Mawson Summarizes Successful 2021 Drilling at Rajapalot, Finland

VANCOUVER, August 23, 2021 - Mawson Gold Ltd. ("Mawson") or (the "Company") (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) is pleased to summarize drill results from the Company's 76 hole, 19,422 metre 2020/21 drill program at the Company's 100%-owned Rajapalot gold-cobalt project in Finland (Figure 1).

Key Results:

• The soon to be released Rajapalot resource update will cover eight prospect areas (The Hut, Terry's Hammer, Rumajärvi, Palokas, South Palokas, Raja, Uusisaari and Joki E). The 2020/21 drill program has led to the discovery of two new gold-cobalt zones, delineated significant extensions to four more prospects with defined resources and added two further prospects suitable for wireframing and resource estimation (Figure 1);
• Approximately 80% of the Rajapalot area, or 20 kilometres of mineralization-host package remains untested by drilling. Rajapalot forms a smaller part of Mawson's larger 100 square kilometre Rompas-Rajapalot Finnish project area owned 100% by Mawson.

Key results from the program include (Figure 1):

• Drill delineation of coherent gold-cobalt zones at the Hut and Joki East , which are located 500 metres and 1,500 metres respectively from the closest Inferred Mineral resource areas (Figure 1).
  • Joki East is a blind discovery from 150 metres depth made by Mawson this drill season. Mineralization is thin but very high grade and extends over 225 metres down-plunge and 30-40 metres across strike. The mineralization is in an all-season drill area and remains open up- and down-plunge. Mise-a-la-masse geophysics undertaken at Joki East has confirmed the shape and extent of the sulphidic gold-bearing body up plunge and demonstrated that mineralization shows good connectivity between drill holes. Key results included PAL0241 which intersected 1.6 metres @ 28.3 g/t gold ("Au") and 1,190 ppm cobalt ("Co") , 29.2 g/t gold equivalent ("AuEq") from 168.6 metres;
  • At the Hut , a new discovery delivered the thickest mineralized zone drilled to date at Rajapalot with PAL0259 intersecting 70.3 metres @ 0.9 g/t Au, 828 ppm Co, 1.6 g/t AuEq from 95.8 metres (no lower cut-off applied). Follow up drilling included 3.6 metres @ 7.4 g/t Au, 2,290 ppm Co, 9.4 g/t AuEq from 207.7 metres in PAL0301;
• At South Palokas significant extensions of mineralization were discovered, with intersections drilled 290 metres down-plunge. Mineralization remains open. Highlights included:
  • PAL0235 intersected 15.3 metres @ 3.0 g/t Au, 998 ppm Co, 3.9 g/t AuEq from 439.5 metres;
  • PAL0303 was drilled 120 metres down-plunge from PAL0235 and intersected 30.8 metres @ 3.9 g/t Au, 1,403 ppm Co, 5.1 g/t AuEq from 553.2 metres.
• At the Raja project shallow holes drilled on a 90-metre-wide cross section were targeted to test an undrilled area. These results more than double the grade and thickness of the shallow parts of the Raja prospect. Highlights included:
  • Drill hole PAL0297 intersected 20.7 metres @ 7.4 g/t Au, 111 ppm Co, 7.5 g/t AuEq from 74.0 metres;
  • Drill hole PAL0295 intersected 15.7 metres @ 3.8 g/t Au, 783 ppm Co, 4.5 g/t AuEq from 53.3 metres;
• Early stage drilling also defined new high-grade gold-cobalt intersections with electromagnetic conductors that will provide a large upside for increasing the resource base in future drill campaigns.
  • At Terry's Hammer prospect PAL0273 intersected 9.3 metres @ 1.5 g/t Au, 422 ppm Co, 1.9 g/t AuEq from 14.6 metres;
  • At the Rumajärvi prospect PAL0258 intersected 3.0 metres @ 8.3 g/t Au, 283 ppm Co, 8.6 g/t AuEq from 66.9 metres and PAL0267 intersected 27.5 metres @ 0.7 g/t Au, 443 ppm Co, 1.0 g/t AuEq from 30.3 metres.

