Mr. Tim Swendseid reports

ELEVATION GOLD REPORTS FINANCIAL RESULTS FOR QUARTER ENDED SEPTEMBER 30, 2023, INCLUDING $18.2M IN TOTAL REVENUE

Elevation Gold Mining Corp. has released its financial results for three and nine months ended Sept. 30, 2023. All figures are expressed in United States dollars unless otherwise noted.

Summary for the three months ended Sept. 30, 2023

• Elevation produced 8,380 ounces of gold and 53,911 ounces of silver for the three months ended Sept. 30, 2023.
• The company generated total revenue of $18.2-million during the quarter, an increase of 7 per cent compared with the third quarter of 2022 and 22-per-cent increase on the second quarter of 2023, on 8,391 ounces of gold and 82,412 ounces of silver sold. The average realized price of gold per ounce sold for the quarter was $1,941.
• Income from mine operations before depreciation and depletion of $3.8-million.

Tim Swendseid, Elevation Gold chief executive officer, stated: "Compared with Q2 2023, the team at Moss had a much-improved quarter as a result of higher ore grade, significantly improved fragmentation, record crusher throughput and operational stability. We are sourcing ore from the East pit and Mordor areas, and as of this press release, we have completed the 3A-Ph2 leach pad, on time and under budget. Gold prices remain strong, and our income from mine operations before depreciation and depletion was $3.8-million for the quarter and $8.7-million for YTD, both significant improvements compared with results for the same periods last year. Cash costs per ounce are similar for the quarter and down $262/oz for the year versus similar periods last year, reflecting great work by the team at Moss mine. We continue a limited reverse circulation drilling program in Reynolds pit and await assays, and we maintain our guidance for the year of 34,000 to 36,000 ounces produced."

Consolidated financial results summary

The attached table provides a summary of the components of the company's net income (loss) for the three and nine months ended Sept. 30, 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 and nine months ended Sept. 30, 2023.

Consolidated operational results summary

The attached table provides a summary of the company's operational statistics for the three and nine months ended Sept. 30, 2023, and 2022. For further details, refer to the company's MD&A for the same periods.

Qualified persons

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 Tim J. Swendseid, PE, MBA, CFA, chief executive officer of the company, and a qualified person for the purpose of National Instrument 43-101.

Additional information

Full condensed interim consolidated financial statements for the three and nine months ended Sept. 30, 2023, and 2022 and related MD&A for the same period can be found at 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, Nevada.

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