100-per-cent interest of the Snowbird high-grade gold project, which consists of 10 mineral claims located in central British Columbia, approximately 20 kilometres west of Fort St. James.

The Company has an option to acquire a 100-per-cent interest in the Dale property, 90 unpatented mining claims located approximately 100 kilometres southwest of Timmins, Ontario, and has recently confirmed that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp., and is advancing through the plan-of-arrangement spinout process.

The Company’s Executive Team, Board of Directors and Special Advisors are a group of Global Mining Industry Professionals who have constructed premiere mining companies in the past and are looking to replicate their success with Element79 Gold.

Growth Catalysts

Element79’s core strategy is to bring operations cash flowing in the near term and then use the non-dilutive cash flow to fund operations, exploration and engineering for mine optimization.

• Lucero: Bring into production previously-producing, high-grade gold and silver poised to be brought back into production in 2024
• Continue asset sales from Canada and Nevada portfolio to generate assets and capital for operations, financial optimization
• Clover and West Whistler exploration and drilling to develop resource values in 2024-2025

FLAGSHIP PROJECT

Lucero Project, Arequipa, Peru

The past-producing Lucero Mine (“Lucero”), one of the highest-grade underground mines in Peru’s history at grades averaging 19.0 g/t Gold Equivalent (“AuEq”) (14.0 g/t gold and 373 g/t silver). In its past 5 years of production ending in 2005, it produced in excess of 40,000oz AuEq annually.

Assays from March 2023 yielded 21-ore-grade and high-yield up to 11.7 oz/t gold and 247 oz/t silver from underground workings, further validating the potential for a significant high-grade future operation.

The Company’s 2023 work program achieved above-ground and underground mapping, and channel sampling of 500+ samples from the Project’s underground workings.

Notable chip-sample assays from 2023 include high-yield values measuring up to 11.7 oz/t Au and 247 oz/t Ag. There are also significant lead, manganese and copper inclusions in the samples.

Lucero Strategy

Permitted, Clear Runway to Revenue Generation in 2024

• Permitted for 350tpd ore extraction today
• January 2024 – The Company signed a Letter of Intent (LOI) with Compañía de Minas Buenaventura (NASDAQ: BVN) for 200tpd commercial offtake starting mid-2024, reinforcing commercial potential of generating non-dilutive cash flow to fund corporate operations and exploration initiatives across the Company’s portfolio of projects.
• Q1/24 – Bring historical and previous Company work on site (mapping, channel sampling) into models, allowing for underground and surface-level drilling programs in Q2/24 that will feed a minimum 200tpd mine plan.
• Q2-Q3/24 – Begin ore extraction. Continue drilling to develop resource estimates, Preliminary Economic Assessment (PEA) and construction decision standards for building sorting, milling and concentrating facilities on the Company’s own property in order to improve mid-term economics.

Management

Management and Directors

James C. Tworek, MBA, BA, Chief Executive Officer and Director

Teambuilding Leader with 25 years in Commercial Banking and Corporate Finance, Private Equity and Venture Capital

Has raised and funded tens of millions of dollars for development projects

Leadership in founding and growing teams in diverse industries

Board and Management experience with several publicly-traded companies since 2018

Board Member of GL, FONC

Advisor to GLDR and MUZU

Tammy Gills, CPA (CMA), BSc., Chief Financial Officer

Extensive work as CFO, controller for multiple private and public companies for 20 years.

Core proficiency in Mining and Natural Resource Exploration industries

Kim M. Kirkland, JORC Fellow, Chief Operating Officer

Has held executive and lead engineering roles with some of the world’s largest mining companies. Barrick Gold Corp., Rio Tinto Group, MMG Ltd., Amec Foster Wheeler PLC, McEwen Mining.

Project lead with extensive South American experience, who can proficiently lead exploration programs and mining operations through milling, extraction/concentration and optimization/beneficiation.

Antonios (Tony) Maragakis, PhD, MSc., PMP, Director

Mining-focused Project Manager and Civil Engineer who has built, optimized and operated mines globally throughout his career.

Currently CEO and Co-Founder of MFD Holdings and CEO of Zenith Resources (TSXV:ZENI).

Has held Management and Director level positions overseeing multi-billion-dollar project portfolios globally.