Mr. Michael Hudson, Chairman and CEO states, "Our 2021 drilling program has delivered more economic grade/width intersections than ever before. We have discovered two new gold-cobalt zones, delineated significant extensions to four more prospects with defined resources and added two further prospects suitable for wireframing and resource estimation. Our Rajapalot gold camp is expanding rapidly, allowing us to extend our successful exploration strategy across the full 100 square kilometre property. Drill success has continually increased through recognition of strong linear late structural controls to high-grade gold-cobalt mineralization and a strong correlation with electromagnetic conductors that provide a large potential for increasing mineral resources in future drill campaigns. A resource upgrade is due before the end of August."

Mawson completed 76 holes for 19,422 metres during the 2020/21 winter drill season. Results from all holes are provided in Tables 1 and 3 below. At the completion of the 2020/21 winter drill program a total of 544 drillholes for 84,507 metres has been drilled at the Rajapalot project with an average depth of 155 metres. The top 30 intersections in the project to date are shown in Table 2. Key results from the program are outlined below.

Joki East

Joki East is a blind discovery from 150 metres depth made by Mawson this drill season. Mineralization is thin but very high grade and extends over 225 metres down-plunge and 30-40 metres across strike. The mineralization is in all-season drill area and remains open and untested up- and down-plunge. Mise-a-la-masse geophysics undertaken at Joki East has confirmed the shape and extent of the sulphidic gold-bearing body up plunge and demonstrated that mineralization shows good connectivity between drill holes. Key results included:

• PAL0241 intersected 1.6 metres @ 28.3 g/t Au and 1,190ppm Co , 29.2 g/t AuEq from 168.6 metres;
• PAL0242 returned 1.6 metres @ 19.2 g/t Au and 1,478ppm Co, 20.3 g/t AuEq from 155.0 metres;
• PAL0245 intersected 1.3 metres @ 25.3 g/t Au and 2,327 ppm Co, 26.9 g/t AuEq from 177.1 metres, including 0.9 metres @ 36.6 g/t Au and 2,539 ppm Co, 38.3 g/t AuEq from 177.5 metres, 0.5 metres @ 23.0 g/t Au and 3,974 ppm Co, 25.8 g/t AuEq from 191.0 metres and 2.1 metres @ 2.8 g/t Au and 806 ppm Co, 3.3 g/t AuEq from 194.8 metres;
• PAL0246 returned 0.6 metres @ 10.3 g/t Au and 725ppm Co, 10.8 g/t AuEq from 188.6 metres, 1.0 metre @ 3.2 g/t Au and 766 ppm Co, 3.8 g/t AuEq) from 208.6 metres and 1.1 metres @ 0.6 g/t Au and 1,156 ppm Co, 1.4 g/t AuEq from 211.2 metres;
• PAL0247 is the deepest hole at Joki East with encouraging thickness and continuity of grade developing down-plunge returned 5.5 metres @ 6.9 g/t Au and 732 ppm Co, 7.4 g/t AuEq from 220.9 metres including 1.0 metre @ 25.4 g/t Au and 617 ppm Co, 25.8 g/t AuEq from 223.8 metres:
• Drill hole PAL0252 intersected 1.5 metres @ 18.1 g/t Au, 1,696 ppm Co, 19.6 g/t AuEq from 117.0 metres.

The Hut

At the Hut, a new drill discovery in PAL0259 delivered the thickest mineralized zone drilled to date at Rajapalot intersecting 70.3 metres @ 0.9 g/t Au, 828 ppm Co, 1.6 g/t AuEq from 95.8 metres (no lower cut-off applied):

• Including 23.3 metres @ 1.2 g/t Au, 1,035 ppm Co, 2.1 g/t AuEq from 100.7 metres;
• Including 14.4 metres @ 0.6 g/t Au, 1,531 ppm Co, 1.9 g/t AuEq from 126.3 metres;
• Including 2.4 metres @ 3.9 g/t Au, 747 ppm Co, 4.6 g/t AuEq from 143.3 metres;
• Including 7.0 metres @ 1.1 g/t Au, 31 ppm Co, 1.2 g/t AuEq from 159.0 metres;

