Moneta Gold Intersects Further Gold Mineralization and Commences Geomechanical Drilling and Hydrogeological Testing at Tower Gold

Project Update:

• 110,000 m of 140,000 m infill drill program completed

• WSP Global is engaged to design and oversee the execution of pre-feasibility study ("PFS") engineering studies and to support Moneta through permitting of the Tower Gold project

• Commenced open pit geomechanical drilling and hydrogeological testing in mid-August

• Overburden geotechnical drilling underway

• Metallurgical drilling and sample collection are underway in anticipation of lab analysis, including variability test work, starting in Q4 2023

• Environmental Permitting - Submission of Initial Project Description ("IPD") to the Impact Assessment Agency of Canada on track for late Q4 2023, which will initiate the Federal Impact Assessment ("IA") process

• Mine Technical Services ("MTS") was appointed to lead resource updates in anticipation of the PFS and to support the design of the remaining metres of the infill drill program

• Completion of open pit PFS on track for H2 2024, focusing on the first 11 years of September 2022 preliminary economic assessment ("PEA")

Drilling Highlights:

Windjammer

• MGH23-416 intersected 4.25 m @ 31.17 grams per tonne "g/t" Au, including 1.40 m @ 93.00 g/t Au

• MGH22-433 intersected 38.10 m @ 1.18 g/t Au, including 16.50 m @ 2.02 g/t Au, including 4.90 m @ 3.75 g/t Au

• MGH23-433 intersected 17.47 m @ 1.01 g/t Au

Westaway

• MGH23-401 intersected 12.90 m @ 3.90 g/t Au, including 7.10 m @ 6.25 g/t Au

• MGH23-427 intersected 8.47 m @ 4.05 g/t Au, including 2.00 m @ 12.85 g/t Au

• MGH23-407 intersected 11.80 m @ 2.75 g/t Au, including 7.50 m @ 3.84 g/t Au

Josef Vejvoda, Moneta's Chairman and Interim President and Chief Executive Officer commented, "I am very pleased with the dedication and effort of our entire team as they continue to advance Tower Gold towards a pre-feasibility study. Recent milestones include commencing geomechanical drilling and hydrogeological testing, and announcing further assay results from infill and step-out drilling, which continue to confirm the continuity and extensions of gold mineralization at Windjammer and Westaway. Drilling has been focussed on the open pit portions of the mineral resources as defined in the 2022 PEA study during the first 11 years of production."

A total of 6,176 m of drilling was completed in thirty-two (32) drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. Additional assays from 2023 drilling are pending and will be released upon receipt of results.

Figure 1: Tower Gold Project - General Location Map

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Table 1: Windjammer Drill Intercepts (above 10 g/t x m Au)

Note: 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.

Table 2: Westaway Drill Intercepts (above 10 g/t x m Au)

Note: 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.

Discussion of Drill Results

The Windjammer South and Central deposits currently host a combined open pit indicated resource of 70.55 million tonnes ("Mt") @ 0.72 g/t Au containing 1.64 Moz gold and an inferred resource of 112.30 Mt @ 0.74 g/t Au containing 2.67 Moz gold (see September 07, 2022 press release). The Westaway deposit currently hosts an open pit indicated resource of 0.75 million tonnes ("Mt") @ 2.20 g/t Au containing 53,000 oz gold and an inferred resource of 22.11 Mt @ 1.95 g/t Au containing 1,383,000 oz gold. The drill holes in this release focused on infill and extensions of the mineral resource within the current open pit PEA mine shells from surface to vertical depths of up to 325 m below surface. Mineralization at Windjammer and Westaway is associated with extensional and stockwork-type quartz veining within Timiskaming age meta-sediments, located between 2 major splays of the Destor-Porcupine Fault Zone ("DPFZ") in the Golden Highway area of the Project.

Windjammer

The drill results in section A-B targeted the continuity and extensions of mineralization within the banded iron formations separating Windjammer Central and Windjammer South. Drillholes MGH23-405, MGH23-413, and MGH23-415 confirmed continuity in the central area of the deposit, whereas mineralization extensions were constrained to the east as seen in drillholes MGH23-406, MGH23-409, and MGH23-411. South of the banded iron formation, in the Windjammer South region, MGH23-425 confirmed mineralization within the PEA pits.

The drill results in the southern region of Windjammer South (section C-D) confirmed continuity in the central area as seen in drill hole MGH23-433. While drill holes targeting extensions in the southern region of the deposit constrained mineralization, as seen in drill holes MGH23-420, MGH23-424, and MGH23-426.

Thirteen (13) of twenty (20) drill holes did not intersect mineralization above 10 "g/t Au x m", however, gold mineralization was intersected above a 0.3 g/t Au economic cut-off in all of the holes.

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

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

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.

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

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.

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Westaway

The drill results confirmed the continuity of the resource estimate in the central core area of the Westaway deposit, within the PEA open pit, as highlighted in drill holes MGH23-401, MGH23-404, MGH23-407, and MGH23-427. Additionally, significant intercepts at depth, below the bottom of the PEA pit indicate potential expansion opportunities as seen in drill hole MGH23-427. Drill holes MGH23-432 and MGH23-410 constrain the Westaway corridor to the north and south.

Five (5) of twelve (12) drill holes did not intersect mineralization above 10 "g/t Au x m", however, gold mineralization was intersected above a 0.3 g/t Au economic cut-off in four (4) of these holes. One (1) drill hole, MGH23-412, did not intersect mineralization above 0.3 g/t Au cut-off, which constrains mineralization in the north area of the Westaway deposit, along the banded iron formation.

Figure 5: Westaway - Tower Gold: Infill Drill Location Map

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Figure 6: Westaway - Tower Gold: Infill Drilling Cross Section "E-F"

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.

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Table 3: Tower Gold: Resource Infill Drill Hole Details

Quality Control Procedures

NQ drill core is oriented and cut with half sent to ALS Laboratories Inc. (ALS) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). ALS 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 whose primary focus is 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:
Ardem Keshishian, VP Corporate Development
416-471-5463
akeshishian@monetagold.com

The Company's public documents may be accessed at www.sedarplus.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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