Mr. Michael Hudson reports

MAWSON'S SUBSIDIARY SXG DRILLS 2,318 G/T GOLD OVER 1.0 M IN BEST HOLE AT SUNDAY CREEK

Mawson Gold Ltd.'s Southern Cross Gold Ltd. (SXG) has released results from SDDSC107 at the Rising Sun prospect, the best hole drilled to date at Sunday Creek, which returned a spectacularly long and high-grade intersection of gold-antimony mineralization, including 1.0 metre at 2,318 grams per tonne gold drilled within 455.3 m at 7.2 g/t Au from 413.6 m (uncut), at the 100-per-cent-owned Sunday Creek project in Victoria, Australia.

Highlights:

• SDDSC107, drilled at Rising Sun, intercepted the highest-grade gold and best intersection drilled to date at Sunday Creek:
  • 0.3 m at 7,330 g/t Au within 1.0 m at 2,318 g/t Au (estimated true width of 0.7 m) from 684.3 m;
  • Within a broader interval traversing 12 high-grade vein sets of 455.3 m at 7.2 g/t Au (uncut) from 335.0 m.
• SDDSC107 contains 10 assayed intervals of greater than 50 g/t Au (up to 7,330 g/t Au) and 13 intervals of greater than 5 per cent antimony (up to 25.9 per cent Sb). Cumulatively, the hole returned 3,424 gold equivalent g/t times m.
• SDDSC107 contained four greater than 100 AuEq g/t times m intersections:
  • 15.0 m at 15.2 g/t AuEq (9.3 g/t Au and 3.7 per cent Sb) from 546.8 m;
  • 9.1 m at 40.0 g/t AuEq (39.1 g/t Au and 0.6 per cent Sb) from 566.9 m;
  • 1.0 m at 2,318.8 g/t AuEq (2,318.4 g/t Au and 0.3 per cent Sb) from 684.3 m;
  • 7.6 m at 13.5 g/t AuEq (13.3 g/t Au and 0.2 per cent Sb) from 782.7 m.
• The hole was drilled to test the strike extent and continuity of 12 high-grade vein set structures 20 m along strike and down dip from SDDSC077B (404.4 m at 5.6 g/t AuEq (uncut)).
• The highest-grade interval (1.0 m at 2,318 g/t Au) in SDDSC107 is located 17 m down dip from SDDSC092 (3.3 m at 267.8 g/t Au, including 0.4 m at 1,610 g/t Au) within vein set RS80:
  • Provides one of the first demonstrations of continuity between extremely high-grade (greater than 1,000 g/t Au) intersections at Sunday Creek.
• Seven drill holes at Sunday Creek are being processed and analyzed, with three holes in progress.
• SXG will be presenting drill core at PDAC (Prospectors & Developers Association of Canada) in Toronto at booth 3110B on Tuesday, March 5, 2024, between 10 a.m. and 5 p.m. ET and on Wednesday, March 6, 2024, between 9 a.m. and 12 p.m. ET.
• Mawson owns 93.75 million shares of SXG (51 per cent), valuing its stake at $121.9-million (Australian) ($107.7-million (Canadian)) based on SXG's closing price on March 1, 2024.

Michael Hudson, Mawson's interim chief executive officer and executive chairman, stated: "Sunday Creek has again delivered one of the hits of the year, and the rebirth of the Victorian goldfields continues. This is an extraordinary global discovery, with hole after hole exceeding previous exceptional drill results. Here, drill hole SDDSC107 from Rising Sun intercepted the highest grade and best intersection at the project with 1.0 m at 2,318 g/t Au, including 0.3 m at 7,330 g/t Au, drilled within a broader interval of 455.3 m at 7.2 g/t Au (uncut).