Follow up drilling in PAL0263, drilled 70 metres down-plunge and north of PAL0259, intersected:

• 13.6 metres @ 1.2 g/t Au and 98 ppm Co, 1.3 g/t AuEq from 103.0 metres;
  • including 2.7 metres @ 5.0 g/t Au, 264 ppm Co, 5.3 g/t AuEq from 104.8 metres;
  • 4.3 metres @ 2.3 g/t Au, 26 ppm Co, 2.3 g/t AuEq from 121.5 metres;
  • 9.2 metres @ 1.1 g/t Au, 256 ppm Co, 1.3 g/t AuEq from 222.3 metres;
    • including 2.0 metres @ 4.3 g/t Au, 170 ppm Co, 4.4 g/t AuEq from 227.3 metres.

Drill hole PAL0269, drilled 50 metres north-west from PAL0263 intersected:

• 15 metres @ 1.0 g/t Au, 307 ppm Co, 1.3 g/t AuEq from 195.9 metres;
  • including 6.0 metres @ 2.1 g/t Au, 501 ppm Co, 2.5 g/t AuEq from 198.9 metres; and
  • 3.0 metres @ 3.1 g/t Au, 13 ppm Co, 3.1 g/t AuEq from 219.4 metres;
• PAL0301 intersected 3.6 metres @ 7.4 g/t Au, 2,290 ppm Co, 9.4 g/t AuEq from 207.7 metres;
• PAL0291 intersected 1.0 metre @ 11.2 g/t Au, 28 ppm Co, 11.2 g/t AuEq from 106.9 metres and 14.2 metres @ 1.2 g/t Au, 353 ppm Co, 1.5 g/t AuEq from 284.5 metres.

South Palokas

At South Palokas significant extensions of high-grade gold mineralization were intersected at depth. In combination, PAL0303 and PAL0235, both drilled this season, extend high-grade mineralization at South Palokas down-plunge by 290 metres, which remains open. Highlights included:

• PAL0235 intersected 15.3 metres @ 3.0 g/t Au, 998 ppm Co, 3.9 g/t AuEq from 439.5 metres including 2.0 metres @ 11.2 g/t Au, 1,019 ppm Co, 12.0 g/t AuEq from 447.5 metres. The closest high-grade drill hole that is located 160 metres up plunge from PAL0235 is the previously reported PAL0213 (17.7 metres @ 3.8 g/t Au, 880 ppm Co, 4.3 g/t AuEq from 293.0 metres and 6.0 metres @ 9.2 g/t Au, 1,364 ppm Co, 10.0 g/t AuEq from 317.0 metres);
• PAL0303 was drilled 120 metres down-plunge from PAL0235 and intersected 30.8 metres @ 3.9 g/t Au, 1,403 ppm Co, 5.1 g/t AuEq from 553.2 metres; including:
  • 1.0 metre @ 8.9 g/t Au, 2,164 ppm Co, 10.7 g/t AuEq from 563.9 metres;
  • 7.0 metres @ 8.2 g/t Au, 2,020 ppm Co, 9.9 g/t AuEq from 566.9 metres;
  • 1.0 metre @ 8.9 g/t Au, 1,036 ppm Co, 9.8 g/t AuEq from 575.0 metres;
  • 4.0 metres @ 6.9 g/t Au, 1,460 ppm Co, 8.1 g/t AuEq from 578.0 metres.
• PAL0288 was drilled on a section between holes PAL0122 and PAL0204 (17.7 metres @ 3.8 g/t Au, 880 ppm Co from 293.0 metres) that lies within the confines of the Whittle Constrained pit published as part of the 2020 Inferred Mineral Resource and intersected 11.0 metres @ 4.0 g/t Au, 756 ppm Co, 4.6 g/t AuEq from 119.0 metres (vertical depth 105 metres), including 4.0 metres @ 9.6 g/t Au, 676 ppm Co, 10.1 g/t AuEq from 124.0 metres.
• PAL0290 was drilled 30 metres to the west of PAL0173 ( 17.0 metres @ 3.0 g/t Au, 827 ppm Co, 4.3 g/t AuEq ) and intersected 20.0 metres @ 1.7 g/t Au, 529 ppm Co, 2.1 g/t AuEq from 240.0 metres, including 11.6 metres @ 2.8 g/t Au, 541ppm Co, 3.2 g/t AuEq from 242.0 metres.
• PAL0308 , drilled 30 metres to the west of PAL0235, intersected 8.5 metres @ 3.1 g/t Au, 866 ppm Co, 3.9 g/t AuEq from 492.6 metres and a further 22.3 metres @ 0.6 g/t Au, 751 ppm Co, 1.3 g/t AuEq from 439.5 metres, including 6.0 metres @ 1.4 g/t Au, 1,444 ppm Co, 2.6 g/t AuEq from 439.5 metres.
• PAL0296 was drilled 50 metres west from PAL0290 and intersected 24.0 metres @ 1.3 /t Au, 538 ppm Co, 1.8 g/t AuEq from 254.0 metres; including 15.0 metres @ 2.0 g/t Au, 652 ppm Co, 2.5 g/t AuEq from 256.0 metres, and 7 metres @ 1.8 g/t Au, 288 ppm Co, 2.0 g/t AuEq from 322.5 metres including 1 metre @ 5.4 g/t Au, 307 ppm Co, 5.7 g/t AuEq from 322.5 metres.

