Mr. Tim Swendseid reports

ELEVATION GOLD REPORTS FINANCIAL RESULTS FOR QUARTER ENDED JUNE 30, 2023, INCLUDING $14.9M IN TOTAL REVENUE

Elevation Gold Mining Corp. has released its financial results for three and six months ended June 30, 2023. All figures are expressed in U.S. dollars unless otherwise noted.

Summary for the three months ended June 30, 2023:

• Elevation produced 6,788 ounces of gold and 43,735 ounces of silver for the three months ended June 30, 2023.
• The company generated total revenue of $14.9-million during the quarter, an increase of 4 per cent compared with the second quarter of 2022, on 6,840 ounces of gold and 61,646 ounces of silver sold. The average realized price of gold per ounce sold (1) for the quarter was $1,946.
• Income from mine operations before depreciation and depletion of $800,000.
• On April 26, 2023, and May 24, 2023, the company announced results from reverse circulation holes that included an intercept of 225.6 metres with an average grade of 0.56 gram per tonne (g/t) gold (Au) and 2.77 g/t silver (Ag), and an intercept of 47.2 metres with an average grade of 0.38 g/t Au and 1.69 g/t Ag, respectively, in the Reynolds pit area.

Tim Swendseid, Elevation Gold chief executive officer, stated: "Moss experienced a challenging quarter as a result of very hard ore in west pit that led to inadequate fragmentation and adversely affected throughput and mining costs. The situation improved by quarters end and is expected to continue to improve through the remainder of the year as we incorporate ore from east pit and an area in west pit adjacent to the Mordor area. Both areas have demonstrated excellent fragmentation and have provided significantly positive production to model results thus far for both tonnage and grade. We expect to significantly benefit from high gold prices combined with strong production. We maintain our guidance for the year of 34,000 to 36,000 ounces and reiterate our expectation of a stronger second half. Additionally, as previously communicated, during this quarter, we announced some outstanding drill results in the Reynolds pit and are drilling additional holes there in Q3 to improve our outlook for 2024."

Consolidated financial results summary

The attached table provides a summary of the components of the company's net income (loss) for the three and six months ended June 30, 2023, and June 30, 2022. For further details, refer to the company's condensed interim consolidated financial statements and management's discussion and analysis (MD&A) for the three and six months ended June 30, 2023.

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, and June 30, 2022. For further details, refer to the company's MD&A for the same periods.

Non-IFRS (international financial reporting standards) performance measures

The attached tables represent the calculation of certain non-IFRS financial measures as referenced in this news release.

The company has calculated total cash costs, total AISC (all-in sustaining costs), and relevant per-ounce-of-gold unit rates consistently across each of the periods presented, and include period adjustments for the heap leach and dore impairment charges (and reversals), which were incurred in Q2 2023. These impairment charges and reversals can create fluctuations in reported amounts in the periods in which they are recorded.

Florence Hill exploration area

The company announces that all multielement assay determinations have now been received for the holes drilled by the company in the Florence Hill area. During 2022 and early 2023, the company drilled five holes and 3,142 metres in the combined Florence Hill, Hardy Vein and Grapevine areas, targeting hydrothermal systems and anomalies identified by 2022 aerial geophysical surveys. The results in multiple holes demonstrated intensive alteration with depth, akin to signatures expected from a porphyry system, although the company does not feel the holes were of sufficient depth to fully test the area, in particular the Florence Hill area. Short intercepts of gold and silver were encountered by the core holes, indicating the potential for intersecting deeper economic mineralization. Positive results warrant further exploration.

Grant of deferred share units

The company announces that on Aug. 14, 2023, the board of directors of the company approved the grant of 1.2 million deferred share units (DSUs) to certain directors of the company pursuant to its equity incentive compensation plan. The DSUs are subject to the terms of the plan and the policies of the TSX Venture Exchange.

Qualified persons

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

Unless otherwise indicated, the technical data contained in this news release that relate to geology, exploration and mineral resources have been reviewed and approved by Ron Kieckbusch, CPG, consultant to Elevation Gold. Mr. Kieckbusch is a qualified person as defined by NI 43-101 and is responsible for the Moss regional and Hercules exploration properties.

Additional information

Full condensed interim consolidated financial statements for the three- and six-month periods ended June 30, 2023, and June 30, 2022, and the related MD&A for the same periods, can be found on SEDAR and the company's website.

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 in Nevada.

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