Gold Mountain Mining Corp. provided an operational and corporate update. Highlights: The Company continues to improve operations at the Elk Gold Project, generating approximately CAD 2.3 million of revenue in January 2023 with an adjusted EBITDA of approximately $725,000.

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 costs for January were approximately CAD 1,187/oz Au (USD 886/oz Au) and all-in sustaining costs (AISC) were approximately CAD 1,485/oz Au ($1,108/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.

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 6.15g/t Ag to New Afton mine. This translated to Gold Mountain shipping 1,164 gold ounces and 1,183 silver ounces, generating approximately CAD 2. 3 million (USD 1.7 million) of revenue and an adjusted EBITDA of approximately $725k.