Raja

At Raja, holes drilled on a 90-metre-wide cross section at the prospect were targeted to test an undrilled shallow area. These results more than double the grade and thickness of the shallow parts of the Raja prospect. The holes are located 250 metres up-plunge from PAL0093 that intersected 33.6 metres @ 8.0 g/t Au and 823 ppm Co from 243.0 metres (press release of June 27, 2018 ).

• Drill hole PAL0297 intersected 20.7 metres @ 7.4 g/t Au, 111 ppm Co, 7.5 g/t AuEq from 74.0 metres, including:
  • 2.2 metres @ 32.6 g/t Au, 91 ppm Co, 32.7 g/t AuEq from 75.0 metres;
  • 3.0 metres @ 19.4 g/t Au, 181 ppm Co, 19.5 g/t AuEq from 90.7 metres;
• Drill hole PAL0295 intersected 15.7 metres @ 3.8 g/t Au, 783 ppm Co, 4.5 g/t AuEq from 53.3 metres;
  • including 6.0 metres at 8.5 g/t Au, 344 ppm Co, 8.8 g/t AuEq from 63.0 metres;
• Drill hole PAL0302 intersected 2.0 metres @ 7.1 g/t Au, 96 ppm Co, 7.2 g/t AuEq from 97.4 metres.

Palokas

At the Palokas prospect, drilling to extend mineralization beyond the current southern resource boundary included:

• PAL0283 intersected 1.0 metre @ 8.2 g/t Au, 52 ppm Co, 8.3 g/t AuEq from 222.8 metres;
• PAL0293 intersected 7.1 metres @ 1.7 g/t Au, 466 ppm Co, 2.1 g/t AuEq from 260.2 metres and 13.8 metres @ 1.0 g/t Au, 899 ppm Co, 1.7 g/t AuEq from 274.2 metres;

New earlier stage targets

Early stage drilling also defined new high-grade gold-cobalt intersections with electromagnetic conductors that will provide upside for increasing the resource base in future drill campaigns.

• At Terry's Hammer prospect PAL0273 drilled 9.3 metres @ 1.5 g/t Au, 422 ppm Co, 1.9 g/t AuEq from 14.6 metres;
• At the Rumajärvi prospect PAL0258 drilled 3.0 metres @ 8.3 g/t Au, 283 ppm Co, 8.6 g/t AuEq from 66.9 metres and PAL0267 drilled 27.5 metres @ 0.7 g/t Au, 443 ppm Co, 1.0 g/t AuEq from 30.3 metres.

