Mr. Michael Hudson reports

MAWSON'S SUBSIDIARY SXG REPORTS NINE HOLES FROM SUNDAY CREEK FOUR & 100 G/T AUEQ X METRE (CUMULATIVE) DEMONSTRATING CONTINUITY AND PREDICTABILITY. NEW VEIN DISCOVERY

Mawson Gold Ltd. subsidiary Southern Cross Gold Ltd. (SXG) has released nine drill holes (SDDSC094A, 96 and 98 to 104) from the Rising Sun area at its 100-per-cent-owned Sunday Creek project in Victoria, Australia.

Highlights:

• Release of data from nine drill holes (SDDSC094A, 96 and 98 to 104) that further enhance confidence and demonstrate continuity to near-surface levels within the Rising Sun area. Notably, four of nine holes reported contain downhole cumulative intervals of greater than 100 grams per tonne (g/t) gold equivalent (AuEq) times metres;
• SDDSC094A was drilled through the upper zone of Rising Sun, from the hanging wall position and at a high angle to mineralized vein sets. The hole traversed four high-grade vein sets, including the discovery of one new vein set. Selected highlights include:
  • Two metres at 5.6 g/t AuEq (5.5 g/t gold (Au) and 0.1 per cent antimony (Sb)) from 144 m;
  • 38.2 m at 3.5 g/t AuEq (2.5 g/t Au and 0.6 per cent Sb) from 152 m, including:
    • One m at 12.3 g/t AuEq (11.3 g/t Au and 0.6 per cent Sb) from 161 m;
    • 2.1 m at 20.4 g/t AuEq (19.6 g/t Au and 0.5 per cent Sb) from 167.9 m;
    • 7.4 m at seven g/t AuEq (3.1 g/t Au and 2.4 per cent Sb) from 179 m (vein RS10);
    • Two m at 18.4 g/t AuEq (6.7 g/t Au and 7.4 per cent Sb) from 184.4 m.
  • 1.3 m at 22.1 g/t AuEq (13 g/t Au and 5.8 per cent Sb) from 277.3 m (new vein discovery);
  • 2.6 m at 10.1 g/t AuEq (9.3 g/t Au and 0.5 per cent Sb) from 338.2 m.
• SDDSC098, drilled 25 m to 60 m below SDDSC094, also traversed four high-grade vein sets. Highlights include:
  • 0.7 m at 26.9 g/t AuEq (17.9 g/t Au and 5.7 per cent Sb) from 125.3 m;
  • 2.1 m at 7.2 g/t AuEq (3.9 g/t Au and 2.1 per cent Sb) from 132.8 m;
  • 8.1 m at 4.7 g/t AuEq (1.8 g/t Au and 1.8 per cent Sb) from 147.1 m;
  • 3.8 m at 5.9 g/t AuEq (3.9 g/t Au and 1.3 per cent Sb) from 162.5 m;
  • 0.7 m at 20.2 g/t AuEq (20.1 g/t Au and nil per cent Sb) from 187.3 m.
• SDDSC100 intersected 11 vein sets over 430 vertical metres. It was drilled through the lower zone of Rising Sun, located 90 m and 70 m up and down dip, respectively, from high-grade intervals within SDDSC082 and SDDSC077B. Highlights included:
  • Two m at 9.3 g/t AuEq (7.7 g/t Au and 1.1 per cent Sb) from 453 m;
  • 1.9 m at 19.5 g/t AuEq (16.8 g/t Au and 1.7 per cent Sb) from 469 m;
  • 1.4 m at 26.6 g/t AuEq (22.8 g/t Au and 2.4 per cent Sb) from 469.5 m;
  • 2.1 m at 15.3 g/t AuEq (7.5 g/t Au and 4.9 per cent Sb) from 487.4 m (vein RS10);
  • 1.4 m at 20.9 g/t AuEq (20.5 g/t Au and 0.2 per cent Sb) from 507.6 m;
  • 4.4 m at 5.3 g/t AuEq (4.9 g/t Au and 0.3 per cent Sb) from 737.3 m;
  • 3.6 m at 4.8 g/t AuEq (4.8 g/t Au and nil per cent Sb) from 849.6 m.
• SDDSC104 was drilled from the southern margin of the host sequence, intersected the host lower in the hole and four mineralized vein sets. Highlights included:
  • 17.7 m at 3.8 g/t AuEq (2.3 g/t Au and 0.9 per cent Sb) from 438 m.
• Mawson owns 93.75 million shares of SXG (51 per cent), valuing its stake at $107.3-million (Australian) ($93.8-million) based on SXG's closing price on Feb. 8, 2024 AET.

