Rajapalot Resource Summary

1. 9.8 Mt @ 3.0 g/t AuEq, comprising 2.8 g/t gold ("Au"), 441 ppm cobalt ("Co") for 867 koz Au and 4.3 kt Co equating to 958 koz AUEq in the inferred category
2. Gold camp now comprises 8 distinct prospect
3. Demonstrated continuity within the deposits and expansion potential at depth and along strike.
4. All resource areas remain open to depth and the Company has developed a strong geological and exploration model to target mineralization.
5. Growth potential remains strong:
   1. Drilling covers only 20% of the mineralization-host package at Rajapalot
   2. Rajapalot camp represents only 5% of 100 square kilometre Rompas-Rajapalot Finnish project area owned 100% by Mawson.

• The independent geologist and Qualified Person as defined in NI 43-101 for the mineral resource estimates is Mr. Ove Klavér (EurGeol). The effective date of the MRE remains unchanged to the Previous MRE (August 26, 2021, available on SEDAR), and will be restated in the PEA technical report when it is filed.
• The mineral estimate is reported for a potential underground only scenario. Inferred resources were reported at a cut-off grade of 1.1 g/t (AuEq¹ Au g/t + Co ppm /1005) with a depth of 20 meters below the base of solid rock regarded as the near-surface limit of potential mining. Refer to the Previous MRE for details on the cut-off grade calculation used in calculating the Inferred Mineral Resource.
• Resource gold equivalent grades (AuEq²) and ounces stated here are based on the updated PEA metal prices of USD1,700/oz Au and USD60,000/t Co and recovery assumptions of 95% Au and 87.6% Co. (AuEq2 = Au g/t x 95% + Co ppm x 87.6% / 911).
• Wireframe models were generated using gold and cobalt shells separately. Forty-eight separate gold and cobalt wireframes were constructed in Leapfrog Geo and grade distributions independently estimated using Ordinary Kriging in Leapfrog Edge. A gold top cut of 50 g/t Au was used for the gold domains. A cobalt top cut was not applied.
• A parent block size of 12 m x 12 m x 4 m (>20% of the drillhole spacing) was determined as suitable. Sub-blocking down to 4 m x 4 m x 0.5 m was used for geologic control on volumes, thinner and moderately dipping wireframes
• Rounding of grades and tonnes may introduce apparent errors in averages and contained metals.
• Drilling results to 20 June 2021.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Mawson’s flagship is the 100%-owned Rajapalot gold-cobalt project, located just south of the Arctic Circle in Finnish Lapland. At Rajapalot the Company has made a significant greenfield discovery and on 26 August 2021 published an updated Inferred Mineral Resource. an updated resource estimation was completed by Eemeli Rantala, AFRY – P.Geo, Ville-Matti Seppä, AFRY – EurGeol of Finland and Craig Brown, Mining Associates Pty Ltd – FAusIMM of Australia. All authors are independent “qualified persons” as defined by NI 43-101. The NI 43-101 technical report is entitled “Mineral Resource Estimate NI 43-101 Technical Report — Rajapalot Property” (the “Updated Technical Report”).

The August 2021 base case open pit and underground constrained Inferred Mineral Resource was estimated at 10,907,000 tonnes @ 2.5 g/t gold (“Au”), 443 ppm cobalt (“Co”), which equates to 3.0 g/t gold equivalent (“AuEq”) for 887,000 ounces (“oz”) Au or 1,041,980 oz AuEq. The AuEq value was calculated using the following formula: AuEq g/t = Au g/t + (Co ppm/1005) and using a gold price of US$1,590 per ounce and a cobalt price of US$23.07/lb. Mineral Resources are stated at a 0.3 g/t AuEq open pit cut-off and 1.1 g/t AuEq underground cut-off from five block models comprising 8 prospects.

The 2021 base case resource increases gold grade by 19% (AuEq grade by 12%) and contained gold ounces by 47% (contained gold equivalent ounces by 35%) as compared to the previous Rajapalot resource estimation published on September 14, 2020.

