Moneta Gold Intersects 24.75 m @ 4.60 g/t Gold from Infill Drilling at Tower Gold and Provides Corporate Update

Toronto, March 2, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) ("Moneta" or the "Company") is pleased to announce the assay results from forty-three (43) resource infill and step-out drill holes on the 903 gold deposit at the Tower Gold project (the "Project"), located in the Timmins Gold Camp, Ontario. The latest drilling results are 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). Moneta is also pleased to announce the appointment of a key member to its management team with Mr. Dennis Wilson joining as Vice President ("VP") of Sustainability.

Drilling Highlights:

• MGA22-097 intersected 24.75 m @ 4.60 grams per tonne "g/t" Au, including 14.85 m @ 5.90 g/t Au, including 1.00 m @ 17.80 g/t Au, and 1.00 m @ 18.00 g/t Au
  
• MGA22-087 intersected 10.05 m @ 6.02 g/t Au, including 6.05 m @ 9.35 g/t Au, including 1.05 m @ 36.20 g/t Au
  
• MGA22-087 intersected 20.00 m @ 2.90 g/t Au, including 7.25 m @ 2.32 g/t Au, and 4.65 m @ 8.49 g/t Au, including 2.00 m @ 17.40 g/t Au
  
• MGA22-088 intersected 47.00 m @ 1.18 g/t Au, including 35.00 m @ 1.43 g/t Au, including 3.23 m @ 5.70 g/t Au, including 1.23 m @ 10.70 g/t Au
  
• MGA22-076 intersected 26.25 m @ 1.84 g/t Au, including 15.00 m @ 2.64 g/t Au, including 2.25 m @ 6.78 g/t Au
  
• MGA22-074 intersected 20.96 m @ 1.48 g/t Au, including 7.42 m @ 2.17 g/t Au
  
• MGA22-076 intersected 11.00 m @ 2.60 g/t Au, including 2.00 m @ 12.70 g/t Au, including 1.00 m @ 17.57 g/t Au
  
• MGA22-047 intersected 11.00 m @ 2.14 g/t Au, including 3.40 m @ 4.35 g/t Au, including 1.00 m @ 7.98 g/t Au

Note: Drill intercepts above 10 "g/t Au x m" are reported as significant intercepts. All intercepts are calculated using a 0.30 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.

Gary O'Connor, Moneta's President and Chief Executive Officer commented, "We are very pleased to announce additional infill and step-out assay drill results from 903, which continue to confirm the continuity and extensions of the current mineral resource estimate at the Tower Gold project. These results support wide widths of mineralization containing significant gold grades within the economic open pit mineral resources at 903 as defined in the Preliminary Economic Assessment ("PEA") study, within an area contained during the payback period in the first 5 years of production. Extensions of good gold mineralization have also been intersected outside the resource and pit. As we continue to grow, de-risk, and advance the Project, we look forward to completing the current resource infill drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study ("PFS"). We are also very pleased to welcome Mr. Dennis Wilson to the Company as VP Sustainability. His expertise in the areas of permitting, Environmental, Social, and Governance ("ESG"), safety and importantly First Nations engagement will prove to be an important addition to the management team at Moneta Gold."

A total of 10,057.00 m of drilling was completed in the forty-three (43) drill holes reported. 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, including the results for a further forty-three (43) drill holes from the 903 infill program completed in 2022.

Figure 1: Tower Gold Project - General Location Map

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4852/156834_27a53704b4b66895_002full.jpg

Table 1: 903 Deposit - Significant Drill Intercepts

Note: Drill intercepts above 10 "g/t Au x m" are reported as significant intercepts. All intercepts are calculated using a 0.30 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.

Twenty-one (21) drill holes did not intersect mineralization above 10 "g/t Au x m"; however, gold mineralization was intersected above the 0.3 g/t Au economic cut-off. Three (3) drill holes: MGA22-063, MGA22-075, and MGA22-080 outside of the current resource estimate to the north of the 903 deposit did not intersect mineralization above 0.3 g/t Au cut-off in extension drilling.

Discussion of Drill Results

The 903 deposit currently hosts an open pit indicated resource of 18.09 million tonnes ("Mt") @ 1.01 g/t Au containing 585,000 oz gold and an inferred resource of 24.13 Mt @ 0.75 g/t Au containing 581,000 oz gold (see September 07, 2022 press release). The drill holes in this release focused on infill and extensions of the mineral resource within the current open pit gold resource from surface to vertical depths of up to 300 m below surface. Mineralization at 903 is associated with quartz veining within syenites hosted in the Tisdale and Kid-Munro volcanics, and Timiskaming age meta-sediments, located between 2 major splays of the Destor-Porcupine Fault Zone ("DPFZ") in the Garrison area of the Tower Gold project.

