Mr. Derek Macpherson reports

GOLD79 APPOINTS QUENTIN MAI AS PRESIDENT AND BRODIE SUTHERLAND TO THE BOARD OF DIRECTORS AND INCREASES FINANCING TO $6 MILLION

Gold79 Mines Ltd. has appointed Quentin Mai as president of Gold79 and appointed Brodie Sutherland to the board of directors, effective Oct. 15, 2024, subject to TSX Venture Exchange approval. In conjunction, with these appointments, Derek Macpherson has become executive chairman and remains chief executive officer and Gary Thompson has stepped down as executive chairman. Both Mr. Macpherson and Mr. Thompson will remain members of the board of directors of the company, resulting in the board of directors increasing from four to five directors.

Additionally, due to investor demand, the company announces that it is increasing its current private placement financing to up to $6-million from $4-million. See the following for amended details of the offering.

Mr. Macpherson, chairman and chief executive officer of Gold79, stated: "We are excited by the very positive investor response to the proposed amalgamation with Bullet Exploration Inc. and our ongoing financing, which allows us to increase the size of the financing. Quentin and Brodie are expected to play key roles in attracting new investors to the current financing, and we believe their collective capital markets experience and technical knowledge are going to be great additions to the Gold79 team and make the company stronger going forward." Mr. Macpherson continued: "I would also like to thank Gary Thompson for his hard work as executive chairman over the last three years and as CEO prior to that. I look forward to his continued support as a director of Gold79."

Mr. Mai, newly appointed president of Gold79, stated: "It is an exciting time to join Gold79 with the expected amalgamation between Gold79 and Bullet Exploration Inc., creating a well-funded company that blends proven management with extensive capital markets expertise and advanced assets in a historically prolific Tier 1 jurisdiction. Having worked previously at Corvus Gold, whose main asset was also in the Walker Lane trend, I recognize the opportunities of this region. I am excited about the relatively short path to define a potential surficial maiden resource at Gold Chain."

Mr. Mai has over 25 years of capital market and corporate communication experience working with successful early-stage growth companies from mineral discovery to production. Mr. Mai spent over 10 years at Corvus Gold, from its founding to eventual sale to AngloGold Ashanti for $570-million. Corvus's North Bullfrog project forms a part of AngloGold's greater-than-10-million-gold-ounce greenfield projects being developed in Nevada. Prior to Corvus, Mr. Mai was vice-president, business development, for International Tower Hill from its inception to its peak valuation exceeding an $800-million market capitalization in 2010, helping to raise over $250-million.

Mr. Sutherland is a mineral exploration geologist and junior mining executive with over 17 years of experience exploring mineral deposits in over 20 countries. Mr. Sutherland specializes in economic geology and the development of exploration projects through to feasibility. He is a founding director of Tocvan Ventures Corp. and currently serves as president and chief executive officer. He previously held project manager positions at Highgold Mining in Alaska (2018 to 2022) and NxGold Ltd. in Nunavut and Western Australia (2016 to 2018); worked as a global consultant; and was vice-president, exploration, at Hunter Bay Minerals (2010 to 2012).

Amended private placement

Further to the amalgamation agreement, as amended, with Bullet Exploration announced on Sept. 4, 2024, Gold79 and Bullet have mutually agreed under the existing terms of the amalgamation agreement to amend the financing terms to be a minimum of $4-million, unless otherwise agreed by the parties, and up to $6-million.

The amended non-brokered offering will raise up to gross proceeds of $6-million, comprising up to 24 million units at a price of 25 cents per unit. Each unit will consist of one Gold79 common share and one-half common share purchase warrant of Gold79. Each whole warrant will entitle the holder to purchase one Gold79 common share at a price of 40 cents for a period of 24 months following the date of issuance; provided, however, that, if, following the date of issuance, the 20-day volume-weighted average trading price of the Gold79 common shares on the TSX-V or an alternative trading system is equal to or greater than 60 cents for any 10-consecutive-trading-day period, the company may, upon providing written notice to the holders of the warrants, accelerate the expiry date of the warrants to the date that is 30 days following the date of such notice. The warrants will contain provisions that prohibit the exercise by the holder, together with its affiliates, which would result in the holder, together with its affiliate, beneficially owning in excess of 9.99 per cent of the issued and outstanding Gold79 common shares immediately after giving effect to such exercise of the warrants.

As announced on Oct. 10, 2024, the company closed a first tranche of the offering raising gross proceeds of $2.19-million through the issuance of 8.76 million units. Other terms of the offering were announced on Sept. 11, 2024, and remain unchanged.

The offering is subject to approval by the TSX-V, and any securities issued under the offering will be subject to a statutory hold period of four months and one day from the date of issuance.

Proceeds raised in the offering will be used for exploration expenditures related to the Gold Chain project in Arizona; property claim costs and contractual property payments; costs associated with the transaction with Bullet, assuming the closing of the transaction with Bullet; exploration expenditures related to its Jefferson North project in Nevada; and for working capital and general corporate purposes.

The closing of additional tranches of the continuing and increased offering are not contingent upon the closing of the transaction between Gold79 and Bullet. There can be no assurances that the transaction will be completed and the proceeds from the offering may be used entirely by Gold79 whether or not the transaction is completed.

About Gold79 Mines Ltd.

Gold79 Mines is a TSX-V-listed company focused on building ounces in the southwestern United States. Gold79 holds a 100-per-cent-earn-in option to purchase agreements on three gold projects: the Jefferson Canyon gold project and the Tip Top gold project (both located in Nevada, United States) and the Gold Chain project (located in Arizona, United States). In addition, Gold79 holds a 32.3-per-cent interest in the Greyhound project in Nunavut, Canada, under joint venture by Agnico Eagle Mines Ltd.

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