The Rajapalot mineral resource update covers eight prospect areas (The Hut, Terry's Hammer, Rumajärvi, Palokas, South Palokas, Raja, Uusisaari and Joki East). The 2020/21 drill program delivered more economic grade/width intersections than ever before and led to the discovery of two new gold-cobalt zones, delineated significant extensions to four more prospects with defined resources and added two further prospects suitable for wireframing and resource estimation.

Approximately 80% of the Rajapalot area, or 20 kilometres of mineralization-host package remains untested by drilling. Rajapalot forms a smaller part of Mawson’s larger 100 square kilometre Rompas-Rajapalot Finnish project area owned 100% by Mawson.

At the completion of the 2021 winter drill program, a total of 84,507 metres has been drilled at Rajapalot with the average depth now 155 metres. A total of 330 holes for 72.8 kilometres and an average depth of 250 metres were used in the upgraded August 2021 resource estimation. Whereas a total of 257 holes for 53.8 kilometres metres and an average depth of 209 metres were used the upgraded September 2020 resource estimation and a total of 178 holes for 24.0 kilometres with an average depth of 135 metres were used within the December 2018 maiden resource estimation.

From November 10, 2020, to August 23, 2021, the Company announced a series of drill results from the 76 hole, 19,422 metre 2020/2021 drill program at Rajapalot.

Drill success has continually increased through recognition of strong linear late structural controls to high-grade gold-cobalt mineralization and a strong correlation with electromagnetic conductors that provide a large potential for increasing mineral resources in future drill campaigns. Key results from the program are outlined below:

Joki East is a blind discovery from 150 metres depth made by Mawson this drill season. Mineralization is thin but very high grade and extends over 225 metres down-plunge and 30-40 metres across strike. The mineralization is in an all-season drill area and remains open and untested up- and down-plunge. Mise-a-la-masse geophysics undertaken at Joki East has confirmed the shape and extent of the sulphidic gold-bearing body up plunge and demonstrated that mineralization shows good connectivity between drill holes. Key results included:

• PAL0241 intersected 1.6 metres @ 28.3 g/t Au and 1,190ppm Co, 29.2 g/t AuEq from 168.6 metres;
• PAL0242 returned 1.6 metres @ 19.2 g/t Au and 1,478ppm Co, 20.3 g/t AuEq from 155.0 metres;
• PAL0245 intersected 1.3 metres @ 25.3 g/t Au and 2,327 ppm Co, 26.9 g/t AuEq from 177.1 metres,
• PAL0246 returned 0.6 metres @ 10.3 g/t Au and 725ppm Co, 10.8 g/t AuEq from 188.6 metres,
• PAL0247 is the deepest hole at Joki East with encouraging thickness and continuity of grade developing down-plunge returned 5.5 metres @ 6.9 g/t Au and 732 ppm Co, 7.4 g/t AuEq from 220.9 metres

At the Hut, a new drill discovery in PAL0259 delivered the thickest mineralized zone drilled to date at Rajapalot intersecting 70.3 metres @ 0.9 g/t Au, 828 ppm Co, 1.6 g/t AuEq from 95.8 metres (no lower cut-off applied):

• Including 23.3 metres @ 1.2 g/t Au, 1,035 ppm Co, 2.1 g/t AuEq from 100.7 metres;
• Including 14.4 metres @ 0.6 g/t Au, 1,531 ppm Co, 1.9 g/t AuEq from 126.3 metres;
• Including 2.4 metres @ 3.9 g/t Au, 747 ppm Co, 4.6 g/t AuEq from 143.3 metres;
• Including 7.0 metres @ 1.1 g/t Au, 31 ppm Co, 1.2 g/t AuEq from 159.0 metres;

At South Palokas significant extensions of high-grade gold mineralization were intersected at depth. In combination, PAL0303 and PAL0235, both drilled this season, extend high-grade mineralization at South Palokas down-plunge by 290 metres, which remains open. Highlights included:

