Gold Mountain Receives Conditional Approval to List on the Toronto Stock Exchange

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSXV:GMTN)(OTCQB:GMTNF)(FSE:5XFA) is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (the "TSX") to list its common shares. Assuming the outstanding listing conditions are satisfied and the common shares are listed on the TSX, the Company will voluntarily delist its common shares from the TSX Venture Exchange. Gold Mountain will continue to trade under the ticker "GMTN". The Company has also filed a preliminary base shelf prospectus (the "Shelf Prospectus") with the securities commissions in each province of Canada

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"As we transition into commercial production and continue expanding the Elk's resources, the timing is right for our company to up list onto the Toronto Stock Exchange," commented Kevin Smith, CEO and Director of Gold Mountain. "Up listing to the TSX will mark a significant milestone for Gold Mountain and should send a message that management's focus is corporate development on all fronts, with a goal of becoming a prominent name in Canadian mining. By listing on the TSX, we seek to further enhance the Company's exposure and accessibility to institutional investors, as well as increase the liquidity of our market. We have also filed a Preliminary Base Shelf Prospectus with each province in Canada. While the company does not have any immediate requirement for additional funds, we wanted to put ourselves in a position to be deal ready over the next 25 months, should we elect to accelerate our exploration plans at the Elk or the right M&A opportunity presents itself. With a healthy treasury, the M199 mining permit in hand, and our Phase II exploration program nearing completion, the Company is positioned for a strong finish to our first year of trading, and look to carry that momentum into 2022."

TSX Conditional Approval

Gold Mountain received conditional approval to list on the TSX on November 4^th, 2021after trading on the TSX Venture Exchange ("TSXV") for 10 months. During this period, the Company transitioned from an exploration and development junior mining company, to a near term gold producer with strong and established partnerships in South Central British Columbia. The Company's sound economics, broad shareholder base and imminent revenue generation lead Management to begin the process of up listing to the TSX.

Final approval of the Gold Mountain up-listing to the TSX is subject to the Company meeting certain customary conditions. Gold Mountain will officially announce when the trading of its common shares is expected to commence on the TSX. Upon completion of the final listing requirements, the Company's common shares will be delisted from the TSXV.

Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing. A TSX listing is one of the requirements for inclusion in certain indices including the S&P/TSX Composite Index and related exchange-traded products (ETFs). There can be no certainty that the company would qualify or be eligible to be included in such indices and ETFs.

Corporate Governance

As part of the up listing process to the TSX, the Company's board of directors has appointed Kevin Smith as Chairman and Blake Steele as Independent Lead Director. The appointments were made at the request of the TSX to provide further structure to the company's board.

Preliminary Shelf Prospectus

The Shelf Prospectus, upon a receipt for the final base shelf prospectus, would allow Gold Mountain to make offerings up to C$50,000,000 of common shares, warrants, subscription receipts, units, debt securities, share purchase contracts, or any combination thereof, from time to time over a 25-month period. The specific terms of any future offering of securities (if any) will be set forth in a shelf prospectus supplement. Gold Mountain has filed this base shelf prospectus for future financial flexibility and has no immediate intentions to undertake an offering. As reported in its quarterly financial statements ending July 31, 2021, Gold Mountain had a cash position of $14,931,106.

This news release shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities nor shall there be any sale of securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

A copy of the preliminary Shelf Prospectus, and copies of the final base shelf prospectus and any shelf prospectus supplements that may be filed in the future, can be found under the Company's SEDAR profile at www.sedar.com.

Annual Information Form

Gold Mountain has also voluntarily filed an Annual Information Form ("AIF") to support the Base Shelf Prospectus and its TSX listing. The AIF provides a detailed overview of the Company and is available at www.sedar.com.

Amended and Restated Technical Report

The Company is also filing an amended and restated technical report for its Elk Gold Project entitled "National Instrument 43-101 Technical Report Updated Preliminary Economic Assessment on the Elk Gold Project, Merritt British Columbia" (the "Amended Report"). The Amended Report can be found under the Company's profile at www.sedar.com. and was filed further to a review by staff of the British Columbia Securities Commission (the "BCSC"). The BCSC review is now complete.

There are no material differences between the original report filed June 22, 2021 and the Amended Report and there are no differences with respect to the mineral resource, the preliminary economic assessment of the recommendations and conclusions provided in the original report. The report, effective from May 14, 2021 dated August 26, 2021 and amended as of November 4, 2021 is available under Gold Mountain's profile on SEDAR at www.sedar.com and on the Company's website at www.gold-mountain.ca.

About Gold Mountain Mining

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM 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 further information, please contact:

Gold Mountain Mining Corp.
Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: ks@gold-mountain.ca
Website: www.gold-mountain.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. 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 or 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 in this press release include all statements relating to imminent cash flow generation, achieving commercial production, anticipated Year 1 production profile and anticipated profits, the timing for the receipt of any EA, transitioning to commercial production, the timing to commence mining, the timing for the delivery of mineralized material to New Afton. 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. For a comprehensive overview of all risks that may impact the Company, please see the Company's Annual Information Form a copy of which is available at www.sedar.com.

SOURCE:Gold Mountain Mining Corp