Thursday, January 20th, 2022, Vancouver, BC - Elevation Gold Mining Corporation (TSX.V:ELVT) (OTCQX: EVGDF) (the “Company” or “Elevation”) a U.S. focused gold producer with district scale exploration projects in the Walker Lane Trend of Nevada and Arizona, is pleased to provide the following corporate update.

Exploration Update

Drill crews have returned to the Moss Mine site and the 2022 exploration drilling program is now underway. Two reverse circulation drill rigs are currently turning on the property.

Michael G. Allen, President of Elevation Gold stated, “We have many new targets to test, in addition to continued resource expansion drilling, and are planning to systematically explore the district scale land package surrounding the Moss Mine, Arizona’s largest pure precious metals mine.”

DTC Eligibility

The Company is pleased to announce that it has received approval from the Depository Trust Company (“DTC”) that its common shares are now eligible for electronic clearing and settlement through DTC in the United States.

With DTC eligibility, existing Elevation investors based in the United States can now benefit from potentially greater liquidity and faster execution speeds. In addition, DTC eligibility also allows for new investors to efficiently trade the Company's common shares, whereas they may have been restricted in the past, potentially simplifying the process of trading common shares of the Company in the United States and allowing the Company to access a larger pool of investors. The Company’s trading symbols will not change as part of this process.

About the Depository Trust Company

DTC was founded in 1973 and is a New York corporation that performs the function of a Central Securities Depository as part of the US National Market System. DTC manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered "DTC eligible".

Gold Agreement

The Company has entered into a short-term agreement with Maverix Metals Inc. pursuant to which the Company has received an upfront payment of US$6,000,000. In consideration for the upfront payment the Company has agreed to sell and deliver a specified amount of refined gold, with deliveries of such amounts and an additional US$1 million of refined gold to Maverix quarterly beginning March 28 and until expiry of the agreement on June 28, 2023.

Michael G. Allen, President of Elevation stated, “This short-term gold loan provides us financial flexibility as we continue to unlock value at the Moss Mine.”

Qualified Person

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.

About Elevation Gold Mining

Elevation Gold Mining 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 Gold Project in Nevada.