"Importantly, for the first time we have demonstrated continuity of extremely high grades, with SDDSC107 intersecting its best grades 17 m down dip from SDDSC092, which intersected 3.3 m at 267.8 g/t Au, including 0.4 m at 1,610 g/t Au, in vein set RS80. This provides an enticing opportunity to now focus on these ultra-high-grade zones, in small but rich areas, with closer-spaced drilling (including wedging) to rapidly build ounces beyond our initial exploration target expectations while we also continue to expand the footprint of the mineralized system.

"With four drill rigs operating, 10 holes being processed or in progress, we look forward to continued news flow."

Drill hole discussion

SDDSC107 contains 10 assayed intervals of greater than 50 g/t Au (up to 7,330 g/t Au), 21 intervals of greater than 15 g/t Au and 13 intervals of greater than 5 per cent Sb (up to 25.9 per cent Sb), and hosts the highest grades (up to 7,330 g/t Au) and best intersection drilled to date at Sunday Creek, including four greater than 100 AuEq g/t times m intersections from Sunday Creek. Cumulatively, the hole returned 3,424 AuEq g/t times m.

SDDSC107 was designed to test the strike extent and continuity of high-grade vein sets 20 m along strike (and down dip) from SDDSC077B (404.4 m at 5.6 g/t AuEq (uncut)). The hole successfully intersected 12 vein sets over a 470 m down-hole depth.

Vein set RS80

SDDSC107 intercepted the highest grades and best intersection drilled at Sunday Creek (1.0 m at 2318 g/t Au, including 0.3 m at 7,330 g/t Au). This intersection was located 17 m down dip of SDDSC092 (3.3 m at 267.8 g/t Au, including 0.4 m at 1,610 g/t Au) in vein set RS80. This is the best demonstration to date of continuity between extremely high-grade intersections at Sunday Creek that have been defined by closer-spaced drilling. The highest grades on vein set RS80 currently appear to form on the dike footwall contact with altered sediments.

This contact remains open 40 m up dip and 33 m down dip toward drill hole SDDSC050, which intersected 2.5 m at 16.4 g/t AuEq (estimated true width of 1.7 m). The vein is open to depth and poorly constrained with limited drilling along strike. Drilling these very-high-grade structures at close spacing (15 m to 25 m spacing) is increasing the company's confidence in continuity of extremely high grades at Sunday Creek. Vein morphology and grade tenor suggest that the same vein set has been intersected in a 170 m up-dip/down-dip and up to 60 m strike area. Several holes that are in progress or awaiting assay (SDDSC113, SDDSC114, SDDSC115A, SDDSC117) will continue to build the emerging opportunity in vein set RS80.

Vein set RS50

SDDSC107 also intersected vein set RS50 in the dike footwall and altered sediment contact, intersecting 15.0 m at 15.2 g/t AuEq (estimated true width of 6.6 m) from 546.8 m. Vein set RS50 has been traced for 560 m up and down dip and remains open at depth. The opportunity to focus on the highest-grade parts of the Sunday Creek system are also apparent in vein set RS50.

Expanded highlights from SDDSC107 include:

