Mawson Delivers US$211 million NPV5 (post-tax) from Rajapalot PEA

VANCOUVER, BC - Mawson Gold Limited ('Mawson' or the 'Company') (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) is pleased to announce the results of the maiden preliminary economic assessment ('PEA') on its 100% owned Rajapalot gold-cobalt project ('Rajapalot', or the 'Project') in northern Finland.The PEA considers a target 1.2 million tonnes per annum underground mining operation over a period of 9 years with an on-site processing facility to produce gold dore and cobalt concentrate. (Unless otherwise stated, all currency references are in US dollars)

Highlights:

Robust economics underscores significant value of current resource base

$211 M post-tax NPV5 (real) using $1,700/oz gold ('Au') and $60,000/t cobalt ('Co')

AISC1 $824/oz Au life of mine ('LoM')

>92 koz gold equivalent 'AuEq2' steady state average production rate. 9 year LoM producing ~700 koz Au and ~2800 t Co

A significant European mine

If in production today, Rajapalot could be the EU's third largest cobalt mine and sixth largest gold mine

Ethical metals sourcing with majority local support and 100% renewable power

27% post tax IRR, $191 M initial capex

Strong cashflows, with $338 M free cash flow in years 1 to 5, and $101 M in LoM cobalt by-product revenues

100% owned low-cost project in Tier 1 location

Underground only operation, utilising predominately long hole open stoping

95% Au recovery with conventional gravity-CIL

Low infrastructure needs

PEA underpins project to leverage substantial resource growth potential

Rajapalot deposits are all open at depth, highlighted by the deepest intersection in Palokas of 30.8 m @ 5.1 g/t AuEq from 553 m (announced August 3, 2021).

18,000 ha land package with undrilled targets between the project area and other significant gold occurrences such as the Rompas discovery (highlight 6 m @ 617 g/t Au, announced May 31, 2012) 8 km west of Rajapalot.

1. AISC is a non-IFRS metric. For definition see Technical Background section below.

2. AuEq production figures calculated using metal prices $1,700/oz Au and $60,000/t Co. AuEq = Au oz + (Co t x 35.3).

Mr. Fairhall, CEO of Mawson Gold, comments

'This is the first project wide techno-economic assessment that underpins the significant value of Rajapalot - to Mawson, and to Europe. These incredibly robust results demonstrate a clear case for a mine at Rajapalot and bring out its quality fundamentals: a deposit with high mining and metallurgical efficiency which results in over 80% of every ounce found converted into dore, at an extremely attractive AISC of $824/oz Au. The production of ethical cobalt to EU environmental standards, critical for global and European energy transition, strengthens the strategic attractiveness of the project.

Finland is not only one of the world's lowest risk jurisdictions - it is also a great place to build and operate a mine, with an established mining industry, competitive labour and energy cost base, fantastic infrastructure and low taxes - all permanent features benefiting this starter case, and beyond, as more ounces are discovered on the property'.

Want to learn more?

Across 3 videos now on the Mawson website, CEO Ivan Fairhall provides an overview of the PEA, and discussion on both the economics of the project, and also the physical aspects of the project.

The PEA for Rajapalot was prepared by independent consulting firm SRK Consulting (Finland) Oy ('SRK') with contributions from several Qualified Persons with specific subject matter expertise including local consultancy Sweco Oy for process plant and infrastructure design and cost estimating, AFRY for mineral resource estimation, Paterson & Cooke Nordic AB for backfill, and Vahanen Environment for environmental and social assessment.

The Mineral Resource estimate included in the PEA is reported according to the clarification criteria set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Reserves ('CIM Definition Standards'). These standards are internationally recognized and allow the reader to compare the Mineral Resource with that reported for similar projects.

The results of the PEA will be set forth in an independent technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101') which will be filed on SEDAR under the Company's profile within 45 days of the date of this news release.

Readers are cautioned that the PEA is preliminary in nature and is intended to provide an initial assessment of the project's economic potential and development options. The PEA mine schedule and economic assessment includes numerous assumptions and is based on inferred mineral resources. Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional exploration will be required to potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies.

About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)

Mawson Gold Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with its 100% owned flagship Rajapalot gold-cobalt project in Finland, and right to earn into the Skelleftea North gold project in Sweden. Mawson also owns 60% of Southern Cross Gold Ltd (ASX:SXG) which in turn owns or controls three high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia.

Contact:

Ivan Fairhall

Director and CEO

WEB: www.mawsongold.com

1305 - 1090 West Georgia St.

Vancouver, BC, V6E 3V7

Mariana Bermudez

Canada

Corporate Secretary

T: [phone]

E: [e-mail]

Forward-Looking Statement

This news release contains forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, 'forward-looking statements'). All statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to: capital and other costs varying significantly from estimates; changes in world metal markets; changes in equity markets; ability to achieve goals; that the political environment in which the Company operates will continue to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general; reliance on a single asset; planned drill programs and results varying from expectations; unexpected geological conditions; local community relations; dealings with non-governmental organizations; delays in operations due to permit grants; environmental and safety risks; and other risks and uncertainties disclosed under the heading 'Risk Factors' in Mawson's most recent Annual Information Form filed on www.sedar.com. While these factors and assumptions are considered reasonable by Mawson, in light of management's experience and perception of current conditions and expected developments, Mawson can give no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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