Mr. Tim Swendseid reports

ELEVATION GOLD REPORTS FINANCIAL RESULTS FOR YEAR ENDED DECEMBER 31, 2023, INCLUDING $66.4M IN TOTAL REVENUE

Elevation Gold Mining Corp. has released its financial results for three months and year ended Dec. 31, 2023. All figures are expressed in U.S. dollars unless otherwise noted.

Summary for the three months and year ended Dec. 31, 2023:

• Elevation produced 7,989 ounces of gold and 60,706 ounces of silver for the three months ended Dec. 31, 2023, and 31,047 ounces of gold and 202,060 ounces of silver for the year ended Dec. 31, 2023.
• The company generated total revenue of $66.4-million during the year, an increase of 7 per cent compared with 2022, on 31,063 ounces of gold and 281,467 ounces of silver sold. The average realized price of gold per ounce sold for the three months ended Dec. 31, 2023, was $1,916.
• Income from mine operations before depreciation and depletion was $12.5-million for the 2023 year.
• For the three months ended Dec. 31, 2023, total cash costs per ounce of gold sold (1) were $1,424 and all-in sustaining costs (AISC) per ounce of gold sold (1) were $2,126.

Tim Swendseid, Elevation Gold chief executive officer, stated: "During the fourth quarter, our production and financial results were impacted by challenges in and around the crushing plant. Our income from mine operations before depreciation and depletion was $3.8-million for the quarter and $12.5-million for the year, both reflecting a steady improvement compared to results for the same periods last year. Cash costs per ounce sold was $1,424, which is similar to Q4 2022, and $1,524 for the year, reflecting an $186-per-ounce improvement over the 2022 year. We completed and put into operation the 3A-Ph2 leach pad and completed and reported the results of additional reverse circulation holes in Reynolds pit and the Mordor area. (See news release dated Feb. 27, 2024.) We are currently benefiting from strong gold prices but continue to preserve our liquidity by temporarily suspending royalty payments and silver stream deliveries as we announced on April 4, 2024. As we also announced on April 4, 2024, first quarter 2024 production was disappointing, but based on current mining operations, we expect an improvement in production during the second quarter of this year."

Consolidated financial results summary

An attached table provides a summary of the components of the company's results for the three months and years ended Dec. 31, 2023, and Dec. 31, 2022. For further details, refer to the company's consolidated financial statements and management's discussion and analysis (MD&A) for the year ended Dec. 31, 2023.

The projected cash flows used in impairment testing are significantly affected by changes in assumptions. Key assumptions included by management in the discounted cash flow model included a gold price of $2,108 per ounce, gold and silver recoveries of 77 per cent and 43 per cent, respectively, as indicated in life-of-mine plans, and a real after-tax discount rate of 6 per cent. Management's estimates of the recoveries are prepared by or under the supervision of and verified by qualified persons as defined in National Instrument 43-101 of the Canadian Securities Administrators (management's experts). The company performed a sensitivity analysis on these key assumptions. Based on the impairment testing performed at Dec. 31, 2022, the sensitivity to changes in these key assumptions is as follows:

• A 10-per-cent decrease in the short- and long-term gold prices would result in an additional impairment of $19.6-million.
• A 10-per-cent decrease in gold recoveries would result in an additional impairment of $19.0-million.
• A 1-per-cent increase in the real after-tax discount rate to 7 per cent would result in an additional impairment of $700,000.

Consolidated operational results summary

An attached table provides a summary of the company's operational statistics for the three months and years ended Dec. 31, 2023, and Dec. 31, 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 news release that relates to the company's operating mine has been reviewed and approved by Tim J. Swendseid, PE, MBA, CFA, CEO of the company and a qualified person for the purpose of National Instrument 43-101.

Non-IFRS (international financial reporting standards) performance measures

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

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 OTCQB 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 of Nevada.

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