Mr. Quentin Mai reports

GOLD79 CLOSES OVERSUBSCRIBED FINAL TRANCHE OF UPSIZED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $6,110,000

Gold79 Mines Ltd. has closed the final tranche of its previously announced $6-million non-brokered private placement financing, raising aggregate gross proceeds of $6.11-million through the issuance of 24,440,002 units at 25 cents per unit.

"This final tranche, which was oversubscribed, strengthens Gold79's position as it accelerates exploration and pursues opportunities to enhance shareholder value in a rising gold price environment," stated Quentin Mai, president of Gold79.

Gross proceeds from the final tranche were $610,000 through the issuance of 2.44 million units at 25 cents per unit. Each unit consists of one common share of the company and one-half common share purchase warrant. A total of 1.22 million whole warrants were issued in the final tranche, with each warrant entitling the holder to purchase one common share of the company at a price of 40 cents per share until Nov. 22, 2026. A total of 12,220,002 warrants were issued in the offering. The warrants are callable, at the option of the company, in the event that the 20-day volume-weighted average price of the company's common share meets or exceeds 60 cents for 10 consecutive trading days based on trades on the TSX Venture Exchange and alternative trading systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.

The warrants contain provisions that prohibit the exercise by the holder, together with its affiliates, which would result in the holder, together with its affiliates, beneficially owning in excess of 9.99 per cent of the issued and outstanding common shares of the company immediately after giving effect to such exercise of the warrant.

Details of the first tranche closing of the offering were included in Gold79's news release dated Oct. 10, 2024, and details of the second tranche closing of the offering were included in Gold79's news release dated Nov. 18, 2024.

No finders' fees were paid in connection with the final tranche of the offering. In connection with the first and second tranche closings of the offering, cash finders' fees of $57,213 were paid and 229,250 finders' warrants were issued. The finders' warrants are exercisable at 40 cents per share and expire two years from their issue date.

This offering is subject to the final approval of the TSX-V. All securities issued in the final tranche of the placement are subject to a statutory hold period until March 23, 2025.

Proceeds raised in the placement 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 Exploration Inc., assuming the closing of the transaction with Bullet; exploration expenditures related to the Jefferson North project in Nevada; and working capital and general corporate purposes.

About Gold79 Mines Ltd.

Gold79 is a TSX-V-listed company focused on building ounces in the southwestern United States. Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at its Gold Chain project in Arizona and advancing its Tip Top project in Nevada.

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