Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQX: EVGDF) is pleased to announce financial results for the three and nine months ended September 30, 2022.  All figures are expressed in US dollars unless otherwise noted.

Summary for the Three Months Ended September 30, 2022

• Elevation produced 8,835 ounces of gold and 49,007 ounces of silver during Q3 2022 from 750,908 ore tonnes processed with average grades of 0.51 g/t gold and 4.08 g/t silver.
• The Company generated total revenue of $17.0 million on 9,096 ounces of gold and 75,862 ounces of silver sold. The average realized price of gold per ounce sold ⁽¹⁾ was $1,713. Gold ounces sold represented an increase of 46% from Q3 2021 and 30% from Q2 2022.
• Q3 2022 income from mine operations before depreciation and depletion of $2.1 million and net income of $1.2 million, or $0.01 per share.
• Total Cash Costs per ounce of gold sold ⁽¹⁾ of $1,770 and all-in sustaining costs per ounce of gold sold ⁽¹⁾ of $2,033. The Company expects to improve on its operational results in Q4 2022 with the addition of higher-grade ore sourced from East Pit, and the reduction of capital expenditure requirements as the majority of the Company’s major capital projects were completed in Q2 2022 and early Q3 2022.
• Completed a multi-phase infill and resource expansion drilling program at the Moss Mine, which included 17,197 meters of reverse circulation (“RC”) drilling in the first half of 2022. In July 2022, the Company began its maiden exploration program at Florence Hill. New RC drilling program expected to commence at Moss Mine in November 2022 to further test mineralization near Center and West Pit.

Tim Swendseid, Elevation Gold President, stated “Our Q3 2022 financial results reflect a significant improvement in operations at the Moss Mine, with total revenue increasing 40% over Q3 2021 and 18% over Q2 2022 and gold ounces sold increasing 46% from Q3 2021 and 30% from Q2 2022.  Without considering inventory swings and adjustments, cash costs per ounce approximated $1,479.  We remain on track to meet sales guidance for 2022 of total ounces sold between 32,000 and 34,000 for the year.  My thanks to the outstanding performance of everyone at the Moss Mine, and we continue to be excited about our current and ongoing exploration programs both in the Florence Hill area and our near-mine programs.”

The following chart provides additional information on the Company’s increasing grade and recoverable ounces placed on the pad during 2022 on a quarter-by-quarter basis.

Outlook

During Q3 2022, the Company completed several key capital projects including the completion of the construction of the new heap leach pad 2C and constructed two new production water wells.  The Company also completed five new monitoring wells in Q2 2022.  The monitoring wells were a requirement of our Aquifer Protection Permit, while the production water wells secure water for operations at the Moss Mine.

The Company continues to focus on overall efficiencies and enhancements including sourcing higher-grade ore material from East Pit for the remainder of 2022 and obtaining consistent higher levels of ore processing rates.  For Q3 2022, the mine averaged 8,162 stacked ore tonnes per day, which is in-line with the YTD 2022 average of 8,197 stacked ore tonnes per day, a 9% betterment than YTD 2021.  By improving quality control from mine drilling and blasting and oversight on scheduled crusher maintenance, the Company looks ahead to continually improve crusher throughput.  With the additional high-grade ore sourced from East Pit in the second half of the year, the Company is well positioned to deliver on annual guidance of between 32,000 to 34,000 ounces of gold sold for the full year 2022.

The Company has also recently begun an exploration program in the Florence Hill and the surrounding areas and a newly announced reverse-circulation drilling program at the Moss Mine in Q4 2022.

Consolidated Financial Results Summary

The following table provides a summary of the components of the Company’s net income (loss) for the three and nine months ended September 30, 2022 and 2021.  For further details, refer to the Company’s condensed interim consolidated financial statements and Management Discussion and Analysis (“MD&A”) for the same periods.

Consolidated Operational Results Summary

The following table provides a summary of the Company’s operational statistics for the three and nine months ended September 30, 2022 and 2021.  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, Chief Operating Officer of the Company and a Qualified Person for the purpose of NI 43-101.

Additional Information

Full condensed interim consolidated financial statements for the three months and nine months ended September 30, 2022 and 2021 and related MD&A for the same period can be found at www.sedar.com and the Company’s website at www.elevationgold.com.

Non-IFRS Performance Measures

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

Reconciliation of Cash Costs and AISC

The Company has calculated Total Cash Costs, Total AISC, and relevant per ounce of gold unit rates consistently across each of the periods presented, which includes period adjustments for heap leach and doré impairment charges (and reversals) incurred in Q3 2022 and YTD 2022.  These impairment charges and reversals (described immediately above) can create fluctuations where such adjustments occur.  Management views the current quarter costs considerably lower, on a per ounce sold basis, than costs seen in the first half of 2022, when not factoring in the accounting adjustments related to impairment.  For Q3 2022 and YTD 2022, without considering these adjustments in our reconciliation, Total Cash Costs would have been $13.4 million and $41.1 million, or $1,479 and $1,820 per ounce of gold sold for each respective period.  Similarly, Total AISC for Q3 2022 and YTD 2022, without considering these inventory impairment adjustments, would have been $15.6 million and $53.7 million, or $1,712 and $2,377 per ounce of gold sold for each respective period.

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.  The Company’s principal operation is the 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.

The following chart provides additional information on the Company’s increasing grade and recoverable ounces placed on the pad during 2022 on a quarter-by-quarter basis. (CNW Group/Elevation Gold Mining Corp.)