Highlights as announced October 20, 2022:

– 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.

Further Information is attached

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: the Company’s expectations regarding the Rajapalot Project PEA; 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.