Elevation Gold Reports Revenue of US$12.1 Million Financial Results for Quarter Ending September 30, 2021

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

Gold equivalent oz = Gold Oz + (Ag oz/75)
Refer to reconciliation of Non-IFRS Performance Measures at the end of this release
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.”

Consolidated Three and Nine Months ended September 30, 2021 Financial Results

US$’000 (except per share amounts)

Three Months Ended
September 30, 2021

Nine Months Ended
September 30, 2021

Revenue

12,095

45,086

Costs of sales (including depreciation and amortization)

(10,898)

(38,027)

Operating income

160

3,211

Net income

3,5351

2,7012

Net income per share (basic)

0.06

0.05

1.

Includes a non-cash accounting derivative revaluation gain of $4,031 driven by a decrease in the ELVT share price that decreased the warrant ($571) and convertible debenture ($988) derivative liabilities, and by the silver stream embedded derivative ($2,472) due to a decrease in silver price during the quarter.

2.

Includes a non-cash accounting derivative revaluation gain of $3,198, driven by a decrease in the ELVT share price that decreased the warrant ($2,721) and convertible debenture ($1,797) derivative liabilities, and offset by the silver stream embedded derivative ($1,320) due to an increase in silver price during the nine months ended Sep 30, 2021.

Consolidated Three and Nine Months ended September 30, 2021
Operating Statistics

US$’000 (except per ounce amounts)

Three Months Ended
September 30, 2021

Nine Months Ended
September 30, 2021

Average realized gold price ($/oz)

1,785

1,794

Ore Tonnes Mined (t)

730,447

2,119,071

Ore Stacked (t)

714,6421

2,047,648

Grade (g/t Au)

0.40

0.45

Gold Ounces Produced

6,526

22,368

Gold Ounces Sold

6,214

22,380

Total Cash Costs ($/oz)

1,316

1,202

Moss Mine AISC ($/oz) 1

1,643

1,906

Capital Expenditures

1,9682

15,5593

1.

Tonnes stacked for the three and nine months ended September 30, 2021 included 112,053 of low-grade ore which was stacked as overliner for the new heap leach pad.

2.

AISC includes $1,968 of quarterly capital expenditures, including $904 on the construction of a new heap leach pad and $982 of exploration drilling.

3.

AISC includes $15,559 of year-to-date capital expenditures, including $10,804 on the construction of a new heap leach pad and $4,013 of exploration drilling.

Qualified Person

The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a Qualified Person (“QP”) for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).

Dr. Warwick Board, P.Geo., Vice President Exploration of Elevation Gold, is the Qualified Person as defined by NI 43-101 responsible for the Moss Regional Exploration Project and has reviewed and approved the scientific and technical information in this news release related thereto.

Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company’s website at 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 All In Sustaining Costs

Three Months Ended
September 30, 2021

Nine Months Ended
September 30, 2021

Gold ounces sold

6,214

22,380

Cash costs reconciliation

Cost of sales

$

10,898

$

38,027

Less: Depreciation and depletion

(1,713)

(6,177)

Add: Refining and transportation

60

212

Less: Silver revenue

(1,065)

(5,157)

Cash costs

8,180

26,905

Cash costs per ounce of gold sold

$

1,316

$

1,202

AISC reconciliation

Cash costs

$

8,180

$

26,905

Sustaining capital expenditures

1,968

15,559

Accretion

62

195

10,210

42,659

Moss Mine AISC per ounce sold

$

1,643

$

1,906

About Elevation Gold Corporation

Elevation offers investors a rare combination of cash flow, production, top-tier management and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.

ON BEHALF OF THE BOARD OF ELEVATION GOLD
“Michael G. Allen”
President

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…

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