Mr. Michael Hudson reports

MAWSON'S SUBSIDIARY SXG DRILLING SHOWS APOLLO DEEP INCREASING GRADE AT DEPTH

Mawson Gold Ltd.'s Southern Cross Gold Ltd. (SXG) has released the results of three drill holes (SDDSC105, SDDSC106 and SDDSC109) from the Apollo area at its 100-per-cent-owned Sunday Creek project in Victoria, Australia.

Highlights:

• Assay data from two drill holes (SDDSC106 and SDDSC109) show that the Apollo Deep area is becoming higher grade at depth.
• SDDSC106, drilled east to west, successfully traversed six high-grade vein sets over a 200-metre interval. The hole contains eight intervals of greater than 15 grams per tonne gold (up to 59.9 g/t Au) and eight intervals of greater than 5 per cent antimony (up to 34.5 per cent Sb). Selected highlights include:
  • 34.9 m at 6.1 g/t gold equivalent (4.0 g/t Au and 1.3 per cent Sb) from 364.0 m;
  • 6.0 m at 5.5 g/t AuEq (4.4 g/t Au and 0.7 per cent Sb) from 412.0 m;
  • 0.8 m at 61.6 g/t AuEq (30.9 g/t Au and 19.5 per cent Sb) from 535.0 m.
• SDDSC109 was drilled parallel to, and 70 m to 120 m up dip of, SDDSC106. It traversed seven vein sets in total. This drill hole contains eight intervals of greater than 15 g/t Au (up to 99.8 g/t Au) and five intervals of greater than 5 per cent Sb (up to 33.8 per cent Sb). Selected highlights include:
  • 6.8 m at 5.5 g/t AuEq (4.4 g/t Au and 0.7 per cent Sb) from 345.2 m;
  • 9.2 m at 10.3 g/t AuEq (7.0 g/t Au and 2.1 per cent Sb) from 456.8 m, including:
    • 2.8 m at 32.3 g/t AuEq (21.4 g/t Au and 6.9 per cent Sb) from 459.0 m.

Eight drill holes at Sunday Creek are being processed and analyzed, with three holes in progress.

Mawson owns 93.75 million shares of SXG (51 per cent), valuing its stake at $118.6-million (Australian) ($105.2-million (Canadian)) based on SXG's closing price on Feb. 20, 2024.

Michael Hudson, Mawson's interim chief executive officer and executive chairman, stated: "Since SXG was listed less than 20 months ago, our team has routinely drilled to depth at Sunday Creek to test the well-understood geological opportunity to find extremely high-grade 'Cinderella' zones that form at depth in the Victorian epizonal systems. Over the last 12 months, the Rising Sun area has demonstrated spectacular results at depth, and now it's Apollo's turn to show the same trend with eight intervals greater than 15 g/t Au (up to 59.9 g/t Au) and eight intervals of greater than 5 per cent Sb (up to 34.5 per cent Sb), including 34.9 m at 6.1 g/t AuEq from 364.0 m. These holes immediately increase the volume and grade of our initial exploration target published in January. With several drill holes from Apollo Deep in the assay lab, we look forward to seeing what else can develop at depth in Apollo."

Drill hole discussion

SDDSC105 was terminated early due to it deviating too far from the target. The hole intercepted near-miss alteration, including sericite-pyrite plus/minus carbonate alteration, associated with mineralization at the top of the hole over a 90 m zone (from 197 m to 287 m). Highlights included 1.0 m at 1.7 g/t Au from 221.0 m and 0.4 m at 1.7 g/t Au from 225.0 m.

SDDSC106 was drilled east to west through into the Apollo Deep area and successfully traversed six high-grade vein sets over a 200 m interval. SDDSC106 contains eight intervals of greater than 15 g/t Au (up to 59.9 g/t Au) and eight intervals of greater than 5 per cent Sb (up to 34.5 per cent Sb). This hole confirms the mineral system is increasing in grade at depth as it does across the Sunday Creek field. This observation is considered extremely promising. Several drill holes to report (SDDSC108A, SDDSC112W1 and SDDSC116) will continue to test the trend of higher grades and thicknesses at depth at Apollo.

Highlights from SDDSC106 include:

