CEO.CA Chairman's Briefing

VANCOUVER, BC / ACCESSWIRE / September 16, 2024 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to report its financial and operating results for the three months and six months ended July 31, 2024 ("Q2 2025"). The Company's Financial Statements, Management's Discussion and Analysis ("MD&A"), are available for download on SEDAR and the Company's website. All amounts are expressed in Canadian dollars ("$") unless otherwise noted.

Highlights for the three months ended July 31, 2024

• Gold sales of 114oz from 3,877 tonnes delivered grading at an average of 1.25 g/t

• The Company recorded revenue of $105,012 at an average realized gold price¹ of $897 (US$658) per ounce of gold sold

• Mine operating loss of $1,167,618

• Net loss of $2,171,099 or $0.00 per share (basic) during Q2 2025

• Adjusted EBITDA¹ of ($1,337,101)

• Total Cash Costs¹ per ounce sold of $10,041

• The strip ratio of 22.8 in Q2 2025

Summary of Operational Results

Operational Update

During Q2 2025, the Company mined a total of 3,877 tonnes of ore and 88,385 tonnes of waste, all of which came from the Siwash North Pit. The average ore grade delivered was 1.25 g/t gold, resulting in total gold ounces sold of 114 and a strip ratio of 22.8. During Q2 2024, the Company mined a total of 7,675 tonnes of ore and 551,033 tonnes of waste from the Siwash North Pit. The average ore grade delivered was 4.01 g/t gold, resulting in total gold ounces sold of 965 and a strip ratio of 71.8. The lower strip ratio in Q2 2025 was result of implementing a more targeted methodology, which led to reduced dilution and minimized mine loss.

The Company is looking to strategically increase its production outputs as the improvements to mine methods, grade control, ore processing and sampling are realized. We recognize that a large increase in production prior to the improvements may be at a significant loss in potential earnings.

Summary of Financial Results

For Q2 2025, the Company recorded a net loss of $2.1 million compared with a net loss of $1.0 million for Q2 2024. Lower metal sales volumes due to low production, combined with lower realized prices for gold, resulted in a decrease in revenue to $0.1 million from $2.2 million for Q2 2024. Mine operating income for Q2 2025 was an operating loss of $1.2 million compared with a mine operating loss of $0.3 million for Q2 2024.

Corporate Update

The Company's mining contractor and partner, Nhwelmen Construction Limited Partnership ("Nhwelmen"), renegotiated its accumulated debts by converting $1,250,000 into Company common shares, and placing the remaining balance of the $6,534,851, on a medium-term loan. As a sign of good faith and trust, both parties have executed a General Security Agreement ("GSA") with respect to the Company's wholly owned subsidiary, Elk Gold Mining Corp. Once the accrued amount has been paid down, the GSA will be terminated.

During the six months ended July 31, 2024, Nhwelmen also agreed to convert the $5,000,000 of the secured debt into a secured Debenture. The Debenture bears interest at the rate of 12% per annum with a maturity date of 4 years from the date of issuance. The Debenture is convertible into common shares of the Company at a conversion price of $0.08 per share of the Company, at any time immediately preceding the maturity date.

The Company worked with its primary contractor and partner, Nhwelmen to revisit the mine plan and mine operational plan, to expand its operations, and to provide the operational security and capital the Company requires to move forward.

Subsequent to the Q2 closing at July 31, 2024, the Company did secure operational funding in the amount of $6.5 million by way of a convertible debenture The Debenture bears interest at the rate of 10% per annum with a maturity date of 10 years from the date of issuance. The Debenture is convertible into common shares of the Company at a conversion price of $0.08 per share of the Company, at any time immediately preceding the maturity date.

Subsequent to the Q2 closing at July 31, 2024, the Company has resumed expanded operations as planned. Primary focus for Q3 2025 includes refining the block model, optimizing pit design, and enhancing mine operational planning to increase production in September.

The Company is engaged with surrounding Indigenous Communities to proactively address any community concerns respecting the future mining plans. The Company is aware of and acknowledges each respective Indigenous Nation's decision-making process that will continue independently from the federal and provincial regulatory regimes.

Qualified Person

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

About Gold Mountain

Gold Mountain is a British Columbia based gold and silver production, exploration and development company focused on the development of the Elk Gold Mine, a producing mine located 57 kilometers 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 more information, please contact:

Gold Mountain Mining Corp.

Calvin Cheung, Chief Financial Officer

Email: IR@gold-mountain.ca

Website: www.gold-mountain.ca

Twitter: www.twitter.com/goldmtnmine

Forward Looking Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation regarding final approval of the Convertible Debenture, the ability of the Company to continue as a going concern, the impact of the raising of funds pursuant to the Convertible Debenture on the Company and the results thereof, including that it will allow the Company to address its significant working capital deficiency and provide operating capital to the Company so that it can go forward as a viable going concern, receipt of the final TSX approval and the ability for the Company to restart the mine, thereby significantly improving the Company's financial situation. 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 relating to 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 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.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

• Total Cash Cost per ounce sold is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports total cash costs on a sales basis. For a full definition and reconciliation of this non-IFRS financial performance measure, refer to the Company's MD&A for the three and six months ended July 31, 2024, a copy of which is available on the Company's profile at www.sedar.com.

Average realized price per ounce of gold sold is used by management to better understand the price realized in each reporting period for gold sales. This metric is intended to provide additional information only and does not have any standardized definition under IFRS. For a full definition and reconciliation of this non-IFRS financial performance measure, refer to the Company's MD&A for the three and six months ended July 31, 2024, a copy of which is available on the Company's profile at www.sedar.com.

SOURCE: Gold Mountain Mining Corp