Subscription of Units of Elevation Gold Mining Corporation

GUERNSEY, Channel Islands, March 25, 2022 /CNW/ - Further to the press release of Elevation Gold Mining Corporation (the "Company") of 24 March 2022 announcing a public offering of units (the "Offering"), Greenstone Resources II L.P. ("Greenstone") announces that it has subscribed for an aggregate of 4,347,000 units of the Company ("Units") at a price per Unit of C$0.53, for aggregate subscription proceeds of C$2,303,901. Each Unit consists of one common share and one warrant ("Unit Warrant"), with each Unit Warrant exercisable for a common share of the Company ("Common Share") at an exercise price per Unit Warrant of C$0.70 until 24 March 2027.

Prior to the issuance of the Units, Greenstone had ownership of and control over 12,852,198 Common Shares, 4,314,103 warrants of the Company, each warrant exercisable to purchase one Common Shares ("Previous Warrants" and together with the Unit Warrants, the "Warrants"), and 200,000 options to purchase Common Shares, representing, in aggregate, approximately 28.4% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 26.5% of the Company's issued and outstanding Common Shares on a diluted basis (on a pre-issuance basis).

Following the issuance of the Units, Greenstone owns and controls 17,199,198 Common Shares, 8,661,103 Warrants and 200,000 options. This represents an increase in Common Shares, including Common Shares underlying the Warrants and Options, of 8,694,000 Common Shares.  As a result of the Offering, the subscription by Greenstone for Units results in its aggregate ownership interest of Common Shares (including the Common Shares underlying the Warrants and Options) representing approximately 23.7% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 21.9% of the Company's issued and outstanding Common Shares on a diluted basis (on a post-issuance basis), a reduction of approximately 4.7% and 4.6%, respectively.

Greenstone subscribed for the Units for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of the Company or continue to hold its current position.  A copy of the early warning report required to be filed with the applicable securities commission in connection with the transactions will be available on SEDAR at www.sedar.com and can be obtained by contacting Matt Hornton or Gordon Purvis at [phone]. Greenstone's address is set out below.

Greenstone Resources II L.P.
PO Box 656, East Wing,
Trafalgar Court, Les Banques
St Peter Port, Guernsey

Elevation Gold Mining Corporation
1188 West Georgia, Suite 1920
Vancouver, BC
V6E 4A2

SOURCE Greenstone Resources II L.P.

Matt Hornton or Gordon Purvis at [phone]