Mr. Tim Swendseid reports

ELEVATION GOLD REPORTS Q2 2023 PRODUCTION RESULTS AND DIRECTOR CHANGE

Elevation Gold Mining Corp. has released production results for the three and six months ended June 30, 2023. The company expects to file its interim financial statements and management's discussion and analysis in August, 2023.

Second quarter 2023 highlights:

• Elevation Gold produced 6,788 ounces of gold from 721,187 ore tonnes processed with an average grade of 0.38 gram per tonne, approximately equal to the quantity of gold produced in Q2 2022.
• The company sold 6,839 ounces of gold during Q2 2023.
• Year to date 2023, the company sold 14,918 ounces of gold, an increase of 10 per cent over the gold sales in the comparable year-to-date period of 2022.
• Average mined grade increased from 0.39 g/t during the first half of 2022 to 0.41 g/t during the first half of 2023, a 5-per-cent increase.

Consolidated operational results summary

The attached table provides a summary of the company's operational statistics for the three and six months ended June 30, 2023.

Tim Swendseid, Elevation Gold's chief executive officer, stated: "Our second-quarter production reflected some fragmentation and crusher maintenance challenges, and the majority of the ore was sourced from West Pit. Moss's second half is forecasted to show improvement as we mine additional East Pit ore and move past the issues experienced in the first half. We remain confident in our guidance of 34,000 to 36,000 ounces of gold production for all of 2023. We have kicked off construction of our 3A-Ph2 leach pad, which will be completed in Q4 2023 and will provide sufficient leach pad capacity for ore production through 2025. Our collective Moss mine team had an outstanding half in terms of safety and are well prepared to carry out improvements throughout the remainder of the year."

Change in directors

At the company's annual general meeting of shareholders held on June 22, 2023, Geoff Burns did not stand for re-election as director, and Douglas Ward was elected to replace him.

Douglas Hurst, chairman of Elevation Gold, commented: "I would like to take this opportunity to thank Mr. Burns for his outstanding commitment and dedication to the company over the years. The board of directors appreciates everything he has done and wishes him every success in his future endeavours, and he has certainly left a positive mark on the Moss mine."

Mr. Ward has worked in the metals and mining industry for over 35 years, primarily in the silver, gold and copper production sectors. He was previously vice-president of technical services for Maverix Metals Inc., and he has held the positions of director of business development at Pan American Silver, vice-president of corporate development with Revett Minerals, business development manager/senior financial analyst at Coeur Mining, and technical analyst for N.M. Rothschild & Sons. Mr. Ward holds a BSc in mining engineering from the Colorado School of Mines and an MBA from the University of Denver.

Mr. Hurst added: "The board of directors is thrilled to welcome Mr. Ward to the company. He brings a wealth of experience in the mining industry and will be a valuable member of the team."

Qualified person

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

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. The company's principal operation is the 100-per-cent-owned Moss mine in the Mohave county, Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon county, Nevada.

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