Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) is pleased to announce that it has entered into an agreement with Stifel GMP to act as lead underwriter for and behalf of a syndicate of underwriters, in connection with a “bought deal” private placement offering consisting of 4,200,000 common shares of the Company that qualify as “flow through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) at a price of C$2.40 per Flow Through Share for aggregate gross proceeds of C$10,080,000. In addition, the Company has granted the Underwriters an option to purchase 840,000 additional Flow Through Shares on the terms described above for additional aggregate gross proceeds of up to approximately C$2,016,000, exercisable up to 48 hours prior to the closing of the Offering.

The gross proceeds from the Offering will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada) related to the Company’s Tower Gold project in Ontario on or before December 31, 2023 and shall renounce the Qualifying Expenditures to the purchasers of the Flow Through Shares effective on or before December 31, 2022.

The Offering is scheduled to close on or about August 18, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Moneta Gold

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 4.3 Moz indicated and 7.5 Moz inferred. The Corporation’s 2022 drill program is primarily designed to infill and upgrade the resource categories of the mineral resources. An updated PEA study encompassing the entire Tower Gold project is planned to be completed in the third quarter of 2022. 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.