Mawson Gold's Subsidiary SXG Drills Highest Grades at Apollo

Highlights:

• SDDSC108A drilled eight high-grade vein sets at Apollo Deep over a 445 m down-hole interval and delivered on multiple levels (Figure 4):
  • The highest grades of gold found at Apollo to date, including 0.2 m @ 576 g/t Au ;
  • Three new vein sets, extending mineralisation 150 m east; and
  • Extensions of known mineralisation 150 m below prior drilling from SDDSC066.
• SDDSC108A hosts seven intervals > 15 g/t Au (up to 576 g/t Au) and six intervals of > 5 % Sb (up to 15.1 % Sb). Selected highlights include:

Three new vein sets that extend mineralisation 150 m east, including:

• 11.0 m @ 5.0 g/t AuEq (1.9 g/t Au, 2.0 % Sb) from 354.1 m, including:
  • 0.8 m @ 21.0 g/t AuEq (12.0 g/t Au, 5.7 % Sb) from 357.6 m
  • 1.0 m @ 15.0 g/t AuEq (1.0 g/t Au, 8.9 % Sb) from 359.5 m
  • 1.4 m @ 8.8 g/t AuEq (3.3 g/t Au, 3.5 % Sb) from 363.0 m

Down-dip extension of mineralisation 150 m below Apollo, including:

• 7.8 m @ 2.6 g/t AuEq (1.0 g/t Au, 1.0 % Sb) from 636.2 m, including:
  • 1.1 m @ 5.9 g/t AuEq (1.7 g/t Au, 2.6 % Sb) from 636.9 m
  • 9.8 m @ 3.9 g/t AuEq (1.8 g/t Au, 1.3 % Sb) from 655.6 m, including:
    • 1.2 m @ 19.4 g/t AuEq (8.6 g/t Au, 6.8 % Sb) from 657.8 m
  • 0.2 m @ 576.1 g/t AuEq (576.0 g/t Au, 0.1 % Sb) from 762.9 m
  • 1.1 m @ 17.1 g/t AuEq (16.9 g/t Au, 0.1 % Sb) from 797.9 m
• Eight drillholes at Sunday Creek at are being processed and analysed, with three holes in progress (Figures 1 and 2).
• Mawson owns 93,750,000 shares of SXG (51%), valuing its stake at A$120.0 million (C$108.9 million) based on SXG's closing price on February 26, 2024 AEST.

Michael Hudson, Mawson Interim CEO and Executive Chairman, states : "Drill hole SDDSC108A delivers on multiple levels, increasing both volume and grade at Sunday Creek in multiple dimensions. The hole demonstrates the system at Sunday Creek continues to the east and to depth, and that it is predictable and targetable.

"Firstly, three new veins were discovered in the upper parts of the hole and these extend mineralisation another 150 m further east towards the nine km of regional strike that remains open for further discovery. These add to the 42 vein sets already defined at Sunday Creek for a current total of 45 vein sets.

"Secondly, SDDSC108A extends mineralisation 150 m deeper than previous drilling at Apollo Deep proving the continuity and persistency of mineralisation in the step-out areas.

"And thirdly, the hole drilled the highest grades of gold found at Apollo to date, including 0.2 m @ 576 g/t Au. It continues to validate the opportunity to find even higher grades depth at Apollo Deep, as we have found at Rising Sun 400 m to the west. This high-grade intercept is interpreted to be located 150 m down-dip from the previously highest-grade vein set drilled at Apollo in SDDSC066 (1.0 m @ 224 g/t AuEq) (Figure 4). This demonstrates the exciting opportunity to further define coherent and extremely high-grade bodies at Sunday Creek with closer spaced drilling.

"Additionally, we continue to be pleased with the high grades of antimony intersected. Antimony is an important potential by-product with its own economic and strategic value.

"With four drill rigs operating and assays from 11 holes awaited, there always remains imminent news flow coming from Sunday Creek, which continues to produce some of the most exciting gold exploration results globally."

Drill Hole Discussion

SDDSC108A was drilled from the east to west, 150 m down-dip from SDDSC066 (released 1st June, 2023) and tested multiple vein sets. SDDSC108A contains the highest-grade intercept drilled at Apollo to date (0.2 m @ 576.0 g/t Au) . This high-grade intercept is interpreted to be located 150 m down-dip from the highest-grade vein set drilled in SDDSC066 ( 1.0 m @ 224.3 g/t AuEq ) (Figure 3). This further demonstrates the well understood geological opportunity to find extremely high grade "Cinderella Zones", that form at depth in the Victorian epizonal systems and demonstrates the opportunity to define extremely high-grade bodies at Sunday Creek.

SDDSC108A hole traversed eight mineralised vein sets and contained seven intervals > 15 g/t Au (up to 576 g/t Au) and six intervals of > 5 % Sb (up to 15.1 % Sb).