Barrick Gold Inc., Skeena Resources Ltd., Freeport McMoRan Inc., Eldorado Gold Corp., Koch Industries.

Neil Pettigrew, QP, M.Sc., P.Geo., Director

Over 20 years of experience in mineral exploration

Currently serves as Vice President Exploration and director at Palladium One Mining Inc.

Zara Kanji, CPA (CGA), Director

Founder of Zara Kanji & Associates CPA firm

Over 18 years of public company board experience

George Tumur, MSc., BSc., Director

Mining, Investment Funding and Government Relations Specialist

Shane Williams, M.Sc., B.Eng., Strategic Advisor

CEO at West Red Lake Gold

COO at Skeena Resources Limited

Warren Levy, Advisor

Sustainable Development Leader to Bolster Element79's Strategic Vision

News Update

On November 13, 2024, Element79 Gold Corp. has provided progress updates regarding the Lucero project in Arequipa, Peru, following recent engagement with both state regulatory authorities and community representatives. Field activities and Regional Directorate of Energy and Mines, Arequipa, collaboration.

On Nov. 2, 2024, Element79 initiated field activities in co-ordination with the Regional Directorate of Energy and Mines (DREM) in Arequipa, working directly with engineer Ivan Prado, regional manager for energy and mines for the state. The company has been actively supporting the social, technical and environmental foundations of the Minas Lucero project through DREM's institutional channels. As part of this effort, Element79's team has related and received confirmation through these meetings that the time is of the essence and that the collective effort of all interested parties is to complete key contracts before the end of 2024.

Project progress and next steps: Element79 remains committed to supporting formalization and fostering community relationships as the three phases of Minas Lucero project advance: exploration of the 67 unexploited veins and the high-sulphidation target; production from existing open veins (artisanal and by the company); and tailings reprocessing.

In the coming weeks, as Element79 continues its strategic engagements with DREM, JAL and Chachas community stakeholders, discussions are aimed at concluding contracts in the immediate future while maintaining a co-operative approach with local authorities to support the company's exploration, mining and tailings reprocessing efforts, formalization efforts, and foster constructive community relations.

On October 30, 2024, Element79 Gold Corp announced that it will be giving an update on the Emerging Growth Conference on October 30, 2024.

The next Emerging Growth Conference is presenting on October 30, 2024. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company’s Ceo and Director, James Tworek, in real time.

October 25, 2024, Element79 Gold Corp. is launching a non-brokered private placement of up to 10 million units, at a price of 10 cents per unit for gross proceeds of up to $1-million. The units will consist of one common share of the company and one share purchase warrant. Each warrant will be exercisable by the warrant holder to acquire one additional share at a price of 15 cents for a period of 24 months from the closing of the offering.

Element79 will use the net proceeds from the offering with a targeted 70 per cent to be invested into projects (85 per cent Lucero, 15 per cent Clover), 15 per cent for corporate operations/audit and 15 per cent to investor relations/marketing.

On October 24, 2024, Element79 Gold Corp. has made additional progress toward obtaining approval of its surface rights contract at the Lucero project in Peru, through continuing community engagement and recent approval at the Chachas General Assembly.

Since acquiring the Lucero mineral rights in mid-2022, Element79 Gold has actively engaged with the Chachas community to secure support critical for project success. On Oct. 6, 2024, after more than 18 months of outreach and collaboration, the company received over 75 per cent approval from the community for its operational initiatives. This approval paves the way for the negotiation of a five-year revolving surface rights access agreement.

Element79 chief executive officer and director James Tworek stated: "While we are seeing snow start in Nevada for the year, and being in the final queue towards completing our surface rights contracts with Chachas and Lomas Doradas, we turn our attention to advancing the most tangible near-term resource development and revenue generation project in our portfolio, the Lucero tailings, to work on through the winter. We believe the data gathering for this project will be fastest and easiest to achieve given the four piles of tailings are easily accessible for auguring. While the lab tests, metallurgy and testing of innovative technologies to process the tailings are under way, the planning of work flow on the project from building the plant to processing and retiring the tailings in their final resting places will carry on through the winter, along with processes to permit the construction of the plant. We are excited to get started on this high-value initiative, and will be reporting through its multiple processes unfolding over time."

