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Michael Hudson, Mawson Interim CEO and Executive Chairman, states: "In a remarkable two-month span, SXG has hit the ultimate year-end quadrella at Sunday Creek, delivering extraordinary high-grade intersections across four distinct prospect areas. The sequential discoveries showcase the deposit's expansive high-grade nature over more than 1 km, starting with Christina's 1.7 m @ 254.0 g/t AuEq (9^th best intersection), followed by Golden Dyke's broad 5.5 m @ 26.1 g/t AuEq, then culminating in two bonanza-grade hits: Apollo's 0.5 m @ 2,544.0 g/t AuEq (4^th best) and Rising Sun's 0.16 m @ 3,352.0 g/t AuEq (7^th best). This success across multiple prospect areas, yielding three top ten intersections in the project's history, validates the robust nature of the mineralisation system and highlights the effectiveness of the company's structural targeting methodology in this high-grade epizonal gold-antimony system.

"Today's results continue to demonstrate the exceptional high-grade nature and expanding scale of the Sunday Creek mineralised system. SDDSC144 has delivered outstanding results including 242.1 m at 6.0 g/t Au (uncut), traversing eight distinct high-grade vein sets. Most notably, SDDSC144 produced one of our highest-grade intersections to date with 0.16 m @ 3,330 g/t Au intersected within a deep high-grade zone of this impressive epizonal system. Many of the other 8 vein sets in the same drill hole reported wide and high-grade results including 4.1 m @ 40.2 g/t Au and 3.6 m @ 114.6 g/t Au. In addition, SDDSC129, our deepest hole to date at 1,270 m, successfully extended known mineralisation with significant high-grade gold intersections up to 100 m below previously drilled mineralisation.

"With five drill rigs currently operating and plans to drill 60,000 m through to Q3 2025, we are well-positioned to continue expanding this remarkable epizonal gold-antimony system, which grows more impressive with each new result."

Drill Hole Discussion

Results from drill holes SDDSC129 and SDDSC144 (Figures 1 and 2) are announced here from the Rising Sun prospect at the 100%-owned Sunday Creek Gold-Antimony Project in Victoria (Figure 4).

Drill hole SDDSC144 delivered outstanding results at Sunday Creek, intercepting multiple high-grade gold-antimony veins across a 270 m prospective corridor. The hole, which was strategically drilled parallel to the dyke/breccia/altered sediment host and at a high angle to the mineralised vein sets, returned a 242.1 m @ 6.0 g/t gold (uncut) traversing eight distinct high-grade vein sets. Five vein sets represent down-dip extensions of 25 m to 55 m and three are infill intersections. Highlights included 3.6 m @ 117.3 g/t AuEq (114.6 g/t Au, 1.4% Sb) from 748.8 m (Photo 1) and most notably, the hole produced one of the project's highest-grade intersections to date, returning 0.16 m at 3,352.0 g/t AuEq (3,330.0 g/t Au, 11.7% Sb) from 776.6 m (Photo 2), ranking as the seventh-best composite interval and containing the fourth-highest gold assay in the project's history.

The high-grade nature of mineralisation is further demonstrated by ten intervals exceeding 100 g/t Au, with values up to 3,330.0 g/t Au, and four intervals containing more than 2% antimony, reaching a maximum of 11.7% Sb. The hole has significantly contributed to the project's high-grade inventory, adding four new >100 g/t AuEq * m intercepts and one intersection in the 50 to 100 g/t AuEq * m range (at a 2.0 m @ 1.0 g/t AuEq cutoff), bringing the project total to fifty-four high-grade intersections.

These results continue to demonstrate the high-grade nature and expanding scale of the Sunday Creek mineralised system, with successful extensions of known mineralised shapes and the discovery of new high-grade vein sets within the exploration target area. Extended highlights for SDDSC144 include:

• 3.4 m @ 1.8 g/t AuEq (1.1 g/t Au, 0.3% Sb) from 545.3 m

• 6.3 m @ 2.5 g/t AuEq (1.7 g/t Au, 0.4% Sb) from 554.0 m

• 15.7 m @ 12.0 g/t AuEq (11.4 g/t Au, 0.3% Sb) from 567.1 m, including:

  • 4.1 m @ 40.8 g/t AuEq (40.2 g/t Au, 0.3% Sb) from 568.9 m

• 1.9 m @ 2.4 g/t AuEq (1.8 g/t Au, 0.3% Sb) from 591.7 m

• 1.0 m @ 4.0 g/t AuEq (3.9 g/t Au, 0.0% Sb) from 596.6 m

• 0.7 m @ 193.5 g/t AuEq (193.4 g/t Au, 0.1% Sb) from 609.3 m

• 0.5 m @ 87.1 g/t AuEq (84.8 g/t Au, 1.2% Sb) from 632.5 m, including:

