Derek Macpherson Announces Changes to Holdings in Gold79 Mines Ltd.

Toronto, Ontario--(Newsfile Corp. - April 10, 2023) - Derek Macpherson announces that today, 5,250,000 common share purchase warrants (Warrants) of Gold79 Mines Ltd. (the Company), (held by Kanaga Capital Corp., a corporation he beneficially owns, Olive Resource Capital Inc., a corporation he is a director and officer of, and directly held by Derek Macpherson) expired unexercised representing a decrease in control of approximately 2.0% of the issued and outstanding common shares (Shares) of the Company on a partially diluted basis since the date of his last early warning report on November 21, 2022. Prior to the expiry of the Warrants, Mr. Macpherson beneficially owned and controlled along with Kanaga and Olive Resource, 11,799,000 Shares, 10,637,500 warrants exercisable for an equivalent number of Shares and incentive stock options for 1,300,000 Shares (Options) representing approximately 6.8% of the outstanding Shares on a non-diluted basis and 12.8% on a partially-diluted basis assuming the exercise of such warrants and Options. As a result of the expiry of the Warrants, Mr. Macpherson now owns and controls, along with Kanaga and Olive Resource, 11,799,000 Shares, 5,387,500 warrants exercisable for Shares and 1,300,000 Options representing approximately 6.8% of the outstanding Shares on a non-diluted basis and 10.2% on a partially-diluted basis assuming the exercise of such warrants and Options.

The securities of the Company are held for investment purposes. Each of Mr. Macpherson, Kanaga and Olive Resource has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell the securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Gold79 Mines Ltd is located at PO Box 279, Manotick, ON, K4M 1A3. A copy of the early warning report with respect to the foregoing will appear on Gold79 Mines' profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Macpherson's office at (416) 294-6713 (Kanaga Capital Corp., 20 Savoy Ave, Toronto ON, M4J 4E1 or Olive Resource Capital Inc., 82 Richmond Street East, The Canadian Venture Building, Toronto, ON M5C 1P1.).

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