Mawson Gold TSX:MAW Stock Report

Mawson Gold Limited Announces the Commencement of Drilling At the Skellefteå North Project in Sweden

Price target decreased to CA$0.50

Down from CA$0.95, the current price target is provided by 1 analyst. New target price is 300% above last closing price of CA$0.13. Stock is down 55% over the past year. The company posted a net loss per share of CA$0.012 last year.

Mawson Gold Limited Commences Maiden PEA on its Rajapalot Project

Mawson Gold Limited announced the commencement of a maiden Preliminary Economic Assessment its 100%-owned Rajapalot gold-cobalt project in Finland. Following desktop level technical evaluations on the resource bodies that underpin the 1.04 million ounce gold equivalent (gold and cobalt as AuEq) inferred resource estimation, the Board of Mawson decided to commence a PEA on the Rajapalot project. Work has already commenced and is expected to be completed in the third calendar quarter of 2022. Metallurgical Test work Mawson has awarded two packages of metallurgical test work to finalize selection of the PEA flowsheet. Wardell Armstrong International in the UK will further develop grinding, gravity and cyanide processes. Continued flotation test work will be carried out at the Circular Economy Solutions unit of the Geological Survey of Finland. This metallurgical test work program builds on the positive fundamental work completed in BATCircle1.0 test work program which identified the key unit processes for metal extraction. Highlights of that program include: Conventional gold cyanidation recoveries between 97.3% to 98.0%, with no signs of preg-robbing; Gravity concentration recoveries averaging 44% for gold and 20% for cobalt; Gold flotation recovery of 90% at a grade of 100 g/t; Flotation recoveries of 78%-93% for cobaltite (the predominant cobalt-bearing mineral), and lesser prevalent cobalt-bearing mineral linnaeite with a recovery of up to 71% through low amperage magnetic separation; Samples were spatially distributed across the main resource areas. BATCircle is a Business Finland funded program designed to create a competitive and sustainable European battery industry through collaboration and joint research between companies and research organizations. Mawson's wholly owned Finnish subsidiary Mawson Oy was granted 500k in co-funding as part of BATCircle1.0, with that program completed in April 2021. In May 2021 Mawson Oy was granted a further 795k (~CAD 1.1 million) in funding under the BATCircle2.0 program to further study cobalt extraction, marketing and residues management. Engineering and Permitting Studies SRK Consulting Finland ("SRK") has been contracted to complete mining studies on the resource to develop open pit and underground designs and schedules, as well as mine infrastructure and associated cost estimates. Initial geotechnical and hydrogeological assessment is included in the study, as well as backfill design by specialist consultancy Paterson & Cooke. SRK and P&C are both industry leading consultancies and have extensive experience in the Nordic regions at study and operating levels, giving them insight into local mine operating conditions and costs. Preparation of the PEA is in lock-step with Mawson's strategy to advance Rajapalot development stage project. The balance of engineering work scopes are currently being tendered, with the PEA focus on leveraging the favourible fundamental features of the Rajapalot deposits. These include: Simple gold metallurgy with high recoveries utilising inexpensive conventional technologies; Resource body thicknesses ranging between 5 and 30 metres, expected to result in productive mining conditions; 30 kilometres from Rovaniemi, the capital of Lapland, which hosts an international airport and a regional population of 69,000 containing highly skilled minerals and forestry workforces; and Very competitive cost environment due to high labour productivities and access to low-cost renewable power. Environmental Impact Assessment and land use re-zoning for Rajapalot is also in progress. Over the last 6 months both the regional and municipality level plans have been approved by the governing bodies, and Rajapalot is now being officially administered as a mining project. The PEA will form an integral part in advancing these processes, and Mawson's early focus on permitting will facilitate integration of environmental context into all stages of engineering and data-gathering programs in line with sustainability commitments (Digbee ESG Certified). The PEA scheduled for completion in the third calendar quarter of 2022.

