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

VANCOUVER, BC, Nov. 26, 2021 /PRNewswire/ — Elevation Gold Corp. (TSXV: ELVT) (OTCQX: EVGDF) (“Elevation Gold” or the “Company”) a US-focused gold producer with district-scale exploration potential in the Walker Lane Trend in Arizona and Nevada, is pleased to announce financial results for for the quarter ended September 30, 2021. All figures are in US dollars unless otherwise stated.

Highlights for the quarter ended September 30, 2021

Revenues of $12.1 million Mining revenues of $2.9 million before depreciation and depletion Commissioning and ramping up to full operation of Heap Leach Pad 3A Gold equivalent production of 7,209 ounces1 Cash cost of $1,316 per ounce sold on sale of 6,214 ounces of gold2 Mosmine All In Sustainable Cost (“AISC”) of $1,643 an ounce sold, including $317 an ounce of capital expenditure2 Exploration success highlighted by 64.01 gauge 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) Please refer to the reconciliation of non-IFRS performance measures at the end of this press release. For more information, please refer to the company’s press release dated September 8, 2021

Michael G. Allen, president of Elevation Gold, stated: “The ramp-up of the 3A Heap Leach Pad allows the mining team to focus on pre-stripping the south wall of the east well to allow for higher quality material to be mined. in Q1 2022. In addition, the crusher team has focused on improving operational efficiency to increase throughput in line with higher quality material being mined. After the end of the quarter, we announced an updated mineral resource estimate, including a 36% increase in our Measured and Indicated Resources, an updated mineral reserve estimate and an updated mining plan for the Moss Mine and exploration is underway on the 168 square kilometer site.”

Three and nine month consolidated financial results ended September 30, 2021

US$’000 (except amounts per share)

Three months ended
September 30, 2021

Nine months ended
September 30, 2021

Gain

12,095

45,086

Cost of sales (including depreciation)

(10,898)

(38,027)

Operating income

160

3.211

Net income

3.5351

2.7012

Net earnings per share (basis)

0.06

0.05




1.

Includes a revaluation gain of non-cash accounting derivatives of $4,031 due to a decline in the ELVT share price decreasing the warrants ($571) and convertible bonds ($988) derivative liabilities, and the silver flow-embedded derivative ($2,472 ) due to a decline in silver prices during the quarter.

2.

Includes a revaluation gain of non-cash accounting derivatives of $3,198, caused by a decline in the ELVT share price decreasing the warrants ($2,721) and convertible bonds ($1,797) derivative liabilities, and offset by the silver flow-embedded derivative ($ 1,320) as a result of an increase in the silver price during the nine months ended September 30, 2021.

Consolidated three and nine months ended September 30, 2021
Business Statistics

US$’000 (except amounts per ounce)

Three months ended
September 30, 2021

Nine months ended
September 30, 2021

Average Realized Gold Price ($/oz)

1,785

1,794

Ore Ton Mined

730,447

2.119,071

Ore stacked

714.6421

2.047,648

Grade (g/t Au)

0.40

0.45

Gold Made Us

6,526

22.368

Gold Sold Us

6.214

22,380

Total Cash Cost ($/oz)

1,316

1,202

Mossmine AISC ($/oz) 1

1,643

1.906

Capital Expenditure

1,9682

15.5593




1.

The tons stacked for the three and nine months ended September 30, 2021 included 112,053 low-grade ore stacked as the top layer for the new leach path.

2.

AISC includes $1,968 in quarterly capital expenditures, including $904 for the construction of a new leach platform and $982 in exploration drilling.

3.

AISC includes $15,559 in annual capital expenditures, including $10,804 for the construction of a new leach platform and $4,013 in exploration drilling.

Suitable person

The foregoing technical information in this press 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 who is responsible for the Moss Regional Exploration Project and has the scientific and technical information in this press release related thereto.

The complete condensed consolidated interim financial statements and management’s discussion and analysis are available at www.sedar.com and the company’s website at heightgold.com/.

Non-IFRS Performance Measures

The following tables represent the calculation of certain non-IFRS financial measures referenced in this press release.

Alignment with cash costs and all-in-sustainable costs


Three months ended
September 30, 2021

Nine months ended
September 30, 2021

Gold ounces sold

6.214

22,380






Cash Cost Reconciliation




Cost of sales

$

10.898

$

38,027

Less: Depreciation and Exhaustion

(1,713)

(6,177)

Add: Refinement and Transport

60

212

Less: Silver Earnings

(1065)

(5,157)

Cash costs

8.180

26.905

Cash cost per ounce of gold sold

$

1,316

$

1,202

AISC tuning






Cash costs

$

8.180

$

26.905

Ongoing Capital Expenditure


1968

15.559

accretion


62

195




10.210

42,659

Moss Mine AISC sold per ounce

$

1,643

$

1.906

About Elevation Gold Corporation:

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

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

TSXV: ELVT |OTCQX: EVGDF | ELVT.WT | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0

Neither TSX Venture Exchange nor its Regulatory Services Provider (as defined in the policies of the TSX Venture Exchange) assumes any responsibility for the suitability or accuracy of this release.

Warning Regarding Forward-Looking Statements:

This press release contains statements about our future activities and planned activities. These are “forward-looking” because we’ve used what we know and expect today to make a statement about the future. Forward-looking statements, including but not limited to comments regarding the timing and content of upcoming work and analysis. Forward-looking statements usually include words such as planned, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based on a number of factors and assumptions which, while the Company believes to be reasonable as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many known and unknown factors could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We believe that the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could differ materially due to the risks and uncertainties associated with our business or events occurring after the date of this press release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements, except as required by securities laws and regulations. US investors should be aware that the mining terminology used for reporting purposes of Canadian mineral projects differs significantly from US terminology.

SOURCE Elevation Gold Mining Corp.

Related Links

www.northernvertex.com

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