Ms. Noora Ahola reports

MAWSON'S SUBSIDIARY SXG DRILLS 404 M @ 5.1 G/T GOLD (UNCUT) TRAVERSING 13 HIGH-GRADE VEINS 7 INTERSECTIONS >100 G/T GOLD, UP TO 2,670 G/T GOLD ASSAYS PENDING ON 100 M STEP-OUT HOLE INTERSECTING MULTIPLE ZONES OF VISIBLE GOLD

Mawson Gold Ltd. has released results from six drill holes (SDDSC068, 73 to 74, 76, 77B, 78) at the Sunday Creek project in Victoria, Australia.

SDDSC077B drilled 404.4 metres at 5.6 grams per tonne gold equivalent (5.1 g/t gold, 0.3 per cent antimony) from 374 m (uncut), and traverses 13 individual high-grade vein sets. Seven intervals have greater than 100 g/t Au (up to 2,670 g/t Au), 20 intervals have greater than 15 g/t Au and 20 intervals have greater than 5 per cent Sb (up to 55.8 per cent Sb). It is the best hole drilled to date on the project, a spectacularly wide and high-grade intersection of gold-antimony mineralization.

SDDSC078 demonstrated the up-dip extension and continuation of five high-grade zones toward the surface and SDDSC068 demonstrated the scale of the Sunday Creek system with a 500 m down-dip extension below prior drilling from the Apollo area.

Sunday Creek is 100 per cent owned by Southern Cross Gold Ltd. (SXG), which is an Australian Securities Exchange-listed company owned 51 per cent by Mawson. Four rigs continue to drill both in the main drill area where 11 holes (SDDSC079 to 81, 83 to 90) are currently being geologically processed and chemically analyzed, with four holes (SDDSC082, 91 to 93) in drill progress and up to 7.5 kilometres along strike at the Tonstal, Consols and Leviathan prospects where 12 holes (SDDTS001 to 7, SDDCN001 and SDDLV001 to 4) for 2,383 m (including two redrilled collars) have now been completed with results expected in the coming weeks.

Highlights:

• Demonstrating grade: SDDSC077B exceeds the previous best hole by almost three times. It contains the highest grades seen at Sunday Creek to date (up to 2,670 g/t Au) and includes the best intersection at Sunday Creek, as well as two others in the top 10.
• Hole SDDSC077B intersected 404.4 m at 5.6 g/t AuEq (5.1 g/t Au, 0.3 per cent Sb) from 374 m (uncut). A selection of highlights include:
  • 5.6 m at 17.8 g/t AuEq (14.1 g/t Au, 2.4 per cent Sb) from 392.2 m, including:
    • 0.2 m at 31.5 g/t AuEq (31.4 g/t Au, 0 per cent Sb) from 392.2 m;
    • 0.4 m at 231.6 g/t AuEq (182 g/t Au, 31.4 per cent Sb) from 394.2 m;
  • 5.4 m at 39.3 g/t AuEq (38 g/t Au, 0.8 per cent Sb) from 407.7 m, including:
    • 0.4 m at 593.6 g/t AuEq (574 g/t Au, 12.4 per cent Sb) from 407.7 m.
• 4.9 m at 36.1 g/t AuEq (20.1 g/t Au, 10.1 per cent Sb) from 445.2 m, including:
  • 1.4 m at 113.9 g/t AuEq (66.6 g/t Au, 29.9 per cent Sb) from 445.2 m;
  • 0.3 m at 54 g/t AuEq (12.1 g/t Au, 26.5 per cent Sb) from 449.7 m;
  • 6.9 m at 205.2 g/t AuEq (204.5 g/t Au, 0.4 per cent Sb) from 733.8 m, including:
  • 0.8 m at 1,741.5 g/t AuEq (1,736.4 g/t Au, 3.3 per cent Sb) from 739.9 m:
    • Including 0.4 m at 731.2 g/t AuEq (731 g/t Au, 0.1 per cent Sb) from 739.9 m;
    • Including 0.4 m at 2,679.8 g/t AuEq (2,670 g/t Au, 6.2 per cent Sb) from 740.3 m.
• Drill hole SDDSC077B is the first hole to date to expand the mineralized footprint 25 m to 60 m from SDDSC050 (305 m at 2.4 g/t AuEq, reported Nov. 20, 2022) and to demonstrate continuity of mineralized structures between these holes at the Rising Sun prospect area.
• Drill hole SDDSC082 (in progress to plan 1,000 m) is targeting mineralization 100 m below SDDSC077B and has intersected multiple zones of mineralization from 413 m to the current depth of 870 m down hole. Visible gold has been noted in multiple individual restricted zones to date.
• SDDSC078 intersected five mineralized structures over 214 m down-hole length. Five individual assays of greater than 20 g/t gold, up to 162 g/t gold and high grades of antimony of up to 12.8 per cent Sb were intersected. Visible gold was noted in six individual restricted zones.
• The Rising Sun area remains open up dip, down dip and along strike.
• Demonstrating volume: SDDSC068 confirmed continuity of the known high-grade zones to great depth at Apollo by drilling 500 m down dip from hole SDDSC066 (10.4 m at 22.4 g/t AuEq), adding to the volume of the mineralized endowment.
• The Apollo area remains open up dip, down dip below 1,000 m depth and along strike.
• Mawson owns 93.75 million shares of SXG (51 per cent), valuing its stake at $46.9-million (Australian) ($41.2-million) based on SXG's closing price on Aug. 31, 2023, AEST.

