Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) is pleased to announce results from one new drill hole, MGH21-222, and additional results from three holes, MGH21-208, MGH21-209 and MGH21-213, drilled to test the resource expansion potential of the Westaway underground gold resources within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 drill program designed to test extensions of the current mineral resource estimate of 4.0M ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release) on the Tower Gold project, located 100 kms east of Timmins, Ontario. Additional holes and assays from this drill program remain pending.

Drilling successfully intersected gold mineralization at depth and extended the mineralized zone to the south and west. Hole MGH21-213 returned higher-grade intersections in quartz veining and extended the mineralization by 100 metres (‘m”) to the west towards the 55 Deposit.

Highlights from the drilling include:

• MGH21-208 intersected 25.35 m @ 2.82 grams per tonne “g/t” gold “Au” from 642.00 m to 667.35 m, including 9.60 m @ 3.41 g/t Au, including 2.00 m @ 7.22 g/t Au, and 7.75 m @ 4.60 g/t Au including 1.30 m @ 6.84 g/t Au
• MGH21-208 intersected 4.95 m @ 7.05 g/t Au from 724.60 m to 729.55 m, including 1.85 m @ 14.74 g/t Au, including 1.00 m @ 18.00 g/t Au
• MGH21-209 intersected 15.75 m @ 1.94 g/t Au from 436.90 m to 452.65 m, including 3.35 @ 4.77 g/t Au, and 1.25 m @ 6.23 g/t Au
• MGH21-213 intersected 19.60 m @ 2.14 g/t Au, from 717.00 m to 736.60 m, including 10.00 m @ 3.13 g/t Au, including 0.60 m @ 8.09 g/t Au and 0.50 m @ 8.63 g/t Au
• MGH21-213 intersected 13.90 m @ 2.30 g/t Au from 762.35 m to 776.25 m, including 4.65 m @ 4.68 g/t Au and including 1.65 m @ 6.76 g/t Au
• MGH21-222 intersected 4.00 m @ 6.12 g/t Au from 312.00 m to 316.00 m, including 1.00 m @ 8.22 g/t Au
• MGH21-222 intersected 8.00 m @ 3.89 g/t Au from 328.00 m to 336.00 m, including 6.00 m @ 4.53 g/t Au and including 1.00 m @ 7.83 g/t Au
• MGH21-222 intersected 26.00 m @ 3.35 g/t Au, from 771.00 m to 797.00 m, including 4.00 m @ 10.56 g/t Au, including 1.00 m @ 12.60 g/t Au and 1.00 m @ 13.60 g/t Au
• MGH21-222 intersected 2.00 m @ 6.94 g/t Au from 852.00 m to 854.00 m and including 1.00 m @ 12.50 g/t Au

Gary O’Connor, Moneta’s CEO, commented, “The latest drill results confirm higher-grade intercepts on extensions at depth and to the west in the Westaway Deposit. The drill results have also connected the extensions of gold mineralization from the Westaway underground gold resource with the 55 open pit gold resource mineralization over a distance of 300 m. The drill results were designed to test significant step outs in expansion drilling at Westaway. Continuous gold mineralization has now been confirmed linking the Westaway and 55 gold deposits, now over a combined strike length of 2,200 m. The current drilling program was designed to expand the underground gold resource at Westaway where the maiden resource currently consists of 662,000 ounces gold inferred resources at a 3.00 g/t Au cut-off. Resource expansion drilling has also targeted the South West, Windjammer South, and 55 mineral resource areas, as well as on the new Halfway discovery and the Garrcon underground and open pit extensions on the Garrison area in the current 70,000 m drill program.”

The latest assay results include initial results from one new drill hole for a total of 1,041.0 m and additional new results from three (3) previously announced drill holes for a total of 2,460.0 m of drilling (see July 15, 2021 press release, August 19, 2021 press release, September 1, 2021 press release and October 5, 2021 press release) completed as part of the current 70,000 m 2020/2021 drill program. The reported holes were targeting the extensions of the new Westaway underground resource to the west and at depth. Additional assays for drill testing the extensions of the other deposits within the Tower gold project are pending. A total of 9,940 samples are currently in the assay laboratory pending final assay results.

Figure 1: Tower Gold Project: General Location Map

Table 1: Selected Significant Drill Results

Intercepts are calculated using geological boundaries, a maximum of 3m 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

Drilling was targeting clastic sediment hosted gold mineralized stacked quartz veins north of the Banded Iron Formation “C” (“BIF C”) unit and post mineralization gabbro intrusion to the west of the current Westaway mineral resource. The latest assay results confirmed extensions of gold mineralization to the west and at depth as well as within the core central portion of the resource in hole MGH21-209.

