Mr. Tim Swendseid reports

ELEVATION GOLD ANNOUNCES INTEREST PAYMENT ON CONVERTIBLE DEBENTURES

Under the terms of the convertible debentures issued under the convertible debenture indenture dated July 31, 2020, between Elevation Gold Mining Corp. and Computershare Trust Company of Canada, Elevation has elected to satisfy its obligation to pay an aggregate of $169,129 in interest accrued on the $6.71-million convertible debentures by issuing to such debenture holders on the interest payment date of Dec. 31, 2023, an aggregate of 1,610,750 common shares.

The company will pay to each such debenture holder approximately 24.01 common shares per $100 principal amount of debentures held as at the applicable interest payment record date. Under the terms of the indenture, no fractional common shares will be delivered upon payment of the interest obligation and the company is not required to pay the cash equivalent of any amount less than $5.00. The issuance of common shares in payment of interest remains subject to exchange approval.

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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