Moneta Gold Closes Upsized and Oversubscribed $15.4 Million Bought Deal Financing

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NEWS RELEASE – 18/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE

Moneta Gold Closes Upsized and Oversubscribed $15.4 Million Bought Deal

Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR

DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Toronto, Ontario – August 18 , 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)

(“Moneta” or the “Company”) is pleased to announce that it has closed its previously announced (see

July 29, 2022 press release ) upsized and oversubscribed "bought deal" brokered privat e placement of

6,000,000 common shares of the Company that qualify as “flow through shares” (within the meaning of

subsection 66(15) of the Income Tax Act (Canada)) (the "Flow Through Shares") at an issue price of $2.40

per Flow Through Share and 608,000 common shares (the “Hard Dollar Shares”) at a price of $1.645 per

Hard Dollar Share for aggregate gross proceeds of $ 15,400,160, including the exercise in full of the

underwriters' option (the "Offering").

The Offering was led by Stifel GMP (the “ Lead Underwriter ”), on behalf of itself and a syndicate of

underwriters that included Haywood Securities Inc., iA Private Wealth Inc. , Paradigm Capital Inc ., and

Sprott Capital Partners LP.

Gary O’Connor, President, CEO and Director , commented, “ The succes sful closing of our upsized and

oversubscribed financing has strengthened our balance sheet, allowing Moneta to continue de-risking the

Tower Gold project. I would also like to welcome our new investors and thank all stakeholders for their

continued support.”

The gross proceeds from the sale of the Flow Through Shares will be used to incur eligible “Canadian

exploration expenses” that will qualify as "flow-through mining expenditures", as both terms are defined

in the Income Tax Act (Canada) (the “ Qualifying Expenditures”) related to the Company’s Tower Gold

project in Ontario on or before December 31, 2023. The Qualifying Expenditures shall be renounced to

the purchasers of the Flow Through Shares effective on or before December 31, 2022. The net proceeds

of the sale of the Hard Dollar Shares shall be used for general corporate purposes.

All securities issued under the Offering will be subject to a hold period expiring four months and one day

from the date hereof. This press release does not constitute an offer to sell or a solicitation of an offer to

buy any of the securities in the United States. The securities have not been and will not be registered

under the United States Securities Act of 1933, as amended (the " U.S. Securities A ct"), or any state

securities laws and may not be offered or sold within the United States or to or for the account or benefit

of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S.

Securities Act and applicable state securities laws or an exemption from such registration is available.

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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 miner al 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 proje ct is planned to be completed in the

third quarter of 2022. 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Gary V. O’Connor, CEO

416-357-3319

Linda Armstrong, Investor Relations

647-456-9223

The Company’s public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at

www.monetagold.com or email us at [email protected].

This news release includes certain forward -looking information and forward -looking statements, collectively “forward -looking

statements” within the meaning of applicable Canadian securities legislation. Forward -looking statements are frequently

identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future

events and results. Forward-looking statements include but are not limited to information with respect to the future performance

of the business, its operations and financial performance and condition such as the Corporation’s drilling program and the timing

and results thereof and the timing of the Corporation’s PEA. For ward-looking statements are subject to inherent risks and

uncertainties including without limitation the impact of COVID -19 related disruptions in relation to the Corporation's business

operations including upon its employees, suppliers, facilities and oth er stakeholders; uncertainties and risk that have arisen and

may arise in relation to travel, and other financial market and social impacts from COVID -19 and responses to COVID 19 and the

ability of the Corporation to finance and carry out its anticipated goals and objectives. International conflicts and other geopolitical

risks, including war, military action, terrorism, trade and financial sanctions, which have historically led to, and may in the future

lead to, uncertainty or volatility in global commodi ty and financial markets and supply chains; the impact of Russia’s invasion of

Ukraine and the widespread international condemnation has had a significant destabilizing effect on world commodity prices,

supply chains, inflation risk, and global economies m ore broadly, may adversely affect the Corporation's business, financial

condition, and results of operations.

Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information

is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral

exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in

more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those

projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to

revise or update these forward-looking statements.