Mawson Announces Filing of Its PEA Technical Report for Rajapalot, Finland

VANCOUVER, BC / ACCESSWIRE / November 29, 2022 / Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) is pleased to announce that the Company has filed an independent Preliminary Economic Assessment ("PEA") technical report (the "Technical Report") for the Rajapalot Gold-Cobalt Project, Finland, in support of the Company's news release dated October 20, 2022, entitled: "Mawson Delivers US$211 million NPV5 (post-tax) from Rajapalot PEA, October 20, 2022". There are no material differences between the Technical Report from those in the news release.

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.

1. ^{AISC is a non-IFRS metric. For definition see news release dated October 20, 2022.}
2. ^{AuEq production figures calculated using metal prices $1,700/oz Au and $60,000/t Co. AuEq = Au oz + (Co t x 35.3).}

Mr. Fairhall, CEO of Mawson Gold, comments

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