Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) is pleased to announce assay results from fifty-four resource infill and step-out drill holes on the Westaway deposit at the Tower Gold project, located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of an initial 76,000 metres drilling program, completed in 2022, and an additional 60,000 m drilling program that is currently underway. Both drilling programs are designed for resource upgrade and infill of the 4.5 million ounces indicated gold and 8.3 Moz inferred Au mineral resource estimate (see September 07, 2022 press release).

Drilling Highlights:

• MGH23-388 intersected 42.55 m @ 4.03 grams per tonne “g/t” Au, including 19.25 m @ 6.74 g/t Au, including 4.00 m @ 12.89 g/t Au
• MGH22-336 intersected 29.83 m @ 2.62 g/t Au, including 19.83 m @ 3.73 g/t Au
• MGH23-359 intersected 29.00 m @ 2.47 g/t Au, including 9.00 m @ 5.67 g/t Au, including 3.00 m @ 11.31 g/t Au
• MGH23-357 intersected 27.00 m @ 1.94 g/t Au, including 10.00 m @ 2.50 g/t Au, and 5.00 m @ 5.09 g/t Au
• MGH23-352 intersected 26.50 m @ 1.69 g/t Au, including 5.00 m @ 4.00 g/t Au, and 3.00 m @ 2.70 g/t Au
• MGH23-385 intersected 23.80 m @ 1.86 g/t Au, including 1.00 m @ 7.28 g/t Au, and 6.40 m @ 3.92 g/t Au, including 3.00 m @ 6.44 g/t Au
• MGH23-350 intersected 4.45 m @ 9.56 g/t Au
• MGH23-393 intersected 10.65 m @ 3.64 g/t Au, including 1.00 m @ 18.65 g/t Au
• MGH23-350 intersected 14.00 m @ 2.38 g/t Au, including 8.45 m @ 3.52 g/t Au

Gary O’Connor, Moneta’s President and Chief Executive Officer, commented, “These latest assay results from infill and step-out drilling continue to confirm the continuity and extensions of gold mineralization at Westaway, on the Tower Gold project. The drilling has been focussed on the open pit portions of the mineral resources as defined in the current Preliminary Economic Assessment study during the first 11 years of production. Continuity of good gold mineralization have also been intersected within the underground and outside the initial open pit areas. As we continue to grow, de-risk, and advance the Project, we look forward to completing the current resource infill and upgrade drill program in preparation of a mineral resource estimate update for planned optimization studies.”

A total of 10,888.0 m of drilling was completed in fifty-four (54) drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. All assays are now released from 2022 drilling. Additional assays from 2023 drilling are pending and will be released upon receipt of assays.

Figure 1: Tower Gold Project – General Location Map

Table 1: 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 5 m 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.

 Figure 2: Westaway – Tower Gold: Infill Drill Location Map

Discussion of Drill Results

The Westaway deposit currently hosts an open pit indicated resource of 0.75 million tonnes @ 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 (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 PEA mine shells from surface to vertical depths of up to 450 m below surface. Mineralization at 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 in the Golden Highway area of the Project.

The drill results confirmed the continuity and expanded the resource estimate in the central core area of the Westaway deposit, within the PEA open pit, as highlighted in drill holes MGH23-357, MGH23-359, MGH23-369, and MGH23-388. Additionally, significant intercepts at depth, below the bottom of the PEA pit indicate potential expansion opportunities as seen in drill holes MGH22-336, MGH23-385, MGH23-394, and MGH23-393.

Twenty-eight (28) 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 sixteen (16) of these holes. Twelve (12) drill holes did not intersect mineralization above 0.3 g/t Au cut-off, of which: MGH22-301 confirmed the location of the banded iron formation that constrains mineralization in the north; MGH23-374, MGH23-376, MGH23-382, MGH23-386, MGH23-390, MGH23-391, MGH23-392, and MGA2H-398 constrain mineralization in the south; and MGH23-364, MGH23-367, and MGH23-383 laterally constrain a vein corridor in the west-central area of the Westaway deposit.

Figure 3: Westaway – Tower Gold: North 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.

 Figure 4: Westaway – Tower Gold: North-Central 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.

 Figure 5: Westaway – Tower Gold: South-Central 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.

Table 2: Westaway – Tower Gold: Resource Infill Drill Hole Details

Quality Control Procedures

NQ drill core is oriented and cut with half sent to AGAT Laboratories Inc. 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.