Mr. Kevin Smith reports

GOLD MOUNTAIN MINING FILES UPDATED TECHNICAL REPORT FOR THE ELK GOLD PROJECT

Gold Mountain Mining Corp. has filed an updated technical report for its 100-per-cent-owned Elk gold project, located 57 kilometres from Merritt in south-central British Columbia. The technical report is being filed following Gold Mountain's press release dated Dec. 7, 2021. Gold Mountain confirms there are no material differences in the results of the technical report and the information disclosed in the press release.

Highlights:

• Gold Mountain increases its resource estimate at its flagship Elk gold project to 806,000 ounces of measured and indicated resources at 5.8 grams per tonne gold equivalent and 262,000 oz of inferred resource at 5.4 g/t AuEq.
• The updated resource estimate represents a 24-per-cent increase of measured and indicated ounces and a 65-per-cent increase of inferred ounces.
• Thirty-seven new diamond drill holes were completed in the Siwash North zone, which incrementally expanded the vein models along strike and downdip and connected the Siwash North zone with the Gold Creek zone, historically viewed as a satellite deposit.
• Ten diamond drill holes were completed in the Lake and South zones leading to maiden mineral resource estimates in the two satellite zones, which demonstrate the multiple zone potential for the Elk gold project.
• This update to the mineral resources followed the company's successful phase 2 drill program that consisted of 13,900 metres of diamond drilling, where all 47 holes hit mineralization.

The resource update is following Gold Mountain's 13,900-metre phase 2 drill program, which began in May and wrapped up in November. The company continued to step out and infill its well-established, high-grade intercepts in Siwash North, increasing the zone's measured and indicated resource to 735,000 oz at 5.9 g/t AuEq and inferred resource to 229,000 oz at 5.4 g/t AuEq. This included drilling to the south of the Siwash North zone, which allowed the company to merge the Gold Creek and Siwash North geological models.

Additionally, Gold Mountain continued exploring the property by drilling in known mineralized satellite zones, including: the Lake and South zones. By leveraging and evaluating the historical drill data set for these zones, the company was able to fill spatial data gaps and establish a combined maiden resource of 71,000 oz measured and indicated at 4.3 g/t AuEq and 33,000 oz inferred at 5.7 g/t AuEq.

Finally, the company continued relogging the asset's historical core that was drilled by previous owners of the property. HEG Exploration Services Inc. identified and sampled core from historical drill holes located in the Siwash North zone, which helped further refine the vein model interpretation and add additional veins to the geological model.

Elk gold resource update -- summary

The attached table summarizes the updated resource estimate at the Elk gold project.

                         COMBINED ELK GOLD PROPERTY MINERAL RESOURCE 
                               (PIT CONSTRAINED AND UNDERGROUND) 
                                         DECEMBER, 2021
                                 
Classification            Tonnes              Au              Au              Ag            AuEq
                                      equivalent          capped          capped             (oz)
                                            (g/t)           (g/t)           (g/t)

Measured                 169,000            10.4            10.3            10.9          56,000
Indicated              4,190,000             5.6             5.4            11.0         750,000
Measured and
indicated              4,359,000             5.8             5.6            11.0         806,000
Inferred               1,497,000             5.4             5.3            14.4         262,000

CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definitions were followed 
for classification of mineral resources.
Mineral resources are not mineral reserves and have not demonstrated economic viability.
Results are presented in situ and undiluted.
Mineral resources are reported at a cut-off grade of 0.3 gram per tonne gold equivalent 
for pit-constrained resources and 3.0 g/t AuEq for underground resources.
The number of tonnes and metal ounces is rounded to the nearest thousand.
The resource estimate includes both gold and silver assays. 
The resource estimate is effective as of Oct. 21, 2021.

Mineral resource estimate assumptions

For details relating to data verification, key assumptions and methods used for the resource estimate, please see the technical report, a copy of which is filed on Gold Mountain's SEDAR profile.

Elk gold project technical report

The Elk gold project technical report and preliminary economic assessment have been prepared in accordance with the requirements of National Instrument 43-101, and were prepared independently by the following qualified persons: Andre De Ruijter, PEng, Greg Mosher, PGeo, and L. John Peters, PGeo. The technical report entitled "NI 43-101 Technical Report and Resource Update on the Elk Gold Project, Merritt, British Columbia, Canada," dated Jan. 21, 2022, with an effective date of Dec. 7, 2021, has been filed on Gold Mountain's SEDAR profile.

Gold Mountain confirms there are no material differences in the results of the technical report and the information disclosed in the press release.

Qualified person

The foregoing technical information was approved by Grant Carlson, PEng, a qualified person, as defined under National Instrument 43-101, and the chief operating officer for Gold Mountain.

About Gold Mountain Mining Corp.

Gold Mountain is a British Columbia-based gold and silver exploration and development company focused on resource expansion at the Elk gold project, a past-producing mine located 57 kilometres from Merritt in south-central British Columbia.

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