Michael Hudson, Mawson's interim chief executive officer and executive chairman, states: "These holes provide the critical elements to drill out a mineralized body as we keep on demonstrating continuity and predictability of gold-antimony mineralization. Completed as drill fans starting at the upper Rising Sun area and going to depth, they fill in large gaps in an up- and down-dip sense, as well as testing the strike extension of the mineralized vein sets. They increase our confidence in the geological model and demonstrate the continuity that supports the less than 2.0 coefficient of variation of our assay data within modelled veins that our geostatistics provides."

Drill hole discussion

The holes reported can be separated into two areas: Rising Sun upper and Rising Sun lower.

Rising Sun upper

SDDSC094A (cumulative 199 g/t AuEq times metre at two m at one g/t AuEq lower cut) and SDDSC098 (cumulative 134 g/t AuEq times m) showed continuity of high grades to near-surface levels (from 70 m vertically below surface).

The two drill holes intersected four mineralized vein sets each, which provided key infill points and assist in the definition of a new vein set at Rising Sun, named RS35 (1.3 m at 22.1 g/t AuEq (13 g/t Au and 5.8 per cent Sb) from 277.3 m in SDDSC094A and 1.5 m at 1.1 g/t AuEq (1.1 g/t Au and nil per cent Sb) from 241.1 m in SDDSC098).

Highlights for SDDSC094A included:

• Two m at 5.6 g/t AuEq (5.5 g/t Au and 0.1 per cent Sb) from 144 m;
• 38.2 m at 3.5 g/t AuEq (2.5 g/t Au and 0.6 per cent Sb) from 152 m, including:
  • One m at 12.3 g/t AuEq (11.3 g/t Au and 0.6 per cent Sb) from 161 m;
  • 2.1 m at 20.4 g/t AuEq (19.6 g/t Au and 0.5 per cent Sb) from 167.9 m;
  • 7.4 m at seven g/t AuEq (3.1 g/t Au and 2.4 per cent Sb) from 179 m (vein RS10);
  • Two m at 18.4 g/t AuEq (6.7 g/t Au and 7.4 per cent Sb) from 184.4 m.
• 1.3 m at 22.1 g/t AuEq (13 g/t Au and 5.8 per cent Sb) from 277.3 m (new vein set), including:
  • 0.2 m at 107.4 g/t AuEq (59.2 g/t Au and 30.5 per cent Sb) from 277.9 m.
• 2.6 m at 10.1 g/t AuEq (9.3 g/t Au and 0.5 per cent Sb) from 338.2 m, including:
  • 1.1 m at 22.2 g/t AuEq (20.3 g/t Au and 1.2 per cent Sb) from 338.2 m.

