Ms. Noora Ahola reports

SUNDAY CREEK MINERALISED FOOTPRINT EXTENDED TO 8 KM AND REMAINS OPEN; HIGH GRADES INCLUDE 0.5 M @ 15.7 G/T, 0.3 M @ 19.4 G/T; GOLD MINERALIZATION STYLE SAME AS MAIN ZONE

Mawson Gold Ltd. has released results from 12 diamond drill holes for 2,367 metres from regional drilling located between four kilometres and eight kilometres along the same mineralized structure as the main drill area at the 100-per-cent-owned Sunday Creek project in Victoria. The drilled mineralized footprint at Sunday Creek has been extended for more than eight kilometres in east-west strike representing an eightfold increase.

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 in the main drill area where 21 holes (SDDSC079-99) are currently being geologically processed and chemically analyzed, with four holes (SDDSC092, 97A, 100 and 101) in drill progress.

Highlights:

• The drilled footprint at Sunday Creek now extends for eight kilometres and remains open, representing an eightfold increase in the previously drilled host to gold mineralization, demonstrating the district-scale opportunities that exist for the project.
• High-grade gold, with an anomalous and broad (150 metres) mineralized halo, was discovered in the first drill holes ever drilled outside of the main drill area.
• Highlights include:
  • SDDLV003:
    • 0.5 metre of 15.7 grams per tonne gold from 87.0 m (including visible gold);
  • SDDLV004:
    • 0.3 m of 5.6 g/t Au from 73.4 m;
    • 0.3 m of 19.4 g/t Au from 100.7 m.
• Mineralization is the same style as the Sunday Creek main zone.
• Mawson owns 93.75 million shares of SXG (51 per cent), valuing its stake at $74.1-million (Australian) ($64.6-million (Canadian)) based on SXG's closing price on Oct. 11, 2023, Australian Eastern Standard Time.

Noora Ahola, Mawson interim chief executive officer, stated: "Today's results from SXG's 100-per-cent-owned Sunday Creek project confirms the proof of concept that the property is host to an extensive mineralized trend with significant upside beyond the excellent results the company has been producing at its main drill area eight kilometres to the southwest.

"The results released today are commensurate with the very early drilling undertaken in what is now the core drill area at Sunday Creek and adds another layer of confidence, in our opinion, that the project is one of the best new discoveries in the market today.

"SXG's focus returns to the main drill area, where they have a further 22,000 m of drilling to go in their fully funded and permitted drill campaign to April, 2024. We look forward to further exceptional results from Sunday Creek."

Results discussion

A total of 12 holes for 2,367 m were completed at the Leviathan, Consols and Tonstal historic mining areas, located 5.0 km, 6.9 km and 7.9 km along strike, respectively, from the most westerly end of the main project area. All holes hit anomalous gold, except SDDTS002, which hit an underground historic stopped-out area. These prospects are all contained within EL6163 that is 100 per cent owned by SXG.

Mineralization is the same style as the Sunday Creek main zone with disseminated arsenopyrite and pyrite mineralization in northwest-oriented veins that cut across a steeply dipping zone of intensely bleached, sericite-albitic siltstones and sericite-carbonate-albite-altered dike rocks. When looked at from above, in plan view, the host resembles the side rails of a ladder, where the mineralized veins are the rungs. The host was intersected across the three drill areas that range from 50 m to 75 m wide. No significant antimony was intersected, and arsenic appears more common than in the main zone, perhaps suggesting drilling has tested a deeper level of the epizonal system in regional drilling.

Leviathan

Four holes for 567.8 m were drilled at Leviathan. Two intersected high-grade gold with visible gold noted in SDDLV003. Highlights included:

• SDDLV001: 20.0 m of 0.2 g/t Au from 43.0 m;
• SDDLV002: 0.9 m of 0.9 g/t Au from 47.7 m;
• SDDLV002: 4.8 m of 0.4 g/t Au from 66.0 m;
• SDDLV003: 1.4 m of 1.3 g/t Au from 71.4 m:
  • Including 0.8 m of 1.9 g/t Au from 71.4 m;
• SDDLV003: 7.0 m of 1.6 g/t Au from 85.0 m:
  • Including 0.5 m of 15.7 g/t Au from 87.0 m;
• SDDLV004: 0.3 m of 5.6 g/t Au from 73.4 m and 0.3 m of 19.4 g/t Au from 100.7 m.

Tonstal

Seven holes for 1,598.6 m were drilled at Tonstal. Drill hole SDDTS002 missed the mineralized host as it intersected an old stope with wooden support mined during the early 1900s, located 90 m vertically below surface in drill hole SDDTS002 (from 103.0 m to 107.6 m). This suggests further high grades at depth remain to be found.

• SDDTS001: 2.8 m of 0.6 g/t Au from 99.4 m:
  • Including 0.8 m of 1.2 g/t Au from 99.4 m;
• SDDTS003: 4.8 m of 0.2 g/t Au from 99.9 m;
• SDDTS004A: 5.1 m of 0.2 g/t Au from 133.6 m;
• SDDTS005A: 0.4 m of 1.0 g/t Au from 170.0 m;
• SDDTS006: 1.0 m of 0.6 g/t Au from 255.3 m;
• SDDTS006: 13.5 m of 0.2 g/t Au from 277.5 m:
  • Including 0.7 m of 1.2 g/t Au from 277.9 m.

Consols

One hole for 200.5 m was drilled at Consols. The mineralized structure appears to dip to the south and therefore was not intersected in the drill hole. Float with visible gold was found around the old mine shafts at Consols while drilling was continuing. Coming field mapping will provide further understanding.

Pending results and update

With four diamond drill rigs operating at site, the company has stated that it will drill an additional 22,000 m by April, 2024, with 23,034 m drilled so far in 2023.

Demonstrating volume: Twenty-one holes (SDDSC79-99) are currently being geologically processed and chemically analyzed, with four holes (SDDSC092, 97A, 100 and 101) in drill progress.

Demonstrating scale: Twelve holes (SDDTS001-7, SDDCN001 and SDDLV001-4) for 2,383 m (including two redrilled collars) are from the Leviathan-Consols-Tonstal regional area between four km to eight km along strike from the main drill area.

Demonstrating grade: Preliminary visual geological logs of SDDSC082, SDDSC091, SDDSC092 and SDDSC094A at Rising Sun and hole SDDSC097A from Apollo have 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 are available on the SXG website.

Technical background and qualified person

The qualified person Michael Hudson, executive chairman and a director of Mawson, 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 AAS equipment. Samples for multielement analysis (BM011 and overrange methods as required) use aqua regia digestion and ICP-MS analysis. The QA/QC 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 kilometres 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 (Mandalay third quarter 2021 results), 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 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 right to earn into the Skelleftea North gold project in Sweden. Mawson also currently owns 51 per cent of Southern Cross, which in turn owns or controls three high-grade historic epizonal goldfields covering 470 square kilometres in Victoria, Australia.

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