Mawson Announces C$17M Public Offering of Units

1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7

Phone: +1 604 685 9316 / Fax: +1 604 683 1585

NEWS RELEASE

Not for distribution to United States newswire services or for dissemination in the United States

May 11, 2020

MAWSON ANNOUNCES C$17M PUBLIC OFFERING OF UNITS

Vancouver, Canada — Mawson Resources Lim ited (“Mawson” or the “Company”) (TSX:MAW)

(Frankfurt:MXR) (PINKSHEETS: MWSNF) announced today that further to its press release dated May 7, 2020, it has

filed a prospectus supplement (the “ Supplement”) to its short form base shelf prospectus dated March 13, 2020 (the

“Base Shelf Prospectus”) relating to its previously announced public offering (the “Offering”). The Supplement was filed

with the securities regulatory authorities in each of the Pro vinces of British Columbia, Albert a and Ontario. Copies of the

Base Shelf Prospectus and the Supplement are available under the Company’s profile on SEDAR at www.sedar.com.

As set forth in the Supplement, the Company has entered into an agency agreement with Red Cloud Securities Inc. and

Sprott Capital Partners LP, the co-lead agents, and Canaccord Genuity Corp. and Eight Capital (collectively, the “Agents”)

to sell on a best-effort agency basis 48,572,000 units (the “ Units”) of the Company, at a price of C$0.35 per Unit (the

“Offering Price ”) for gross proceeds of C$17,000,200 (the “ Offering”). Each Unit consists of one common share

(“Common Share”) of the Company and one-half of one common share purchase warrant (each whole common share

purchase warrant a “Warrant”) of the Company. Each Warrant will entitle the holder thereof to acquire one Common

Shares at the price of C$0.45 for a period of 24 months following the closing of the Offering (the “Closing”).

The Company expects to close the Offering on or about May 20, 2020.

The Company intends to use the net proceeds of the Offering for exploration and development of the Company’s exploration

projects and for working capital purposes as set out in the Supplement.

Concurrent with, or shortly following the closing of the Offering, the Company will undertake a non-brokered private

placement of up to 2,860,000 Units on the same terms as the Offering, to raise up to C$1.0M (the “Private Placement”).

The Private Placement may close after the Offering and in one or more tranches. The Units sold pursuant to the Private

Placement will not be qualified under the Supplement. The Company may pay a finder’s f ee in respect of certain

subscriptions in connection with the Private Placement.

A copy of the Supplement and Base Shelf Prospectus relating to the Offering ma y be obtained by contacting Red Cloud

Securities Inc. by telephone at (416) 613-1237 or by email at [email protected] or Sprott Capital Partners LP by

email at [email protected].

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.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the

Units, Common Shares or Warrants in any jurisdiction in whic h such offer, solicitation or sa le would be unlawful prior to

registration or qualification under the securities laws of that jurisdiction.

About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)

Mawson Resources Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic

Arctic exploration company with a focus on the flagship Rajapalot gold project in Finland. The Australian acquisition provides

Mawson with a strategic and diversified portfolio of high-quality gold exploration assets in two safe jurisdictions.

On behalf of the Board,

“Michael Hudson”

Michael Hudson, Chairman & CEO

Further Information

www.mawsonresources.com

1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7

Mariana Bermudez (Canada), Corporate Secretary, +1 (604)

685 9316, [email protected]

Forward-Looking Statement

This news release contains forward-looking statements or fo rward-looking information within the meaning of applicable

securities laws (collectively, “forward-looking statements”). All statements herein, other than statements of historical

fact, including, without limitation, statements regarding the Offering and the Private Placement, including the terms, timing,

potential completion and the use of proceeds of the Offering and the Private Placement 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 iden tified 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,

the fact that the Company may be unsuccessful in satisfying the conditions to closing of the Offering and the Private

Placement, including, but not limited to, obtaining Toronto St ock Exchange approvals; that the Offering and/or Private

Placement may not be completed on the terms and timeline indicated, or at all; that the Company’s use of proceeds of the

Offering and the Private Placement may vary from the intended uses, the potential impact of epidemics, pandemics or other

public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s business,

operations and financial condition, capital and other costs varying significantly from estimates, changes in world metal

markets, changes in equity markets, planned drill programs and results varying from expectations, delays in obtaining

results, equipment failure, 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. 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.