On October 09, 2024, Element79 Gold Corp. has made significant progress in its continuing community engagement efforts with the community of Chachas, Peru, near the company's Lucero project. These efforts are part of the company's broader strategy to align mining operations with sustainable community development and long-term value creation.

On Oct. 6, 2024, Element79 representatives, including Rolando Hinostroza and Cesar Cuadros, addressed over 1,000 residents at a semi-annual general assembly held in the annex of Huarocopalca.

This event was a key step in strengthening the relationship between the company and local stakeholders. The Element79 team was successful in advancing dialogue, as part of the approval process of the company's surface rights access for restarting the Lucero mine. Included in this general dialogue is the prospect of building a processing plant, subject to final terms being agreed to.

James Tworek, Element79 Gold chief executive officer and director, stated: "We are grateful to have reached this important milestone with the community. It is a complex process building relationships, trust and mutual understanding. This vote in our favour shows that the majority of the greater Chachas community is pro-mining and pro-Element79 in concept today. We will be proceeding with final negotiations, with the end goal being our enhanced investment in operations at Lucero, cognizant that past mining operators in the region have left precedents leading to hard feelings, and since that era, there is a contingent of local miners who have been working independently of mineral right holders for over a decade. We are comparatively new to the region, with the intent to abide by the federal and state rules as we restart operations at Lucero. Element79 Gold Corp. is committed to working with the local miners to help improve the conditions of the mine operations, and the techniques used at Lucero to optimize production while upholding the federal standards." Mr. Tworek continued: "Building up to this general assembly meeting, our community team has been working earnestly for months, building and sharing with many residents of the greater Chachas community. It is a testament to their experience and hard work to have reached this formal point of community approval of the company's rights, presence and intentions, and we look forward to whittling down terms to final contracts and timing to get back to work at lucero in the most efficient and effective way possible."

On October 07, 2024, Element79 Gold Corp. intends to settle an aggregate of $987,115 of indebtedness owing to certain creditors of the company through the issuance of 7,593,190 common shares in the capital of the company at a price of 13 cents per common share.

The company intends to complete the debt settlements to preserve the company's cash for working capital. The debt being settled is on account of accrued management fees to directors of the company as well as other consulting and service provider fees. All securities proposed to be issued in connection with the debt settlements will be subject to a statutory hold period of four months and one day from the date of issuance. The company has entered into debt settlement agreements, dated Oct. 4, 2024, with each of the creditors. The debt settlements are expected to close concurrently on or about Oct. 15, 2024, subject to customary closing conditions, including, but not limited to, finalizing all contractual documentation and the receipt of all applicable regulatory approvals, as applicable, including compliance with the policies of the Canadian Securities Exchange.

On September 26, 2024, Element79 Gold Corp. has signed a letter of intent (LOI) with SMRL Palaza 16, marking a significant milestone in the company's strategic efforts to restart the Lucero mine and concentrate its focus in the Arequipa, Peru, region. This agreement represents a unique and substantial economic opportunity for both parties involved, with multiple additional social and environmental benefits for the local region and community.

Under the terms of the LOI, Element79 Gold will have the exclusive right to purchase and process approximately 1.3 million tons of tailings currently controlled by Palaza. These tailings, a byproduct of previous mining activities at the Shila and Paola mines (now known as the Lucero mine), present a valuable resource for reprocessing for commercial benefit, to co-operatively strengthen regional and community ties via Palaza's long-term relationships in the region, as well as the tailings project stands to become a stronger foothold for the company's mining operations in the region immediately surrounding the Lucero mine.

On September 24, 2024, Element79 Gold Corp. has released results from the annual general and special meeting (AGSM) held on Sept. 23, 2024. George Tumur has resigned from the company's board of directors.

The company held its AGSM on Sept. 23, 2024. A total of 17,353,815 common shares were voted at the AGSM, representing 20.38 per cent of outstanding common shares of the company. Shareholders voted in favour of all items of business before the AGSM, including the election of all director nominees and the appointment of the auditor.

At the AGSM, Mr. Tumur did not stand for re-election to the company's board of directors. At this time, Element79 has not replaced Mr. Tumur and will look for a suitable replacement in the future. The company would like to thank Mr. Tumur for his time, contributions and support.

On September 18, 2024, Element79 Gold Corp. has appointed Kevin Arias to the company's advisory board.

