Moneta Gold Inc. announced the results of gold recovery test work conducted on drill core samples from the new Westaway underground and the Discovery underground gold deposits within the Tower Gold project, located 100 km east of Timmins, Ontario. The metallurgical gold recovery test work was conducted as part of the planned preliminary economic assessment ("PEA") study to be conducted on the Tower Gold project upon updating the resource estimate. Moneta recently completed a 72,500 m program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0M ounces indicated gold and 4.4M ounces inferred gold on the Tower Gold project.

Additional holes and assay results from this drill program remain pending. The metallurgical gold recovery test-work was conducted to assess the potential gold recoveries and optimum process flow sheet required as part of the current economic assessment study underway on the Tower Gold project. The test work was conducted on two (2) composite samples collected from quarter core sampled from 2020/2021 drill holes, completed on the Westaway and Discovery underground gold deposits.

The Westaway composite sample was comprised of 32.03 metres ("m") of quarter cut drill core for a total weight of 30.58 kilograms ("kg") with an estimated head grade of 4.80 g/t gold ("Au") based on drill core assays. The Discovery composite sample was comprised of 32.68 m of quarter cut core weighing 31.59 kg with an estimated grade of 3.67 g/t Au based on drill core assays. Composites were selected to be spatially and geologically representative of the deposits.

Metallurgical test work was undertaken by SGS Canada Minerals Lakefield at the SGS Lakefield Laboratory, Ontario. Both composites were tested for whole ore leaching to test the gold recovery after crushing and leaching the ore directly. The Westaway composite returned a direct leaching total gold recovery of 92.4% after 72 hours.

The Discovery composite returned a direct leaching total gold recovery of 90.5% after 72 hours. Both composites were tested with gravity gold recovery followed by leaching of the gravity tails to ascertain the overall recovery of a gravity/leach circuit which was shown to result in the higher gold recoveries in previous test work. At a nominal 75 micron ("µm") industry standard grind size the Westaway composite returned overall gold recoveries of 95.5% and the Discovery composite returned overall gold recoveries of 88.9%.

Gravity only gold recovery for the Westaway composite was high at 38.8% average gold recovery and lower for gravity gold recovery at the Discovery composite at 8.9%. Gold recoveries at Westaway were notably higher with the addition of the gravity circuit and overall recoveries were not seen to be grind size sensitive. Ball-mill work index ("BWI") test work was conducted on the Westaway and Discovery composites.

The Westaway composite returned a BWI of 20.2 kilowatt hours per tonne ("kWh/t") and the Discovery composite returned a BWI of 18.8 kWh/t.