Greenstone Provides Update on Holdings of Elevation Gold Mining Corporation

GUERNSEY, Channel Islands, Dec. 22, 2025 /CNW/ - Greenstone Resources II L.P. ("Greenstone") announces that it has disposed of 17,156,142 common shares ("Shares") and 4,347,000 warrants to purchase Shares ("Warrants") in the capital of Elevation Gold Mining Corporation ("Elevation") to a third party via a gift (the "Gift"). The Gift was made pursuant to a deed of gift dated December 10, 2025. In June 2025, Greenstone and its affiliate, Greenstone Management II Limited (together with Greenstone, the "Greenstone Group"), executed a deed of quitclaim to Elevation in respect of 43,506 Shares (the "Quitclaim"). Greenstone received no consideration for the Gift or the Quitclaim.

Following the Gift, and taking into account the Quitclaim, the Greenstone Group no longer holds any Shares or Warrants (or other securities of Elevation), representing a decrease in the Greenstone Group's holdings of the Shares of 15.29% on a non-diluted basis and 19.16% on a partially-diluted basis.

Immediately prior to the Gift and taking into account the Quitclaim, the Greenstone Group beneficially owned and controlled 17,156,142 Shares and 4,347,000 Warrants, representing approximately 15.29% of the issued and outstanding Shares on a non-diluted basis and 19.16% of the total issued and outstanding Shares on a partially-diluted basis.

On December 4, 2024, Elevation announced that the Supreme Court of British Columbia issued an initial order granting the Company protection under the Companies' Creditors Arrangement Act, RSC 1985, c C-36 (the "CCAA Proceedings"). The calculations of the Greenstone Group's holdings of the Shares on a non-diluted and partially diluted basis are based on 112,214,845 Shares issued and outstanding, as stated in Elevation's financial statements filed on SEDAR+ on May 13, 2024 for the period ending March 31, 2024, being the most recent filing of Elevation disclosing its issued and outstanding Shares.

The Greenstone Group disposed of the Shares and Warrants in connection with the CCAA Proceedings.

This disclosure is being made pursuant National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under Elevation's profile on SEDAR+ containing additional information respecting the foregoing matters.

Greenstone's address is set out below.

Greenstone Resources II L.P.
East Wing, Trafalgar Court, Les Banques
St Peter Port, Guernsey, GY1 3PP

Elevation Gold Mining Corporation
800 West Pender Street,
Suite 910
C/o Maxis Law Corporation
Vancouver, British Columbia, V6C2V6

SOURCE Greenstone Resources II L.P.