Moneta Gold Inc. Intersects 7.46 g/t Au Over 31.55 m at Jonpol Through Infill Drilling at Tower Gold

Tower Gold Project Update:

• 122,000 m, in 444 drill holes, of the 140,000 m infill drill program completed
• Application to secure 33 megawatts ("MW") of power accepted by Ontario's Independent Electricity System Operator (IESO); approval process now ongoing and expected to take twelve months to complete.

Jonpol Drilling Highlights:

• MGA23-158 intersected 7.46 grams per tonne "g/t" Au over 31.55 m, including 16.48 g/t Au over 12.00 m, including 23.67 g/t Au over 7.90 m
• MGA23-185 intersected 8.87 g/t Au over 11.00 m, including 12.35 g/t Au over 7.00 m
• MGA23-154 intersected 1.38 g/t Au over 49.00 m, including 1.95 g/t Au over 15.80 m
• MGA23-189 intersected 2.10 g/t Au over 29.50 m, including 7.70 g/t Au over 6.50 m
• MGA23-155 intersected 1.97 g/t Au over 23.35 m, including 2.94 g/t Au over 12.00 m
• MGA23-177 intersected 2.26 g/t Au over 20.25 m, including 11.50 g/t Au over 2.00 m, and 2.58 g/t Au over 3.00 m

Josef Vejvoda, Moneta's Chairman and interim President and Chief Executive Officer commented, "The results from Jonpol highlight the significant promise of this deposit both as part of the open pit mine plan and exploration potential for an underground target. Moreover, with limited power available in the Timmins region of northeast Ontario, we're very pleased to announce that Moneta has secured a first mover advantage as our application to IESO for 33 MW of power has been accepted."

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 assays.

Figure 1: Tower Gold Project - General Location Map

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Table 1: Drill Intercepts (above 15 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; true width is estimated to be 75% to 95% of drill intercept width.

Discussion of Drill Results

The Jonpol deposit currently hosts an open pit indicated resource of 8.90 million tonnes ("Mt") @ 1.34 g/t Au containing 0.38 Moz gold and an inferred resource of 4.96 Mt @ 0.94 g/t Au containing 0.15 Moz gold, while the Garrcon deposit currently hosts an open pit indicated resource of 26.79 million tonnes @ 1.01 g/t Au containing 0.87 Moz gold and an inferred resource of 0.97 Mt @ 0.83 g/t Au containing 0.03 Moz 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 preliminary economic assessment ("PEA") mine shells from surface to vertical depths up to 150 m below the surface.

Mineralization at Jonpol is associated with shear zones within mafic to ultramafic rocks, and is modelled as four contiguous mineralized zones along the Munro Fault, which is a splay from the regional Destor-Porcupine Fault Zone ("DPFZ"). Garrcon is associated with extensional and stockwork-type quartz veining within Timiskaming age meta-sediments, located between 2 major splays of the DPFZ in the Garrison area of the Project.

Figure 2: Tower Gold: Infill Drill Location Map

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Jonpol

The drill results in section A-B targeted the continuity and extensions of mineralization along the western boundary of Jonpol. Drill holes MGA23-184, MGA23-185, MGA23-170, MGA23-168, and MGA23-169 confirmed continuity in the western and south western area of the deposit, whereas mineralization extensions was constrained to the south as seen in drill hole MGA23-181 and to the north as seen in drill hole MGA23-183; both of which, did not intersect mineralization above a 0.3 g/t Au economic cut-off.

The drill results in the central region of Jonpol (section C-D) confirmed continuity in the central area as seen in drill holes MGA23-191, MGA23-199, MGA23-189, and MGA23-190. While drill holes targeting extensions confirmed mineralization, as seen in drill holes MGA23-172 and MGA23-173.

The drill results in the eastern region of Jonpol (section E-F) confirmed continuity in the central area as seen in drill holes MGA23-159, MGA23-160, MGA23-161, MGA23-154 and MGA23-155. While drill holes targeting extensions in the northeastern region the deposit constrained mineralization, as seen in drill hole MGA23-163, which did not intersect mineralization above a 0.3 g/t Au economic cut-of.

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

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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: Jonpol - Tower Gold: Infill Drilling Cross Section "C-D"

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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: Jonpol - Tower Gold: Infill Drilling Cross Section "E-F"

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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.

Garrcon

The drill results in section G-H targeted resource extensions along the northern edge of Garrcon. Drill hole MGA23-151 confirmed continuity in the eastern area of the deposit, whereas mineralization extensions were constrained to the north as seen in drill holes MGA23-149 and MGA23-150, and to the west as seen in drill hole MGA23-147. Two (2) of the six (6) drill holes completed, MGA23-147 and MGA23-150, did not intersect mineralization above a 0.3 g/t Au economic.

Figure 6: Garrcon - Tower Gold: Infill Drilling Cross Section "G-H"

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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: 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 for Moneta, who is a Qualified Person 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 & Investor Relations
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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