Noora Ahola, Mawson interim chief executive officer, states: "With the release of SDDSC077B, SXG's 100-per-cent-owned Sunday Creek project solidifies its status as one of the best new gold discoveries in the world today. Thirteen individual high-grade vein sets with seven greater than 100 g/t Au intervals and 20 greater than 15 g/t Au over 400 m of strike speaks volumes on the quality of project. Hitting intercepts such as 0.4 m at 2,670 g/t gold was the remaining factor that elevates Sunday Creek into the same league as the other globally high-grade epizonal gold deposits that exist in Victoria.

"Along with recently reported holes SDDSC068 and 78, these holes confirm SXG's strategy to demonstrate grade, volume and scale at the project, drilling both up and down dip of previously reported fantastic holes such as SDDSC050 and SDDSC066.

"SXG recently announced a planned 26,000 m drill campaign to April, 2024, and is fully funded and permitted to execute on its strategy across its 11 km mineralized trend at Sunday Creek. It has a total of 24 holes that are pending release from both the main drill area and its regional targets up to 7,500 m to the northeast. We expect a steady stream of positive results to come out of Australia."

Results discussion

Drill hole SDDSC077B 404.4 m at 5.6 g/t AuEq (5.1 g/t Au, 0.3 per cent Sb) from 374 m (uncut) was designed to demonstrate continuity of mineralized structures between 25 m and 65 m spacing around hole SDDSC050 (305 m at 2.4 g/t AuEq, reported Nov. 20, 2022) at Rising Sun. SDDSC077B (cumulative 2,272 AuEq g/t by m) exceeded SDDSC050 (cumulative 852 AuEq g/t by m), the previous best hole, by almost three times.

SDDSC077B hole intersected 13 zones of mineralization from 375 m to 787 m down-hole depth with visible gold noted in 28 individual restricted zones. SDDSC050 also traversed across the same 13 vein structures intersected in SDDSC077B with between 25 m and 60 m distance separating the two holes.

