Ms. Noora Ahola reports

SXG DRILLS 9.3 M @ 94.9 G/T GOLD (UNCUT)

Mawson Gold Ltd. has released results from SDDSC092, another spectacularly long intersection with extremely high-grades of gold-antimony mineralization, including 9.3 metres of 94.9 grams per tonne gold, the third best result on the project to date, 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 ("SXG"), which is an ASX listed company owned 51 per cent by Mawson. Two to four rigs continue to drill over the Christmas period in the main drill area at Sunday Creek where 15 holes (SDDSC093-106, 109) are currently being geologically processed and chemically analyzed, and four holes (SDDSC0107, 108A, 110, 111) are in drill progress (Figures 1-2).

Highlights:

• SDDSC092 drilled at the Rising Sun Prospect included 9.3 m of 94.9 g/t Au (the third best result on the project to date) and traversed 10 individual high grade vein sets (Figures 1-3) within a broader interval of 382.3 m of 3.4 g/t AuEq (3.1 g/t Au, 0.2 per centSb) from 382.3 m (uncut). Twelve intervals have >20 g/t Au (up to 1,610 g/t Au), 20 intervals have >15 g/t Au and 8 intervals have >5 per cent Sb (up to 21.2 per cent Sb).
• The hole is a 33 m to 44 m strike extension on the same horizontal level as the previously reported drillhole SDDSC077B (404.4 m of 5.6 g/t AuEq (uncut)), which traversed 13 individual high grade vein sets (Figure 3).
• Selected highlights include:
  • 6.2 m of 4.1 g/t AuEq (2.1 g/t Au, 1.2 per cent Sb) from 406.2 m, including:
    • 0.3 m of 58.7 g/t AuEq (29.0 g/t Au, 18.8 per cent Sb) from 412.0 m
  • 11.7 m of 4.4 g/t AuEq (2.8 g/t Au, 1.1 per cent Sb) from 424.3 m, including:
    • 0.6 m of 78.3 g/t AuEq (48.6 g/t Au, 18.8 per cent Sb) from 427.6 m
  • 5.4 m of 6.2 g/t AuEq (6.2 g/t Au, 0.0 per cent Sb) from 604.6 m, including:
    • 0.6 m of 51.8 g/t AuEq (51.7 g/t Au, 0.1 per cent Sb) from 609.0 m
  • 18.3 m of 5.0 g/t AuEq (4.4 g/t Au, 0.4 per cent Sb) from 655.1 m, including:
    • 0.2 m of 173.8 g/t AuEq (160.0 g/t Au, 8.7 per cent Sb) from 655.1 m
    • 1.2 m of 27.5 g/t AuEq (27.1 g/t Au, 0.3 per cent Sb) from 668.7 m
  • 9.3 m of 95.9 g/t AuEq (94.9 g/t Au, 0.6 per cent Sb) from 677.0 m, including:
    • 1.8 m of 489.4 g/t AuEq (484.5 g/t Au, 3.1 per cent Sb) from 683.1 m
• The Rising Sun area remains open up-dip, down-dip and along strike. 15 holes are currently being processed and analyzed, with 4 holes currently in progress (Figures 1-2).
• Mawson owns 93,750,000 shares of SXG (51 per cent), valuing its stake at A$105.0 million (C$93.5 million) based on SXG's closing price on December 13, 2023 AEST.

Noora Ahola, Mawson Interim CEO, states: "The last three months have been truly outstanding at the Sunday Creek project in Victoria, Australia. Today's release of SDDSC092 contains the third best intersection drilled at the project (9.3 m of 94.9 g/t Au) with each of the top five results occurring since September."

"Drilled to test the strike extensions of the high-grade vein sets at the Rising Sun area, SDDSC092 demonstrated greater volume at the property with a 33 m to 44 m strike extension along the "rungs of the ladder" from SDDSC077B, which was released in September and intersected 13 high-grade veins over 404.4 m of 5.6 g/t AuEq (uncut)."

"Although the summer holiday season is approaching in Australia, we expect a continuous flow of news from Southern Cross Gold which has 15 holes currently in the lab and soon to be released and two to four rigs continuing to drill over the Christmas period."

Results Discussion

SDDSC092 drilled at the Rising Sun Prospect included 9.3 m of 95.9 g/t AuEq (94.9 g/t Au, 0.6 per cent Sb) from 677.0 m within a broader interval of 382.3 m of 3.4 g/t AuEq (3.1 g/t Au, 0.2 per centSb) from 382.3 m (uncut). The hole traversed 10 individual high grade vein sets (Figures 1-3). Twelve intervals have >20 g/t Au (up to 1,610 g/t Au), 20 intervals have >15 g/t Au and 8 intervals have >5 per cent Sb (up to 21.2 per cent Sb).

