Mr. Michael Hudson reports

MAWSON'S SUBSIDIARY SXG DRILLS HIGHEST GRADES AT APOLLO

Mawson Gold Ltd.'s Southern Cross Gold Ltd. (SXG) has released the results of one drill hole, SDDSC108A, from the Apollo area at its 100-per-cent-owned Sunday Creek project in Victoria, Australia.

Highlights:

• SDDSC108A drilled eight high-grade vein sets at Apollo Deep over a 445-metre down-hole interval and delivered on multiple levels:
  • The highest grades of gold found at Apollo to date, including 0.2 metre at 576 grams per tonne gold;
  • Three new vein sets, extending mineralization 150 m east;
  • Extensions of known mineralization 150 m below prior drilling from SDDSC066.
• SDDSC108A hosts seven intervals of greater than 15 g/t Au (up to 576 g/t Au) and six intervals of greater than 5 per cent antimony (up to 15.1 per cent Sb). Selected highlights include:
  • Three new vein sets that extend mineralization 150 m east, including:
    • 11.0 m at 5.0 g/t gold equivalent (1.9 g/t Au and 2.0 per cent Sb) from 354.1 m, including:
      • 0.8 m at 21.0 g/t AuEq (12.0 g/t Au and 5.7 per cent Sb) from 357.6 m;
      • 1.0 m at 15.0 g/t AuEq (1.0 g/t Au and 8.9 per cent Sb) from 359.5 m;
      • 1.4 m at 8.8 g/t AuEq (3.3 g/t Au and 3.5 per cent Sb) from 363.0 m.
  • Down-dip extension of mineralization 150 m below Apollo, including:
  • 7.8 m at 2.6 g/t AuEq (1.0 g/t Au and 1.0 per cent Sb) from 636.2 m, including:
    • 1.1 m at 5.9 g/t AuEq (1.7 g/t Au and 2.6 per cent Sb) from 636.9 m;
    • 9.8 m at 3.9 g/t AuEq (1.8 g/t Au and 1.3 per cent Sb) from 655.6 m, including:
      • 1.2 m at 19.4 g/t AuEq (8.6 g/t Au and 6.8 per cent Sb) from 657.8 m.
    • 0.2 m at 576.1 g/t AuEq (576.0 g/t Au and 0.1 per cent Sb) from 762.9 m;
    • 1.1 m at 17.1 g/t AuEq (16.9 g/t Au and 0.1 per cent Sb) from 797.9 m.
• Eight drill holes at Sunday Creek at 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 $120-million (Australian) ($108.9-million (Canadian)) based on SXG's closing price on Feb. 26, 2024.

Michael Hudson, Mawson's interim chief executive officer and executive chairman, stated: "Drill hole SDDSC108A delivers on multiple levels, increasing both volume and grade at Sunday Creek in multiple dimensions. The hole demonstrates the system at Sunday Creek continues to the east and to depth, and that it is predictable and targetable.

"Firstly, three new veins were discovered in the upper parts of the hole, and these extend mineralization another 150 m further east towards the nine kilometres of regional strike that remains open for further discovery. These add to the 42 vein sets already defined at Sunday Creek for a current total of 45 vein sets.

"Secondly, SDDSC108A extends mineralization 150 m deeper than previous drilling at Apollo Deep, proving the continuity and persistency of mineralization in the stepout areas.

"And thirdly, the hole drilled the highest grades of gold found at Apollo to date, including 0.2 m at 576 g/t Au. It continues to validate the opportunity to find even higher grades at depth at Apollo Deep, as we have found at Rising Sun 400 m to the west. This high-grade intercept is interpreted to be located 150 m down dip from the previously highest-grade vein set drilled at Apollo in SDDSC066 (1.0 m at 224 g/t AuEq). This demonstrates the exciting opportunity to further define coherent and extremely high-grade bodies at Sunday Creek with closer-spaced drilling.

"Additionally, we continue to be pleased with the high grades of antimony intersected. Antimony is an important potential byproduct with its own economic and strategic value.

"With four drill rigs operating and assays from 11 holes awaited, there always remains imminent news flow coming from Sunday Creek, which continues to produce some of the most exciting gold exploration results globally."

