SXG Drills 1.4 m @ 20.0 g/t AuEq Extends Mineralisation 200 m at Apollo East Drills 11.5 m @ 6.0 g/t AuEq to Infill 260 m gap in Apollo Deeps

VANCOUVER, BC / ACCESSWIRE / July 8, 2024 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) announces Southern Cross Gold Ltd. ("Southern Cross Gold" or "SXG") has released results from two diamond drill holes SDDSC119 and SDDSC119W1 from the Apollo prospect at the 100%-owned Sunday Creek Project in Victoria, Australia (Figure 5).

Highlights:

• Drillhole SDDSC119 drilled an extension of mineralisation 200 m from Apollo to Apollo East and infilled a 260 m gap in Apollo Deeps providing confidence in continuity.

• SDDSC119 intercepted 10 high-grade vein sets, including three vein sets at Apollo East, and seven at Apollo Deeps. It included ten assayed intervals of > 10 g/t Au (up to 35.9 g/t Au), and six assayed intervals > 5% Sb (up to 19.9% Sb) . Selected highlights include:

Apollo East

• 4.2 m @ 3.6 g/t AuEq (2.9 g/t Au, 0.3% Sb) from 416.8 m, including:

  • 2.6 m @ 4.9 g/t AuEq (4.0 g/t Au, 0.5% Sb) from 418.4 m

• 1.4 m @ 20.0 g/t AuEq (8.9 g/t Au, 5.9% Sb) from 440.0 m, including:

  • 0.4 m @ 66.7 g/t AuEq (29.3 g/t Au, 19.9% Sb) from 441.0 m

Apollo Deeps

• 11.5 m @ 6.0 g/t AuEq (3.7 g/t Au, 1.2% Sb) from 571.2 m, including:

  • 4.7 m @ 11.7 g/t AuEq (6.6 g/t Au, 2.7% Sb) from 577.1 m

• 10.8 m @ 1.7 g/t AuEq (1.2 g/t Au, 0.3% Sb) from 607.0 m

• 5.6 m @ 4.3 g/t AuEq (2.7 g/t Au, 0.9% Sb) from 620.1 m, including:

  • 1.0 m @ 14.2 g/t AuEq (8.6 g/t Au, 3.0% Sb) from 621.0 m

• 1.6 m @ 6.6 g/t AuEq (6.3 g/t Au, 0.1% Sb) from 646.3 m

• 0.6 m @ 18.0 g/t AuEq (17.6 g/t Au, 0.2% Sb) from 657.1 m

• 7.1 m @ 2.3 g/t AuEq (1.4 g/t Au, 0.4% Sb) from 663.4 m

• SDDSC119W1 was drilled as a wedge hole to reacquire core lost down the parent hole SDDSC119. It therefore also acted as a test of the continuity of mineralisation over a 0.6 m down dip distance for the first time at this scale. Continuity of mineralisation was demonstrated with SDDSC119 and SDSC119W1 assaying respectively 5.6 m @ 4.3 g/t AuEq and 5.5 m @ 5.1 g/t AuEq (Figure 3).

• Nine drill holes at Sunday Creek are currently being processed and analysed , with four holes in progress.

HIGHLIGHTS (Cont.)

• Mawson owns 96,590,910 shares of SXG (49.4%), valuing its stake at A$232.8 million (C$213.1 million) based on SXG's closing price on July 3, 2024 AEST.

Michael Hudson, Mawson Interim CEO and Executive Chairman, states : "New drilling has shown further expansion and success from the prolific Sunday Creek, this time from the far eastern end of the 1 km long core project area. Drill holes SDDSC119 and 119W1 demonstrated extensions of three high grade veins sets 200 m east at Apollo East, including 1.4 m @ 20.0 g/t AuEq , and infilled seven veins in a 260 m wide gap at Apollo Deeps, which included 11.5 m @ 6.0 g/t AuEq. Encouragingly the wedge hole demonstrated continuity of grade at a close (0.6 m) spacing, and at a scale never tested at the project. These results are important as they show continued project growth as well as continuity of grades at different scales.

"With an additional rig to be mobilised to site next week to increase site capacity to five drill rigs, and with a 60 km drill program underway, these results demonstrate our ability to build the deposit via volume increases and building confidence in continuity of grade."

Drill Hole Discussion

Two drill holes (SDDSC119 and 119W1) are reported from the Apollo prospect (Figures 1 and 2).

