Mawson Completes Maiden Drilling at Skellefteå North Gold Project in Sweden

The maiden drill program at the Skellefteå Project focused on testing the proposed down-dip, and along-strike extension of an outcropping and previous undrilled mineralized-dyke system. Gold is intimately related to the arsenopyrite-bearing, sheeted-quartz-vein system hosted within the dyke, with gold occurring both within individual quartz veins, and outside of veins within their wall-rock material that also contains similarly elevated arsenopyrite and silica/quartz mineralogy. Four of six holes returned significant gold intercepts, identifying a high-grade gold-shoot which will be further explored in a future drilling program.

Highlights:

Drilling has defined gold mineralization, which can develop at extremely high grades (up to 132g/t Au), along 300 m of explored strike-length which remains open in all directions. The remaining four diamond drillholes of the six hole program (DB2203-6) targeted the western strike-extension and are reported here. 

o    All holes reported here intercepted the mafic-dyke host unit with highly-elevated arsenic values (> 400 ppm As) drillholes.

o    Better results from the final four holes reported here include drill holes DB2205 and DB2206 which intersected 5.7 m @ 1.2 g/t Au from 81.9 m, and 1.2 m @ 0.6 g/t Au from 56.35 m, respectively.

Program highlights include visible gold observed in three of six holes drilled at the Dalbacka Prospect, with best results including:

o    1.8 m at 28.4 g/t Au from 82.8m in DB2202, including 0.35 m at 132 g/t Au (reported June 13, 2022)

o   4.4 m at 4.8 g/t Au from 40m in DB2201, including 0.38 m at 24.3 g/t (reported June 13, 2022)

The next steps to define targets for the Stage 2 drill program include 3D-modelling of the system to define high-grade controls on gold mineralization, high resolution ground magnetics and surface geochemical sampling.

Mr. Fairhall, CEO, states: “The maiden drill program at Skellefteå has proven very high grades (up to 132 g/t Au) can develop at the project and outlined a structurally controlled gold system now drill tested over 300 m, with gold at surface found within 1.8 km strike. With over 7 Moz Au having been produced from within 22 km of the project, we are excited to further test and extend the potential on this property. Exploration is now ongoing to define high-grade controls on gold mineralization to define targets for a Stage 2 drill program. In the meantime, Mawson remains focused on its exploration and PEA work programs at Rajapalot with the PEA expected to be released in the coming weeks.”

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: 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.