Elevation Gold Provides Corporate Updates Including Appointment of David Peat as Director and Forward Sales Arrangements

VANCOUVER, BC, March 20, 2023 /PRNewswire/ – Elevation Gold Mining Corp. (TSXV: ELVT) (OTCQX: EVGDF) (the “Corporation” or “Elevation Gold”) is delighted present an update on the Company’s corporate pursuits.

Elevation Gold Mining Corp. Emblem (CNW Group/Elevation Gold Mining Corp.)

Appointment of New Director and Management Adjustments

Elevation Gold is happy to announce the appointment of Mr. David Peat to the Board of Directors of the Enterprise, efficient March 20, 2023. Mr. Peat was Vice President and Main Economic Officer at Frontera Copper Company, Vice President and World wide Controller at Newmont Mining Company and Vice President of Finance and Chief Fiscal Officer at Homestake Mining Company. He at this time serves as a director of Gatos Silver Inc. and Nickel Creek Platinum Corp. Mr. Peat has more than 30 many years of encounter in monetary leadership in support of mining firms.

Douglas Hurst, Chairman of the Business states, “On behalf of Elevation Gold’s Board of Administrators, I am really delighted to welcome David Peat to the Corporation. We are confident that Mr. Peat’s monetary knowledge and point of view will be of excellent value to Elevation Gold as the Firm grows.”

In addition, the enterprise is happy to announce the appointment of James Fowler to the situation of Normal Manager of Moss Mine, effective March 27, 2023. James brings decades of worldwide mining encounter such as serving as Controlling Director at a few unique CMOC Team Confined functions, Vice President of North American Functions for Kinross Gold Corp, and a variety of management positions with Freeport McMoRan/Phelps Dodge.

As perfectly, the Corporation announces the retirement of Dr. Warwick Board, its Vice President Exploration, powerful February 1, 2023. The Company needs Mr. Board each and every success in his upcoming endeavors and needs to thank him for his excellent contribution to Elevation Gold and the Moss Mine more than the previous two many years.

Forward Revenue System

The Organization is also delighted to announce it has entered into ahead sales preparations to market a part of the foreseeable future production at charges between $1,889 and $1,962/oz. The Firm’s Board of Administrators has licensed administration to extend this posture by opportunistically putting up to a whole of 9,000 oz as much ahead as 6 months, during 2023. Tim Swendseid, Elevation Gold’s CEO commented “though representing below fifty percent of our focused output, we have been in a position to lock in some superb contracts when the rate has surged.”

Functions Update

Mr. Swendseid even more commented: “In the course of the fourth quarter of 2022, the Firm changed its mining contractor with Ledcor, a nicely-recognized and effective mining contractor, and the changeover is now comprehensive. In gentle of operational enhancements and 2023 mine sequencing, we forecast production to enhance through the calendar year and to realize among 36,000 to 38,000 ounces manufactured and offered for all of 2023. We are also really delighted with the exploration effects announced on March 15^th. The Reynolds pit space, an place already permitted for mining, is only 1/2 km absent from our latest active operating pit and seems to have bigger grades than we at this time mine in West Pit. We foresee the possible extension of operational time period of Moss Mine in that area and the spot concerning there and our currently active West Pit. More drilling is expected to ensure if any possible supplemental mining things to do in this location would be viable.”

Modifications to the Functioning Line of Credit

The Organization is also pleased to announce it has elevated and extended an arrangement that provides Elevation Gold with a revolving credit rating facility (the “Credit rating Facility”) initially declared by the Firm on August 18, 2022. The net proceeds will be utilised for operating and money expenditures at its wholly owned gold and silver producing Moss Mine in Arizona and for normal doing work capital needs. Underneath the terms of the amended Credit Facility, the greatest principal quantity out there to the Corporation was elevated to USD12 million, desire accrues on any unpaid principal at a charge of 12% per annum and is payable quarterly in actual physical gold. The phrase of the facility was prolonged to February 28, 2025. The Enterprise could, at its alternative, at any time and from time to time, prepay with out penalty or high quality the Credit Facility, in entire or in component.

Inventory Possibility Grant

The Company reviews that inventory possibilities have been granted to directors, officers, and staff members of the Organization to order up to an aggregate of 600,000 typical shares at a selling price of C$.20 per share for a period of time of five years.

ON BEHALF OF THE BOARD OF Administrators

“Tim J. Swendseid”

Tim J. Swendseid, CEO of Elevation Gold Mining Corporation

About Elevation Gold Mining Corporation

Elevation Gold is a publicly outlined gold and silver producer, engaged in the acquisition, exploration, progress and operation of mineral attributes found in the United States. Elevation Gold’s typical shares are shown on the TSX Enterprise Exchange (“TSXV”) in Canada less than the ticker image ELVT and on the OTCQX in the United States below the ticker image EVGDF. The Firm’s principal operation is the 100% owned Moss Mine in the Mohave County of Arizona. Elevation also retains the title to the Hercules exploration home, situated in Lyon County, Nevada.

Neither the TSX Enterprise Exchange nor its Regulation Providers Supplier (as that expression is defined in the insurance policies of the TSX Venture Exchange) accepts duty for the adequacy or precision of this launch.

