Mawson Magnetic Survey Highlights New Exploration Targets in Finland

VANCOUVER, BC - Mawson Gold Limited ('Mawson') or (the 'Company') (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) announces the results of its recently acquired drone-based magnetic survey encompassing a large and untested area of its 18,000 ha 100% owned Rompas-Rajapalot gold-cobalt project in northern Finland.

Highlights:

New magnetic survey shows more than 30 gold targets over 4 km by 4 km area (Figure 1).

Target structures dated the same age as the property wide mineralizing event, and importantly, a key gold mineralizing age in Lapland (1.8 billion years).

This larger target area remains undrilled, despite location between the Rajapalot ( 1.04 Moz AuEq inferred resource ) and Rompas ( 6 m at 617 g/t gold ) discoveries, and coinciding with a large (3 km x 2 km) C-horizon till anomaly.

Target testing by partial leach and base of till (BOT) geochemical sampling based on priority and permit status, commencing immediately.

Mr. Fairhall, CEO, states: 'Our recent magnetic survey has opened-up the camp scale of the opportunity of our large 100% ground holding in Finland. The Rompas and Rajapalot discoveries, which are separated by 8 km, have already proven intense gold flux across the width of our property. We can now marry those gold rich fluids with structures active at the same time - perfect gold emplacement conditions, and critical factors in the biggest discoveries in Finland.

With the Rajapalot gold-cobalt PEA in progress, Mawson is executing on its strategy to not just find, but also de-risk ounces to create value for shareholders.'

In June 2022, Mawson commissioned a 3,000 ha drone-based magnetic survey to map an undrilled area of its 18,000 ha land holding (Figure 2). Interpretation of the data was enhanced by Mawson's regional and permit-wide knowledge gained by field sampling, lithogeochemistry and a deep understanding of the timing and formation of gold in the adjacent Rompas (to the west) and Rajapalot (to the east) project areas (Figures 2 & 3). A structural and stratigraphic interpretation of the Rompas-Rajapalot project (Figure 3) has now been completed for the first time, and Mawson can now extend its search for gold and cobalt to the central parts of the permit where no exploration, including drilling, has yet been conducted.

Mawson's Rajapalot and Rompas discoveries are located within a 100%-owned contiguous permit package, and occur within the same-age rocks as the highly gold-enriched Lapland Greenstone belt, host to Agnico Eagle's Kittila Mine, Rupert Resources' Ikkari discovery (ca 4 Moz) and Risti (B2 Gold-Aurion, JV).

At Rajapalot, our 1.04 Moz AuEq gold-cobalt Inferred Mineral Resource has been delineated at the intersection of structures moderately developed within a well-defined stratigraphy and has been the almost-exclusive focus of Mawson's exploration effort in Finland since drilling out the Rajapalot resource commenced in 2017. At Mawson's earlier Rompas discovery, bonanza grades including 6 m at 617 g/t Au from 7 m (hole ROM0011, which includes 1 m at 3,540 g/t gold from 11 m) formed where fluids were concentrated within and adjacent to uraninite grains within folded dolomite veins in mafic host rocks. Both discoveries are the product of the same, evidently intense, mineralizing event dated to approximately 1.8 billion years over a 100 sq km area.

Rupert's Ikkari and B2/Aurion's Risti discoveries, and the well-known Kittila mine highlight the importance of structural intensity in the emplacement of gold. Where these structures were active during the Finland-wide mineralizing event, significant deposits have formed. Despite defining a 100 sq km gold district at Rompas-Rajapalot, Mawson has not focused on this target style up to now. The new magnetic survey has now identified additional opportunities to find further gold with a larger structural input than previously identified in Mawson's project area.

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 three high-grade, historic epizonal goldfields covering 470 km 2 in Victoria, Australia.

Contact:

1305 - 1090 West Georgia St., Vancouver

BC, V6E 3V7

Mariana Bermudez (Canada)

Corporate Secretary

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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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