Elevation Gold Reports Q1 2024 Production Results and Provides Update on

VANCOUVER, BC, April 4, 2024 /PRNewswire/ – Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQB: EVGDF) (the “Company” or “Elevation Gold”) announces operating results for the three months ending March 31, 2024 (“Q1 2024”) and provides information on other corporate matters.  The Company expects to file its Q1 2024 financial statements and management discussion and analysis in May 2024.

First Quarter 2024 Highlights 

• Elevation Gold produced 6,303 ounces of gold from 654,354 ore tonnes processed with average grades of 0.42 g/t.
• The Company sold 5,850 ounces of gold during Q1 2024.

Consolidated Operational Results Summary

The following table provides a summary of the Company’s operational statistics for the three months ended March 31, 2024 and March 31, 2023.

Tim Swendseid, Chief Executive Officer of Elevation Gold, stated “It has been a busy quarter.  Production during the quarter was impacted by continuing throughput related issues with the crushing plant, resulting primarily from harder than typical ore and wet ore, a required condition for dust control.  The ore hardness and throughput improved by the quarter’s end, and we are expecting a meaningfully positive improvement in tons crushed and ounces produced for the second quarter.  Additionally, mining efficiencies have significantly improved in the western area, beginning in February, as expected.  On February 27, 2024, we were very pleased to announce positive exploration results in the Reynolds Pit area.  Gold prices also strengthened during the quarter, which will help future revenues.  We also successfully completed a reallocation of part of our permitted mining area from the east side of the boundary to the west side, to support the Reynolds Pit development.  The Reynolds Pit development commenced during the quarter, and we are now on the second production bench.   As a result of the weaker than expected production during Q1 2024, we are providing information in this press release concerning our liquidity, and as previously announced, our Q4 2023 financial results and management discussion and analysis will be released later this month.”

Mine Plan of Operation Minor Amendment and Reynolds Pit Development

The Company is pleased to announce that on February 14, 2024, the US Bureau of Land Management Kingman Field Office approved a mine plan of operations (MPO) minor amendment for the Moss Mine near Bullhead City, Arizona. The MPO amendment allows for the reallocation of 38 acres around the previously authorized open pit areas of the Moss Mine to the Reynolds Pit area.  Other amendment items include the relocation of acres associated with the barren rock stockpile and heap leach pad in the far west to accommodate the development of the 100% permitted Reynolds Pit.

The amendment allows for full development of the Reynolds Pit area.  Pioneering work to access the upper benches of the pit commenced during February and ore shipments began in late March.  Mining activity will focus initially on the low stripping ratio north end of the deposit and gradually move to the south where the higher grade, higher strip ratio ore will be mined.  The Reynolds deposit remains open along strike and down dip, so further drilling is anticipated to expand the currently designed pit boundary.  The operation is now successfully mining the second production bench.

Liquidity Update

The Company has been in ongoing discussions with Maverix Metals Inc., a wholly owned subsidiary of Triple Flag Precious Metals Corp. (“Maverix”), which holds the silver stream in respect of the Moss Mine and is the Company’s principal lender, as well as most royalty holders in respect of the Moss Mine, to try to restructure these obligations to help alleviate the current burden on revenues being generated by the Moss Mine.  As a result of lower-than-expected production during the second half of Q4 2023 and the first half of Q1 2024, the Company has temporarily suspended its royalty/finder fee payments and silver stream delivery obligations to preserve sufficient liquidity for the continued operation of the Moss Mine.  Maverix has consented to the delay of certain delivery obligations in respect of the silver stream, however the Company did not receive the consent of certain royalty…