Elevation Gold Mining Corp V.ELVT.H

Revenue of US$12.1 Million Financial Results for Quarter

[Betteryear2]

VANCOUVER, BC, Nov. 26, 2021 /PRNewswire/ - Elevation Gold Corp. (TSXV: ELVT) (OTCQX: EVGDF) ("Elevation Gold " or the "Company") 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 ending September 30, 2021. All figures are expressed in US dollars unless otherwise noted.

Highlights for the Quarter ended September 30, 2021

• Revenue of $12.1 million
• Earnings from mine operations of $2.9 million before depreciation and depletion
• Commissioning and ramp up to full operation of Heap Leach Pad 3A
• Gold equivalent production of 7,209 ounces1
• Cash costs of $1,316 per ounce sold on sales of 6,214 gold ounces2 
• Moss mine All In Sustaining Cost ("AISC") of $1,643 per ounce sold, including $317 per ounce in capital expenditures2
• Exploration success highlighted by 64.01 meters grading 1.65 g/t gold and 15.39 g/t silver3
• Completed a 6:1 share consolidation and name change

1. Gold equivalent oz = Gold Oz + (Ag oz/75)
2. Refer to reconciliation of Non-IFRS Performance Measures at the end of this release
3. For further details please refer to the Company's September 8, 2021 news release

Michael G. Allen, President of Elevation Gold stated, "The ramp-up of the 3A Heap Leach Pad now allows the mining team to focus on pre-stripping the south wall of the East pit to allow for higher grade material to be mined in Q1 2022. In addition, the crusher team has been focussing on improving operational efficiencies to increase throughput in alignment with higher grade material being mined. Subsequent to quarter end we announced an updated mineral resource estimate, which included a 36% increase to our Measured and Indicated Resources, an updated mineral reserve estimate and updated mine plan for the Moss Mine and exploration is ongoing on the 168 square kilometer property."