Technical and Environmental Background

Four diamond drill rigs from Kati Oy, Nivalan Timanttikairaus Oy and MK Core Drilling Oy all with water recirculation and drill cuttings collection systems are used in the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals averaging 1 metre for mineralized samples and 2 metres for barren samples are cut in half at the Geological Survey of Finland (GTK) core facilities in Rovaniemi, Finland. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS Minlab, then transported by air to the MSA labs in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks the within interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process.

Spot gold and cobalt prices have been used to calculate AuEq values according to the following:

• Average gold price US$1,599 per oz
• Average cobalt price US$19.93 per pound
• Resulting in gold equivalent formula of AuEq g/t = Au g/t + (Co ppm/1,170).

The host rocks to the gold and cobalt mineralization comprise sulphides (pyrrhotite>>pyrite) with biotite-muscovite-chlorite schists and Mg-Fe amphibole-biotite-chlorite rocks. Veining and fracture fill minerals include pyrrhotite, magnetite and magnetite-pyrrhotite (+/- quartz, tourmaline). Retrograde chlorite after biotite, generations of secondary muscovite ("sericite") and vein-controlled chlorite+/- tourmaline and magnetite are also present. Preliminary hand-held XRF analysis confirms the presence of associated scheelite and molybdenite, the former visible under UV light as tiny veinlets and disseminations. The silicate mineral alteration assemblages associated with the gold are clearly post-metamorphic, reduced, and most likely driven by hydrothermal fluids from nearby granitoid intrusions. Chlorite and fine muscovite are regarded as the lowest temperature silicate minerals with gold, structurally controlled in apparent spatial association with quartz and/or K-feldspar veins. Altered rocks enclosing the mineralized package contain locally abundant talc and tourmaline.

All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).

Tables 1-2 provide collar and assay data. Assuming a predominant stratabound control, the true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness. Table 3 gives detailed individual assays of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t AuEq over 2 metre lower cut. No upper cut-off was applied, and higher-grade intersections use a 1.1 g/t AuEq lower cut over 2 metres.

NI 43-101 Technical Report: On September 14, 2020 , an updated resource estimation was completed by Rodney Webster of AMC of Melbourne, Australia, and Dr. Kurt Simon Forrester of Arn Perspective of Surrey, England. Each of Mr. Webster and Dr. Forrester are independent "qualified persons" as defined by NI 43-101. The NI 43-101 technical report is entitled "Rajapalot Property Mineral Resource Estimate NI 43-101 Technical Report" and dated September 14, 2020 (the "Updated Technical Report"). The Updated Technical Report may be found on the Company's website at www.mawsongold.com or under the Company's profile on SEDAR at www.sedar.com . Readers are encouraged to read the entire Updated Technical Report.

Qualified Person

Dr. Nick Cook (FAusIMM), Chief Geologist for the Company, is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in this press release.

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

Mawson Gold Ltd. is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland. Mawson also owns or is joint venturing into three high-grade, historic epizonal goldfields covering 470 square kilometres in Victoria, Australia and is well placed to add to its already significant gold-cobalt resource in Finland.

Forward-Looking Statement This news release contains forward-looking statements or forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements and are based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labor. 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.

Figure 1: Plan of Rajapalot highlight results from 2020/21 drill program. Dashed red rectangles show focus of 2021 resource expansion drilling program combined with historic drilling, resource areas and EM geophysical plates.

Table 1: Collar Information from 2020-21 drilling program at the Rajapalot Project (Finnish Grid, Projection KKJ3)

Table 2: Top 30 intersections from the Rajapalot project. Intersections are reported with a lower cut of 2.0 g/t AuEq (using long term forecast gold and cobalt prices of $1,599 per ounce and $19.93 per pound respectively) over 1 metre lower cut. No upper cut-off was applied. "<" is below detection limit of 0.05 g/t Au.

Table 3: Intersections from the 2020-21 Winter Drill Program. Intersections are reported with a lower cut of 0.3 g/t AuEq (using long term forecast gold and cobalt prices of $1,599 per ounce and $19.93 per pound respectively) over 2 metre lower cut. No upper cut-off was applied. "<" is below detection limit of 0.05 g/t Au.