GOLD79 MINES LTD - AUSVF STOCK NEWS

Gold79 Mines has initiated a new drilling program at its Gold Chain Project in Arizona. The program consists of seven core holes totaling approximately 1,000m, following up on successful 2023 drilling results. The first hole will test below previous Hole GC23-28, which yielded 51.1 g/t Au over 9.1m. The program aims to test the Tyro Main structure and provide additional geological context to previous drilling work. Previous significant results include 44.2m at 2.10 g/t Au in hole GC23-23 and 21.2m at 1.73 g/t Au in GC21-16. The company plans a follow-up program in Q1 2025, leading to a maiden resource estimate.

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) has announced key management changes and an increase in its private placement financing. Quentin Mai has been appointed as President and Brodie Sutherland has joined the board of directors, effective October 15, 2024. Derek Macpherson has become Executive Chairman while remaining CEO, and Gary Thompson has stepped down as Executive Chairman but remains on the board.

Due to investor demand, the company is increasing its current private placement financing to up to $6,000,000 from $4,000,000. The amended non-brokered offering will comprise up to 24,000,000 units at $0.25 per unit. Each unit includes one common share and one-half common share purchase warrant. Proceeds will be used for exploration expenditures, property costs, transaction costs with Bullet Exploration Inc., and working capital.

Derek Macpherson has acquired 240,000 units of Gold79 Mines (AUSVF) in a private placement that closed on October 9, 2024. Each unit, priced at $0.25, consists of one common share and one-half warrant, with the total purchase amounting to $60,000. The warrants are exercisable at $0.40 per share until October 9, 2026. Following this acquisition, Macpherson and joint actors' ownership decreased from 7.7% to 6.3% of outstanding shares on an undiluted basis. If all warrants and stock options were exercised, their ownership would represent 10.4% on a partially-diluted basis. The securities are subject to a hold period expiring February 10, 2024. Macpherson acquired these securities for investment purposes and may adjust his holdings based on market conditions and other factors.

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) has closed the first tranche of its $4,000,000 non-brokered private placement, raising $2,190,000 through the issuance of 8,760,000 units at $0.25 per unit. Each unit includes one common share and one-half common share purchase warrant. The company is now preparing for a 1,000m core drilling campaign at its Gold Chain project in Arizona, expected to commence later this month.

The funds raised will be used for exploration expenditures, property costs, and working capital. This financing is part of Gold79's proposed amalgamation with Bullet Exploration Inc., aiming to create a well-funded gold exploration company focused on the southwest United States. The transaction is expected to result in Gold79 and Bullet shareholders holding approximately 54% and 46% of the combined company, respectively.

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) announces a non-brokered private placement to raise $4,000,000 in connection with its proposed amalgamation with Bullet Exploration Inc. The offering comprises 16,000,000 units at $0.25 per unit, each including one common share and half a warrant. Warrants are exercisable at $0.40 per share for 24 months. The first tranche is expected to close around September 30, 2024. Proceeds will fund exploration at Gold Chain, Arizona, and potentially Bullet's Jefferson North project. The transaction aims to create a well-funded gold exploration company focused on the southwest United States, with existing Gold79 and Bullet shareholders holding approximately 54% and 46% respectively post-merger.

Bullet Exploration Inc. (TSXV: AMMO) and Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) have entered into a definitive amalgamation agreement. Gold79 will acquire all issued and outstanding shares of Bullet, creating a well-funded gold exploration company focused on the southwest United States. Key points:

• Bullet shareholders will receive 1 Gold79 share for every 3 Bullet shares
• Existing Gold79 and Bullet shareholders will hold 54% and 46% respectively of the combined entity
• Gold79 plans to raise C$4,000,000 in connection with the transaction
• The combined entity will focus on delivering a maiden resource at Gold Chain project in Arizona, exploring Jefferson North in Nevada, and advancing the Jefferson Canyon project with Kinross

The merger aims to create a multi-project SW US Gold Explorer with improved financial strength and operational synergies.

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) and Bullet Exploration Inc. (TSXV: AMMO) have entered into a definitive amalgamation agreement, creating a well-funded gold exploration company focused on the southwest United States. Under the terms of the transaction, Bullet shareholders will receive one Gold79 share for every three Bullet shares held. The combined entity will focus on:

1. Delivering a maiden resource at the Gold Chain project in Arizona
2. Exploring the newly acquired Jefferson North Gold-Silver project in Nevada
3. Advancing the Jefferson Canyon project in Nevada with partner Kinross

The transaction includes a planned C$4,000,000 equity financing and is expected to close by November 30, 2024, subject to regulatory approvals and shareholder consent.

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) has received an Acceptance Letter from the United States Forest Service (USFS) for its Plan of Operations (POO) to explore the Jefferson Canyon Project in Nevada. This marks a positive step in the permitting process, although drilling has not yet been approved. The next steps include public consultation, state heritage agency review, and other assessments before a final decision and bonding.

The Jefferson Canyon project, located 7 km from Kinross's Round Mountain operations, has 145 historical drill holes with promising results. Gold79 entered an Exploration and Option agreement with Kinross in 2022. While there's a possibility of drilling in 2024, it's more likely that the permitting process will extend beyond this year.

Additionally, Gold79 has issued 306,396 common shares related to a US$48,000 payment for its Gold Chain project option agreement.

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) has announced its intention to issue 306,396 common shares to fulfill a US$48,000 (CAD$66,024) share payment obligation. This payment is part of an option agreement for a portion of the company's Gold Chain project in Arizona. The issued shares will be subject to a four-month and one-day statutory hold period from the date of issuance. The transaction is pending TSX-V approval.