Mr. Tim Swendseid reports

ELEVATION GOLD REPORTS IMPROVED FINANCIAL RESULTS FOR QUARTER ENDED MARCH 31, 2023, INCLUDING $17M IN TOTAL REVENUE

Elevation Gold Mining Corp. has released financial results for three months ended March 31, 2023. All figures are expressed in U.S. dollars unless otherwise noted.

Summary for the three months ended March 31, 2023:

• Elevation produced 7,889 ounces of gold and 43,709 ounces of silver for the three months ended March 31, 2023, a 26-per-cent increase over the three months ended March 31, 2022.
• The company generated total revenue of $17-million during the quarter, an increase of 25 per cent compared with the first quarter of 2022, on 8,078 ounces of gold and 71,286 ounces of silver sold. The average realized price of gold per ounce sold for the quarter was $1,906.
• Income from mine operations before depreciation and depletion of $4-million.
• Total cash costs per ounce of gold sold of $1,407 and all-in sustaining costs (AISC) per ounce of gold sold of $1,842.

Tim Swendseid, Elevation Gold chief executive officer, stated: "The positive mine operating income before D&D for the past three quarters reflects sustained improvement in production and costs, and during Q1 2023, we also improved our balance sheet, particularly with respect to current liabilities, which decreased from $25-million at the start of the quarter to $15-million at the end of the quarter. We continued to benefit from improved gold prices, which we expect will persist, and reiterate our sales guidance for 2023 of 34,000 to 36,000 ounces. In addition, we are very encouraged by the promising drilling results we previously announced for the Reynolds pit area and look forward to beginning the construction of our leach pad expansion during Q2 2023."

Consolidated financial results summary

The attached table provides a summary of the components of the company's net income (loss) for the three months ended March 31, 2023, and 2022. For further details, refer to the company's condensed interim consolidated financial statements and management discussion and analysis (MD&A) for the three months ended March 31, 2023.

Consolidated operational results summary

The attached table provides a summary of the company's operational statistics for the three months ended March 31, 2023, and 2022. For further details, refer to the company's MD&A for the same periods.

Qualified person

Unless otherwise indicated, the technical disclosure contained within this press release that relates to the company's operating mine has been reviewed and approved by Mr. Swendseid, chief executive officer of the company and a qualified person for the purpose of National Instrument 43-101.

Additional information

Full consolidated financial statements for the year ended Dec. 31, 2022, and 2021, and related MD&A for the same period can be found on SEDAR and the company's website.

Modifications to the operating line of credit, termination of gold stream facility and modification of silver stream agreement

The company is also pleased to announce it has increased an arrangement that provides Elevation Gold with a revolving credit facility originally announced by the company on Aug. 18, 2022. The net proceeds will be used for operating and capital expenditures at its wholly owned gold and silver producing Moss mine in Arizona and for general working capital purposes. Under the terms of the amended credit facility, the maximum principal amount available to the company was increased to $17.7-million, interest accrues on any unpaid principal at a rate of 10 per cent per annum and is payable quarterly in physical gold. Partial repayments of principal, of varying amounts, are required quarterly, beginning in Q4 2023 until paid off in its entirety in Q1 2025. The company may, at its option, at any time and from time to time, prepay without penalty or premium the credit facility, in whole or in part. In conjunction with the amendment of the credit facility, the company has completed all deliveries required by the gold stream facility originated in January, 2022, and that facility is now closed. Additionally, the company modified the silver stream agreement by eliminating the step-down that was to occur following the delivery of 3.5 million ounces. As of March 31, 2023, the company has delivered 1,217,142 ounces under the agreement.

About Elevation Gold Mining Corp.

Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. Elevation Gold's common shares are listed on the TSX Venture Exchange in Canada under the ticker symbol ELVT and on the OTCQX in the United States under the ticker symbol EVGDF. The company's principal operation is its 100-per-cent-owned Moss mine in the Mohave county of Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon county, Nevada.

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