Gold Mountain Mining Corp. announced an updated National Instrument 43-101 Mineral Resource Estimate following the conclusion of its Phase 2 drill program at the Elk Gold Project. An updated technical report will be filed on the Company's website and SEDAR within 45 calendar days of this disclosure. Highlights: Gold Mountain increases its resource estimate at its Elk Gold Project to: 806,000 oz of Measured & Indicated Resources at 5.8 g/t AuEq and 262,000 oz of Inferred resource at 5.4 g/t AuEq. The updated Resource Estimate represents a 24% increase of Measured and Indicated ounces and 65% increase of inferred ounces. 37 new diamond drill holes were completed in the Siwash North Zone which incrementally expanded the vein models along strike and down dip and connected the Siwash North Zone with the Gold Creek Zone, historically viewed as a satellite deposit. 10 diamond drill holes were completed in the Lake and South Zones leading to maiden Mineral Resource estimates in the two satellite zones which demonstrate the multiple zone potential for the Elk Gold Project. This update to the mineral resources followed the Company's successful Phase 2 drill program that consisted of 13,900 metres of diamond drilling where all 47 holes hit mineralization. The resource update is following Gold Mountain's 13,900m Phase 2 drill program which began in May and wrapped up in November. The Company continued to step out and infill its well established, high-grade intercepts in Siwash North, increasing the zone's measured and indicated resource to 735,000oz at 5.9 g/t AuEq and inferred resource to 229,000oz at 5.4 g/t AuEq. This included drilling to the south of the Siwash North Zone which allowed the Company to merge the Gold Creek and Siwash North geological models. Additionally, Gold Mountain continued exploring the property by drilling in known mineralized Satellite zones including; the Lake and South Zones. By leveraging and evaluating the historical drill data set for these zones, the Company was able to fill spatial data gaps and establish a combined maiden resource of 71,000oz measured and indicated at 4.3g/t AuEq and 33,000oz inferred at 5.7g/t AuEq. Finally, the Company continued relogging the asset's historical core that was drilled by previous owners of the property. HEG Exploration Services Inc. identified and sampled core from historical drill holes located in the Siwash North Zone which helped further refine the vein model interpretation and add additional veins to the geological model. Mineral Resource Estimate Assumptions Data Verification: The data that forms the basis for the Resource Estimate was verified by the Qualified Person using industry standard methods. Drill hole collar locations were confirmed with independent surveyors' using high precision GPS equipment. Analytical accuracy and precision are monitored using commercial standards, blanks, re-analysis of both coarse rejects and pulps. A review of all data inputs to the drilling database, both historical and recent, has allowed a sufficient level of confidence to include the drill database in the Resource Estimate. Exploration Information The data from the 47 Phase 2 drill holes were added to the 2021 drill data for an aggregate total of 1,125 holes that intersected the 46 modelled mineralized zones. The assay file contained 23,093 gold and silver assays of which 6,406 were contained within the modelled zones. Grade Capping - Siwash North A cumulative frequency curve was generated for both gold and silver assay values to determine whether capping of assay values was appropriate. There is a distinct break in the gold assay cumulative frequency curve at 400 g/t and that value was taken as the capping value. There were 10 gold assay values over 400 g/t. The silver cumulative frequency curve has a break at 450 g/t and that value was taken as the capping value. There are 11 samples in the population which were greater than 450 g/t silver. Grade Capping - Lake Zone: No grade capping was applied in the Lake Zone for this resource estimate. Grade Cappig - South Zone: In the South Zone, gold grades were capped at 60g/t Au and there is 1 gold assay value over 60 g/t. The silver grades were capped at 160g/t Ag and there are 2 samples in the population which were greater than 160 g/t silver. Vein Modelling: The Resource Estimate is constrained to a vein wireframe model which was developed using Leapfrog TM software by clipping the wireframes to a combination of drill hole composites and lithological units. Metal Equivalency: The Resource Estimate includes both gold and silver assay values and the combined value is expressed as a gold equivalency. The formula by which the two metals are combined is: AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96). Mineral Resource Classification: Only material in the 1,300 vein was allowed to be classified as measured because that is the only zone that has been explored from underground and has provided three-dimensional exposures of the mineralization as well as close- spaced testing by underground drilling. Reasonable Prospect of Economic Extraction: The open pit portion of the Resource Estimate was constrained by an economic pit shell using the following parameters: There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate. Qualified Persons: The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for Gold Mountain Mining Corp. The technical information relating to the resource estimate was prepared by Greg Mosher P. Geo (Global Mineral Resource Services) a Qualified Person as such term is defined under National Instrument 43-101 who is independent of Gold Mountain.