Highlights for SDDSC098 included:

• 0.7 m at 26.9 g/t AuEq (17.9 g/t Au and 5.7 per cent Sb) from 125.3 m, including:
  • 0.3 m at 57.0 g/t AuEq (37.7 g/t Au and 12.2 per cent Sb) from 125.7 m.
• 2.1 m at 7.2 g/t AuEq (3.9 g/t Au and 2.1 per cent Sb) from 132.8 m;
• 8.1 m at 4.7 g/t AuEq (1.8 g/t Au and 1.8 per cent Sb) from 147.1 m, including:
  • 1.2 m at 11.5 g/t AuEq (4.1 g/t Au and 4.7 per cent Sb) from 147.6 m;
  • 0.8 m at 15.7 g/t AuEq (5.2 g/t Au and 6.7 per cent Sb) from 150.5 m;
  • 0.3 m at 20.6 g/t AuEq (three g/t Au and 11.2 per cent Sb) from 154.3 m.
• 3.8 m at 5.9 g/t AuEq (3.9 g/t Au and 1.3 per cent Sb) from 162.5 m, including:
  • 0.1 m at 135.3 g/t AuEq (96 g/t Au and 24.9 per cent Sb) from 166.1 m.
• 0.7 m at 20.2 g/t AuEq (20.1 g/t Au and nil per cent Sb) from 187.3 m;
• 5.5 m at 1.3 g/t AuEq (1.2 g/t Au and nil per cent Sb) from 211 m.

SDDSC096 (cumulative 13 g/t AuEq times m) with a highlight of 0.5 m at 21.8 g/t AuEq (21.8 g/t Au and nil per cent Sb) from 120.8 m and SDDSC099 (cumulative 10 g/t AuEq times m) were drilled at too high an intersection angle across the mineralized host horizon, and therefore passed from the hangingwall to the footwall of the mineralized host too rapidly and remained in unaltered sediment until end of hole.

SDDSC101 and SDDSC103 were drilled 20 m to 30 m north of the host horizon, and did not contain mineralization. They define the northern mineralization boundary in the western portion of Rising Sun upper and provide further structural information in the hanging wall.

Rising Sun lower

SDDSC100 (cumulative 236 g/t AuEq times m) was drilled through the lower zone of Rising Sun, demonstrating up- and down-dip continuity between high-grade intervals intercepted in SDDSC082 and 77B (released Oct. 23, 2023, and Sept. 5, 2023, respectively). The hole was drilled 80 m to 180 m down dip from SDDSC077B and seven m to 160 m up dip from SDDSC082, and provides critical infill points to confirm continuity of 11 vein sets over 430 vertical m. Selected highlights included:

• One m at 6.7 g/t AuEq (4.9 g/t Au and 1.1 per cent Sb) from 390 m;
• Two m at 9.3 g/t AuEq (7.7 g/t Au and 1.1 per cent Sb) from 453 m;
• 1.9 m at 19.5 g/t AuEq (16.8 g/t Au and 1.7 per cent Sb) from 469 m;
• 2.1 m at 15.3 g/t AuEq (7.5 g/t Au and 4.9 per cent Sb) from 487.4 m (vein RS10), including:
  • 0.2 m at 30.8 g/t AuEq (9.8 g/t Au and 13.3 per cent Sb) from 487.4 m;
  • 0.2 m at 120.7 g/t AuEq (62.9 g/t Au and 36.6 per cent Sb) from 489.3 m.
• 1.4 m at 20.9 g/t AuEq (20.5 g/t Au and 0.2 per cent Sb) from 507.6 m;
• 4.4 m at 5.3 g/t AuEq (4.9 g/t Au and 0.3 per cent Sb) from 737.3 m, including:
  • 0.4 m at 54.8 g/t AuEq (50.7 g/t Au and 2.6 per cent Sb) from 739.4 m.
• Four m at 2.5 g/t AuEq (2.3 g/t Au and 0.1 per cent Sb) from 779 m, including:
  • One m at 6.8 g/t AuEq (6.8 g/t Au and nil per cent Sb) from 779 m.
• 3.6 m at 4.8 g/t AuEq (4.8 g/t Au and nil per cent Sb) from 849.6 m, including:
  • 0.7 m at 10.4 g/t AuEq (10.4 g/t Au and nil per cent Sb) from 850.3 m;
  • 1.2 m at 8.4 g/t AuEq (8.4 g/t Au and nil per cent Sb) from 852 m.
• 0.3 m at 45.2 g/t AuEq (45.2 g/t Au and nil per cent Sb) from 891.6 m;
• Four m at 1.8 g/t AuEq (1.7 g/t Au and nil per cent Sb) from 911 m.