SDDSC119 was designed to test new mineralisation located 200 m east of Apollo to Apollo East, and to infill a 260 m gap in Apollo Deeps. The hole was drilled 58 m - 113 m down-plunge of SDDSC116 (15.0 m @ 9.8 g/t AuEq (8.8 g/t Au, 0.5% Sb) from 511.2 m) and 38 m - 132 m up-plunge of SDDSC108A (0.2 m @ 576.1 g/t AuEq (576.0 g/t Au, 0.1% Sb) from 762.9 m) , proving continuity over 260 m of mineralised plunge and extended mineralisation domain footprints at depth. This drillhole intercepted ten assayed intervals of > 10 g/t Au (up to 35.9 g/t Au), and six assayed intervals > 5% Sb (up to 19.9% Sb) .

SDDSC119W1 was drilled as a wedge hole to reacquire core lost down the parent hole SDDSC119 (from 633 m - 635 m). Fortuitously, it also acted as a test of the continuity of mineralisation at different downhole depths over 0.6 m down dip distance, at a spacing never previously tested on the project. Continuity of mineralisation at this scale was successfully demonstrated with SDDSC119 assaying 5.6 m @ 4.3 g/t AuEq (2.7 g/t Au, 0.9% Sb) from 620.1 m and the wedge hole SDDSC119W1 returning 5.5 m @ 5.1 g/t AuEq (3.6 g/t Au, 0.8% Sb) from 619.9 m (Figure 3).

Highlights from SDDSC119 include:

Apollo East

• 4.2 m @ 3.6 g/t AuEq (2.9 g/t Au, 0.3% Sb) from 416.8 m, including:

  • 2.6 m @ 4.9 g/t AuEq (4.0 g/t Au, 0.5% Sb) from 418.4 m

• 3.6 m @ 2.6 g/t AuEq (1.1 g/t Au, 0.8% Sb) from 423.4 m

• 1.4 m @ 20.0 g/t AuEq (8.9 g/t Au, 5.9% Sb) from 440.0 m, including:

  • 0.4 m @ 66.7 g/t AuEq (29.3 g/t Au, 19.9% Sb) from 441.0 m

Apollo Deeps

• 11.5 m @ 6.0 g/t AuEq (3.7 g/t Au, 1.2% Sb) from 571.2 m, including:

  • 4.7 m @ 11.7 g/t AuEq (6.6 g/t Au, 2.7% Sb) from 577.1 m

• 10.8 m @ 1.7 g/t AuEq (1.2 g/t Au, 0.3% Sb) from 607.0 m

• 5.6 m @ 4.3 g/t AuEq (2.7 g/t Au, 0.9% Sb) from 620.1 m, including:

  • 1.0 m @ 14.2 g/t AuEq (8.6 g/t Au, 3.0% Sb) from 621.0 m

• 1.6 m @ 6.6 g/t AuEq (6.3 g/t Au, 0.1% Sb) from 646.3 m, including:

  • 0.3 m @ 36.0 g/t AuEq (35.9 g/t Au, 0.0% Sb) from 647.6 m

• 0.6 m @ 18.0 g/t AuEq (17.6 g/t Au, 0.2% Sb) from 657.1 m

• 7.1 m @ 2.3 g/t AuEq (1.4 g/t Au, 0.4% Sb) from 663.4 m

Pending Results and Update

Nine holes (SDDSC114W1, 120, 121, 121W1, 122, 123, 124, 125, 127) are currently being processed and analyzed, with four holes (SDDSC122W1, 050W1, 126, 128) in progress (Figures 1 and 2).

Further Information

Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG website at www.southerncrossgold.com.au.

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.

Figures 1 to 5 show project location, plan and longitudinal views of drill results reported here and Tables 1 to 3 provide collar and assay data. The true thickness of the mineralised intervals reported individually as estimated true widths ("ETW"), otherwise they are interpreted to be approximately 55-65% of the sampled thickness for other reported holes. Lower grades were cut at 1.0 g/t AuEq lower cutoff over a maximum width of 2 m with higher grades cut at 5.0 g/t AuEq lower cutoff over a maximum of 1 m width unless specified.

Technical Background and Qualified Person

The Qualified Person, Michael Hudson, Executive Chairman and a director of Mawson Gold, and 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 ("On Site") which operates under both an 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 multi-element analysis (BM011 and over-range methods as required) use aqua regia digestion and ICP-MS analysis. The QA/QC 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.

