ELEVATION GOLD MNG CORP - EVGDF STOCK NEWS

Elevation Gold Mining (TSXV: ELVT) (OTCQB: EVGDF) has obtained an Initial Order from the Supreme Court of British Columbia for creditor protection under the Companies' Creditors Arrangement Act (CCAA). The company will also file for Chapter 15 protection in the US Bankruptcy Court for the District of Arizona. This decision was made after careful consideration of Elevation Gold's financial position and available alternatives.

Key points:

• KSV Restructuring Inc. appointed as monitor
• Comeback Hearing scheduled for August 12, 2024
• Company to continue beneficiation operations
• Interim cessation of active mining from open pit areas at Moss Mine
• Management remains responsible for day-to-day operations
• No changes to board or management

Updates on the restructuring process will be available at www.ksvadvisory.com/experience/case/elevation-gold-mining--inc.

Elevation Gold Mining (TSXV: ELVT) (OTCQB: EVGDF) has announced its intention to file for creditor protection under the Companies' Creditors Arrangement Act (CCAA) in Canada. The company will seek an Initial Order from the Supreme Court of British Columbia on August 1, 2024, followed by a Chapter 15 filing in the US Bankruptcy Court for the District of Arizona. This decision comes after careful consideration of the company's financial position and available alternatives.

Key points:

• KSV Restructuring Inc. to be appointed as court-appointed monitor
• Elevation Gold aims to continue operations on a going-concern basis
• Interim cessation of active mining from the open pit at the Moss Mine
• Management to remain responsible for day-to-day operations under monitor oversight

Elevation Gold reported its Q2 2024 production results. The company produced 6,380 ounces of gold from 696,373 ore tonnes, with average grades of 0.35 g/t. Gold sales reached 7,070 ounces, marking a 3% increase from Q2 2023. Mining operations were conducted in the Reynolds Pit and Mordor areas, with significant improvements in stripping ratios, reducing waste by 22% compared to Q2 2023. The Reynolds Pit saw a bench width increase to 95 meters, enhancing mining efficiencies. Year-to-date figures show 12,683 ounces of gold produced and 12,920 ounces sold, with ore tonnes mined at 2,243,234 and ore tonnes stacked at 1,351,027.

Elevation Gold Mining announced that it will fulfill its interest payment obligation on its C$6.71 million convertible debentures by issuing 1,968,122 common shares, valued at C$167,290, to debenture holders. This decision is in accordance with the terms outlined in the convertible debenture indenture dated July 31, 2020, between the company and Computershare Trust Company of Canada. Each debenture holder will receive approximately 29.33 common shares per C$100 of principal amount held as of the June 30, 2024, interest payment date. Fractional shares will not be issued, nor will cash equivalents be provided for amounts less than $5.00. The issuance of common shares is pending Exchange approval.

Elevation Gold Mining (TSXV: ELVT) (OTCQB: EVGDF) is pleased to announce that all items were approved by shareholders at the Annual General Meeting on June 20, 2024.

The number of directors was fixed at five, with Tim Swendseid, Douglas Hurst, David Peat, Douglas Ward, and Alan Edward retained on the Board of Directors.

PricewaterhouseCoopers LLP was reappointed as the company’s auditors. The company’s 10% rolling equity incentive plan was also approved.

This announcement reflects confidence in the current board and the company's strategic direction.

Elevation Gold Mining (TSXV: ELVT, OTCQB: EVGDF) reported its financial results for Q1 2024. The company achieved total revenue of $12.9 million, with the production of 6,303 ounces of gold and 42,152 ounces of silver. However, revenue decreased from $16.9 million in Q1 2023. The average realized gold price rose to $2,035 per ounce. Income from mine operations before depreciation and depletion was $2.6 million, while total cash costs per gold ounce sold were $1,598 and AISC was $2,437. Despite operational challenges, including throughput issues, the company expects improvements in Q2 due to enhanced crusher throughput and efficiency in mining activities. The net loss for Q1 2024 was $4.2 million compared to $3.6 million in Q1 2023.

Elevation Gold Mining (EVGDF) reports financial results for the year ended December 31, 2023, with total revenue of $66.4 million, an increase of 7% compared to 2022. The company produced 31,047 ounces of gold and 202,060 ounces of silver during the year. Income from mine operations before depreciation and depletion was $12.5 million. Cash costs per ounce of gold sold were $1,424, and all-in sustaining costs per ounce were $2,126. Despite challenges in production, the company saw steady improvement in results compared to the previous year.

Elevation Gold Mining (EVGDF) temporarily suspends royalty payments and silver stream delivery due to lower-than-expected production, facing legal action from Patriot Gold Corp. for unpaid amounts. The company aims to resolve the issue without litigation.

Elevation Gold Mining (EVGDF) reports Q1 2024 operating results, including 6,303 ounces of gold produced and 5,850 ounces sold. The Company experienced production challenges due to ore hardness and throughput issues but anticipates improvements for Q2 2024. The Reynolds Pit development is progressing well, supported by positive exploration results and gold price increases. Liquidity concerns led to discussions with Maverix Metals Inc. to restructure obligations. Maverix Debt consolidation was announced, and a director resigned.