Mr. Tim Swendseid reports

ELEVATION GOLD REPORTS Q3 2023 PRODUCTION RESULTS AND PROVIDES CORPORATE UPDATE

Elevation Gold Mining Corp. has released the production results for the three and nine months ended Sept. 30, 2023 (Q3 2023). The company expects to file its third quarter financial statements and management discussion and analysis in mid-November, 2023.

Third quarter 2023 highlights:

• Gold production and sales materially increased quarter over quarter, as the company began mining higher-grade ore in Q3 2023 sourced from the East Pit and Mordor areas. Average mined grade increased from 0.38 gram per tonne in Q2 2023 to 0.53 g/t in Q3 2023.
• The company produced 8,380 ounces of gold from 774,588 ore tonnes processed, a 23-per-cent increase and 7-per-cent increase from Q2 2023, respectively.
• The company sold 8,391 ounces of gold during Q3 2023, a 23-per-cent increase from Q2 2023.

Consolidated operational results summary

The following table provides a summary of the company's operational statistics for the three and nine months ended Sept. 30, 2023, and 2022.

                                      Q3 2023  Q3 2022   YTD 2023   YTD 2022

Ore tonnes mined                 t    702,745  778,177  2,127,181  2,239,620
Ore tonnes stacked               t    774,588  750,908  2,194,126  2,237,803
Contained gold ounces stacked   oz     13,247   12,354     31,786     30,861
Gold grade                     g/t       0.53     0.51       0.45       0.43
Gold ounces produced            oz      8,380    8,835     23,057     21,912
Gold ounces sold                oz      8,391    9,096     23,309     22,606


  

Tim J. Swendseid, chief executive officer of Elevation Gold, stated: "Q3 2023 was a significant improvement over Q2 2023. Stacked ounces were up by 50 per cent as a result of a 39-per-cent grade improvement and a 7-per-cent improvement in crusher throughput. Production was up by 23 per cent, and the difference between stacked and produced ounces is due to leach percolation time as the quarter's tons were stacked in 3A and 2C leach pads, both growing in height. When we complete the new 3A phase 2 leach pad at the beginning of November, we'll be placing ore on the first lift, with minimal percolation times, plus enjoying the benefit of Q3 2023 stacked ounces. That plus the expectation that mined ore grade will be similar to the ore grade in Q3 give us confidence in maintaining guidance for the year of between 34,000 and 36,000 ounces produced. We expect a very strong Q4. My hats off to the Moss mine team for a safe and solid third quarter, on-time and on-budget progress of the 3A phase 2 leach pad expansion, and for setting Elevation up for a very strong finish of the year!"

Resignation of director

The company also announces that, effective immediately, Raymond Threlkeld has resigned as a director of the company and has transitioned to an advisory role.

Douglas J. Hurst, chairman and director of Elevation Gold, stated: "Ray has made outstanding contributions as a director of the company, and we can't thank him enough. We look forward to his continuing in an advisory role for the company."

Following this change, the company's board of directors now consists of six members, five of whom are independent directors:

• Mr. Hurst, chairman (independent director);
• Alan Edwards (independent director);
• Michael Haworth (independent director);
• David Peat (independent director);
• Mr. Swendseid (non-independent director);
• Douglas Ward (independent director).

Short-term note and gold purchase and sales agreement

On Sept. 27, 2023, the company signed a short-term promissory note with a related party for $1.7-million. The note is due and payable on Oct. 25, 2023. On Oct. 6, 2023, the company entered into an agreement with the same party to receive an advance of $2-million. Under the terms of that agreement, the company agreed to deliver 1,125 troy ounces of gold to the party by Dec. 15, 2023.

The proceeds from both these facilities will be used for general purposes at the company's Moss mine in Arizona.

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, PE, MBA, CFA, chief executive officer of the company and 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. 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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