Nuts, no question. He's really close to the rock face. He starts out above the snow line. There are a lot of camera angles. I wonder how this was done.
You can bet there is a LOT of planning before he does any jumping. The chute has to come out not just at a certain altitude (he's WAY too low already several times during the flight) but at a certain place that is determined by the unique geometry of the terrain on each jump. It looks like he's just flying around, but I'd bet he has the exact flight path planned out. It'd be WAY too easy to get into a situation you couldn't recover from otherwise.
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Bill