Mawson’s Subsidiary SXG Intersects 0.6 m @ 161.6 g/t AuEq (87.6 g/t Au, 46.8 %Sb) from New Vein, at Sunday Creek, Victoria, Australia

VANCOUVER, July 5, 2023 - Mawson Gold Ltd. ("Mawson" or the "Company") (TSX:MAW)(Frankfurt:MXR)(OTC Pink:MWSNF) announces results from six drillholes at the Sunday Creek, Australia (SDDSC067, 69-72, 75; Figure 1).

Highlights include 0.6 m @ 161.6 g/t gold equivalent ("AuEq") (87.6 g/t gold ("Au"), 46.8 % antimony ("Sb")) from 415.7 m in SDDSC067, drilled into a new vein west of the Rising Sun area, indicating the prospectivity and opportunity for further high-grade discoveries across the Sunday Creek project, with a majority of the core area undrilled to date.

Sunday Creek is 100% owned by Southern Cross Gold ("SXG"), which is an ASX-listed company owned 51% by Mawson.

Highlights:

• Six drillholes are reported with some of the highest grades of antimony (up to 54.0% Sb) and gold (up to 140.0 g/t Au) on the project. All holes demonstrate continuity of mineralised structures from near surface to 700 m vertical depth.
• SDDSC067 drilled a new vein to the west of the Rising Sun vein, previously only intersected by SDDSC050. SDDSC067 was drilled 115 m above SDDSC050 and highlights the continuity of mineralised structures at Sunday Creek. Highlights included:
  • 0.6 m @ 161.6 g/t AuEq (87.6 g/t Au, 46.8% Sb) from 415.7 m, including:
    • 0.1 m @ 170.5 g/t AuEq (140.0 g/t Au, 19.3% Sb) from 415.7 m
    • 0.5 m @ 159.3 g/t AuEq (74.0 g/t Au, 54.0% Sb) from 415.8 m
• SDDSC069 tested the Windsor Castle vein east of Rising Sun. The hole was drilled perpendicularly across SDDSC053 and demonstrated continuity of higher-grade mineralisation. Highlights included:
  • 2.1 m @ 6.2 g/t AuEq (5.0 g/t Au, 0.7% Sb) from 294.4 m, including:
    • 0.4 m @ 24.7 g/t AuEq (21.0 g/t Au, 2.3% Sb) from 294.4 m

Noora Ahola, Mawson Interim CEO, states: "These high-grade antimony and gold results are again a remarkable indication of what's still to be discovered at Sunday Creek Project. Hole by hole the project is developing for SXG into a significant project, which adds significantly to Mawson's underlying value."

Results discussion

Five drill holes (SDDSC067, 69-72) were drilled into the central portion of the Sunday Creek prospect, where four veins sets (Rising Sun, Windsor Castle plus 2 unnamed) over a 60 m true thickness, have been drilled from surface and, in the case of the Rising Sun vein, to 900 m depth.

A sixth hole, SDDSC075 reported here, is the first hole to test the 200 m wide gap between Rising Sun and Gladys. The hole successfully proved the continuity of mineralisation. Individual hole descriptions follow:

• SDDSC067 drilled some of the highest grades of antimony (up to 54.0% Sb) and gold (up to 140.0 g/t Au) on the project. The hole followed up a single 115 m above a single intersection in SDDSC050, to the west of the Rising Sun vein and successfully defined a new high grade vein (Figures 4, 5 and 7). Highlights included:
  • 0.6 m @ 161.6 g/t AuEq (87.6 g/t Au, 46.8% Sb) from 415.7 m, including:
    • 0.1 m @ 170.5 g/t AuEq (140.0 g/t Au, 19.3% Sb) from 415.7 m
    • 0.5 m @ 159.3 g/t AuEq (74.0 g/t Au, 54.0% Sb) from 415.8 m
• SDDSC069 tested the Windsor Castle vein east of Rising Sun. The hole was drilled perpendicularly across SDDSC053 and demonstrated continuity of higher-grade mineralisation. Highlights included:
  • 2.1 m @ 6.2 g/t AuEq (5.0 g/t Au, 0.7% Sb) from 294.4 m, including:
    • 0.4 m @ 24.7 g/t AuEq (21.0 g/t Au, 2.3% Sb) from 294.4 m
  • The same vein was tested up-dip in SDDSC072, with lower grade results (Table 2):
• SDDSC070 was drilled to test the most easterly extents of mineralisation (in the central zone), 30 m to the north of SDDSC050 mineralisation and hit three different vein structures of similar tenor, one higher grade:
  • 5.2 m @ 2.6 g/t AuEq (2.6 g/t Au, 0.0% Sb) from 766.0 m, including:
    • 0.9 m @ 11.5 g/t AuEq (11.5 g/t Au, 0.0% Sb) from 766.8 m
• SDDSC071 intersected the Rising Sun vein in a 90 m gap between MDDSC020 and MDDSC021 again demonstrating downdip continuity over large distances. Highlights included:
  • 7.1 m @ 4.0 g/t AuEq (2.0 g/t Au, 1.3% Sb) from 270.0 m, including:
    • 3.0 m @ 7.9 g/t AuEq (3.6 g/t Au, 2.7% Sb) from 270.0 m
  • 8.8 m @ 1.2 g/t AuEq (0.7 g/t Au, 0.4% Sb) from 280.5 m, including:
    • 0.5 m @ 5.2 g/t AuEq (2.0 g/t Au, 2.1% Sb) from 281.4 m
• SDDSC075 is the first hole to test the 200 m wide gap between Rising Sun and Gladys. The hole successfully proved the continuity of mineralisation, albeit at lower grade (Figure 4). Further drilling is warranted to target higher grade portions of the veins. Better results included 2.5 m @ 1.0 g/t AuEq (0.9 g/t Au, 0.1 %Sb) from 225.7 m.

