Mr. Tim Swendseid reports

ELEVATION GOLD REPORTS Q4 2023 PRODUCTION RESULTS

Elevation Gold Mining Corp. has released its operating results for the three months and year ended Dec. 31, 2023 (Q4 2023). The company expects to file its year-end financial statements, and management's discussion and analysis in April, 2024.

Fourth quarter and fiscal year 2023 highlights:

• Elevation Gold produced 7,989 ounces of gold from 604,167 ore tonnes processed with average grades of 0.54 gram per tonne (g/t) in Q4 2023.
• The company sold 7,754 ounces of gold during Q4 2023 and 31,063 ounces of gold for the year ended Dec. 31, 2023.
• Silver production for the year ended Dec. 31, 2023, was 202,060, an increase of 26 per cent compared with the year ended Dec. 31, 2022.

Consolidated operational results summary

The associated table provides a summary of the company's operational statistics for the three months and years ended Dec. 31, 2023, and 2022.

Tim Swendseid, chief executive officer of Elevation Gold, stated: "Fourth-quarter production was impacted by challenges in and around the crushing plant, all of which were rectified by quarter-end. On a positive note, thanks to the contract and permanent team members at the Moss mine, we completed the 3A-Ph2 leach pad construction in early November, well under budget, and it is now in use. Additionally, we completed 19 reverse circulation holes in the Reynolds pit and Mordor areas, and are looking forward to reporting those assay results when received during Q1 2024. As noted in the table above, we ended the year with strong gold grades, but we missed our guidance by approximately 3,000 oz, primarily because of the crusher-related operational issues. We look forward to a stronger 2024, particularly considering improving gold prices, during which we expect to make up some of the missed production."

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 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. 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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