Gold Mountain Provides Corporate Update - Seite 2

• During the quarter ended Oct 31, 2022, the Company mined 12,018 tonnes of ore and delivered 1,133 AuOz.
• Ore delivery resumed in September following the completion of the Company's pit redesign.
• The Company realized an average head grade of 3.49 g/t for the reporting period.

Ore Mining Initiatives

• Following the completion of its in-fill drilling, the Company delivered all assays to Micon International Inc. who is incorporating the data into a new geological model.
• The Company anticipates an updated mineral resource estimate and PEA in Q1 2023.
• Drilling and blasting optimization has led to better ore fragmentation with less displacement of the veins resulting in improved ore control at the dig face.
• Redesigning the pit and moving significant waste has improved the exposure and visibility of the mineralized veins, allowing the Company to operate more efficiently and increase ore production during the last two months of the quarter.

Underground Expansion

• The Company has initiated engagement with the surrounding Indigenous Communities and the Major Mines Office of the Ministry of Energy, Mines and Low Carbon Innovation with respect to the proposed underground expansion of the Elk Gold Project to increase its production scale to 65,000 ounces per year (the "Expansion").
• The Expansion will require amendments to the Company's current Mine Permits.
• Gold Mountain is aware and acknowledges each respective Indigenous Nation's decision-making process will continue independently from the Province of British Columbia's regulatory regime.

Exploration

• Phase lV Drilling began in August 2022, targeting the Gold Creek, Lake, South and Elusive zones.
• The Company paused its Phase IV campaign to focus on in-fill drilling and the ore control practices discussed above. The Company anticipates restarting its Phase IV drill program in 2023.
• The Company is anticipating results from soil geochemical surveys completed in 2022. QA/QC analysis and interpretation of results is expected to be completed in Q4. The Geochem program covered areas of the Elusive Zone and Southern Breccia Zone with a view to identifying future drill targets.

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