• 5.5 m at 2.5 g/t AuEq (1.8 g/t Au and 0.4 per cent Sb) from 339.0 m, including:
  • 0.5 m at 7.2 g/t AuEq (5.6 g/t Au and 1.0 per cent Sb) from 339.6 m.
• 4.5 m at 3.2 g/t AuEq (2.7 g/t Au and 0.3 per cent Sb) from 346.5 m, including:
  • 1.0 m at 10.1 g/t AuEq (8.4 g/t Au and 1.1 per cent Sb) from 349.4 m.
• 1.0 m at 1.8 g/t Au from 359.0 m;
• 34.9 m at 6.1 g/t AuEq (4.0 g/t Au and 1.3 per cent Sb) from 364.0 m, including:
  • 0.2 m at 66.9 g/t AuEq (16.5 g/t Au and 31.9 per cent Sb) from 367.7 m;
  • 2.6 m at 17.4 g/t AuEq (13.0 g/t Au and 2.8 per cent Sb) from 369.0 m;
  • 1.4 m at 13.9 g/t AuEq (4.1 g/t Au and 6.2 per cent Sb) from 373.5 m;
  • 0.4 m at 34.8 g/t AuEq (18.4 g/t Au and 10.4 per cent Sb) from 376.6 m;
  • 1.5 m at 34.9 g/t AuEq (27.0 g/t Au and 5.0 per cent Sb) from 379.7 m;
  • 0.3 m at 21.2 g/t AuEq (8.0 g/t Au and 8.4 per cent Sb) from 387.0 m;
  • 1.0 m at 9.5 g/t AuEq (7.7 g/t Au and 1.2 per cent Sb) from 393.0 m;
  • 1.0 m at 6.9 g/t AuEq (6.0 g/t Au and 0.6 per cent Sb) from 396.0 m;
  • 0.5 m at 15.4 g/t AuEq (15.0 g/t Au and 0.3 per cent Sb) from 398.4 m.
• 6.0 m at 5.5 g/t AuEq (4.4 g/t Au and 0.7 per cent Sb) from 412.0 m, including:
  • 0.3 m at 5.8 g/t AuEq (5.1 g/t Au and 0.4 per cent Sb) from 412.0 m;
  • 0.8 m at 20.7 g/t AuEq (18.4 g/t Au and 1.5 per cent Sb) from 413.8 m;
  • 1.4 m at 7.4 g/t AuEq (5.0 g/t Au and 1.5 per cent Sb) from 416.3 m.
• 0.9 m at 9.5 g/t AuEq (8.6 g/t Au and 0.6 per cent Sb) from 433.2 m;
• 2.8 m at 4.8 g/t AuEq (3.3 g/t Au and 0.9 per cent Sb) from 436.6 m, including:
  • 1.7 m at 7.0 g/t AuEq (4.8 g/t Au and 1.4 per cent Sb) from 437.4 m.
• 0.3 m at 1.4 g/t AuEq (1.3 g/t Au and 0.1 per cent Sb) from 454.4 m;
• 3.1 m at 1.5 g/t AuEq (0.6 g/t Au and 0.5 per cent Sb) from 457.0 m;
• 5.6 m at 2.2 g/t AuEq (1.6 g/t Au and 0.3 per cent Sb) from 468.8 m, including:
  • 0.3 m at 11.4 g/t AuEq (7.4 g/t Au and 2.5 per cent Sb) from 468.8 m.
• 0.4 m at 5.8 g/t AuEq (3.7 g/t Au and 1.3 per cent Sb) from 481.1 m;
• 1.0 m at 5.8 g/t AuEq (5.1 g/t Au and 0.5 per cent Sb) from 495.7 m;
• 0.8 m at 61.6 g/t AuEq (30.9 g/t Au and 19.5 per cent Sb) from 535.0 m, including:
  • 0.4 m at 108.9 g/t AuEq (54.4 g/t Au and 34.5 per cent Sb) from 535.3 m.

SDDSC109 was drilled parallel to, and 70 m to 120 m up dip of, SDDSC106. It traversed seven vein sets in total: five through the high-grade core and two through the low-grade margins. This drill hole contains eight intervals of greater than 15 g/t Au (up to 99.8 g/t Au) and five intervals of greater than 5 per cent Sb (up to 33.8 per cent Sb). Selected highlights include:

• 1.7 m at 6.4 g/t AuEq (4.5 g/t Au and 1.2 per cent Sb) from 196.9 m;
• 6.8 m at 5.5 g/t AuEq (4.4 g/t Au and 0.7 per cent Sb) from 345.2 m, including:
  • 0.7 m at 27.0 g/t AuEq (21.5 g/t Au and 3.5 per cent Sb) from 347.9 m;
  • 0.3 m at 34.4 g/t AuEq (31.4 g/t Au and 1.9 per cent Sb) from 349.8 m.
• 3.9 m at 4.4 g/t AuEq (3.8 g/t Au and 0.4 per cent Sb) from 362.0 m, including:
  • 0.2 m at 36.0 g/t AuEq (29.8 g/t Au and 3.9 per cent Sb) from 365.1 m.
• 0.9 m at 16.2 g/t AuEq (12.0 g/t Au and 2.7 per cent Sb) from 374.6 m;
• 1.5 m at 7.5 g/t AuEq (6.0 g/t Au and 0.9 per cent Sb) from 386.4 m;
• 9.2 m at 10.3 g/t AuEq (7.0 g/t Au and 2.1 per cent Sb) from 456.8 m, including:
  • 2.8 m at 32.3 g/t AuEq (21.4 g/t Au and 6.9 per cent Sb) from 459.0 m.
• 0.3 m at 6.2 g/t AuEq (0.6 g/t Au and 3.5 per cent Sb) from 503.6 m.

Pending results and update

Eight holes (SDDSC107, SDDSC108A, SDDSC110, SDDSC111, SDDSC112, SDDSC112W1, SDDSC113 and SDDSC114) are currently being processed and analyzed, with three holes (SDDSC115A, SDDSC116 and SDDSC117) in progress.

Further information

Further discussion and analysis of the Sunday Creek project by Southern Cross Gold can be found 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 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 a 1.0 g/t AuEq lower cut-off over a maximum width of two m, with higher grades cut at a 5.0 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, 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 has distinguished itself as a leading Nordic exploration company. Over the past 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 historical uranium resources in Sweden. Mawson also holds 51 per cent of Southern Cross Gold, which owns or controls three high-grade, historical, epizonal goldfields covering 470 square kilometres in Victoria, Australia, including the exciting Sunday Creek gold-antimony discovery.

We seek Safe Harbor.