SDDSC092 drilled a 33 m to 44 m strike extension of multiple mineralized veins at the same horizontal level as previously reported drillhole SDDSC077B ((404.4 m of 5.6 g/t AuEq (uncut)), which traversed 13 individual high grade vein sets (Figures 3). Selected highlights include:

• 32.8 m of 1.3 g/t AuEq (0.9 g/t Au, 0.2 per cent Sb) from 313.0 m
• 6.2 m of 4.1 g/t AuEq (2.1 g/t Au, 1.2 per cent Sb) from 406.2 m, including:
  • 0.3 m of 58.7 g/t AuEq (29.0 g/t Au, 18.8 per cent Sb) from 412.0 m
• 11.7 m of 4.4 g/t AuEq (2.8 g/t Au, 1.1 per cent Sb) from 424.3 m, including:
  • 0.6 m of 78.3 g/t AuEq (48.6 g/t Au, 18.8 per cent Sb) from 427.6 m
• 35.4 m of 1.3 g/t AuEq (1.1 g/t Au, 0.1 per cent Sb) from 453.6 m, including:
  • 1.7 m of 8.4 g/t AuEq (7.9 g/t Au, 0.3 per cent Sb) from 466.8 m
• 12.1 m of 2.5 g/t AuEq (2.0 g/t Au, 0.4 per cent Sb) from 566.1 m, including:
  • 0.2 m of 31.8 g/t AuEq (27.2 g/t Au, 2.9 per cent Sb) from 570.2 m
  • 1.2 m of 17.0 g/t AuEq (12.6 g/t Au, 2.8 per cent Sb) from 574.2 m
• 5.4 m of 6.2 g/t AuEq (6.2 g/t Au, 0.0 per cent Sb) from 604.6 m, including:
  • 0.6 m of 51.8 g/t AuEq (51.7 g/t Au, 0.1 per cent Sb) from 609.0 m
• 0.7 m of 10.1 g/t AuEq (5.0 g/t Au, 3.2 per cent Sb) from 649.8 m;
• 18.3 m of 5.0 g/t AuEq (4.4 g/t Au, 0.4 per cent Sb) from 655.1 m, including:
  • 0.2 m of 173.8 g/t AuEq (160.0 g/t Au, 8.7 per cent Sb) from 655.1 m
  • 1.2 m of 27.5 g/t AuEq (27.1 g/t Au, 0.3 per cent Sb) from 668.7 m
• 9.3 m of 95.9 g/t AuEq (94.9 g/t Au, 0.6 per cent Sb) from 677.0 m, including:
  • 1.8 m of 489.4 g/t AuEq (484.5 g/t Au, 3.1 per cent Sb) from 683.1 m

At these closer spacings the continuity of high-grade mineralized veins sets is encouraging. The very highest-grade interval in SDDSC092 (0.4 m of 1,610.0 g/t Au from 684.5 m) intersected the dyke host in the RS80 vein. The closest intersection in the same vein set is SDDSC077B (0.7 m of 18.2 g/t Au from 700.1 m), was drilled in the altered sediment hanging wall and is located 31 m to the NW. Drillhole SDDSC050 (0.6 m of 57.6 g/t Au from 713.9 m) also intersected the RS80 vein 44 m below and 12 m along NW along strike from SDDSC092.

Pending Results and Update

With two to four diamond drill rigs operating at site over the Christmas period, and A$11.8M cash (as of August 31, 2023) Southern Cross Gold has stated that it anticipates drilling an additional 19,000 m by April 2024.

Fifteen holes (SDDSC093-106, 109) of those holes are currently being processed and analyzed, with four additional holes (SDDSC107, 108A, 110, 111) currently in progress (Figures 1 and 3).

Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG website at www.southerncrossgold.com.au.

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.

Figures 1-5 show project location, plan, longitudinal and cross-sectional views of drill results reported here and Tables 1- 3 provide collar and assay data. The true thickness of the mineralized intervals reported are interpreted to be approximately 60 per cent to 70 per cent of the sampled thickness. Lower grades were cut at 0.3 g/t Au lower cutoff over a maximum width of 3 m with higher grades cut at 5.0 g/t Au lower cutoff over a maximum of 1 m width, unless otherwise stated.

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 ("On Site") which operates under both an 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 multi-element analysis (BM011 and over-range 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.

MAW considers that both gold and antimony that are included in the gold equivalent calculation ("AuEq") 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 onsite or shipped to the Costerfield mine, located 54 km to the northwest of the project, for processing during WW1. The Costerfield mine corridor, now owned by Mandalay Resources Ltd contains two million ounces of equivalent gold (Mandalay Q3 2021 Results), and in 2020 was the sixth highest-grade global underground mine and a top 5 global producer of antimony.

SXG considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd 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 US$1,700 per ounce, an antimony price of US$8,500 per tonne and 2021 total year metal recoveries of 93 per cent for gold and 95 per cent for antimony, and is as follows: AuEq = Au (g/t) + 1.58 x Sb (per cent) .

Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment of Sunday Creek mineralization at Costerfield, SXG considers that an equation of AuEq = Au (g/t) + 1.58 x Sb (per cent) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.

About Mawson Gold Limited

Mawson Gold Limited has distinguished itself as a leading Nordic exploration company. Over the last decades, the team behind Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and Australia, including the Rajapalot Au-Co PEA-stage project in Finland, the Skelleftea Au discovery and a portfolio of historic uranium resources in Sweden. Mawson also currently holds 51 per cent of Southern Cross Gold Ltd. (ASX:SXG) which owns or controls three high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia, including the Sunday Creek Au-Sb asset.

About Southern Cross Gold Ltd (ASX:SXG)

Southern Cross Gold holds the 100 per cent-owned Sunday Creek project in Victoria and Mt Isa project in Queensland, the Redcastle and Whroo joint ventures in Victoria, Australia, and a strategic 10 per cent holding in ASX-listed Nagambie Resources Limited (ASX:NAG) which grants SXG a Right of First Refusal over a 3,300 square kilometer tenement package held by NAG in Victoria.

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