Mawson Gold Announces Public Offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / Mawson Gold Limited ("Mawson") or the "Company") (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) is pleased to announce today that it has filed a preliminary prospectus supplement (the "Preliminary Supplement") to its short form base shelf prospectus dated March 13, 2020 (the "Base Shelf Prospectus") relating to a proposed marketed public offering (the "Offering") of common shares of the Company (the "Common Shares") at a price of C$0.15 per Common Share. The definitive size of the Offering will be determined in the context of the market.

Red Cloud Securities Inc. and Sprott Capital Partners LP are acting as co-lead agents for the Offering (collectively, the "Agents"). The proposed Offering will be subject to customary conditions, including the approval of the Toronto Stock Exchange (the "TSX"), and there can be no assurance as to whether or when the proposed Offering will be completed, or as to the actual size or terms of the Offering.

The Company intends to use the net proceeds of the Offering for (i) advancing exploration and development of the Company's Rompas-Rajapalot project in Finland; and (ii) general corporate purposes as set out in the Preliminary Supplement.

The Offering is being conducted pursuant to the Company's Base Shelf Prospectus filed with the securities regulatory authority in each of the provinces British Columbia, Alberta and Ontario. The proposed Offering will be made pursuant to the Preliminary Supplement, a final prospectus supplement and the accompanying Base Shelf Prospectus (collectively the "Prospectus").

Concurrent with the Offering, the Company plans to undertake a non-brokered private placement of Common Shares on the same terms as the Offering. The private placement is subject to the approval of the TSX, and may close after the Offering, in one or more tranches. The Common Shares sold pursuant to the private placement will not be qualified under the Prospectus.

A copy of the Preliminary Supplement and the Base Shelf Prospectus relating to the Offering may be obtained by contacting Red Cloud Securities Inc. by telephone at [phone] or by email at [e-mail] or Sprott Capital Partners LP by email at [e-mail].

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.