SDDSC077B drilled parallel to the host breccia dike but at a high angle to the predominant northwest high-grade mineralization trend, and therefore, the true thickness of the mineralized interval is interpreted to be approximately 60 to 70 per cent of the sampled thickness. Cumulatively the hole recorded a 2,272 g/t AuEq by m intersection. Seven intervals had greater than 100 g/t Au (up to 2,679.8 g/t Au), 20 intervals at greater than 15 g/t Au and 20 intervals with greater than 5 per cent Sb (up to 55.8 per cent Sb) were intersected. Uncut, the hole graded 404.4 m at 5.6 g/t AuEq (5.1 g/t Au, 0.3 per cent Sb) from 374 m.

Highlights from SDDSC077B include:

• 5.6 m at 17.8 g/t AuEq (14.1 g/t Au, 2.4 per cent Sb) from 392.2 m, including:
  • 0.2 m at 31.5 g/t AuEq (31.4 g/t Au, 0 per cent Sb) from 392.2 m;
  • 0.4 m at 231.6 g/t AuEq (182 g/t Au, 31.4 per cent Sb) from 394.2 m;
• 5.4 m at 39.3 g/t AuEq (38 g/t Au, 0.8 per cent Sb) from 407.7 m, including:
  • 0.4 m at 593.6 g/t AuEq (574 g/t Au, 12.4 per cent Sb) from 407.7 m;
• 24 m at 3.6 g/t AuEq (3.2 g/t Au, 0.2 per cent Sb) from 417 m, including:
  • 1.5 m at 43.1 g/t AuEq (39.7 g/t Au, 2.1 per cent Sb) from 422.1 m;
  • 0.4 m at 24 g/t AuEq (17.3 g/t Au, 4.2 per cent Sb) from 428.2 m;
• 4.9 m at 36.1 g/t AuEq (20.1 g/t Au, 10.1 per cent Sb) from 445.2 m, including:
  • 1.4 m at 113.9 g/t AuEq (66.6 g/t Au, 29.9 per cent Sb) from 445.2 m;
  • 0.3 m at 54 g/t AuEq (12.1 g/t Au, 26.5 per cent Sb) from 449.7 m;
• 33.8 m at three g/t AuEq (2.4 g/t Au, 0.4 per cent Sb) from 478 m, including:
  • 1.2 m at 11.9 g/t AuEq (10.8 g/t Au, 0.7 per cent Sb) from 486.6 m;
  • 0.5 m at 21 g/t AuEq (20.9 g/t Au, 0 per cent Sb) from 491.9 m;
  • One m at 19.6 g/t AuEq (10.1 g/t Au, 6 per cent Sb) from 498.5 m;
  • 0.2 m at 183.2 g/t AuEq (168 g/t Au, 9.6 per cent Sb) from 500.9 m;
  • 0.3 m at 6.1 g/t AuEq (5.5 g/t Au, 0.4 per cent Sb) from 506.6 m;
• 6.5 m at 10.2 g/t AuEq (2.8 g/t Au, 4.7 per cent Sb) from 573 m, including:
  • 2.6 m at 24.1 g/t AuEq (6.3 g/t Au, 11.3 per cent Sb) from 574 m;
• 6.9 m at 205.2 g/t AuEq (204.5 g/t Au, 0.4 per cent Sb) from 733.8 m, including:
  • 1.1 m at 9.8 g/t AuEq (9.5 g/t Au, 0.2 per cent Sb) from 737.1 m;
  • 0.8 m at 1,741.5 g/t AuEq (1,736.4 g/t Au, 3.3 per cent Sb) from 739.9 m;
    • Including 0.4 m at 731.2 g/t AuEq (731 g/t Au, 0.1 per cent Sb) from 739.9 m;
    • Including 0.4 m at 2,679.8 g/t AuEq (2,670 g/t Au, 6.2 per cent Sb) from 740.3 m.

SDDSC078 was drilled 250 m up dip of SDDSC050 (305.8 m at 2.4 g/t AuEq) and successfully targeted the high-grade core of mineralization at Rising Sun. Visible gold was noted in six individual restricted zones within SDDSC078. With the team's greater understanding of targeting grade, including definition of the Golden Orb fault, SDDSC078 was able to be successfully targeted to intersect mineralization.