MAW considers that both gold and antimony that are included in the gold equivalent calculation ("AuEq") have reasonable potential to be recovered at Sunday Creek, given current geochemical understanding, historic production statistics and geologically analogous mining operations. Historically, ore from Sunday Creek was treated onsite or shipped to the Costerfield mine, located 54 km to the northwest of the project, for processing during WW1. The Costerfield mine corridor, now owned by Mandalay Resources Ltd contains two million ounces of equivalent gold (Mandalay Q3 2021 Results), and in 2020 was the sixth highest-grade global underground mine and a top 5 global producer of antimony.

MAW considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its Mandalay Technical Report, 2024 dated March 28, 2024. The gold equivalence formula used by Mandalay Resources was calculated using Costerfield's 2023 production costs, using a gold price of US$1,900 per ounce, an antimony price of US$12,000 per tonne and 2023 total year metal recoveries of 94% for gold and 89% for antimony, and is as follows:

𝐴𝑢𝐸𝑞 = 𝐴𝑢 (𝑔/𝑡) + 1.88 × ð‘†ð‘ (%).

Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment of Sunday Creek mineralization at Costerfield, SXG considers that a 𝐴𝑢𝐸𝑞 = 𝐴𝑢 (𝑔/𝑡) + 1.88 × ð‘†ð‘ (%) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.

About Mawson Gold Limited (TSXV:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)

Mawson Gold Limited 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 Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds 49% of Southern Cross Gold Ltd. (ASX:SXG) which owns or controls two high-grade, historic epizonal goldfields in Victoria, Australia, including the exciting Sunday Creek Au-Sb discovery.

About Southern Cross Gold Ltd (ASX:SXG)

Southern Cross Gold holds the 100%-owned Sunday Creek project in Victoria and Mt Isa project in Queensland, the Redcastle joint venture in Victoria, Australia, and a strategic 6.7% holding in ASX-listed Nagambie Resources Limited (ASX:NAG) which grants SXG a Right of First Refusal over a 3,300 square kilometer tenement package held by NAG in Victoria.

Forward-Looking Statement

This news release contains forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, Mawson's expectations regarding its ownership interest in Southern Cross Gold, capital and other costs varying significantly from estimates, changes in world metal markets, changes in equity markets, the potential impact of epidemics, pandemics or other public health crises on the Company's business, risks related to negative publicity with respect to the Company or the mining industry in general; exploration potential being conceptual in nature, there being insufficient exploration to define a mineral resource on the Australian-projects owned by SXG, and uncertainty if further exploration will result in the determination of a mineral resource; planned drill programs and results varying from expectations, delays in obtaining results, equipment failure, unexpected geological conditions, local community relations, dealings with non-governmental organizations, delays in operations due to permit grants, environmental and safety risks, and other risks and uncertainties disclosed under the heading "Risk Factors" in Mawson's most recent Annual Information Form filed on SEDAR+. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Figure 1: Sunday Creek plan view showing selected results from SDDSC119 reported here (blue highlighted box, orange trace), selected prior reported drill holes and pending holes.

Figure 2: Sunday Creek longitudinal section across A-B in the plane of the dyke breccia/altered sediment host (see Figure 1) looking towards the north (striking 236 degrees) showing mineralised veins sets. Showing SDDSC119 reported here (blue highlighted box, orange trace) with selected intersections and prior reported drill holes. For location refer to Figure 1.

Figure 3: Showing cross section of the A_150 vein set drilled by SDDSC119 and SDDSC119W1 showing continuity of mineralisation over a short (0.6 m) down dip distance between parent and wedge holes. For location refer to Figure 1.

Figure 4: Sunday Creek regional plan view showing LiDAR, soil sampling, structural framework, regional historic epizonal gold mining areas and broad regional areas (Tonstal, Consols and Leviathan) tested by 12 holes for 2,383 m drill program. The regional drill areas are at Tonstal, Consols and Leviathan located 4,000-7,500 m along strike from the main drill area at Golden Dyke- Apollo.

Figure 5: Location of the Sunday Creek project, along with the Redcastle JV and simplified geology.

Table 1: Drill collar summary table for recent drill holes in progress.

Table 2: Tables of mineralized drill hole intersections reported from SDDSC119 and 119W1 using two cut-off criteria. Lower grades cut at 1.0 g/t lower cutoff over a maximum of 2 m with higher grades cut at 5.0 g/t AuEq cutoff over a maximum of 1 m.