  • 0.2 m @ 210.6 g/t AuEq (206.0 g/t Au, 2.5% Sb) from 632.5 m

• 3.7 m @ 1.5 g/t AuEq (0.9 g/t Au, 0.3% Sb) from 638.0 m

• 0.5 m @ 7.7 g/t AuEq (7.6 g/t Au, 0.1% Sb) from 650.0 m

• 1.0 m @ 4.2 g/t AuEq (3.9 g/t Au, 0.2% Sb) from 656.0 m

• 5.8 m @ 4.8 g/t AuEq (4.3 g/t Au, 0.3% Sb) from 659.4 m, including:

  • 0.4 m @ 56.8 g/t AuEq (56.1 g/t Au, 0.4% Sb) from 664.8 m

• 3.6 m @ 18.2 g/t AuEq (18.2 g/t Au, 0.0% Sb) from 697.4 m, including:

  • 1.2 m @ 55.3 g/t AuEq (55.2 g/t Au, 0.1% Sb) from 697.4 m

• 1.2 m @ 2.7 g/t AuEq (2.5 g/t Au, 0.1% Sb) from 719.5 m

• 2.2 m @ 1.4 g/t AuEq (1.3 g/t Au, 0.0% Sb) from 733.9 m

• 2.8 m @ 0.8 g/t AuEq (0.7 g/t Au, 0.1% Sb) from 743.5 m

• 3.6 m @ 117.3 g/t AuEq (114.6 g/t Au, 1.4% Sb) from 748.8 m, including:

  • 0.6 m @ 653.6 g/t AuEq (639.8 g/t Au, 7.3% Sb) from 751.8 m

• 0.16 m @ 3,352.0 g/t AuEq (3,330.0 g/t Au, 11.7% Sb) from 776.6 m

Drill hole SDDSC129 is the deepest hole (1,269.8 m) drilled to date at Sunday Creek, successfully extended known mineralisation. The hole served as a crucial control hole for SDDSC144, effectively defining the system's southern margins and leading to the discovery of high-grade mineralisation 30 m north of the subsequently drilled SDDSC144. Mineralisation remains open to the north of SDDSC144.

SDDSC129 intercepted three distinct high-grade vein sets. The most significant intersection returned 1.5 m @ 21.5 g/t AuEq (21.5 g/t Au, 0.0% Sb) from 1,238.6 m, representing the equal-deepest high-grade intercept on the project to date. This intersection is significant, extending mineralization 100 m down-dip from previous drilling.

The hole extended known mineralisation by 52 m below SDDSC118 (which returned 3.6 m @ 124.8 g/t AuEq from 1,120.4 m). The high-grade nature of the mineralisation is demonstrated by six intervals exceeding 5 g/t Au, with values reaching up to 56.3 g/t Au. Extended highlights include:

• 1.1 m @ 2.8 g/t AuEq (2.8 g/t Au, 0.0% Sb) from 826.1 m

• 1.6 m @ 1.3 g/t AuEq (1.3 g/t Au, 0.0% Sb) from 830.2 m

• 0.8 m @ 8.4 g/t AuEq (8.4 g/t Au, 0.0% Sb) from 890.7 m

• 0.9 m @ 4.9 g/t AuEq (4.9 g/t Au, 0.0% Sb) from 1,079.2 m

• 1.5 m @ 21.5 g/t AuEq (21.5 g/t Au, 0.0% Sb) from 1,238.6 m, including:

  • 0.8 m @ 36.6 g/t AuEq (36.6 g/t Au, 0.0% Sb) from 1,239.3 m

• 1.6 m @ 1.8 g/t AuEq (1.8 g/t Au, 0.0% Sb) from 1,243.1 m

Pending Results and Update

Thirteen holes (SDDSC120W1, 140, 142, 146, 146W1, 147-151, 153, 155, 157) are currently being processed and analyzed, with five holes (SDDSC149W1, 152, 154, 155A, 157A) in progress (Figures 1 and 2).

Further Information

No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness. However, during future Mineral Resource studies, the requirement for assay top cutting will be assessed. The Company notes that due to rounding of assay results to one significant figure, minor variations in calculated composite grades may occur.

Figures 1 to 4 show project location, plan and longitudinal views of drill results reported here and Tables 2 to 4 provide collar and assay data. The true thickness of the mineralized intervals reported individually as estimated true widths ("ETW"), otherwise they are interpreted to be approximately 25% to 50% 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 unless otherwise* specified to demonstrate higher grade assays.

About Sunday Creek

The Sunday Creek epizonal-style gold project is located 60 km north of Melbourne within 16,900 hectares ("Ha") of granted exploration tenements. SXG is also the freehold landholder of 133.29 Ha that form the key portion in and around the main drilled area at the Sunday Creek Project and is closing on a 921.22 Ha (total 1,054.51 Ha or 2,605.8 acres) subject to Foreign Investment Board ("FIRB") approval.

