Moneta Files NI 43-101 for Resource Update on Tower Gold Project

Moneta Gold Inc. has filed a technical report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects to update the mineral resource estimate on its 100% owned Tower Gold project 100 kilometres east of Timmins. The Technical Report entitled "NI 43-101 Report & Mineral Resource Estimate for Tower Gold Project, Northeastern Ontario, Canada" with an effective date of May 11, 2022 is available for review on SEDAR (www.sedar.com) and on the Corporation's website (www.monetagold.com). A summary of the Technical Report was detailed in a press release (ME PR 10-2022) dated May 11, 2022 entitled "Moneta Increases Resources to 4,265,000 oz Gold Indicated and 7,496,000 oz Gold Inferred at Tower Gold Project."

Gary O'Connor, CEO of Moneta, commented, "We are very pleased to have filed the Technical Report that supports the recent mineral resource update on the Tower Gold project. The mineral resource update underscored a significant increase in mineral resources, while confirming once more the potential of this exceptional project. We have seen an increase in the underground grade and an expansion of our open pit resource base without any material loss in grade, whilst capturing some of the previous underground resources within the new open pits. This resource update will form the basis of the long-life mine plan, with large scale open pit and high-grade underground optionality, to be outlined in a preliminary economic assessment ("PEA") study, anticipated to be completed in H2 2022."

The Technical Report was prepared by Tommaso Roberto Raponi, P. Eng. of Ausenco Engineering Canada Inc. ("Ausenco") and Michael B. Dufresne, M.Sc., P.Geol., P.Geo of APEX Geoscience Ltd. ("APEX"), who are deemed "Qualified Persons" under NI 43-101.

As a result of the completion of this Technical Report, the previous PEA studies on the Golden Highway and Garrison projects areas completed separately no longer reflect the current economic potential of the combined Tower Gold project. Previous PEA studies should be seen as historical in nature and should not be relied upon. As these PEA studies are no longer current, information related to an "advanced property", as defined in NI 43-101, is no longer relevant to this Technical Report.

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 H2 2022. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource expansion drilling program, while conducting all business activities in an environmentally and socially responsible manner.

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