Toronto, Ontario--(Newsfile Corp. - October 10, 2024) - Derek Macpherson of Toronto, Ontario acquired personally 240,000 units of Gold79 Mines Ltd. ("Gold79" or the "Company") comprising 240,000 common shares and 120,000 warrants, at a price of $0.25 per unit for a purchase price of $60,000, in a private placement that closed on October 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 $0.40 per share until their expiry on October 9, 2026. All securities issued to Mr. Macpherson pursuant to the placement are subject to a statutory hold period which expires February 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% 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% to 6.3% 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% 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 (). A copy may be obtained by contacting Gold79 as noted under "Contact" below.