Drill hole discussion

SDDSC108A was drilled from the east to west, 150 m down dip from SDDSC066 (released June 1, 2023), and tested multiple vein sets. SDDSC108A contains the highest-grade intercept drilled at Apollo to date (0.2 m at 576.0 g/t Au). This high-grade intercept is interpreted to be located 150 m down dip from the highest-grade vein set drilled in SDDSC066 (1.0 m at 224.3 g/t AuEq). This further demonstrates the well-understood geological opportunity to find extremely high-grade "Cinderella" zones that form at depth in the Victorian epizonal systems, and demonstrates the opportunity to define extremely high-grade bodies at Sunday Creek.

SDDSC108A hole traversed eight mineralized vein sets and contained seven intervals of greater than 15 g/t Au (up to 576 g/t Au) and six intervals of greater than 5 per cent Sb (up to 15.1 per cent Sb).

The three new veins sets discovered extend mineralization 150 m east. These new veins sets are interpreted to correlate with mineralization previously identified by:

• Surface trenching located 260 m up dip that included: trench 1 -- 14.0 m at 12.0 g/t AuEq (11.5 g/t Au and 0.3 per cent Sb), including 8.0 m at 20.2 g/t AuEq (19.6 g/t Au and 0.4 per cent Sb); and trench 2 -- two m at 5.2 g/t AuEq (4.9 g/t Au and 0.2 per cent Sb);
• Drilling a very shallow drill hole, SDDSC063, which intersected 1.5 m at 6.6 g/t AuEq (5.0 g/t Au and 1.0 per cent Sb) from 25.2 m depth.

Highlights from the three new vein discoveries in SDDSC108A include:

• 11.0 m at 5.0 g/t AuEq (1.9 g/t Au and 2.0 per cent Sb) from 354.1 m, including:
  • 0.8 m at 21.0 g/t AuEq (12.0 g/t Au and 5.7 per cent Sb) from 357.6 m;
  • 1.0 m at 15.0 g/t AuEq (1.0 g/t Au and 8.9 per cent Sb) from 359.5 m;
  • 1.4 m at 8.8 g/t AuEq (3.3 g/t Au and 3.5 per cent Sb) from 363.0 m.
• 2.4 m at 6.1 g/t AuEq (5.6 g/t Au and 0.3 per cent Sb) from 382.8 m, including:
  • 0.4 m at 13.0 g/t AuEq (12.6 g/t Au and 0.2 per cent Sb) from 383.2 m;
  • 0.6 m at 10.7 g/t AuEq (10.2 g/t Au and 0.3 per cent Sb) from 384.6 m.
• 0.3 m at 23.7 g/t AuEq (19.6 g/t Au and 2.6 per cent Sb) from 419.0 m;
• 0.3 m at 48.8 g/t AuEq (48.8 g/t Au and 0.0 per cent Sb) from 438.4 m;
• 9.8 m at 1.8 g/t AuEq (1.6 g/t Au and 0.1 per cent Sb) from 440.7 m.

Highlights from the deep extension of Apollo Deep in SDDSC108A include:

• 7.8 m at 2.6 g/t AuEq (1.0 g/t Au and 1.0 per cent Sb) from 636.2 m, including:
  • 1.1 m at 5.9 g/t AuEq (1.7 g/t Au and 2.6 per cent Sb) from 636.9 m.
• 9.8 m at 3.9 g/t AuEq (1.8 g/t Au and 1.3 per cent Sb) from 655.6 m, including:
  • 1.2 m at 19.4 g/t AuEq (8.6 g/t Au and 6.8 per cent Sb) from 657.8 m.
• 5.5 m at 1.2 g/t AuEq (0.7 g/t Au and 0.3 per cent Sb) from 694.9 m;
• 5.2 m at 3.2 g/t AuEq (2.3 g/t Au and 0.6 per cent Sb) from 707.6 m, including:
  • 0.2 m at 44.8 g/t AuEq (33.9 g/t Au and 6.9 per cent Sb) from 707.8 m.
• 0.2 m at 576.1 g/t AuEq (576.0 g/t Au and 0.1 per cent Sb) from 762.9 m;
• 1.1 m at 17.1 g/t AuEq (16.9 g/t Au and 0.1 per cent Sb) from 797.9 m.

Pending results and update

Eight holes (SDDSC107, SDDSC110 to SDDSC112, SDDSC112W1, SDDSC113, SDDSC114, SDDSC115A) are currently being processed and analyzed, with three holes (SDDSC116, SDDSC117, SDDSC118) 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 for other reported holes. Lower grades were cut at a 1.0 g/t Au 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.

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.