Tower Gold project looks forward to

261,000 oz of gold production annually

Cont’d from pg. 54 current mineral resource estimate, updated in September 2022.

Just before print in early March 2023, Moneta announced their latest drilling results as part of the 76,000 m of infill and resource upgrade drill program completed in 2022 on the 4.5 m oz indicated gold and 8.3 m oz inferred gold mineral resource estimate.

Drilling Highlights:

• MGA22-097 intersected 24.75 m

@ 4.60 grams per tonne “g/t” Au, including 14.85 m @ 5.90 g/t Au, including 1.00 m @ 17.80 g/t Au, and 1.00 m @ 18.00 g/t Au

• MGA22-087 intersected 10.05 m

@ 6.02 g/t Au, including 6.05 m

@ 9.35 g/t Au, including 1.05 m @ 36.20 g/t Au

• MGA22-087 intersected 20.00 m

@ 2.90 g/t Au, including 7.25 m @ 2.32 g/t Au, and 4.65 m @ 8.49 g/t Au, including 2.00 m @ 17.40 g/t Au

• MGA22-088 intersected 47.00 m

@ 1.18 g/t Au, including 35.00 m

@ 1.43 g/t Au, including 3.23 m

@ 5.70 g/t Au, including 1.23 m @ 10.70 g/t Au

• MGA22-076 intersected 26.25 m

@ 1.84 g/t Au, including 15.00 m

@ 2.64 g/t Au, including 2.25 m @ 6.78 g/t Au

• MGA22-074 intersected 20.96 m

@ 1.48 g/t Au, including 7.42 m @ 2.17 g/t Au

• MGA22-076 intersected 11.00 m

@ 2.60 g/t Au, including 2.00 m @

12.70 g/t Au, including 1.00 m @

17.57 g/t Au

• MGA22-047 intersected 11.00 m

@ 2.14 g/t Au, including 3.40 m

@ 4.35 g/t Au, including 1.00 m @

7.98 g/t Au

Gary O’Connor commented, “We are very pleased to announce additional infill and step-out assay drill results from 903, which continue to confirm the continuity and extensions of the current mineral resource estimate at the Tower Gold project. These results support wide widths of mineralization containing significant gold grades within the economic open pit mineral resources at 903 as defined in the PEA study, 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 drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study (“PFS”).

A total of 10,057.00 m of drilling was completed in the forty-three (43) drill holes reported. 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 including the results for a further fortythree (43) drill holes from the 903 infill program completed in 2022.

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. 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 300 m below surface. Mineralization at 903 is associated with quartz veining within syenites hosted in the Tisdale and Kid-Munro volcanics, and Timiskaming age metasediments, 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 once again the continuity of the resource estimate and extended gold mineralization within and in proximity to the PEA pit in the east and west areas of the 903 deposit.

Moneta Gold’s Tower Gold project now boasts impressive economics including a $1.459 Billion pre-tax net present value at a gold price of $1600.00 an ounce. As the company looks forward to 261,000 ounces of gold production annually with cash costs of $811.00 an ounce and all in sustaining costs at $1004.00, and a rough trading value of $8.00 per ounce the future looks golden for this very active junior in the Timmins Mining Camp.

As Moneta continues to de-risk and advance the Tower Gold project, they aim to complete a current resource infill and upgrade drill program to prepare a mineral resource estimate update for the planned Pre-Feasibility Study (PFS).