SXG Research / Summary, page-61

Dear Friend of Mawson Gold,

As 2022 has drawn to a close, I would like to take this opportunity to thank you for your support during what was a transitional year in the life of Mawson Gold.

The most significant event of the year was the delivery by CEO Ivan Fairhall and his team of Mawson Gold’s maiden Preliminary Economic Assessment (“PEA”) of the 100% owned Rajapalot project in Lapland Finland. The PEA produced a robust US$211 million NPV5 over a nine year mine life at a steady state average production of >92 koz gold equivalent for total production of around 700 koz of gold and 2,800 t cobalt at an attractive AISC of US$824/oz Au.

The study underscores the quality of the ounces we have already found in Finland, which augers particularly well when considering the significant exploration potential that remains. In addition to the down dip extensions of the Rajapalot deposits, our 18,000 ha tenement package remains predominately unexplored, despite the intense mineralised systems already discovered over a 10 km x 10 km area. The targeting announced from our detailed magnetic survey is the first of a larger program focused on expanding the exploration footprint to demonstrate the camp scale potential of Rajapalot. We have also expanded our asset base by optioning the Skelleftea Gold Project in Sweden, in an area that has produced 7 Moz from within 22km of this project. Maiden drilling by Mawson Gold has intersected high grades including 0.4 m at 132 g/t Au (see June 13, 2022), giving a new leg of exploration exposure for shareholders.

During 2022, Mawson Gold also saw a major corporate event with the spin-out of our Australian assets into Southern Cross Gold Ltd. (“SXG”), which has now raised over A$25m since listing on the ASX. SXG have built on Mawson Gold’s initial discovery at Sunday Creek, which is now a pre-eminent Australian discovery. SXG was the second-best IPO on the ASX during 2022, which leaves our 51% ownership position with a market value of ~ C$66m.

In addition, I would like to recognise the end of a number of long-standing relationships with Mawson Gold. First, I would like to acknowledge and thank outgoing director David Henstridge for his decades’ long support and involvement in Mawson Gold as founding director. In addition, Dr. Nick Cook left his post as Chief Geologist after 10 years with Mawson Gold to take up a Professorial post in Australia. He leaves the Mawson Gold technical team very well trained and ready to tackle our next exploration challenges. I would also like to take this opportunity to thank Sentient Global Resource Fund IV L.P and Sentient Equity Partners for their role as Mawson Gold’s largest shareholder for over a decade after recently leaving Mawson Gold’s register through a series of transactions via the facilities of Toronto Stock Exchange.

Ivan Fairhall, CEO, will be presenting an update on Mawson’s projects at the Metals Investor Forum on January 27-28, 2023, at the Fairmont Pacific Rim, Vancouver. In the meantime, please follow our Twitter, LinkedIn and Facebook accounts for project updates, interviews and conference announcements.

On behalf of Mawson Gold, I would like to wish you a safe and prosperous 2023 and to thank all those who have contributed to the success of Mawson Gold in 2022. We look forward to continuing to build on our strong asset portfolio to create shareholder value in the coming year.

Michael Hudson

Executive Chairman