• PAL0235 intersected 15.3 metres @ 3.0 g/t Au, 998 ppm Co, 3.9 g/t AuEq from 439.5 metres including 2.0 metres @ 11.2 g/t Au, 1,019 ppm Co, 12.0 g/t AuEq from 447.5 metres.
• PAL0303 was drilled 120 metres down-plunge from PAL0235 and intersected 30.8 metres @ 3.9 g/t Au, 1,403 ppm Co, 5.1 g/t AuEq from 553.2 metres; including:
  • 1.0 metre @ 8.9 g/t Au, 2,164 ppm Co, 10.7 g/t AuEq from 563.9 metres;
  • 7.0 metres @ 8.2 g/t Au, 2,020 ppm Co, 9.9 g/t AuEq from 566.9 metres;
  • 1.0 metre @ 8.9 g/t Au, 1,036 ppm Co, 9.8 g/t AuEq from 575.0 metres;
  • 4.0 metres @ 6.9 g/t Au, 1,460 ppm Co, 8.1 g/t AuEq from 578.0 metres

At Raja, holes drilled on a 90-metre-wide cross section at the prospect were targeted to test an undrilled shallow area. These results more than double the grade and thickness of the shallow parts of the Raja prospect. The holes are located 250 metres up-plunge from PAL0093 that intersected 33.6 metres @ 8.0 g/t Au and 823 ppm Co from 243.0 metres (press release of June 27, 2018).

• Drill hole PAL0297 intersected 20.7 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 15.7 metres @ 3.8 g/t Au, 783 ppm Co, 4.5 g/t AuEq from 53.3 metres;
  • including 6.0 metres at 8.5 g/t Au, 344 ppm Co, 8.8 g/t AuEq from 63.0 metres;
• Drill hole PAL0302 intersected 2.0 metres @ 7.1 g/t Au, 96 ppm Co, 7.2 g/t AuEq from 97.4 metres.

At the Palokas prospect, drilling to extend mineralization beyond the current southern resource boundary included:

• PAL0283 intersected 1.0 metre @ 8.2 g/t Au, 52 ppm Co, 8.3 g/t AuEq from 222.8 metres;and
• PAL0293 intersected 7.1 metres @ 1.7 g/t Au, 466 ppm Co, 2.1 g/t AuEq from 260.2 metres and 13.8 metres @ 1.0 g/t Au, 899 ppm Co, 1.7 g/t AuEq from 274.2 metres.

Early stage drilling also defined new high-grade gold-cobalt intersections with electromagnetic conductors that will provide upside for increasing the resource base in future drill campaigns.

• At Terry’s Hammer prospect PAL0273 drilled 9.3 metres @ 1.5 g/t Au, 422 ppm Co, 1.9 g/t AuEq from 14.6 metres;and
• At the Rumajärvi prospect PAL0258 drilled 3.0 metres @ 8.3 g/t Au, 283 ppm Co, 8.6 g/t AuEq from 66.9 metres and PAL0267 drilled 27.5 metres @ 0.7 g/t Au, 443 ppm Co, 1.0 g/t AuEq from 30.3 metres.

Mawson completed 76 holes for 19,422 metres during the 2020/21 winter drill season. At the completion of the 2020/21 winter drill program a total of 544 drillholes for 84,507 metres had been drilled at the Rajapalot project with an average depth of 155 metres. Key results from the program are outlined below. The 100% owned gold-cobalt Rajapalot discovery hosts numerous hydrothermal gold-cobalt prospects drilled between 2013 and April 2020 within a 3 by 4 kilometre area. A total of 76,155 drilling metres (90% of total) has been completed since 2017. A total of 330 holes for 72.8 kilometres and an average depth of 250 metres were used in the upgraded August 2021 resource estimation. In comparison, a total of 257 holes for 53.8 km and an average depth of 209 metres were used the upgraded September 2020 resource estimation and a total of 178 holes for 24.0 km with an average depth of 135 metres were used within the December 2018 maiden resource estimation.

The host sequence comprises a polydeformed, isoclinally folded package of amphibolite facies metamorphosed Paleoproterozoic supracrustal rocks of the Peräpohja belt. The Paleoproterozoic of northern Finland are highly prospective for gold and cobalt, and include the Europe’s largest gold mine, Kittilä, operated by Agnico Eagle Finland Oy.

