Mr. Michael Hudson reports

MAWSON'S SUBSIDIARY SXG ANNOUNCES INTENTION TO DUAL LIST IN CANADA

Mawson Gold Ltd.'s 51-per-cent-owned subsidiary, Southern Cross Gold Ltd., has stated that it intends to dual list on a Canadian stock exchange.

SXG was listed through an initial public offering on the Australian Securities Exchange on May 16, 2022, through a spinout of Australian assets from Mawson. As of March 12, 2024, SXG has 184,040,623 issued and outstanding shares, of which Mawson owns 93.75 million shares, or 51 per cent of SXG. Mawson has announced its intention to in specie distribute the SXG shares to individual Mawson shareholders after an ASX vendor escrow ends on May 16, 2024, subject to the receipt of all necessary approvals, including regulatory, court and Mawson shareholder approvals. SXG plans to coincide the dual listing with the in specie distribution of SXG shares by Mawson. The planned distribution of SXG shares to Mawson shareholders will be greatly facilitated by a Canadian dual listing. The distribution will not result in a change in the number of SXG shares issued and outstanding. It is anticipated that SXG will also become a reporting issuer in Canada, upon completion of its dual listing.

Southern Cross Gold's managing director, Michael Hudson, stated: "Canadian exchanges are home to over 40 per cent of the world's public mining companies. A dual listing by SXG in both Australia and Canada will provide direct exposure to a diverse class of global investors, including those North American investors who have over the last seven years directly benefited from the huge capital growth that has come from the Victorian goldfields.

"Additionally, a dual listing will greatly facilitate the planned distribution of Mawson's 51-per-cent SXG shareholding to North American domiciled shareholders at the start of Q3 2024. This will leave SXG well positioned to become both a recognized growth and high-grade gold story across both the Australian and North American markets."

With approximately 70 per cent of SXG's shareholder base located offshore, it is believed that the dual Australian-Canadian listing will be the most efficient means to allow both Australian and North American investors to be exposed to the exciting SXG growth and high-grade gold story. The North American market has been the prime benefactor of huge capital increases that have come from the rebirth of the Victoria goldfields in Australia.

The company will provide further updates during the process, including which of the Canadian exchanges is most appropriate to list on. A dual listing remains subject to ASX and other regulatory approvals.

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 kilometres in Victoria, Australia, including the exciting Sunday Creek gold-antimony discovery.

About Southern Cross Gold Ltd.

Southern Cross Gold holds the 100-per-cent-owned Sunday Creek project in Victoria and Mount Isa project in Queensland as well as the Redcastle and Whroo joint ventures in Victoria, Australia.

The 100-per-cent-owned Sunday Creek epizonal-style gold project is located 60 kilometres north of Melbourne within 19,365 hectares of granted exploration tenements. SXG is also the freehold landholder of 133.29 hectares that form the key portion in and around the main drilled area at the Sunday Creek project.

Gold and antimony form in a relay of vein sets that cut across a steeply dipping zone of intensely altered rocks (the host). When observed from above, the host resembles the side rails of a ladder, where the subvertical mineralized vein sets are the rungs that extend from surface to depth. At Apollo and Rising Sun, these individual rungs have been defined over 600-metre depth extent from surface to 1,000 metres below surface, are two metres to 30 metres wide and are 20 metres to 100 metres in strike.

The company's systematic drill program is strategically targeting these significant vein formations. Initially, these have been defined over a 1,350-metre strike of the host from the Christina to Apollo prospects, of which approximately 620 metres have been more intensively drill tested (Rising Sun to Apollo). At least 45 rungs have been discovered to date, defined by high-grade intercepts to greater than 7,000 grams per tonne gold, along with lower-grade edges. Continuing stepout drilling is aiming to uncover the potential extent of this mineralized system.

Geologically, the project is located within the Melbourne structural zone in the Lachlan fold belt. The regional host to the Sunday Creek mineralization is an interbedded turbidite sequence of siltstones and minor sandstones metamorphosed to subgreenschist facies and folded into a set of open northwest-trending folds.

The qualified person, Mr. Hudson, executive chairman and a director of Mawson and a fellow of the Australasian Institute of Mining and Metallurgy, has reviewed, verified and approved the technical contents of this release.

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