The three new veins sets discovered extend mineralisation 150 m east. These new veins sets are interpreted to correlate with mineralisation previously identified by (Figure 3):

• Surface trenching located 260 m up dip, that included Trench 1: 14.0 m @ 12.0 g/t AuEq (11.5 g/t Au and 0.3% Sb) including 8.0 m @ 20.2 g/t AuEq (19.6 g/t Au and 0.4% Sb) and Trench 2: 2 m @ 5.2 g/t AuEq (4.9 g/t Au and 0.2% Sb); and
• Drilling, where a very shallow drill hole, SDDSC063 intersected 1.5 m @ 6.6 g/t AuEq (5.0 g/t Au, 1.0 % Sb) from 25.2 m depth.

Highlights from the three new vein discoveries in SDDSC108A include:

• 11.0 m @ 5.0 g/t AuEq (1.9 g/t Au, 2.0% Sb) from 354.1 m, including:
  • 0.8 m @ 21.0 g/t AuEq (12.0 g/t Au, 5.7% Sb) from 357.6 m
  • 1.0 m @ 15.0 g/t AuEq (1.0 g/t Au, 8.9% Sb) from 359.5 m
  • 1.4 m @ 8.8 g/t AuEq (3.3 g/t Au, 3.5% Sb) from 363.0 m
• 2.4 m @ 6.1 g/t AuEq (5.6 g/t Au, 0.3% Sb) from 382.8 m, including:
  • 0.4 m @ 13.0 g/t AuEq (12.6 g/t Au, 0.2% Sb) from 383.2 m
  • 0.6 m @ 10.7 g/t AuEq (10.2 g/t Au, 0.3% Sb) from 384.6 m
• 0.3 m @ 23.7 g/t AuEq (19.6 g/t Au, 2.6% Sb) from 419.0 m
• 0.3 m @ 48.8 g/t AuEq (48.8 g/t Au, 0.0% Sb) from 438.4 m
• 9.8 m @ 1.8 g/t AuEq (1.6 g/t Au, 0.1% Sb) from 440.7 m

Highlights from the deep extension of Apollo Deep in SDDSC108A include:

• 7.8 m @ 2.6 g/t AuEq (1.0 g/t Au, 1.0% Sb) from 636.2 m, including:
  • 1.1 m @ 5.9 g/t AuEq (1.7 g/t Au, 2.6% Sb) from 636.9 m
• 9.8 m @ 3.9 g/t AuEq (1.8 g/t Au, 1.3% Sb) from 655.6 m, including:
  • 1.2 m @ 19.4 g/t AuEq (8.6 g/t Au, 6.8% Sb) from 657.8 m
• 5.5 m @ 1.2 g/t AuEq (0.7 g/t Au, 0.3% Sb) from 694.9 m
• 5.2 m @ 3.2 g/t AuEq (2.3 g/t Au, 0.6% Sb) from 707.6 m, including:
  • 0.2 m @ 44.8 g/t AuEq (33.9 g/t Au, 6.9% Sb) from 707.8 m
• 0.2 m @ 576.1 g/t AuEq (576.0 g/t Au, 0.1% Sb) from 762.9 m
• 1.1 m @ 17.1 g/t AuEq (16.9 g/t Au, 0.1% Sb) from 797.9 m

Pending Results and Update

Eight holes (SDDSC107, 110-112, 112W1, 113, 114, 115A) are currently being processed and analysed, with three holes (SDDSC116, 117, 118) 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 1-4 show project location, plan, longitudinal and cross-sectional views of drill results reported here and Tables 1-3 provide collar and assay data. The true thickness of the mineralised intervals reported are interpreted to be approximately 60% to 70% of the sampled thickness for other reported holes. Lower grades were cut at 1.0 g/t Au lower cutoff over a maximum width of 2 m with higher grades cut at 5.0 g/t Au lower cutoff over a maximum of 1 m width.

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.

SXG considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its Mandalay Technical Report, 2022 dated 25 March 2022. The gold equivalence formula used by Mandalay Resources was calculated using recoveries achieved at the Costerfield Property Brunswick Processing Plant during 2020, using a gold price of US$1,700 per ounce, an antimony price of US$8,500 per tonne and 2021 total year metal recoveries of 93% for gold and 95% for antimony, and is as follows:

???? = ?? (?/?) + 1.58 × ?? (%).

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 ???? = ?? (?/?) + 1.58 × ?? (%) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.

About Mawson Gold Limited (TSXV:MAW),(FRANKFURT:MXR),(OTC PINK: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 51% of Southern Cross Gold Ltd. (ASX:SXG) which owns or controls three high-grade, historic epizonal goldfields covering 470 km ² 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 and Whroo joint ventures in Victoria, Australia, and a strategic 10% holding in ASX-listed Nagambie Resources Ltd. (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, including COVID-19, 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.

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

Table 2: Tables of mineralized drill hole intersections reported from SDDSC108A 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.

Table 3: All individual assays reported from SDDSC108A reported here >0.1g/t AuEq.