Drill results from the current program at Westaway confirmed the occurrence of west dipping higher grade stacked quartz veins sets and associated ankerite-albite-sericite-pyrite alteration haloes. Mineralization has been extended by another 100 m to the west and 200 m to depth in hole MGH21-222.

Western Extensions

Drill holes MGH21-208, MGH21-213 and MGH21-222 were drilled to test the western and down dip extensions of the Westaway mineralization north of the BIF C and gabbro units and towards the 55 open pit gold deposit located 300 m to the west. MGH21-208 was drilled to the north of the gabbro and BIF C units and as a 100 m step-out of the current mineral resource. New results from MGH21-208 include up to 25.35 m @ 2.82 g/t Au from 642.00 m to 667.35 m, including 3.80 m @ 5.09 g/t Au, including 2.00 m @ 7.22 g/t Au and 1.00 m @ 8.06 g/t Au, and 7.75 m @ 4.60 g/t Au including 1.30 m @ 7.39 g/t Au. (Press release ME PR 17-2021 dated October 05 2021 from drill hole MGH21-208 reported an intercept of 32.65 m @ 1.22 g/t Au from 667.35 m to 700.00 m, including 5.00 m @ 2.12 g/t Au, and 4.40 m @ 3.03 g/t Au). Drill hole MGH21-208 also intersected new intercepts of 4.95 m @ 7.05 g/t Au including 1.85 m @ 14.74 g/t Au, including 1.00 m @ 18.00 g/t Au. MGH21-213 was drilled 100 m to the west of MGH21-208 and new intercepts include 19.60 m @ 2.14 g/t Au, including 10.00 m @ 3.13 g/t Au, including 0.60 m @ 8.09 g/t Au, and including 4.00 m @ 4.44 g/t Au, including 0.60 m @ 7.56 g/t Au, and 0.50 m @ 8.63 g/t Au. MGH21-213 also intersected 13.90 m @ 2.30 g/t Au, including 4.65 m @ 4.68 g/t Au, including 1.65 m @ 6.76 g/t Au, including 0.85 m @ 7.85 g/t Au. MGH21-222 was drilled as a 100 m step out to the west and under-cut of MGH21-208 and intersected 4.00 m @ 6.12 g/t Au, including 1.00 m @ 8.22 g/t Au and 8.00 m @ 3.89 g/t Au, including 6.00 m @ 4.53 g/t Au, including 1.00 m @ 7.83 g/t Au. MGH21-222 intersected 76.00 m @ 1.61 g/t Au including 26.00 m @ 3.35 g/t Au, including 4.00 m @ 10.56 g/t Au, including 1.00 m @ 12.60 g/t Au and 1.00 m @ 13.60 g/t Au and 2.00 m @ 6.74 g/t Au, and MGH21-222 also intersected 2.00 m @ 6.94 g/t Au, including 1.00 m @ 12.50 g/t Au.

Westaway Main

Drill hole MGH21-209 was drilled to infill gaps within the main Westaway resource north of the gabbro and BIF C units and continued to intersect significant gold mineralization. New intercepts from MGH21-209 include 2.35 m @ 4.35 g/t Au including 0.75 m @ 12.10 g/t Au. MGH21-209 also intersected 15.75 m @ 1.94 g/t Au, including 3.35 m @ 4.77 g/t Au, including 1.50 m @ 5.86 g/t Au as well as 4.25 m @ 2.47 g/t Au, including 1.25 m @ 6.23 g/t Au, including 0.35 m @ 10.10 g/t Au (partially released in PR ME 16-2021 dated October 05 2021 as an intercept of 4.25 m @ 2.47 g/t Au, including 1.25 m @ 6.23 g/t Au, including 0.35 m @ 10.10 g/t Au).

Figure 2: Westaway Drill Program: Drill Hole Location Map

Table 2: New Drill Hole Details*

*Assay results for the reported holes are not complete. Additional assay results from drill holes will be released upon receipt. All intercepts are reported as drill widths and not true widths.

Figure 3: Westaway Resource Drilling- Cross Section

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 Activation Laboratories Ltd. Kevin Montgomery, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

About Moneta

Moneta is a Canadian based gold exploration company focussed on advancing its 100% wholly owned Tower Gold project, which currently hosts a gold mineral resource estimate of 4.0M ounces indicated and 4.4M ounces inferred. The Company’s 2020/2021 drill program is designed to test extensions of mineralization and expand the current mineral resource. Moneta is committed to creating shareholder value through the strategic allocation of capital and its focus on the current resource expansion drilling program in an environmentally and socially responsible manner.