Elevation Gold Mining Corp. (TSX-V: ELVT) (OTCQX: EVGDF) a U.S.-focused gold producer with district-scale exploration potential in the Walker Lane Trend in Arizona and Nevada, is pleased to announce financial results for the quarter ended March 31, 2022.  All figures are expressed in US dollars unless otherwise noted.

Summary for the Three Months Ended March 31, 2022

• Elevation produced 6,268 ounces of gold and 31,029 ounces of silver during Q1 2022 from 717,898 ore tonnes processed with average grades of 0.35 g/t gold and 3.02 g/t silver
• The Company generated total revenue of $13.5 million on 6,512 ounces of gold and 52,970 ounces of silver sold
• Income from mine operations before depreciation and depletion totaled $1.5 million
• Completed a private placement, resulting in net proceeds to the Company of $17.2 million
• Cash costs per ounce of gold sold ⁽¹⁾ of $1,648 and all-in sustaining costs (“AISC”) per ounce of gold sold ⁽¹⁾ of $2,248.
• Continued multi-phase infill and resource expansion drilling program at the Moss Mine in Q1 2022, which includes 10,762 meters of reverse circulation drilling

Michael G. Allen, President of Elevation stated, “Recently the Moss Mine has been begun to process ore coming from the East Pit, which is higher grade than what we have been recently mining.  We look forward to achieving continuous contributions from the East Pit going forward.  Our new interpretation of mineralization in the West Pit has begun to bear fruit with several long intercepts of gold mineralization received in this quarter.”

Exploration Highlights

On May 3, 2022, Elevation announced the results of several drill holes completed in late 2021 and early 2022, including significant results in the vicinity of the West Pit.  Highlights from the release include the following drill holes:

• Drillhole AR21-562R intersected 344.42 meters of hanging wall stockwork mineralization grading 0.31 g/t gold and 1.12 g/t silver starting at surface
• Drillhole AR21-560R intersected 137.16 meters of hanging wall stockwork mineralization grading 0.30 g/t Au and 1.92 g/t Ag starting at surface, including 22.86 meters grading 0.47 g/t Au and 1.35 g/t Ag
• Drillhole AR21-545R intersected 88.39 meters grading 0.40 g/t Au and 4.29 g/t Ag in the Moss Vein and associated hanging wall stockwork starting at surface, including 27.43 meters grading 0.67 g/t Au and 7.13 g/t Ag
• Drillhole AR21-570R, a condemnation drillhole drilled in the proposed 3B Leach Pad area intersected 48.77 meters of stockwork and vein hosted mineralization grading 0.36 g/t Au and 0.82 g/t Ag, including 3.05 meters grading 0.71 g/t Au and 0.90 g/t Ag, 10.67 meters grading 0.47 g/t Au and 1.60 g/t Ag, and 4.57 meters grading 0.65 g/t Au and 0.47 g/t Ag. This mineralization is likely associated with the Rattan Vein system mapped to the west of the current West Pit.

For further information refer to the Company’s news release dated May 3, 2022.

Outlook

The Company expects to complete several key capital projects during the remainder of 2022 including completing the construction of the new heap leach pad 2C, which is currently underway and expected to be completed in Q3 2022.  The Company will also look to complete two new monitoring wells and additional production wells in Q2 2022.  The monitoring wells are a requirement of an Aquifer Protection Permit, while the production water well project will secure water for operations as well as allow current operating water wells to be removed as part of the mine expansion at the Moss Mine.

The Company’s operations continue to focus on overall efficiencies including drilling and blasting improvements that lead to increases in ore processing rates.  For Q1 2022, the mine averaged 7,977 stacked ore tonnes per day, an increase of 5.6% from the year ended December 31, 2021.  This rate increased further for the month of April 2022 to an average of 8,770 stacked ore tonnes per day as the Company continues to improve quality control for mine drilling and blasting and maintains meticulous oversight on scheduled crusher maintenance.  Mining operations also continue to progress, with higher-grade ore mined from the East Pit beginning in Q2 2022.

The Company continues its exploration program into Q2 2022 and will explore both along strike and within the footprint of the Moss Mine Project.  Additionally, the Company anticipates drilling other high priority regional targets in Q2/Q3 2022, depending on the availability of road construction contractors and drill rigs.

Consolidated Financial Results Summary

The following table provides a summary of the components of the Company’s net income (loss) for the three months ended March 31, 2022 and 2021.  For further details, refer to the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2022 and 2021, and the related Management Discussion and Analysis for the same period.

Consolidated Operational Results Summary

The following table provides a summary of the Company’s operational statistics for the three months ended March 31, 2022 and 2021.  For further details, refer to the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2022 and 2021, and the related MD&A for the same period.

Qualified Persons

Unless otherwise indicated, all technical data contained in this press release that relates to geology, exploration and mineral resources has been reviewed and approved by Dr. Warwick Board, P.Geo, Vice President Exploration of Elevation Gold.  He is a Qualified Person as defined by NI 43-101 responsible for the Moss Regional Exploration Project and other exploration programs and he has reviewed and approved the scientific and technical information in this press release.

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 National Instrument 43-101.

Full condensed interim consolidated financial statements for the three months ended March 31, 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 to Cash Costs and AISC

Reconciliation to Average Realized Price of Gold and Average Cash Margin per Gold 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 OTCQX in the United States.  The Company’s principal operation is the 100% owned Moss Mine in Mohave County, Arizona.  Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.