Mawson Gold Ltd. Drills 5.6 metres @ 10.0 g/t AuEq in Deepest Hole at Sunday Creek, Australia

Highlights:

• 5.6 metres @ 9.2 g/t Au and 0.8% Sb (10.0 g/t AuEq) from 469.7 metres in hole MDDSC026, including:
  • 1.2 metres @ 36.2 g/t Au and 3.3% Sb (39.4 g/t AuEq) from 470.0 metres.
• Increases mineralization depth to 420 metres vertical, the deepest drill hole at Sunday Creek.
• Drilled on the same mineralized shoot 130 metres west and below previously reported MDDSC025, which intersected 11.7 metres @ 16.0 g/t AuEq from 362.0 metres (Tables 1-3, Figures 1-3).
• Prospectus to be lodged in March for the proposed spin-out of Mawson's Australian assets onto the Australian Securities Exchange ("ASX").

Michael Hudson, Executive Chairman of Mawson and MD-elect for Southern Cross, states: "With the last hole to report before we lodge Southern Cross Gold's prospectus, Sunday Creek continues to prove itself as one of the best discoveries to be made in the modern renaissance of the Victorian goldfields. Our deepest hole at the project to date, on a big step out on the Apollo structure is another extremely strong result. Mineralization remains open at depth and the system continues 10 kilometres to the east covering historic mines, without a single drill hole test."

Exploration work at Sunday Creek over the last 18 months has been undertaken by Clonbinane Goldfield Pty Ltd ("CGF"). CGF owns 100% of the project and was recently transferred from Mawson Gold Ltd. to Southern Cross Gold Ltd ("Southern Cross") as part of a larger internal reorganization ahead of Southern Cross' proposed initial public offering ("IPO") onto the ASX expected to be completed in Q2 2022. Today, Mawson holds 84.62% of Southern Cross' issued shares after recently raising A$2.725 million privately into Southern Cross to fund ongoing exploration and IPO costs.

MDDSC026 is another large step-out, located 130 metres west of and below MDDSC025 (Figure 1), the previous deepest intersection drilled at the project (11.7 metres @ 12.4 g/t Au and 3.6% Sb (16.0 g/t AuEq) from 362.0 metres including 3.0 metres @ 41.4 g/t Au and 12.0% Sb (53.4 g/t AuEq) from 364.0 metres on the Apollo structure (Figures 2 and 3). MDDSC026 intersected a broad zone of mineralization greater than 100 metres down hole thickness (Tables 2 and 3). Highlights, (lower cut 0.3 g/t Au over 2 metre) include:

• 10.0 metres @ 0.9 g/t Au from 381.0 metres, including:
  • 0.4 metres @ 7.0 g/t Au from 386.8 metres
• 3.0 metres @ 1.8 g/t Au and 0.4% Sb (2.1 g/t AuEq) from 437.8 metres
• 8.2 metres @ 1.1 g/t Au and 0.2% Sb (1.3 g/t AuEq) from 446.6 metres
• 5.6 metres @ 9.2 g/t Au and 0.8% Sb (10.0 g/t AuEq) from 469.7 metres in hole MDDSC026, including:
  • 1.2 metres @ 36.2 g/t Au and 3.3% Sb (39.4 g/t AuEq) from 470.0 metres;

Mawson has reported twenty-six drill holes (MDDSC001-026) for 6,447.8 metres at the Sunday Creek gold-antimony project since mid-2021 (Figures 1 and 2). Drilling continues during the proposed Southern Cross IPO but further assays of drill cores are not expected to be completed before the company is admitted to the official list of the ASX.

Technical and Environmental Background: Tables 1-3 provide collar and assay data. The true thickness of the mineralized interval is interpreted to be approximately 60% of the sampled thickness. All drill results quoted have a lower cut of 0.3 g/t Au cut over a 2.0 metre width, with higher grades reported with a 5 g/t Au cut over 1.0 metre applied unless otherwise stated. Lab duplicates and quarter core field duplicates demonstrate that mineralization is homogenous with a low nugget effect evident. A diamond drill rig from contractor Starwest Pty Ltd was used in the program. Core diameter is HQ (63.5 mm) and oriented with excellent core recoveries averaging close to 100% in both oxidized and fresh rock. After photographing and logging in Mawson's core logging facilities in Nagambie, intervals were diamond sawn in half by Mawson personnel. Half core is retained for verification and reference purposes. Analytical samples are transported to On Site Laboratory Services' Bendigo facility 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 Mawson consists of the systematic insertion of certified standards of known gold content, quarter core duplicates and blanks within interpreted mineralized rock. In addition, On Site inserts blanks and standards into the analytical process.

Gold Equivalent Calculation: It is the opinion of Mawson that all the elements included in the metal equivalent calculation have a reasonable potential to be recovered. The gold equivalent (AuEq) was calculated based on commodity prices as 21 March 2021. The AuEq formula is as follows: AuEq(g/t) = (Aug/t) + (XX * Sb%), where XX = (US$5,600/100) / (US$1,750/31.1035) and the gold price = US$1,750/oz and antimony price = US$5,600/tonne.

Qualified Person: Dr Nick Cook (FAusIMM), Chief Geologist for the Company, is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in this press release.

About Mawson Gold Limited (TSX:MAW) (FRA:MXR) (OTC PINK:MWSNF)

Mawson Gold Limitedis an exploration and development company with its flagship Rajapalot gold-cobalt project in Finland now entering technical de-risking stages. Alongside ongoing exploration at Rajapalot, Mawson holds an option to earn up to 85% in the Skelleftea Gold Project in Sweden. Mawson also has a significant majority interest in the ownership or joint venture into three high-grade, historic epizonal goldfields covering 470 km² in Victoria, Australia, through Southern Cross Gold Ltd, which is in the process of listing on the ASX.

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, but not limited to, timing and successful completion of exploration and drill programs planned at Sunday Creek, timing and successful completion of Southern Cross Gold's IPO and listing of Southern Cross Gold's common shares on ASX, 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, including the current pandemic known as COVID-19 on the Company's business, risks related to negative publicity with respect to the Company or the mining industry in general; 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 www.sedar.com. 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: Plan location of the Southern Cross Gold's Permit Areas in Victoria

Figure 2: Plan location of the Sunday Creek Project historic mines and location Mawson drilling from this new release (MDDSC0026).

Figure 3: Longitudinal ("Long") Section of the Golden Dyke to Apollo Mine Area indicating Mawson drillhole MDDSC0026 reported here.

Table 1: Collar information from Mawson's drilling at the Sunday Creek Project
Coordinate Reference System GDA94, Zone 55 (EPSG:28355)

Table 2: Intersections from Mawson's drilling from the Sunday Creek Project. Intersections are reported with a lower cut of 0.3 g/t Au cut over 2.0 metre width, with higher grades reported with a 5 g/t Au cut over 1.0 metre.

Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 60% of the sampled thickness.

Table 3: Individual assay data (Au>0.3 g/t) from drill holes reported in this press release.