Elevation Gold Mining Corporation (TSX-V: ELVT) (OTCQB: EVGDF) is pleased to announce financial results for three months ended March 31, 2024.  All figures are expressed in US dollars unless otherwise noted.

Summary for the Three Months Ended March 31, 2024

• Elevation produced 6,303 ounces of gold and 42,152 ounces of silver for the three months ended March 31, 2024.
• The Company generated total revenue of $12.9 million during the quarter, on 5,850 ounces of gold and 47,189 ounces of silver sold. The average realized price of gold per ounce sold for the three months ended March 31, 2024 was $2,035.
• Income from mine operations before depreciation and depletion of $2.6 million.
• For the three months ended March 31, 2024, total cash costs per ounce of gold sold ⁽¹⁾ was $1,598 and all-in sustaining costs (“AISC”) per ounce of gold sold ⁽¹⁾ was $2,437.

Tim Swendseid, Elevation Gold CEO, stated: “As previously communicated, production during the quarter was impacted by continuing crushing plant throughput issues.  For the second quarter, we are expecting a meaningful improvement in tons crushed, ounces produced and overall results for the following and other reasons:

• By the end of Q1, the ore hardness and crusher throughput improved.
• During Q1, all mining activities shifted to western areas, resulting in significant efficiency improvements that will help reduce costs.
• On February 27, 2024, we were very pleased to announce positive exploration results in the Reynolds Pit area. To quickly take advantage of the area we successfully completed a reallocation of part of our permitted mining area from the east side of the boundary to the west side, and we are already mining Reynolds Pit’s fifth production bench.
• Gold price strengthened during Q1, and remains elevated, which will continue to boost revenues.”

Consolidated Financial Results Summary

The following table provides a summary of the components of the Company’s results for the three months ended March 31, 2024 and 2023.  For further details, refer to the Company’s Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis (“MD&A”) for the three months ended March 31, 2024.

Consolidated Operational Results Summary

The following table provides a summary of the Company’s operational statistics for the three months ended March 31, 2024 and 2023.  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, P.E., MBA, CFA, Chief Executive Officer of the Company and a Qualified Person for the purpose of NI 43-101.

Additional Information

Condensed Interim Consolidated financial statements for the three months ended March 31, 2024 and 2023 and related MD&A for the same periods can be found at www.sedarplus.ca and the Company’s website at www.elevationgold.com.

The following tables represent the calculation of certain Non-IFRS Financial Measures as referenced in this news release.

Reconciliation of Cash Costs and AISC

Reconciliation of Average Realized Price of Gold per Ounce Sold

About Elevation Gold Mining Corporation

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 and on the OTCQB in the United States   The Company’s principal operation is its 100% owned Moss Mine in the Mohave County of Arizona.  Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.