SDDSC068 was drilled 500 m down dip of SDDSC066 (10.5 m at 5.8 g/t AuEq, 7.8 m at 5.4 g/t AuEq and 10.4 m at 22.4 g/t AuEq) and successfully targeted high-grades including 0.5 m at 23.8 g/t Au from 1,010.4 m within a broader zone of mineralization including 13.3 m at 1.6 g/t Au from 1,009.8 m at Apollo. Visible gold was noted.

For further information on holes SDDSC068, 73-74, 76 and 78, please visit SXG's website.

Pending results and update

With four diamond drill rigs operating at site, SXG's plan is to drill an additional 26,000 m by April, 2024, with 19,626 m drilled so far in 2023.

Demonstrating volume: Eleven holes (SDDSC079 to 81, 83 to 90) are currently being geologically processed and chemically analyzed, with four holes (SDDSC082, 91 to 93) in drill progress.

Demonstrating scale: Twelve holes (SDDTS001 to 7, SDDCN001 and SDDLV001 to 4) for 2,383 m (including two redrilled collars) have now been completed at the Leviathan-Consols-Tonstal regional area between 3,500 m and 7,500 m along strike from the main drill area. Results are expected in the coming weeks.

Demonstrating grade: Preliminary visual geological logs of SDDSC082, drilled 100 m below hole SDDSC077B at Rising Sun, intersected multiple zones of mineralization with visible gold noted in certain restricted zones. Assays are pending.

Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG website.

Technical background and qualified person

The qualified person, Michael Hudson, executive chairman and a director of Mawson Gold, and a fellow of the Australasian Institute of Mining and Metallurgy, has reviewed, verified and approved the technical contents of this release.

Analytical samples are transported to the Bendigo facility of On Site Laboratory Services which operates under both ISO 9001 and NATA quality systems. Samples were prepared and analyzed for gold using the fire assay technique (PE01S method; 25-gram charge), followed by measuring the gold in solution with flame atomic absorption spectroscopy equipment. Samples for multielement analysis (BM011 and overrange methods as required) use aqua regia digestion and inductively coupled plasma mass spectrometry analysis. The quality assurance/quality control program of Southern Cross Gold consists of the systematic insertion of certified standards of known gold content, blanks within interpreted mineralized rock and quarter core duplicates. In addition, On Site inserts blanks and standards into the analytical process.

Mawson considers that both gold and antimony that are included in the gold equivalent calculation have reasonable potential to be recovered at Sunday Creek, given current geochemical understanding, historic production statistics and geologically analogous mining operations. Historically, ore from Sunday Creek was treated on site or shipped to the Costerfield mine, located 54 km to the northwest of the project, for processing during the First World War. The Costerfield mine corridor, now owned by Mandalay Resources Ltd., contains two million ounces of equivalent gold, and in 2020 was the sixth-highest-grade global underground mine and a top five global producer of antimony.

SXG considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources in its Mandalay technical report, 2022, dated March 25, 2022. The gold equivalence formula used by Mandalay Resources was calculated using recoveries achieved at the Costerfield property Brunswick processing plant during 2020, using a gold price of $1,700 (U.S.) per ounce, an antimony price of $8,500 (U.S.) per tonne, and 2021 total year metal recoveries of 93 per cent for gold and 95 per cent for antimony.

About Mawson Gold Ltd.

Mawson Gold is an exploration and development company. Mawson has distinguished itself as a leading Nordic exploration company with its 100-per-cent-owned flagship Rajapalot gold-cobalt project in Finland, and its right to earn into the Skelleftea North gold project in Sweden. Mawson also currently owns 51 per cent of Southern Cross Gold, which in turn owns or controls three high-grade, historic epizonal goldfields covering 470 square km in Victoria, Australia.

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