Cautionary Assertion on Ahead-Wanting Data

Selected of the statements created and information and facts contained herein is “ahead-looking information and facts” in just the that means of relevant Canadian securities guidelines. All statements other than statements of historical information involved in this doc constitute ahead-wanting details, together with but not confined to statements relating to the proposed timing of the listing of the Warrants on the TSXV the Company’s programs, prospects and organization methods the Company’s guidance on the timing and sum of potential manufacturing and its anticipations relating to the results of operations predicted expenditures permitting needs and timelines timing and feasible consequence of Mineral Resource and Mineral Reserve estimations, existence of mine estimates, and mine ideas predicted exploration and development actions at the Company’s tasks web present worth design parameters economic likely processing mineralized product the opportunity of strong financial potential at the Moss Mine Venture. Words and phrases this sort of as “believe”, “count on”, “foresee”, “ponder”, “focus on”, “system”, “objective”, “goal”, “intend”, “keep on”, “price range”, “estimate”, “may”, “will”, “can”, “could”, “must”, “timetable” and equivalent expressions determine ahead-wanting statements.

Ahead-searching details is necessarily centered on a variety of estimates and assumptions which includes, without having limitation, the expectations and beliefs of management, like that the Company can accessibility financing, proper devices and adequate labour assumed and future cost of gold, silver and other metals expected expenditures means to attain objectives and assumptions connected to the elements set forth beneath. While these aspects and assumptions are regarded as acceptable by the Organization as at the date of this doc in light of management’s encounter and perception of existing situations and envisioned developments, these statements are inherently topic to important business enterprise, financial and competitive uncertainties and contingencies. Regarded and unknown factors could lead to true benefits to differ materially from these projected in the ahead-searching statements and undue reliance really should not be put on these statements and information. Such elements include things like, but are not constrained to: dangers inherent in mining, which include, but not restricted to challenges to the environment, industrial mishaps, catastrophic equipment failures, strange or sudden geological formations or unstable floor circumstances, and all-natural phenomena these as earthquakes, flooding or unusually intense weather uninsurable pitfalls world-wide economical ailments and inflation modifications in the Firm’s share cost, and volatility in the equity markets in common volatility and fluctuations in steel and commodity price ranges the risk connected with outbreaks of viruses and infectious disorders, together with the COVID-19 virus delays or the lack of ability to get, keep or comply with permits hazards similar to destructive publicity with regard to the Company or the mining marketplace in general wellness and safety dangers exploration, progress or mining outcomes not being regular with the Firm’s anticipations unavailable or inaccessible infrastructure and risks relevant to ageing infrastructure real ore mined and/or metallic recoveries various from Mineral Source and Mineral Reserve estimates, estimates of quality, tonnage, dilution, mine strategies and metallurgical and other features hazards linked with the estimation of Mineral Means and Mineral Reserves and the geology, quality and continuity of mineral deposits, together with, but not restricted to, models relating thereto ore processing efficiency info engineering and cybersecurity threats probable for the allegation of fraud and corruption involving the Organization, its shoppers, suppliers or personnel, or the allegation of inappropriate or discriminatory employment tactics regulatory investigations, enforcement, sanctions and/or linked or other litigation estimates of upcoming manufacturing and operations estimates of working price estimates the prospective for and outcomes of labour disputes or other unanticipated troubles with or shortages of labour or interruptions in manufacturing challenges related to the environmental regulation and environmental affect of the Firm’s functions and merchandise and management thereof trade charge fluctuations local climate modify dangers relating to attracting and retaining of really qualified workforce compliance with environmental, well being and protection laws counterparty and credit score dangers and client concentration litigation variations in laws, laws or insurance policies such as, but not minimal to, these connected to mining regimes, allowing and approvals, environmental and tailings management, and labour internal controls challenges or defects in title funding needs and availability of funding dilution risks relating to dividends risks involved with acquisitions and connected integration attempts, such as the skill to achieve expected gains, unanticipated challenges or expenditures relating to integration and diversion of administration time on integration uncertainties relating to interpretation of drill benefits and the geology, continuity and grade of mineral deposits uncertainty of estimates of cash and operating costs, creation estimates and believed financial return uncertainty of meeting predicted method milestones and other threats and uncertainties including but not limited to those described the Company’s community disclosure documents which are offered on SEDAR at www.sedar.com beneath the Firm’s profile. All of the ahead-on the lookout statements made in this doc are certified by these cautionary statements. Though the Corporation has attempted to recognize critical aspects that could cause actual success to differ materially from individuals contained in ahead-searching information, there may perhaps be other things that induce outcomes not to be as predicted, approximated, forecast or intended and visitors are cautioned that the foregoing listing is not exhaustive of all aspects and assumptions which may perhaps have been used. Need to just one or more of these dangers and uncertainties materialize, or should really fundamental assumptions demonstrate incorrect, precise benefits may perhaps vary materially from individuals described in forward-seeking facts. Appropriately, there can be no assurance that ahead-searching info will show to be accurate and ahead-hunting details is not a assure of upcoming efficiency. Readers are suggested not to position undue reliance on forward-looking information. The ahead-searching information and facts contained herein speaks only as of the day of this doc. The Company disclaims any intention or obligation to update or revise forward–looking info or to reveal any substance big difference among these kinds of and subsequent actual events, other than as required by applicable legislation.