Mr. Derek Macpherson reports

DEREK MACPHERSON ANNOUNCES CHANGES TO HIS HOLDINGS IN GOLD79 MINES LTD.

Derek Macpherson of Toronto, Ont., acquired personally 240,000 units of Gold79 Mines Ltd., comprising 240,000 common shares and 120,000 warrants, at a price of 25 cents per unit for a purchase price of $60,000, in a private placement that closed on Oct. 9, 2024. Each unit consists of one common share and one-half common share purchase warrant of the company. Each whole warrant is exercisable for 40 cents per share until their expiry on Oct. 9, 2026. All securities issued to Mr. Macpherson pursuant to the placement are subject to a statutory hold period which expires Feb. 10, 2024.

Immediately prior to the private placement, Mr. Macpherson and joint actors Kanaga Capital Corp. and Olive Resource Capital Inc. owned 1,725,400 common shares of the company, representing 7.7 per cent of the then-issued-and-outstanding common shares of the company. As a result of the private placement, Mr. Macpherson's and joint actors' ownership of the issued and outstanding common shares of the company decreased from 7.7 per cent to 6.3 per cent on an undiluted basis. In addition, if Mr. Macpherson and joint actors were to exercise all of their warrants and stock options of the company, they would own 3,374,150 common shares of the company, representing 10.4 per cent of the issued and outstanding common shares of the company on a partially diluted basis, assuming no further common shares of the company have been issued.

Mr. Macpherson acquired the securities for investment purposes. Mr. Macpherson may, depending on market and other conditions, increase or decrease his beneficial ownership of the company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions, and other available investment and business opportunities.

The disclosure respecting Mr. Macpherson's shareholdings contained in this press release is made pursuant to National Instrument 62-103, and a copy of the report in respect of the above acquisition will be filed with applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) and will be available on Gold79's SEDAR+ profile.