Elevation Gold Reports Q2 2023 Production Results and Director Change

VANCOUVER, BC, July 10, 2023 /PRNewswire/ - Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQX: EVGDF) (the "Company" or "Elevation Gold") is pleased to announce the production results for the three and six months ended June30, 2023 ("Q2 2023"). The Company expects to file its interim financial statements and management discussion and analysis in August 2023.

• Elevation Gold produced 6,788 ounces of gold from 721,187 ore tonnes processed with average grades of 0.38g/t, approximately equal to the quantity of gold produced in Q2 2022.
• The Company sold 6,839 ounces of gold during Q2 2023.
• Year-to-date 2023, the Company sold 14,918 ounces of gold, an increase of 10% over the gold sales in the comparable year-to-date period of 2022.
• Average mined grade increased from 0.39g/t during the first half of 2022 to 0.41 g/t during the first half of 2023, a 5% increase.

The following table provides a summary of the Company's operational statistics for the three and six months ended June 30, 2023 and 2022.

Tim Swendseid, Elevation Gold's CEO, stated "Our second quarter production reflected some fragmentation and crusher maintenance challenges, and the majority of the ore was sourced from West Pit. Moss's second half is forecasted to show improvement as we mine additional East Pit ore and move past the issues experienced in the first half. We remain confident in our guidance of 34,000 to 36,000 ounces of gold production for all of 2023. We have kicked-off construction of our 3A-Ph2 Leach pad, which will be completed in Q4 2023 and will provide sufficient leach pad capacity for ore production through 2025. Our collective Moss Mine team had an outstanding half in terms of safety and are well prepared to carry out improvements throughout the remainder of the year."

At the Company's annual general shareholder meeting ("AGM") held on June 22, 2023, Mr. Geoff Burns did not stand for re-election as director, and Mr. Douglas Ward was elected to replace him. Douglas Hurst, Chairman of Elevation Gold, commented "I would like to take this opportunity to thank Mr. Burns for his outstanding commitment and dedication to the Company over the years. The board of directors appreciates everything he has done and wishes him every success in his future endeavors, and he has certainly left a positive mark on the Moss Mine.

Mr. Ward has worked in the metals and mining industry for over thirty-five years, primarily in the silver, gold, and copper producing sectors. He was previously VP Technical Services for Maverix Metals Inc. and has held positions of Director of Business Development at Pan American Silver, VP Corporate Development with Revett Minerals, Manager Business Development/Senior Financial Analyst at Coeur Mining, and Technical Analyst for N.M. Rothschild & Sons. Mr. Ward holds a B.Sc. in Mining Engineering from the Colorado School of Mines and an M.B.A. from the University of Denver. Douglas Hurst, Elevation Gold's Chairman, stated "The Board of Directors is thrilled to welcome Mr. Ward to the Company. He brings a wealth of experience in the mining industry and will be a valuable member of the team."

Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Moss Mine has been reviewed and approved by Tim J. Swendseid, CEO of the Company and a Qualified Person for the purpose of NI 43-101.

ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING CORPORATION

"Tim J. Swendseid"

Tim J. Swendseid, CEO of 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 ("TSXV") in Canada under the ticker symbol ELVT and on the OTCQX in the United States under the ticker symbol EVGDF. 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine plans; anticipated exploration and development activities at the Company's projects; net present value; design parameters; economic potential; processing mineralized material; the potential of robust economic potential at the Moss Mine. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of gold, silver and other metals; anticipated costs; ability to achieve goals; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: risks inherent in mining, including, but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; global financial conditions and inflation; changes in the Company's share price, and volatility in the equity markets in general; volatility and fluctuations in metal and commodity prices; the threat associated with outbreaks of viruses and infectious diseases, including the COVID-19 virus; delays or the inability to obtain, retain or comply with permits; risks related to negative publicity with respect to the Company or the mining industry in general; health and safety risks; exploration, development or mining results not being consistent with the Company's expectations; unavailable or inaccessible infrastructure and risks related to ageing infrastructure; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits, including, but not limited to, models relating thereto; ore processing efficiency; information technology and cybersecurity risks; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices; regulatory investigations, enforcement, sanctions and/or related or other litigation; estimates of future production and operations; estimates of operating cost estimates; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; risks related to the environmental regulation and environmental impact of the Company's operations and products and management thereof; exchange rate fluctuations; climate change; risks relating to attracting and retaining of highly skilled employees; compliance with environmental, health and safety laws; counterparty and credit risks and customer concentration; litigation; changes in laws, regulations or policies including, but not limited to, those related to mining regimes, permitting and approvals, environmental and tailings management, and labour; internal controls; challenges or defects in title; funding requirements and availability of financing; dilution; risks relating to dividends; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; uncertainty of meeting anticipated program milestones; and other risks and uncertainties including but not limited to those described the Company's public disclosure documents which are available on SEDAR at www.sedar.com under the Company's profile. All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward–looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

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SOURCE Elevation Gold Mining Corp.