• 3.0 m at 6.2 g/t AuEq (5.7 g/t Au and 0.3 per cent Sb) from 348.7 m, including:
  • 1.0 m at 13.7 g/t AuEq (13.6 g/t Au and 0.1 per cent Sb) from 349.6 m.
• 1.0 m at 6.6 g/t Au from 380.0 m;
• 0.2 m at 11.0 g/t AuEq (0.8 g/t Au and 6.4 per cent Sb) from 416.9 m;
• 1.0 m at 31.3 g/t AuEq (14.7 g/t Au and 10.5 per cent Sb) from 425.0 m;
• 0.3 m at 9.0 g/t AuEq (8.6 g/t Au and 0.2 per cent Sb) from 446.8 m;
• 2.9 m at 22.4 g/t AuEq (17.5 g/t Au and 3.1 per cent Sb) from 491.6 m, including:
  • 2.3 m at 27.3 g/t AuEq (21.8 g/t Au and 3.5 per cent Sb) from 492.2 m.
• 3.1 m at 21.6 g/t AuEq (19.7 g/t Au and 1.2 per cent Sb) from 497.0 m, including:
  • 0.3 m at 213.1 g/t AuEq (198.0 g/t Au and 9.6 per cent Sb) from 497.0 m.
• 0.5 m at 6.9 g/t AuEq (4.5 g/t Au and 1.5 per cent Sb) from 526.2 m;
• 15.0 m at 15.2 g/t AuEq (9.3 g/t Au and 3.7 per cent Sb) from 546.8 m, including:
  • 4.4 m at 33.4 g/t AuEq (19.0 g/t Au and 9.1 per cent Sb) from 549.3 m;
  • 1.7 m at 35.7 g/t AuEq (25.1 g/t Au and 6.7 per cent Sb) from 557.5 m.
• 9.1 m at 40.0 g/t AuEq (39.1 g/t Au and 0.6 per cent Sb) from 566.9 m, including:
  • 0.3 m at 1,402.1 g/t AuEq (1,400.0 g/t Au and 1.3 per cent Sb) from 572.9 m.
• 0.3 m at 32.4 g/t AuEq (31.5 g/t Au and 0.6 per cent Sb) from 585.1 m;
• 1.8 m at 19.5 g/t AuEq (16.4 g/t Au and 1.9 per cent Sb) from 588.3 m, including:
  • 1.4 m at 25.1 g/t AuEq (21.2 g/t Au and 2.4 per cent Sb) from 588.3 m.
• 1.0 m at 2,318.8 g/t AuEq (2,318.4 g/t Au and 0.3 per cent Sb) from 684.3 m, including:
  • 0.7 m at 3,511.7 g/t AuEq (3,511.0 g/t Au and 0.4 per cent Sb) from 684.3 m (including 0.3 m at 7,330 g/t Au).
• 0.5 m at 7.0 g/t AuEq (5.6 g/t Au and 0.9 per cent Sb) from 695.0 m;
• 0.9 m at 5.6 g/t Au from 702.2 m;
• 2.7 m at 14.7 g/t AuEq (10.9 g/t Au and 2.4 per cent Sb) from 723.0 m, including:
  • 0.3 m at 57.6 g/t AuEq (26.9 g/t Au and 19.4 per cent Sb) from 723.0 m;
  • 0.4 m at 48.6 g/t AuEq (46.3 g/t Au and 1.5 per cent Sb) from 724.7 m.
• 0.5 m at 7.1 g/t AuEq (7.0 g/t Au and 0.1 per cent Sb) from 731.0 m;
• 7.6 m at 13.5 g/t AuEq (13.3 g/t Au and 0.2 per cent Sb) from 782.7 m, including:
  • 0.3 m at 18.2 g/t Au from 782.7 m;
  • 2.4 m at 39.0 g/t AuEq (38.4 g/t Au and 0.3 per cent Sb) from 784.4 m.

Pending results and update

Seven holes (SDDSC110 to SDDSC112, SDDSC112W1, SDDSC113, SDDSC114, SDDSC115A) are currently being processed and analyzed, with three holes (SDDSC116, SDDSC117, SDDSC118) in progress.

SXG presenting core at PDAC 2024 core shack

SXG has been selected by the PDAC 2024 technical committee to display its core at this year's core shack at the exhibition in Toronto, Canada.

Exploration manager Kenneth Bush will be at booth 3110B on Tuesday, March 5, 2024, between 10 a.m. and 5 p.m. ET and Wednesday, March 6, 2024, between 9 a.m. and 12 p.m. ET with selections of core from drill holes SDDSC082, SDDSC091 and SDDSC107 from Sunday Creek. Staff from Southern Cross Gold will also be available at Mawson's booth 2939 from Sunday, March 3, 2024, to Wednesday, March 6, 2024.

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.