RC

Mawson Resources Inc.

Mawson Resources Limited is a sustainable and ethical exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland, a significant and strategic gold-cobalt resource for Finland with the maiden resource positioned as one of Finland’s current top three gold resources by grade and contained ounces and one of a small group of cobalt resources prepared in accordance with NI 43-101 policy within Europe.

Mawson Resources Ltd. (TSX:MAW) – Raja Extends Down Plunge

Impact: Mildly Positive

Mawson has released its last assays from the Raja prospect from the winter drill program, which have extended the high-grade zone down plunge. We are encouraged by Mawson’s ongoing drilling success and continue to believe that the company should at least double the resource at Rajapalot.

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H2/19 Explorer Preview – Looking for Winners in the Upcoming Drill Season

Introducing our inaugural Exploration Preview, which focuses on names within our coverage universe with drill bit torque. We review the exploration potential and try and quantify the potential impact on the share price should the company be successful in delivering results. We believe that exceptional drill results can create value regardless of where we are in the commodity cycle. Our top ideas are highlighted in Figure 1 below and will be presented in a similar alphabetical order within this document, bifurcated for precious and base metals focus.

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Mawson Resources Ltd. (TSX:MAW) – Stepping Out at South Palokas

Impact: Positive

Mawson has released promising results from the South Palokas target where drilling has extended the mineralization 140m down plunge from the current resource outline. We are encouraged by Mawson’s ongoing drilling success and continue to believe that the company should at least double the resource at Rajapalot while still having room to grow.

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Mawson Resources Ltd. (TSX:MAW) – More Metres Equating to More Ounces

Impact: Positive

Mawson has released more positive exploration results that confirm our view that the resource is poised to double after this year’s drill program, with room to grow. Today’s results were highlighted by a significant step-out drill hole from the Palokas deposit at its Rajapalot project in Finland. This news supports our thesis that Mawson is poised to realize significant resource growth that does not yet appear to be priced into the stock.

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Mawson Resources Ltd. (TSX:MAW) – High Grade Core Expected to Add Ounces

Impact: Positive

Mawson has released more positive dill results from its winter drill program at the Raja prospect which continue to suggest the resource is poised to double with the next update. Additionally, the company has identified a high-grade core at Raja that we believe has already contains a ~100koz. We continue to believe that Mawson’s multiple deposits at its Rajapalot Project in Finland could eventually deliver a multimillion ounce resource, with the current resource likely to double after the most recent drill program.

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Mawson Resources Ltd. (TSX:MAW) – Mawson Drills New Gold Cobalt Target

Impact: Mildly Positive

Mawson has announced that it has successfully drilled a new zone, Rumajärvi, that is coincident with a boulder train and geophysical target. This new discovery is outside the current resource area. We are maintaining our fair value of C$0.79/sh (unchanged) however, today’s results could define upside beyond our current estimate that the existing resource is likely to double with 2019 drilling.

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Mawson Resources Ltd. (TSX:MAW) – Great Holes in a Great Jurisdiction

Impact: Positive

Mawson has released gold and cobalt assay results from 14 drill holes drilled at the Raja prospect, which have been largely successful in intersecting the highest-grade parts of the system. We estimate a fair value of C$0.79/sh for Mawson’s shares and we believe the company is on track to double its current gold-cobalt resource with its 2019 drill program.

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Mawson Resources Ltd. (TSX:MAW) – Mawson Gets Government Support

Impact: Positive

Mawson has announced an important endorsement from Finland’s BATCircle consortium which will aim focus on the development of Mawson’s strategic gold-cobalt resource via funding and technical support. We estimate a fair value of C$0.79/sh for Mawson’s shares and we believe the company is on track to deliver a sizeable gold-cobalt resource in a secure jurisdiction.

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Mawson Resources Ltd. (TSX:MAW) – Drilling Proves Geophysics Work; More to Come

Impact: Mildly Positive

Results released from the first portion of drill results from Mawson’s Rajapalot project suggest that the large conductive plates identified beneath the current resource outlined at Raja, Palokas and South Palokas could extend significantly at depth. Our fair value estimate of Mawson values the company’s shares at C$0.79/sh and we expect that the eventual tabling of a sizeable gold-cobalt discovery Rajapalot to re-rate the stock.

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