SDDSC102 (cumulative 35 g/t AuEq times m) and SDDSC104 (cumulative 115 g/t AuEq times m) drilled from the southern margin of the host sequence, intersected the host lower in each hole, and five and four vein sets, respectively.

Highlights for SDDSC102 included:

• 5.6 m at 2.1 g/t AuEq (two g/t Au and 0.1 per cent Sb) from 419.3 m, including:
  • 0.6 m at 15.4 g/t AuEq (15.3 g/t Au and nil per cent Sb) from 419.3 m.
• 2.6 m at 2.3 g/t AuEq (2.2 g/t Au and 0.1 per cent Sb) from 478.4 m;
• 0.2 m at 18.1 g/t AuEq (16.6 g/t Au and 1 per cent Sb) from 495 m.

Highlights for SDDSC104 included:

• 4.6 m at 1.5 g/t AuEq (1.5 g/t Au and nil per cent Sb) from 140 m;
• 3.4 m at 2.1 g/t AuEq (one g/t Au and 0.7 per cent Sb) from 431.7 m;
• 17.7 m at 3.8 g/t AuEq (2.3 g/t Au and 0.9 per cent Sb) from 438 m, including:
  • 2.6 m at 13 g/t AuEq (5.5 g/t Au and 4.7 per cent Sb) from 442.7 m;
  • 0.4 m at 27.2 g/t AuEq (20.6 g/t Au and 4.2 per cent Sb) from 454.9 m.
• 4.9 m at 2.2 g/t AuEq (1.9 g/t Au and 0.2 per cent Sb) from 462 m, including:
  • 0.3 m at 28.5 g/t AuEq (27.7 g/t Au and 0.5 per cent Sb) from 466.6 m.
• 0.3 m at 12.3 g/t AuEq (12.3 g/t Au and nil per cent Sb) from 471.3 m;
• 0.4 m at 14.1 g/t AuEq (13.8 g/t Au and 0.2 per cent Sb) from 486.1 m.

Pending results and update

Ten holes (SDDSC0105 to 107, 108A, 109 to 112, 112W1 and 114) are currently being processed and analyzed, with three holes (SDDSC113, 115A and 116) currently in progress. Southern Cross Gold has stated that it anticipates drilling an additional 19,000 m by April, 2024.

Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is 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.

The table entitled "Tables of mineralized drill hole intersections reported from SDDSC094A, 96, 98 to 104, using two cut-off criteria" provides assay data. The true thickness of the mineralized intervals reported are interpreted to be approximately 50 per cent to 60 per cent of the sampled thickness for other reported holes. Lower grades were cut at one g/t Au lower cut-off over a maximum width of two m, with higher grades cut at five g/t Au lower cut-off over a maximum of one m width, unless otherwise stated (0.3 g/t Au lower cut-off over a maximum width of three m).

Technical background and qualified person

The qualified person, Mr. 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 AAS (atomic absorption spectroscopy) equipment. Samples for multielement analysis (BM011 and overrange methods as required) use aqua regia digestion and ICP-MS (inductively coupled plasma mass spectrometry) analysis. The quality assurance/quality control (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 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 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, and is as follows: AuEq equals Au (g/t) plus 1.58 times 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 AuEq equals Au (g/t) plus 1.58 times Sb (per cent) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.

About Mawson Gold Ltd.

Mawson Gold 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. Mawson holds the Skelleftea North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds 51 per cent of Southern Cross Gold, which owns or controls three high-grade, historic epizonal goldfields covering 470 square km in Victoria, Australia, including the exciting Sunday Creek Au-Sb discovery.

About Southern Cross Gold Ltd.

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 Ltd., which grants SXG a right of first refusal over a 3,300-square-kilometre tenement package held by Nagambie Resources in Victoria.

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