Highlights:

– Drill hole PAL0297 intersected 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 7 metres @ 3.8 g/t Au, 783 ppm Co, 4.5 g/t AuEq from 74.0 metres,

– including 0 metres at 8.5 g/t Au, 344 ppm Co, 8.8 g/t AuEq from 63.0 metres;

– Drill hole PAL0302 intersected 0 metres @ 7.1 g/t Au, 96 ppm Co, 7.2 g/t AuEq from 97.4 metres.

– All holes were drilled on a shallow 90-metre-wide cross section at the Raja prospect and were targeted to test an undrilled shallow area. The holes are located 250 metres up-plunge from PAL0093 that intersected 6 metres @ 8.0 g/t gold and 823 ppm cobalt from 243.0 metres (press release of June 27, 2018).

– In total, since drilling commenced in September 2020, Mawson has drilled 76 drillholes for 19,422 metres. A total of 4 holes for 616 metres are presented here;

– A total 43 drill holes for 11,130 from 5 individual prospect areas remain to be reported, with a resource upgrade scheduled during August 2021.

Mr. Hudson, Chairman and CEO, states, "To discover such high grades, over broad widths and at such shallow depths is demonstrative of both the untapped potential of this expanding camp scale discovery in Finland, as well as the continued geological understanding being developed by our experienced Finnish project team. These results more than double the grade and thickness of the shallow parts of the Raja prospect and provide further encouragement as we move towards our soon to be announced resource upgrade for Rajapalot.”

Gold and cobalt assay results are reported here from 4 holes for 616 metres from the 2020/21 drill program, which is now complete; Figure 1). In total, since drilling commenced in September 2020, Mawson has drilled 76 drillholes for 19,422 metres. The holes released here are all from Raja prospect (PAL0295, PAL0297, PAL0300, PAL0302). A full set of reported results is shown in Table 3. Intersections are reported with a lower cut of 0.3 g/t AuEq over a two metre lower cut. No upper cut-off was applied. Higher-grade intersections use a 1.1 g/t AuEq lower cut over two metres. PAL0297 also intersected a broader zone of 32.2 metres @ 5.4 g/t Au, 297 ppm Co, 5.6 g/t AuEq from 74.0 metres when no lower cut was applied. No significant intersections were drilled in PAL0300. A total of 43 drill holes for 11,130 metres from five individual prospect areas remain to be reported, with a resource upgrade at Rajapalot scheduled during August 2021.

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 Limited 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.

On behalf of the Board,

"Michael Hudson"                 

Michael Hudson, Chairman & CEO

Further Information

www.mawsongold.com

1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7

Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316, info@mawsongold.com

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.