Moneta Intersects Further Significant Gold Mineralization at Tower Gold

Toronto, February 15, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) ("Moneta") is pleased to announce assay results from thirty (30) resource infill and step-out drill holes on the 903 gold deposit at the Tower Gold project (the "Project"), located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of the 76,000 metres ("m") of infill and resource upgrade drill program completed in 2022 on the 4.5 million ("M") ounces ("oz") indicated gold ("Au") and 8.3 Moz inferred Au mineral resource estimate (see September 07, 2022 press release).

Drilling Highlights:

• MGA22-026 intersected 11.60 m @ 4.77 grams per tonne "g/t" Au, including 0.35 m @ 27.64 g/t Au, and 1.50 m @ 24.95 g/t Au
• MGA22-033 intersected 23.03 m @ 1.79 g/t Au, including 6.00 m @ 5.64 g/t Au
• MGA22-043 intersected 91.80 m @ 0.80 g/t Au, including 21.05 m @ 2.00 g/t Au
• MGA22-026 intersected 48.35 m @ 0.64 g/t Au, including 4.90 m @ 3.92 g/t Au
• MGA22-048 intersected 68.20 m @ 0.70 g/t Au, including 15.50 m @ 1.44 g/t Au, including 2.00 m @ 3.26 g/t Au
• MGA22-039 intersected 68.58 m @ 0.63 g/t Au, including 13.00 m @ 1.24 g/t Au, and 21.37 m @ 0.91 g/t Au
• MGA22-035 intersected 7.75 m @ 3.94 g/t Au, including 4.10 m @ 6.72 g/t Au, including 1.35 m @ 8.27 g/t Au
• MGA22-042 intersected 48.15 m @ 0.73 g/t Au, including 21.05 m @ 2.04 g/t Au
• MGA22-044 intersected 49.00 m @ 0.63 g/t Au, including 23.00 m @ 0.88 g/t Au, and 5.90 m @ 1.65 g/t Au
• MGA22-050 intersected 51.40 m @ 0.60 g/t Au, including 11.25 m @ 0.89 g/t Au, and 22.00 m @ 0.77 g/t Au

Gary O'Connor, Moneta's President and Chief Executive Officer commented, "These latest infill and step-out assay drill results from 903 continue to confirm the continuity and extensions of the current mineral resource estimate at the Tower Gold project. These results support significant gold grades across wide widths of gold mineralization within the economic open pit mineral resources at 903 as defined in the Preliminary Economic Assessment ("PEA") study and within an area contained during the payback period in the first 5 years of production. Extensions of good gold mineralization have also been intersected outside the resource and pit. 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 the planned Pre-Feasibility Study ("PFS")."

Figure 1: Tower Gold Project - General Location Map

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Table 1: 903 Zone - Drill Intercepts (above 10 g/t x m Au)

Note: Drill intercepts above 10 g/t Au x m are reported as significant intercepts. 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.

Eight drill holes: MGA22-016, MGA22-023, MGA22-031A, MGA22-036, MGA22-037, MGA22-038, MGA22-055, and MGA22-059 did not intersect mineralization above 10 g/t Au x m; however, gold mineralization was intersected above a 0.3 g/t Au cut-off in all eight holes.

A total of 11,080.70 m of drilling was completed in thirty (30) drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. An additional 190,000 m resource infill and upgrade drilling program is currently underway. Additional assays are pending and will be released upon receipt of assays.

Discussion of Drill Results

The 903 deposit currently hosts an open pit indicated resource of 18.09 million tonnes ("Mt") @ 1.01 g/t Au containing 585,000 oz gold and an inferred resource of 24.13 Mt @ 0.75 g/t Au containing 581,000 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 gold resource from surface to vertical depths of up to 450 m below surface. Mineralization at 903 is associated with quartz veining within syenites hosted in the Tisdale and Kid-Munro volcanics, and Timiskaming age meta-sediments, located between 2 major splays of the Destor-Porcupine Fault Zone ("DPFZ") in the Garrison area of the Tower Gold project.

The drill results confirmed continuity of the resource estimate and extended gold mineralization near surface and at depth to the south. In the eastern area, drill hole MGA22-020 confirmed continuity within the PEA pit and drill holes MGA22-039, MGA22-043, and MGA22-048 extended mineralization at depth to the south. In the central portion of the zone MGA22-033, MGA22-036, MGA22-040, MGA22-045, and MGA22-050 confirmed mineralization within the PEA pit and MGA22-033 and MGA22-045 extended mineralization at depth. In the west, MGA22-042 extended mineralization at depth and MGA22-042, MGA22-044, MGA22-057, and MGA22-060 extended mineralization in the southern area of the resource pit.

Figure 2: 903 Zone - Tower Gold: Infill Drill Location Map

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Figure 3: 903 Zone - 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: 903 Zone - 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: 903 Zone - 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.

Table 2: 903 Zone - Resource Infill Drill Hole Details

Quality Control Procedures

NQ 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 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO
416-357-3319
goconnor@monetagold.com

Ardem Keshishian, VP Corporate Development
416-471-5463
akeshishian@monetagold.com

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