Moneta Gold Inc. announced partial assay results confirming the new gold discovery at the Halfway zone from sixteen (16) drill holes, located within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 72,500 metre ("m") program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ("M") ounces indicated gold and 4.4M ounces inferred gold on the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. Additional holes and assays from this drill program remain pending.

Drilling successfully intersected gold mineralization over a strike length of 700 m and a width of 300 m to the east of the Windjammer South open pit gold resource within the Halfway area. Today's results confirm significant extensions of gold mineralization to the current gold resource at Windjammer South. Highlights from the drilling include: MGH21-230 intersected 50.10 m @ 0.72 grams per tonne "g/t" gold "Au", including 0.30 m @ 20.30 g/t Au, and 5.50 m @ 3.36 g/t Au, including 0.80 m @ 16.10 g/t Au; MGH21-220 intersected 24.00 m @ 1.36 g/t Au, including 1.50 m @ 17.60 g/t Au; MGH21-220 intersected 70.26 m @ 0.64 g/t Au, including 25.50 m @ 0.96 g/t Au, including 3.00 m @ 4.28 g/t Au; MGH21-226 intersected 11.00 m @ 1.26 g/t Au, including 2.00 m @ 5.52 g/t Au, including 1.00 m @ 6.68 g/t Au; MGH21-218 intersected 15.00 m @ 0.62 g/t Au, including 1.00 m @ 7.13 g/t Au; MGH21-219 intersected 26.60 m @ 0.54 g/t Au, including 3.00 m @ 2.81 g/t Au, including 1.00 m @ 5.03 g/t Au; MGH21-253 intersected 39.50 m @ 0.40 g/t Au, including 17.00 m @ 0.73 g/t Au, including 2.00 m @ 3.99 and 1.00 m @ 4.73 g/t Au.

The latest assay results from the Halfway zone resource expansion drill program include assay results from sixteen (16) new drill holes, for a total of 8,320.0 m. Additional results from these holes are still pending. The drill program was conducted to test a large area to the east of the Windjammer South economic open pit in an area with little historical drilling. The Windjammer South open pit gold deposit currently hosts 1.10 Moz gold at a grade of 0.84 g/t gold in indicated resources and 1.03 Moz at a grade of 1.10 g/t gold in the inferred category at a cut-off grade of 0.30 g/t gold.

Full assays from an additional 50 drill holes for 22,889 m from the drill program remain pending. Drilling was targeting Timiskaming age clastic sediment hosted gold mineralized stacked quartz veins east of Windjammer South in the new Halfway discovery area located south of the regional Banded Iron Formation "A" ("BIF A") unit. The drilling was testing a large area outside of the Windjammer South economic open pit in areas not previously drill tested.

The Windjammer South area occurs as the largest open pit gold resource within the Golden Highway portion of the Tower Gold project. Previous results from the first drill holes from the Halfway area were released in the February 02, 2021 press release ME. Drill results from the current program at Halfway confirmed the occurrence of shallow west dipping stacked quartz veins sets and associated ankerite-albite-sericite-pyrite alteration haloes in large step-outs beyond the current gold resource.

The latest assay results confirmed gold mineralization over an area 700 m long, 300 m wide, and down to depths of over 500 m. Additional results from the Halfway resource definition drilling program are pending.