Moneta Gold Inc. announced a project update and assay results from twenty-five (25) drill holes for a total of 5,534.0 metres ("m") on the Windjammer South deposit at the Tower Gold project (the "Project"), located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of a 140,000 m drilling program, started in 2022, designed for resource upgrade and infill of the 4.5 million ("M") ounces ("oz") indicated gold ("Au") and 8.3 Moz inferred Au mineral resource estimate. Project Update: 115,000 m, in 426 drill holes, of 140,000 m infill drill program completed, with remaining drill holes to be executed during the winter season.

Thirteen (13) drill holes completed, totaling 3,665 m, for open pit geomechanical and hydrogeological testing, including packer testing. Downhole televiewer surveys are planned for December. Overburden geotechnical drilling is 50% complete and is ongoing.

Metallurgical drilling and sample collection are ongoing. Lab analysis, including communition and variability test work, starting in Fourth Quarter 2023. Windjammer South Drilling Highlights: MGH23-463 intersected 0.95 grams per tonne "g/t" Au over 105.87 m, including 2.20 g/t Au over 14.15 m. MGH 23-463 intersected 1.49 g/t Au over 81.70 m, including 2.90 g/t Au over 18.00 m. MGH23-441 intersected 0.91 g/t Au over 124.00 m, including 1.43 g/t Au over 10.00 m, and 1.45 g/t Au over 22.00 m. MGH 23-458 intersected 0.87 g/t Au over 120.00 m, including 1.,39 g/t Au over 24.65 m. MGH23-435 intersected 2.47 g/t Au over 20.00 m, including 5.25 g/t Au over 8.00 m, including 11.55 g/t Au over 2.00 m.