With over two decades of experience across industries such as mining, energy and corporate finance, Mr. Arias brings a wealth of knowledge and expertise to the company. His strong background in business development, investor relations, securities and corporate communications, combined with a proven record in raising over $100-million since 2008, positions him as a valuable addition to the Element79 team.

Mr. Arias currently serves as managing director at Maple Grove Capital Inc., where he has honed his skills in navigating the complex landscapes of upstream energy, mining and metals sectors. His prior roles include vice-president of corporate relations for Red Eagle Mining, Black Eagle Mining and Slater Mining, as well as positions with Dundee Securities Corp. and Scotia McLeod, further showcasing his versatility and leadership within the industry.

James Tworek, chief executive officer of Element79, commented: "We are thrilled to welcome Kevin to as an adviser to our board. His extensive experience in corporate finance and investor relations will be instrumental as we continue to grow and achieve new milestones for the company."

On September 10, 2024, Element79 Gold Corp. has provided an update for its Clover project in Elko county, Nevada, and its portfolio of exploration and development projects in Nevada, United States.

Through deliberation, forecasting and strategic planning, the company has chosen to focus its efforts on two projects at this time:

• The high-grade, past-producing Lucero mine in Arequipa, Peru, with exploration and development efforts centred around bringing production on line in 2025;
• Retaining only Clover, in the Battle Mountain region in Nevada, the company's most-advanced-stage exploration project in Nevada.

Element79 Gold's chief operating officer, Kim Kirkland, commented: "We have spent a significant amount of time and effort visiting and reviewing historical information available on Clover. We are convinced of the project's resource development potential and are eager to embark on our 2024 to 2025 work programs, which we believe will unlock significant value for our shareholders. The historical development of significant resources and the number of functioning mines in the Battle Mountain region are major drivers for us to see Clover as a key development asset. I'm pleased to be advancing this exciting project in this world-class mining region."

On September 09, 2024, Element79 Gold Corp. has entered into a definitive agreement to sell a 100-per-cent interest in the Elder Creek, North Mill Creek and Elephant projects, all located in Lander county, Nevada, to 1472886 B.C. Ltd., a private British Columbia-based company.

The transaction, which is a strategic decision by Element79 Gold to streamline its asset portfolio and focus on its core projects, involves the transfer of all rights and obligations, including historical data and core materials in the following properties:

• Elder Creek project: six unpatented claims;
• North Mill Creek project: 23 unpatented claims;
• Elephant project: 197 unpatented claims.

As part of the agreement, Element79 will receive a non-refundable cash payment of $45,200 (U.S.) and an aggregate of five million common shares of Newco at a deemed price of 10 Canadian cents per share, for total consideration of $545,200 (Canadian).

On August 22, 2024, Element79 Gold Corp. announced that several updates related to its Nevada Portfolio:

Highlights of Element79’s Nevada portoflio since acquisition in 2021:

• A portfolio of 16 projects was acquired as an “all or nothing” package from Waterton Global Resource Management in December 2021. The Company has subsequently reviewed, updated and expanded historical data sets, and ultimately divested of many projects with an eye to generate shareholder value.
• Two projects sold to Centra in 2023 – Stargo and Long Peak. Long Peak 43-101 expected to be complete during late summer 2024.
• The Company made the strategic decision to not renew the claims on eight projects due to being very early stage and outside of the Company’s parameters to work on; data rooms for these projects were retained.
• The Maverick Springs project was purchased with a 1,8M oz AuEq Historical Reosurce, which the Company reviewed, reworked and increased the Mineral Resource Estimate to 3,71Moz AuEq. Maverick Springs was sold to Sun Silver on May 8, 2024, with cash received being used to pay off debts and accounts payable; the Company retained 3,500,000 shares of Sun Silver Limited (ASX:SS1) at 0.20 AUD as an investment in the development of the Maverick SPrings asset. The Company will hold and divest of these shares strategically over time.
• Valdo portfolio – Original option expired. In discussions with multiple counterparties for sale of the same projects, anticipated closing in 2024.
• Clover, West Whistler – portfolio under review, currently in discussions with third parties to sell

On July 25, 2024, Element79 Gold Corp. has received confirmation that the Chachas community has reached an agreement to complete the ratification of its charter this past weekend. This agreement was reached at an auxiliary community meeting held in the neighbouring community of Orcopampa.

