Ms. Noora Ahola reports

MAWSON'S SUBSIDIARY SXG DRILLS 3.1 METRES @ 20.6 G/T GOLD EXTENDS MINERALIZATION 250 METRES WEST

Mawson Gold Ltd. has released further high-grade mineralization and two new vein sets from four drill holes (SDDSC083, 86, 89 and 90) between the historical Golden Dyke and Christina mining areas at the Sunday Creek project in Victoria, Australia, owned 100 per cent by Southern Cross Gold Ltd. (SXG).

Sunday Creek is 100 per cent owned by Southern Cross Gold, which is an Australian Securities Exchange-listed company owned 51 per cent by Mawson. Four rigs continue to drill in the main drill area at Sunday Creek, where 16 holes (SDDSC092 to SDDSC106, SDDSC109) are currently being geologically processed and chemically analyzed, and four holes (SDDSC0107, 108A, 110 and 111) are in drill progress.

Highlights:

• High-grade mineralization within two new vein sets have been drilled up to 250 metres west and down to 240 m vertically below surface in a previously undrilled area between the historical Golden Dyke and Christina mining areas:
  • Drilled footprint of mineralization now extends more than 1.1 kilometres in core area.
  • Results demonstrate further vein sets and the potential for multiple repeats and extensions of vein sets at depth in undrilled areas from the westernmost drilling at Rising Sun (SDDSC082) to Christina within a 700 m undrilled area.
• Highlights include:
  • SDDSC086 (150 m west of previous drilling):
    • 2.8 metres at 7.4 grams per tonne gold equivalent (4.4 g/t gold and 1.9 per cent antimony) from 252.7 m, including:
      • 0.5 m at 38.4 g/t AuEq (22.1 g/t Au and 10.3 per cent Sb) from 252.7 m.
      • 3.1 m at 21.3 g/t AuEq (20.6 g/t Au and 0.4 per cent Sb) from 266.5 m, including:
        • 1.8 m at 35.3 g/t AuEq (34.5 g/t Au and 0.5 per cent Sb) from 266.5 m.
  • SDDSC090 (250 m west of previous drilling):
    • 9.8 m at 4.6 g/t AuEq (4.0 g/t Au and 0.4 per cent Sb) from 346.9 m, including:
      • 2.2 m at 12.7 g/t AuEq (11.0 g/t Au and 1.1 per cent Sb) from 347.6 m.
      • A further two holes are reported. SDDSC083, drilled between mineralized veins sets, hit a broad, low-grade "near-miss." SDDSC089, drilled 100 m below and 30 m northwest of SDDSC086, intersected a lower-grade, along-strike halo from SDDSC086. Highlights included 1.5 m at 2.3 g/t Au from 334.1 m. With only four holes drilled, most of the mineralized host in this area remains untested.
      • Mawson owns 93.75 million shares of SXG (51 per cent), valuing its stake at $90-million (Australian) ($81-million (Canadian)) based on SXG's closing price on Nov. 29, 2023.

Noora Ahola, Mawson's interim chief executive officer, stated: "The team at Southern Cross Gold just provided an important proof of concept of extension of mineralization to the west of the main drill area at Sunday Creek. The area between Golden Dyke and the historic Christina mine has never been tested by drilling, and this initial campaign has been successful in finding two new high-grade vein sets.

"With SDDSC090 hitting grades up to 0.4 m at 42.6 g/t Au 250 m to the west of previous drilling, SXG has extended the strike of known mineralization by 29 per cent to 1,100 m. This subregion within the main drill area is completely open hundreds of metres to the west and to depth given the vertical continuity of the vein sets discovered at Rising Sun and Apollo.

"We are very excited about this new mineralized zone that offers so much potential."

Results discussion

Four drill holes (SDDSC083, 86, 89 and 90) have been drilled for the first time between the historical Golden Dyke and Christina mining areas. The holes were drilled across the targeted mineralized host (determining the extent of the rails of the "ladder") and demonstrated high-grade mineralization within veins sets ("rungs" of the ladder) up to 250 m west of previous drilling.

SDDSC086, drilled 150 m west of previous drilling, intersected:

• 2.8 m at 7.4 g/t AuEq (4.4 g/t Au and 1.9 per cent Sb) from 252.7 m, including:
  • 0.5 m at 38.4 g/t AuEq (22.1 g/t Au and 10.3 per cent Sb) from 252.7 m.
• 3.1 m at 21.3 g/t AuEq (20.6 g/t Au and 0.4 per cent Sb) from 266.5 m, including:
  • 1.8 m at 35.3 g/t AuEq (34.5 g/t Au and 0.5 per cent Sb) from 266.5 m.

SDDSC090, drilled 250 m west of previous drilling, intersected:

• 0.3 m at 2.5 g/t AuEq (1.7 g/t Au and 0.5 per cent Sb) from 342.9 m;
• 9.8 m at 4.6 g/t AuEq (4.0 g/t Au and 0.4 per cent Sb) from 346.9 m, including:
  • 2.2 m at 12.7 g/t AuEq (11.0 g/t Au and 1.1 per cent Sb) from 347.6 m;
  • 0.7 m at 8.0 g/t AuEq (7.5 g/t Au and 0.3 per cent Sb) from 352.6 m.

SDDSC091 traversed across a single high-grade vein set and is a 100 m up-dip extension from an intersection in drill hole SDDSC077B (6.5 m at 10.2 g/t AuEq), previously announced on Sept. 5, 2023. The individual vein set, RS50, intersected in SDDSC083 is 11.6 m wide (estimated true width), has 60 m of strike extent currently defined, and extends over 500 m down dip and remains open. It is one of 23 vein sets defined to date at Sunday Creek, with the system open in all directions.

Additionally, a further two holes (SDDSC083 and SDDSC089) are reported. SDDSC083, drilled immediately on the western end of the Golden Dyke historical mine, drilled between mineralized veins sets and hit a broad, low-grade near-miss through the mineralized host. SDDSC089, drilled 100 m below and 30 m northwest of SDDSC086, intersected a lower-grade, along-strike halo from SDDSC086. Highlights included 1.5 m at 2.3 g/t Au from 334.1 m. With only four holes drilled, the majority of the mineralized host in this area remains untested.

Pending results and update

With four diamond drill rigs operating at site and $11.8-million (Australian) cash (as of Aug. 31, 2023), Southern Cross Gold has stated that it anticipates drilling an additional 19,000 m by April, 2024.

Cumulatively, 182 drill holes, for 48,492 m, have been completed at Sunday Creek. Sixteen (SDDSC092 to SDDSC106, SDDSC109) of those holes are currently being processed and analyzed, with four additional holes (SDDSC107, 108A, 110 and 111) currently in progress.

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

No upper gold grade cut is applied in the averaging, and intervals are reported as drill thickness. During future mineral resource studies, the requirement for assay top cutting will be assessed.

Technical background and qualified person

The qualified person, Michael Hudson, executive chairman and a director of Mawson Gold, 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 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.

About Mawson Gold Ltd.

Mawson Gold is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic 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 owns 51 per cent of Southern Cross Gold, which, in turn, owns or controls three high-grade, historical, epizonal goldfields covering 470 square kilometres in Victoria, Australia.

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