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 sub-vertical 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 m depth extent from surface to 1,100 m below surface, are 2.5 m to 3.5 m wide (median widths) (and up to 10 m), and 20 m to 100 m in strike.

Cumulatively, 154 drill holes for 69,693.69 m have been reported by SXG (and Mawson Gold Ltd) from Sunday Creek since late 2020. An additional 12 holes for 582.55 m from Sunday Creek were abandoned due to deviation or hole conditions. Fourteen drillholes for 2,383 m have been reported regionally outside of the main Sunday Creek drill area. A total of 64 historic drill holes for 5,599 m were completed from the late 1960s to 2008. The project now contains a total of fifty-four (54) >100 g/t AuEq x m and fifty-nine (59) >50 to 100 g/t AuEq x m drill holes by applying a 2 m @ 1 g/t lower cut.

Our systematic drill program is strategically targeting these significant vein formations, initially these have been defined over 1,350 m strike of the host from Christina to Apollo prospects, of which approximately 620 m has been more intensively drill tested (Rising Sun to Apollo). At least 67 ‘rungs' have been defined to date, defined by high-grade intercepts (20 g/t to >7,330 g/t Au) along with lower grade edges. Ongoing step-out drilling is aiming to uncover the potential extent of this mineralized system (Figure 3).

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 sub-greenschist facies and folded into a set of open north-west trending fold.

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.

Critical Metal Epizonal Gold-Antimony Deposits

Sunday Creek (Figure 4) is an epizonal gold-antimony deposit formed in the late Devonian (like Fosterville, Costerfield and Redcastle), 60 million years later than mesozonal gold systems formed in Victoria (for example Ballarat and Bendigo). Epizonal deposits are a form of orogenic gold deposit classified according to their depth of formation: epizonal (<6 km), mesozonal (6-12 km) and hypozonal (>12 km).

Epizonal deposits in Victoria often have associated high levels of the critical metal, antimony, and Sunday Creek is no exception. China claims a 56 per cent share of global mined supplies of antimony, according to a 2023 European Union study. Antimony features highly on the critical minerals lists of many countries including Australia, the United States of America, Canada, Japan and the European Union. Australia ranks seventh for antimony production despite all production coming from a single mine at Costerfield in Victoria, located nearby to all SXG projects. Antimony alloys with lead and tin which results in improved properties for solders, munitions, bearings and batteries. Antimony is a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world's energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors where it is a critical additive to primers in munitions.

The Chinese government placed export limits on September 15, 2024 on six antimony-related products. Additionally, the new policy bans gold-antimony smelting separation technology exports without permission from the ministry. This week China further ratcheted up supply pressure, imposing an outright ban on exports of gallium, germanium and antimony to the United States. This puts pressure on Western defence supply chains and negatively affect the supply of the metal and push up pricing given China's dominance of the supply of the metal in the global markets. This is positive for SXG as we are likely to have one of the very few large and high-quality projects of antimony in the western world that can feed western demand into the future.

Antimony represents approximately 20% in situ recoverable value of Sunday Creek at the gold equivalent calculation described below.

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 × 𝑆𝑏 (%).

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 × 𝑆𝑏 (%) 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 48.7% 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. 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Picture 1: Quartz stibnite vein with coarse visible gold at 751.9 m. Interval assayed 0.4 m @ 754 g/t Au and 11.4% Sb from 751.9 m. Scale 1mm markings.

Picture 2: Quartz stibnite vein with coarse visible gold at 776.6 m. Interval assayed 0.16 m @ 3,330 g/t Au and 11.7% Sb from 776.6 m. Scale across image approximately 16 cm.

Figure 1: Sunday Creek plan view showing selected results from holes SDDSC129 and SDDSC144 reported here (blue highlighted box, black trace), with 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 looking towards the north (striking 236 degrees) showing mineralized veins sets. Showing hole SDDSC129 and SDDSC144 reported here (blue highlighted box, black trace), with selected intersections and prior reported drill holes. The vertical extents of the vein sets are limited by proximity to drill hole pierce points. For location refer to Figure 1.

Figure 3: Sunday Creek regional plan view showing soil sampling, structural framework, regional historic epizonal gold mining areas and broad regional areas 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 4: Location of the Sunday Creek project, along with the 100% owned Redcastle gold-antimony project and simplified geology.

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

Table 2: Table of mineralized drill hole intersections reported from SDDSC129 and SDDSC144 using two cutoff criteria. Lower grades cut at 1.0 g/t AuEq 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 SDDSC129 and SDDSC144 reported here >0.1g/t AuEq..