As described previously, this was the key step for Chachas to be able to then complete further contracts and tenders. Due to timing restrictions, no further tenders or contracts were completed or awarded during the auxiliary meeting.

Element79 Gold's community relations team is working on an additional on-site campaign this month with specific deliverables due, including confirmation from Chachas as to specific timing for agreements with the company to be reviewed and completed. Element79 Gold will continue its monthly efforts with Chachas leadership to steward its Lucero project advancement as a win-win priority, and looks forward to a long and prosperous business relationship with the stakeholders of Chachas and in the community.

On July 12, 2024, Further to the previous financing announcement released on July 3, 2024, Element79 Gold Corp. has completed its first tranche of its placement for $288,815 of financing through its non-brokered private placement. This tranche of closing will see the company issue a total of 1,255,717 units for this tranche.

Element79 shall continue to seek funds, anticipating closing its final tranche of up to an aggregate of $450,000 within the following two weeks.

On July 04, 2024, Element79 Gold Corp. is raising up to $250,000 through a non-brokered private placement of units of the company at a purchase price of 23 cents per unit. Each unit will be composed of one common share of the company and one common share purchase warrant. Each warrant will be exercisable for one common share at a price of 35 cents per common share for four years from the date of issuance.

James Tworek noted, "We had several interested investors and business partners that were not able to be accommodated in the last round of financing, and we are pleased to be able to have them participate in this round."

The proceeds of the financing will be used for financing mineral lease fees, continuing community relations, contractual and exploration work in Peru, and general working capital.

On June 11, 2024, Element79 Gold Corp. has filed for an uplisting of its U.S. cross-listing from the OTC Pink to the OTCQB. Further, the company has completed significant cash payouts to creditors and debt holders, as well as entered into a debt settlement agreement to fully settle outstanding debts owed to creditors as well as for director services and corporate consulting services rendered. Highlights:

• The company has filed for an uplisting of its current OTC Pink cross-listed stock to the OTCQB.
• Aggressive reduction of debt and AP, dramatically improving the balance sheet for stronger financial health and helping set the stage for future financings.
• New shares for debt totalling $568,710.61 to clear quarterly board fees, payments to officers and management for backdated salary, and some creditors, priced at 23 cents, aligning these parties along with investors from the company's most recent capital raise.

May 15, 2024, Element79 Gold Corp. Welcomes the Successful initial public offering (IPO) of Sun Silver Ltd.

https://www.thenewswire.com/press-releases?id=1kZaFx5g4

May 14, 2024, Element79 Gold Corp. reports exceptionally high-grade results from underground sampling at its Lucero project, including samples up to 98 g/t gold and 2,034 g/t silver (sample 2508). Additional high-grade values continue to support the Lucero Project’s robust potential.

https://www.thenewswire.com/press-releases?id=1A0vF6Oe8

May 13, 2024, Element79 Gold Corp. Appoints Warren Levy to Advisory Board

https://www.thenewswire.com/press-releases?id=1kZaFxd2z

May 8, 2024, Element79 Gold Corp. has successfully exercised the binding option agreement with Sun Silver Ltd. (formerly Green Power Minerals Pty. Ltd.) for the closing of the sale of the Maverick Springs project to Sun Silver.

https://www.thenewswire.com/press-releases?id=1Be9FayNo

April 25, 2024, Element79 Elevating Community Relations: Discussing Pending Formalization with Artisanal Miners and Reporting on Social Initiatives Leading to Restarting Production at its Lucero Project

https://www.thenewswire.com/press-releases?id=1kVGFqRr8

April 23, 2024, Element79 Gold Corp. has released additional results from the most-recent underground and surface sampling at its Lucero property.

A total of 97 samples were sent for assays, 56 of which returned greater than 0.1 gram per tonne gold (up to 8.55 g/t gold and 523 g/t silver). Several samples were also rich in base metals (up to 23.7 per cent lead and 9.9 per cent zinc), all of which underscore the richness of the project and further support the Company's belief that a robust resource base can be delineated.

https://www.thenewswire.com/press-releases?id=1BQPFWDZr

April 18, 2024, Element79 Gold Corp. Confirms Oversubscribed Final Tranche of Equity Unit Offering Raising Over $867,000

https://www.thenewswire.com/press-releases?id=1BR1F5oEn

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