Gold Mountain Announces Graduation to the Toronto Stock Exchange

Rhea-AI Summary

Gold Mountain Mining Corp. has received final approval to up-list its shares to the Toronto Stock Exchange (TSX) from the TSX Venture Exchange (TSXV), effective November 23, 2021. This milestone follows 11 months of trading on the Venture and reflects the company's commitment to shareholder value. CEO Kevin Smith stated the company will enter production with 70 million shares outstanding, targeting steady cash flow and a multi-phased exploration program in 2022. The transition will not require any action from shareholders and includes an updated escrow release schedule.

Positive

• Up-listing to TSX marks significant achievement within 11 months.
• Company expects steady cash flow as it transitions into production.
• Clear path to revenue with only 70 million shares issued.

Negative

• Preliminary Economic Assessment includes speculative inferred resources, posing risks to financial projections.

VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSXV:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) announced today that it has received final approval for listing of the Company's common shares (the "Common Shares") on the Toronto Stock Exchange (the "TSX"). In connection with the graduation the Common Shares, which are currently listed for trading on the TSX Venture Exchange (the "TSXV"), will be up-listed to the TSX.

"After commencing trading on the Venture only 11 months ago, graduating to the senior board marks an exciting achievement for our company and is testament to Management's commitment to deliver shareholder value," commented CEO and Director Kevin Smith. "By going into production with only 70 million shares issued and outstanding, a clear path to revenue and an updated resource estimate expected to be completed this fall, we plan on ending our first year of trading carrying serious momentum. We anticipate that 2022 will see Gold Mountain transition into steady state production, positive cashflow and another multi-phased exploration program to continue showcasing the Elk's scalability."

The Common Shares are all expected to begin trading on the TSX effective as of commencement of trading on November 23, 2021 (the "Listing Date"). Upon listing on the TSX, the Common Shares will continue to trade under the ticker symbol "GMTN", respectively. In conjunction with the graduation to the TSX, the Common Shares will be concurrently delisted from the TSXV prior to commencement of trading on the TSX. Holders of the Common Shares are not required to take any action in connection with the graduation to the TSX.

Update to Escrow Release Schedule

In connection with the graduation to the TSX, all of the Gold Mountain securities that were subject to a Tier 2 escrow release schedule pursuant to a Surplus Securities Escrow Agreement and a Value Security Escrow Agreement both dated December 16, 2020 and a CPC Escrow Agreement dated December 6, 2019 will be subject to a Tier 1 release schedule. The tables below sets out the updated Escrow Release Schedule for each applicable agreement:

VALUE ESCROW TABLE

Release Dates	Tier 2 Original Release Schedule		TSX
	Percentage	Shares Released	Percentage	Shares Released
December 29, 2020	10%	256,160	25%	640,400
June 29, 2021	15%	384,240	25%	640,400
December 29, 2021	15%	384,240	25%	640,400
June 29, 2022	15%	384,240	25%	640,400
December 29, 2022	15%	384,240	N/A	-
June 29, 2023	15%	384,240	N/A	-
December 29, 2023	15%	384,240	N/A	-
TOTAL	100%	2,561,600	100%	2,561,600

SURPLUS ESCROW TABLE

Release Dates	Tier 2 Original Release Schedule			TSX
	Percentage	Shares Released	Options Released	Percentage	Shares Released	Options Released
December 29, 2020	5%	475,144	77,707	10%	950,289	155,414
June 29, 2021	5%	475,144	77,707	20%	1,900,487	310,828
December 29, 2021	10%	950,289	155,414	30%	2,850,868	466,242
June 29, 2022	10%	950,289	155,414	40%	3,801,250	621,656
December 29, 2022	15%	1,425,434	233,121	N/A	-
June 29, 2023	15%	1,425,434	233,121	N/A	-
December 29, 2023	40%	3,801,250	621,656	N/A	-
TOTAL	100%	9,502,894	1,554,140	100%	9,502,894	1,554,140

CPC ESCROW TABLE

Release Dates	Tier 2 Original Release Schedule		TSX
	Percentage	Shares Released	Percentage	Shares Released
December 29, 2020	10%	250,000	25%	625,000
June 29, 2021	15%	375,000	25%	625,000
December 29, 2021	15%	375,000	25%	625,000
June 29, 2022	15%	375,000	25%	625,000
December 29, 2022	15%	375,000	N/A	-
June 29, 2023	15%	375,000	N/A	-
December 29, 2023	15%	375,000	N/A	-
TOTAL	100%	2,500,000	100%	2,500,000

Preliminary Economic Assessment

For details on the key assumptions behind the Company entering into steady state production and its anticipated cash flow, please see the Preliminary Economic Assessment entitled "Updated Preliminary Economic Assessment on the Elk Gold Project" dated June 21, 2021 with an effective date of May 14, 2021 a copy of which is available on SEDAR (the "PEA").

The Company's mine plan and annual after-tax profit are based on the PEA which is preliminary in nature and includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

Qualified Person

The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for the Company.

About Gold Mountain Mining

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website at www.gold-mountain.ca.

For Further information, please contact

Gold Mountain Mining Corp.

Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: ks@gold-mountain.ca
Website: www.gold-mountain.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information or statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements in this press release include the statement with respect to the anticipated listing date on the TSX, the increase in resource estimate this fall, the anticipated state of production. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Company's Annual Information Form for the year ended January 31, 2021 which was filed on the Company's SEDAR profile on November 4, 2021.

SOURCE: Gold Mountain Mining Corp

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FAQ

What is the listing date for Gold Mountain Mining Corp on TSX?

Gold Mountain Mining Corp's common shares will begin trading on the TSX on November 23, 2021.

What is the stock symbol for Gold Mountain Mining on the TSX?

The stock symbol for Gold Mountain Mining Corp on the TSX remains 'GMTN'.

How many shares will Gold Mountain Mining have outstanding after the up-listing?

Gold Mountain Mining will have 70 million shares issued and outstanding after the up-listing.

What does the Preliminary Economic Assessment indicate for Gold Mountain Mining?

The Preliminary Economic Assessment indicates potential production and cash flow but includes inferred resources deemed speculative.