Moneta Gold Inc. announced a project update and assay results from thirty-two (32) drill holes on the Windjammer and Westaway deposits at the Tower Gold project (the "Project"), located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of a 140,000 metre ("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: 110,000 m of 140,000 m infill drill program completed.

WSP Global is engaged to design and oversee the execution of pre-feasi bility study ("PFS") engineering studies and to support Moneta through permitting of the Tower Gold project. Commenced open pit geomechanical drilling and hydrogeological testing in mid-August. Overburden geotechnical drilling underway.

Environmental Permitting - Submission of Initial Project Description ("IPD") to the Impact Assessment Agency of Canada on track for late Fourth Quarter 2023, which will initiate the Federal Impact Assessment ("IA") process. Mine Technical Services ("MTS") was appointed to lead resource updates in anticipation of the PFS and to support the design of the remaining metres of the infill drill program. Completion of open pit PFS on track for H2 2024, focusing on the first 11 years of September 2022 preliminary economic assessment ("PEA") Drilling Highlights: Windjammer.

Recent milestones include commencing geomechanical drilling and Hydrogeological testing, and announcing further assay results from infill and step-out drilling, which continue to confirm the continuity and extensions of gold mineralization at Windjammer and Westaway. Drilling has been focussed on the open pit portions of the mineral resources as defined in the 2022 PEA study during the first 11 years of production." A total of 6,176 m of drilling was completed in thirty-two (32) Drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes.

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 325 m below surface. Mineralization at Windjammer andWestaway 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 ("DPFZ") in the Golden Highway area of the Project. Windjammer.

The drill results in section A-B targeted the continuity and extensions of mineralization within the banded iron formations separating Windjammer Central and Windjammer South. Drillholes MGH23-405, MGH23- 413, and MGH23-415 confirmed continuity in the central area of the deposit, whereas mineralization extensions were constrained to the east as seen in drillholes MGH23-406, MGH23-409, and MGH23-427. The drill results confirmed the continuity of the resource estimate in the central core area of the Westaway deposit, within the PEA open pit, as highlighted in drill holes MGH23-401, MGH23-404, MGH23-407, and MGH23-431.

Additionally, significant intercepts at depth, below the bottom of the PEA pit indicate potential expansion opportunities as seen in drill hole MGH23-427. 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. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (without limitation, statements regarding exploration programs, potential mineralization, future plans and objectives of the Company, updated to the Company, updated to the company, updated to the mineral resources, and the timing and objectives of the company, updated to the Company, updates are forward-looking statements.