The drill results confirmed the continuity of the resource estimate and extended gold mineralization within and in proximity to the PEA pit in the east and west areas of the 903 deposit. To the west, MGA22-087 and MGA22-098 confirmed and expanded mineralization within the PEA pit, while holes MGA22-058, MGA22-081, MGA22-061, and MGA22-108 extended mineralization at shallow depths to the south. In the central core of the 903 zone, drill holes MGA-056, MGA-117, MGA22-124, and MGA22-128 resulted in tightening of the extensions of gold mineralization in the north, while MGA22-047 expanded mineralization at depth to the south. To the east, drill holes MGA22-097, MGA22-099, MGA22-088, MGA-068, and MGA22-076 extended mineralization within and both to the north and south of the 903 PEA pit.

Figure 2: 903 Deposit- Tower Gold: Infill Drill Location Map

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4852/156834_27a53704b4b66895_003full.jpg

Figure 3: 903 Deposit - Tower Gold: Infill Drilling Cross Section "A-B"

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4852/156834_27a53704b4b66895_004full.jpg

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Figure 4: 903 Deposit - Tower Gold: Infill Drilling Cross Section "C-D"

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/4852/156834_27a53704b4b66895_005full.jpg

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Figure 5: 903 Deposit - Tower Gold: Infill Drilling Cross Section "E-F"

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/4852/156834_27a53704b4b66895_006full.jpg

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Table 2: 903 Deposit - Resource Infill Drill Hole Details

* Drill hole did not reach targeted depth

Management Appointment: Vice President Sustainability

Moneta is pleased to announce the appointment of Mr. Dennis Wilson to the role of VP Sustainability. Mr. Wilson has over 30 years of professional experience in the field of environmental and health and safety management, as well as community management in Canada and internationally. He brings a breadth of experience in the ESG area, having worked in every aspect of sustainability from early projects through to mine closure. He has managed relationships with First Nations in several parts of Canada, and relationships with remote communities in Australia, Brazil, and Mexico. Mr. Wilson holds a Bachelor's Degree in Applied Science (Environmental Science) from Charles Sturt University (NSW, Australia).

Mr. Wilson will be primarily responsible for advancing the Project's environmental base line, community consultation, safety and permitting matters. Mr. Wilson will also be a key contact with the host First Nations communities.

Quality Control Procedures

NQ 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.

Qualified Person

Jason Dankowski (APEGM #35155), Vice President 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.

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. 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
goconnor@monetagold.com

Ardem Keshishian, VP Corporate Development
416-471-5463
akeshishian@monetagold.com

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.

Certain statements in this press release including certain information about Moneta's business outlook, objectives, strategies, plans, strategic priorities and results of operations, as well as other statements which are not current statements or historical facts, constitute "forward-looking information" or "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (without limitation, statements regarding exploration programs, potential mineralization, future plans and objectives of the Company, updated to the mineral resources, and the timing and results thereof) are forward-looking statements. Sentences and phrases containing words such as "believe", "estimate", "anticipate", "plan", "will", "intend", "predict", "outlook", "goal", "target", "forecast", "project", "scheduled", "proposed", "expect", "potential", "strategy", and the negative of any of these words, or variations of them, or comparable terminology that does not relate strictly to current or historical facts, are all indicative of forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company.

Forward-looking statements are subject to inherent risks and uncertainties, and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from Moneta's expectations expressed in or implied by such forward-looking statements and that Moneta's business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and Moneta cautions you against relying on any of these forward-looking statements. Forward-looking statements are provided in this press release for the purpose of assisting investors and others in understanding Moneta's objectives, strategic priorities and business outlook, and in obtaining a better understanding of Moneta's anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Examples of forward-looking statements in this press release include, but are not limited to: information with respect to the future performance of the business, its operations and financial performance and condition; statements relating to Moneta's plans for the Project; the Corporation's drilling program and the timing and results thereof; the timing and scope and focus of the Corporation's pre-feasibility study ("PFS"); statements regarding the environmental impact assessment and community engagement activities; and the Corporation's financing initiatives.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the forward-looking statements contained in this press release include, but are not limited to: uncertainties relating to the availability and costs of financing needed in the future; changes in commodity prices; changes in equity markets; changes to regulations affecting the Company's activities; the uncertainties involved in interpreting exploration results and other geological data and the other risks involved in the mineral exploration industry; the impact of COVID-19 related disruptions in relation to the Corporation's business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID-19 and the ability of the Corporation to finance and carry out its anticipated goals and objectives; international conflicts and other geopolitical risks, including war, military action, terrorism, trade and financial sanctions, which have historically led to, and may in the future lead to, uncertainty or volatility in global commodity and financial markets and supply chains; and the impact of Russia's invasion of Ukraine and the widespread international condemnation has had a significant destabilizing effect on world commodity prices, supply chains, inflation risk, and global economies more broadly, may adversely affect the Corporation's business, financial condition, and results of operations. Additional risks and uncertainties not currently known to Moneta or that Moneta currently deems to be immaterial may also have a material adverse effect on Moneta's financial position, financial performance, cash flows, business or reputation.

Forward-looking statements made in this press release are based on a number of assumptions that Moneta believed were reasonable at the time it made each forward-looking statement. The assumptions, although considered reasonable by Moneta on the day it made the forward-looking statements, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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