Gold Mountain Provides Operational and Corporate Update

VANCOUVER, BC / ACCESSWIRE / March 2, 2023 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to provide an operational and corporate update.

Highlights:

• The Company continues to improve operations at the Elk Gold Project, generating approximately $2.3M CAD of revenue in January 2023 with an adjusted EBITDA¹ of approximately $725k.
• A total of 1,164 AuOz and 1,183 AgOz were delivered to New Gold Inc.'s New Afton Mine with an average head grade of 6.04 g/t Au and 6.15 g/t Ag.
• Cash costs² for January were approximately CDN$1,187/oz Au (US$886/oz Au) and all-in sustaining costs (AISC)³ were approximately CDN$1,485/oz Au ($US1,108/oz Au).
• The Company has now seen four consecutive months of improved grade with January being the Company's best month since operations began in February 2022.

January Mining

In January, the Company continued to see operational improvements at the Elk Gold Project, delivering 6,179 tonnes of ore at a head-grade of 6.04 g/t Au and 6.15 g/t Ag to New Gold Inc.'s New Afton mine. This translated to Gold Mountain shipping 1,164 gold ounces and 1,183 silver ounces, generating approximately CAD$2.3M (US$1.7M USD) of revenue and an adjusted EBITDA of approximately $725k. The Company attributes the success in January to improvements made in drill & blast design and ore control processes.

The Company will continue refining its ore control practices as it progresses into the next phases of the mine plan. February tonnages delivered to New Afton were impacted by weather conditions, although production samples received to date continue to show improvements to the mine's head grade.

Management Updates

The Company has engaged Paulo Santos as its new Chief Financial Officer ("CFO"). Mr. Santos has over fifteen years of experience in the mining industry holding positions such as the CFO for Elevation Gold Mining Corporation, Interim CFO and VP Finance for Calibre Mining Corp. and CFO for Northern Empire Resources Corp. Mr. Santos is expected to add further industry experience to the Company's management team.

Braydon Hobbs will be stepping down as Chief Financial Officer of Gold Mountain effective March 31, 2023. Mr. Hobbs has been with the Company for over 2 years and has overseen the Company's transition into mining. The Company thanks Mr. Hobbs for his dedication and direction.

The Company is pleased to announce the appointment of Francois Tremblay as the General Manager at the Elk Gold Project effective January 1, 2023. Mr. Tremblay's career spreads over 3 decades in which he has worked in base metal, gold, silver and precious stones mines as a company representative and contractor. He has worked for INCO/Vale, KGHM, Nyrstar, Endeavor Silver, Redpath Mining and DMC to name a few. Most recently, he has been working as a mining consultant specializing in business improvements to help streamline operations and generate value for shareholders.