Moneta Continues to Intersect Significant Gold Mineralization at Tower Gold with 46.00 m @ 26.95 g/t Gold including 1.00 m @ 1,228.00 g/t Gold

Toronto, January 31, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) ("Moneta") is pleased to announce assay results from thirteen (13) resource infill and step-out drill holes on the Windjammer gold deposit at the Tower Gold project (The "Project"), located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of the 76,000 metres ("m") of infill and resource upgrade drill program completed in 2022 on the 4.5 million ("M") ounces ("oz") indicated gold ("Au") and 8.3 Moz inferred Au mineral resource estimate (see September 07, 2022 press release).

Drilling Highlights:

• MGH22-321 intersected 46.00 m @ 26.95 grams per tonne "g/t" Au, including 7.00 m @ 175.81 g/t Au, including 1.00 m @ 1,228.00 g/t Au
• MGH22-329 intersected 336.00 m @ 0.58 g/t Au, including 60.00 m @ 1.10 g/t Au, including 4.00 m @ 2.43 g/t Au
• MGH22-332 intersected 205.50 m @ 0.48 g/t Au, including 34.00 m @ 0.99 g/t Au, including 2.00 m @ 6.64 g/t Au
• MGH22-330 intersected 425.38 m @ 0.47 g/t Au, including 46.00 m @ 0.80 g/t Au, including 14.00 m @ 1.21 g/t Au, and 31.00 m @ 1.04 g/t Au, including 1.00 m @ 6.15 g/t Au
• MGH22-329 intersected 185.00 m @ 0.54 g/t Au, including 38.00 m @ 0.90 g/t Au, including 2.00 m @ 4.85 g/t Au
• MGH22-332 intersected 212.00 m @ 0.48 g/t Au, including 20.00 m @ 0.97 g/t Au, including 2.00 m @ 3.42 g/t Au
• MGH22-315 intersected 66.15 m @ 0.62 g/t Au, including 14.50 m @1.27 g/t Au, including 1.30 m @ 3.85 g/t Au
• MGH22-324 intersected 4.50 m @ 2.36 g/t Au, including 1.00 m @ 9.79 g/t Au

Gary O'Connor, Moneta's President and Chief Executive Officer commented, "These Windjammer infill assay drill results continue to confirm the continuity and extensions of the current mineral resource estimate. These results include one of the highest-grade intercepts from the Project highlighting the ability to intersect significant grades over good widths within the economic open pit mineral resources at Windjammer as defined in the recent Preliminary Economic Assessment ("PEA"). Extensions of good gold mineralization have also been intersected outside the resource and pit, indicating the potential to continue to grow the mineral resource and to expand the economic mine life of the Project. As we continue to de-risk and advance Tower Gold, we look forward to completing the current resource infill and upgrade drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study ("PFS")."

The latest assay results are from thirteen (13) drill holes for 7,731.80 m of diamond drilling completed as part of the 76,000 m drill program of resource infill and upgrade drilling for the PFS completed in 2022. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. An additional 190,000 m resource infill and upgrade drilling program is currently underway. Additional assays are pending and will be released upon receipt of assays.

Figure 1: Tower Gold Project - General Location Map

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Table 1: Windjammer - Select Significant Drill Results

Note: Intercepts are calculated using a 0.20 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied. Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 75% to 95% of true width.

Discussion of Drill Results

Infill drilling at Windjammer was focused on infilling and extending the mineral resource located within the current open pit gold resource from surface to vertical depths of up to 500 m below surface at Windjammer. The drill results confirmed continuity of the resource estimate and extended gold mineralization to the west and east, at depth by widths of over 250 m, and to the south. In the northern area of Windjammer Central, drill holes MGH22-330 and MGH22-332 extended mineralization by over 200 m west of the current resource at shallow depths, drill holes MGH22-334 and MGH22-338 extended mineralization by over 250 m east of the current resource and to the south drill holes MGH22-324, MGH22-333, MGH22-335 and MGH22-339 intersected mineralization adjacent to the banded iron formation in an area not previously fully drill tested drilled out extending the mineralization to the south and east by up to 200 m. The drill holes predominantly tested the areas north of the regional banded iron formation units ("BIF") within altered clastic sediments hosting wide stacked extensional quartz vein sets in the Windjammer Central area, located to the south of the main splay of the regional Destor Porcupine Fault zone ("DPFS").

Figure 2: Windjammer - Tower Gold: Infill Drill Location Map

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Figure 3: Windjammer - Tower Gold: Infill Drilling Cross Section "A-A"

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Note: Intercepts are calculated and shown using a 0.20 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied

Figure 4: Windjammer - Tower Gold: Infill Drilling Cross Section "B-B"

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Note: Intercepts are calculated and shown using a 0.20 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied

QA/QC Procedures

Drill core is oriented and cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check assays at Bureau Veritas Commodities Ltd. Jason Dankowski, P.Geo. V.P. Technical Services & Geology for Moneta, who is a QP as defined by NI 43-101 has reviewed and approved the technical contents of this press release.

Table 2: Windjammer - Resource Infill Drill Hole Details

About Moneta Gold

Moneta is a Canadian-based gold exploration company focused on advancing its 100% wholly owned Tower Gold project, located in the Timmins region of Northeastern Ontario, Canada's most prolific gold producing camp. The September 2022, PEA study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach operation over a 24-year mine life, with 4.6 Moz of recovered gold, generating an after-tax NPV5% of $1,066M, IRR of 31.7%, and a 2.6-year payback at a gold price US$1,600/oz. Tower Gold hosts an estimated gold mineral resource of 4.5 Moz indicated and 8.3 Moz inferred at a 0.3 g/t Au cut-off. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource upgrade drilling program, while conducting all business activities in an environmentally and socially responsible manner.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO
416-357-3319

Linda Armstrong, Investor Relations
647-456-9223

The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetagold.com or email us at info@monetagold.com.

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