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

Figures 1-8 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 mineralized intervals reported are interpreted to be approximately 60-70% of the sampled thickness. Lower grades were cut at 0.3 g/t Au lower cutoff over a maximum width of 3 m with higher grades cut at 5.0 g/t Au cutoff over a maximum of 1 m width, unless otherwise stated.

Update on Current Drilling

Drilling with three rigs is in progress at Sunday Creek. Five holes (SDDSC068, 73, 74, 76, 78) are currently being geologically processed and analysed, with three holes (SDDSC077B, 79, 80) in drill progress (Figure 4). A fourth rig is being upgraded and is expected to return to the site over the next 4 weeks.

Twelve holes (SDDTS001-7, SDDCN001 and SDDLV001-4) for 2,383 m (including two redrilled collars) have now been completed at the Leviathan - Consols - Tonstals regional area between 3.5 km to 7.5 km along strike from the main drill area (Figure 8). Results from initial holes are expected shortly.

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 (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)

Mawson Gold Limitedis an exploration and development company. Mawson has distinguished itself as a leading Nordic exploration company with its 100% owned flagship Rajapalot gold-cobalt project in Finland, and right to earn into the Skellefteå North gold project in Sweden. Mawson also currently owns 51% of Southern Cross Gold Ltd. (ASX:SXG) which in turn owns or controls three high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia.

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 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 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: Location of the Sunday Creek project, along with SXG's other Victoria projects.

Figure 2: Sunday Creek schematic plan from Christina to Apollo showing wide alteration halo and mineralisation.

Figure 3: Sunday Creek schematic cross section plan through host looking east, showing wide alteration halo and mineralisation with example core from hole SDDSC058.

Figure 4: Sunday Creek factual plan view showing the six drillholes (SDDSC067, 69-72, 75) reported in this press release (grey box), selected prior reported drill holes¹ and pending holes (yellow collar and trace).

Figure 5: Sunday Creek cropped cross section A-B (50 m influence) across the Rising Sun - Windsor Castle area looking towards the northwest showing mineralised veins sets, SDDSC067, 069 and 71 reported here and prior reported drill holes¹.

Figure 6: Sunday Creek cropped cross section C-D (50 m influence) across the Rising Sun - Windsor Castle area looking towards the northwest showing mineralised veins sets. SDDSC070reported here and prior reported drill holes shown¹.

Figure 7: Sunday Creek longitudinal section across E-F the plane of the dyke breccia host looking towards the north showing mineralised veins sets. SDDSC067, 69-72, 75 reported here and prior reported drill holes shown¹.

Figure 8: Sunday Creek regional plan view showing LiDAR, soil sampling, structural framework, regional historic epizonal gold mining areas and broad regional areas to be tested. Twelve holes (SDDTS001-7, SDDCN001 and SDDLV001-4) for 2,383 m (including two redrilled collars) have now been completed at the Leviathan - Consols - Tonstals regional area between 3.5 km to 7.5 km along strike from the main drill area (Figure 2). Results from initial holes are expected shortly.

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

Table 2: Tables of mineralised drill hole intersections reported from SDDSC066 using two cut-off criteria. Lower grades cut at 0.3 g/t lower cutoff over a maximum of 3 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 the six drillholes (SDDSC067, 69-72, 75) reported here >0.1g/t AuEq.

SOURCE: Mawson Gold Ltd.