Mr. Michael Hudson reports

MAWSON'S SUBSIDIARY SXG ANNOUNCES A$10.23 MILLION FULLY UNDERWRITTEN RIGHTS ISSUE

Mawson Gold Ltd.'s 50.5-per-cent-owned subsidiary, Southern Cross Gold Ltd., has stated that it is conducting a non-renounceable fully underwritten pro-rata entitlement offer (rights issue) to raise approximately $10.23-million (Australian) before costs.

Mawson intends to cornerstone the rights issue through acquiring its full entitlement as a 50.5-per-cent shareholder of SXG.

The rights issue is to raise $10,232,848 (Australian) with one new fully paid ordinary shares, priced at $1.82 (Australian) per share, offered for every 33 fully paid ordinary shares held at the record date. Amongst other jurisdictions, SXG will offer shareholders with a registered address in the provinces of Alberta, British Columbia and Ontario at 7 p.m. (Melbourne time) on April 9, 2024, the opportunity to subscribe for one new fully paid ordinary share for every 33 fully paid SXG ordinary shares held at the record date to raise approximately $10.23-million (Australian) before costs of the rights issue. The rights issue is priced at $1.82 (Australian) per share.

The offer is fully underwritten by Springtide Capital Pty. Ltd. and Firelight Investments Ltd., companies associated with Darren Morcombe and Pierre Lassonde, for the total amount of the rights issue. The underwriter may receive an underwriting fee equal to 3 per cent of the underwritten amount (being the full amount under the rights issue), to be paid in fully paid ordinary shares of SXG at a deemed price per share of $1.82 (Australian) (being the same price as under the rights issue and resulting in an aggregate of 168,674 shares to be issued). SXG reserves the right to seek to place the shortfall of new shares not taken up under the rights issue at the discretion of the directors of SXG within three months of the closing date of the rights issue.

Mawson's executive chairman, Michael Hudson, states: "The fully underwritten rights issue exclusively provides existing SXG shareholders continued exposure to the exciting SXG high-grade gold growth story. Funds from the rights issue will be used by SXG to continue to drill SXG's 100-per-cent-owned Sunday Creek gold-antimony project over the next year (and expand capacity). SXG's drilling plans will continue with the three clear objectives to demonstrate grade, volume and scale.

"With support from some of the biggest names in the gold industry, with all SXG directors intending to participate in full and Mawson's commitment to take up our entitlement to cornerstone the issue, we expect strong take-up in this fully underwritten rights issue."

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.

We seek Safe Harbor.