Mawson Gold Limited Provides Update on the Redcastle Epizonal Gold Project, Victoria, Australia

Mawson Gold Limited announced results and future plans for the Redcastle epizonal gold -antimony joint venture project in the Victorian Goldfields of Australia. The project is located 120 km north of Melbourne within 56.7 sq. km of granted exploration tenements, immediately along strike from Mandalay Resources' Costerfield mine, the sixth highest-grade global underground mine in 2020. Work at Redcastle during the 70% earn-in period has been undertaken by Mawson Victoria Pty Ltd. Mawson Victoria was recently transferred from Mawson Gold Ltd. to Southern Cross Gold Pty Ltd. as part of a larger internal reorganization. Southern Cross holds three historic epizonal gold fields (Sunday Creek, Whroo and Redcastle) and is working towards a proposed initial public offering on the Australian Securities Exchange. Mawson Victoria's exploration strategy at Redcastle during the 70% earn-in period has focused on searching for high-grade epizonal gold at depth beneath historic mines. The approach was to compile all historical mining and exploration data into a 3D model and apply large scale geophysical and remote sensing methods to identify mineral systems below 50 metres depth, followed by oriented diamond drilling to test targets. Mawson Victoria has drilled 16 drillholes for 2,786.9 metres across total of eight prospects at Redcastle (for an average hole depth of 174.2 metres). Thin to moderate grades and widths of gold were discovered in all drill holes, except those that hit historic mine workings. Many targets require follow-up drilling. A chronological summary of Mawson Victoria's drill program on each of the prospects comprising Redcastle follows. Why Not Prospect: Two drillholes (MDDRE001 and MDDRE002) under shallow historic workings with better results of 0.3 metres @ 1.4 g/t Au from 61.3 metres and 0.4 metres @ 1.6 g/t Au from 92.6 metres in hole MDDRE001. No immediate follow up is warranted. Pioneer Prospect: Two drillholes (MDDRE003 and MDDRE004) under shallow historic workings with better results of 0.1 metres @ 4.4 g/t Au from 55.7 metres in hole MDDRE003 and 0.4 metres @ 2.2 g/t Au from 40.2 metres in hole MDDRE004. No immediate follow up is warranted. Welcome Prospect: Two drillholes (MDDRE012 and MDDRE013) under shallow historic workings that extend for 600m strike. Better results included 0.4 metres @ 2.1 g/t Au from 121.9 metres from MDDRE012. No immediate follow-up is warranted. Beautiful Venus Prospect: One drill hole, MDDRE014 was drilled to target mineralization below the historic working at Beautiful Venus. Unfortunately, the drillhole intersected historic workings that were mined deeper than predicted. The project remains untested and warrants further drilling. Welcome Group Prospect: One drillhole, MDDRE015, was at the Welcome Group targeting a 1 km-long coherent induced polarization ("IP") chargeability anomaly generated by Mawson Victoria's 3D offset array IP geophysical survey that coincides with the Welcome Group of mines (of which Clarke's was one mine in that cluster). This is considered highly prospective as there are at least 9 mined structures above the geophysical anomaly where the Welcome Group of mines reported to have extracted 20,583 oz at 254.6 g/t Au over 2 km strike length down to a maximum depth of 125 metres (in the period 1859 to 1865). Drillhole MDDRE015 did not intersect the mineralized lode and nor did it explain the IP anomaly leaving an opportunity to target the IP anomaly from the opposite direction over the majority of the 1 km strike. Further drilling is planned. Mawson Victoria has also conducted a variety of geophysical and remote sensing surveys: Ground magnetics (5.6 sq. km) over the southern part of the permit area collected continuously along 50 metre spaced east-west oriented lines; High density ground gravity (23 sq. km) survey over the central permit area on 200 metre spaced east-west oriented lines with stations spaced at 100 metres. Induced polarization ("IP") surveys: A 22 sq. km gradient array induced polarization survey collected over 32 gradient blocks each 800 metres x 800 metres optimised around 32 channel receivers, with 25 metre station spacing and 100 metre east- west line spacing was undertaken to map geology and mineralizing structure. 1.7 sq. km offset dipole-dipole induced polarization over the Welcome Group area following up a gradient array IP chargeability anomaly. A 58 sq. km LiDAR survey flown and was used to map geology and target old workings, with over 40,000 hard rock and alluvial working being identified using machine learning from the survey from the Redcastle tenement area. An Optech Galaxy sensor was employed to gather the data from 950 metre elevation, delivering swath widths of 580 metres. The laser pulse rate was of the order of 500 kHz. The quality of the ground return data was high with ground return averaging 12- 15 points per metre and as a result, the LiDAR images enabled location of unknown old workings and interpretation of rock types, bedding and structures.