Stratabound gold-cobalt mineralization occurs near the boundary of the Kivalo and Paakkola groups with two contrasting host rocks, either iron-magnesium or potassic-iron types. Multi-stage development of the mineralization is evident, with early-formed cobalt and a post-tectonic hydrothermal gold event.

Prospects with high-grade gold and cobalt at Rajapalot occur across 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project exploration area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT) and rare outcrops. High-grade Au-Co mineralization at Rajapalot has been drilled to 540 metres deep at Raja and South Palokas prospects but is not closed out at depth in any prospect. The only surface exposure of mineralization is at Palokas, however except for East Joki, all mineralization comes to the top of the bedrock below the till, less than 6 metres below the surface. East Joki is 110 metres from the surface at its shallowest but is not drilled yet in the up-dip direction.

Mawson’s primary target type across the whole Rajapalot-Rompas area is the disseminated Au-Co style, with Mawson’s geological team in Finland devoted to uncovering more prospects based on their increased understanding of the host sequence.

Two distinct styles of gold mineralization dominate the Rajapalot area. The first, is a variably sulphidic magnesian-iron host, previously referred to internally as “Palokas” style. The magnesian-iron host is most likely an ultramafic volcanic (komatiitic) and occurs within approximately 100 vertical metres of the inferred Kivalo-Paakkola boundary (that is, near the incoming of pelites, calc-pelites and quartz muscovite rocks). A largely retrograde mineral alteration assemblage includes chlorite, Fe-Mg amphiboles (anthophyllite and cummingtonite series), tourmaline and pyrrhotite commonly associated with quartz-veining. Subordinate almandine garnet, magnetite and pyrite occur with bismuth tellurides, scheelite, ilmenite and gold, cobalt pentlandite and cobaltite. Metallurgical testing at Palokas reveals the gold to be non-refractory and 95% pure (with minor Ag and Cu) with excellent recoveries by gravitational circuit with conventional cyanidation and/or flotation. QEMSCAN studies also show that the gold occurs as native grains, found both on grain boundaries and within minerals. Detailed work by Jukka Pekka Ranta of the University of Oulu (plus co-workers) on fluid inclusions and the host rocks to the Fe-Mg mineralization at Palokas indicates weakly saline, methane-bearing fluids at depths as shallow as 5 km and temperatures of approximately 250 degrees were responsible for deposition of the gold.

The second style of gold-cobalt mineralization at Rajapalot, a potassic-iron (K-Fe) style (formerly referred to internally as “Rumajärvi” type) is characteristically associated with muscovite and / or biotite and chlorite in a diverse range of fabrics. Gold grades of more than 1 g/t Au are associated with pyrrhotite and contained within muscovite-biotite schists, muscovite and biotite‑bearing albitic granofels and brecciated, variably micaceous albitic rocks. Magnetite is a common mineral, but not a necessity for anomalous gold grades. The host rocks are grey to white owing to their reduced nature and may be enclosed by light pink to red calcsilicate-bearing albitites. To date, the K-Fe gold-cobalt mineralization style has been intersected near the muscovite-bearing quartzite at Raja and Rumajärvi, but as other rock types are also mineralized and the clear strong structural control on grade, stratigraphic constraints may locally not be relevant.

Exploration for Palokas and Rumajärvi style gold prospects is not restricted to the Rajapalot area. Recognition of the host stratigraphic package (near the boundary of the Kivalo-Paakkola Group boundary) enclosing the 6 km long vein-hosted Rompas Au-U system increases the search space for the pyrrhotite-Au-Co systems to cover Mawson’s full permit area. The geochemical characteristics of the ultramafic volcanics and related intrusives are not only present in the southern drill section at South Rompas but have more than 50 km of strike length in Rompas-Rajapalot. It is the interaction of this reactive rock package with late gold-bearing hydrothermal systems driven by ca. 1.8 Ga granitoids, that now form the most highly prospective targets away from the Rajapalot area. The cobalt component of the system is largely stratabound and formed much earlier, most likely from oxidized saline basinal fluids interacting with reduced strata.