Mawson Gold Limited announced results from 12 diamond drill holes for 2,367 m from regional drilling located between 4 km and 8 km along the same mineralized structure as the main drill area at the 100%-owned Sunday Creek Project in Victoria. The drilled mineralized footprint at Sunday Creek has now been extended for more than 8 km in east-west strike representing an 8-fold increase. Sunday Creek is 100% owned by Southern Cross Gold, which is an ASX listed company owned 51% by Mawson. Four rigs continue to drill in the main drill area where 21 holes (SDDSC079-99) are currently being geologically processed and chemically analyzed, with four holes (SDDSC092, 97A, 100, 101) in drill progress.

Highlights: The drilled footprint at Sunday Creek now extends for 8 km and remains open, representing an 8-fold increase in the previously drilled host to gold mineralization, demonstrating the district scale opportunities that exist for the project. High grade gold, with anomalous and broad (150 m) mineralized halo discovered in first drill holes ever drilled outside main drill area. Highlights include: SDDLV003: 0.5 m @ 15.7 g/t Au from 87.0 m (including visible gold); SDDLV004: 0.3 m @ 5.6 g/t Au from 73.4 m and 0.3 m @ 19.4 g/t Au from 100.7 m. Mineralization is the same style as the Sunday Creek main zone.

Mawson owns 93,750,000 shares of SXG (51%), valuing its stake at A$74.1 million (C$64.6 million) based on SXG's closing price on October 11, 2023 AEST. Results Discussion: A total of 12 holes for 2,367 m were completed at the Leviathan, Consols and Tonstal historic mining areas, located 5.0 km, 6.9 km and 7.9 km along strike respectively from the most westerly end of main project area. All holes hit anomalous gold, except SDDTS002 which hit an underground historic stopped out area.

These prospects are all contained within EL6163 that is 100% owned by SXG. Mineralization is the style same as Sunday Creek main zone with disseminated arsenopyrite and pyrite mineralization in NW-oriented veins that cut across a steeply dipping zone of intensely bleached, sericite-albitic siltstones, and sericite-carbonate-albite altered dyke rocks (the "host"). When looked at from above, in plan view, the host resembles the side rails of a ladder, where the mineralized veins are the rungs.

The host was intersected across the three drill areas that range from 50 m - 75 m wide. No significant antimony was intersected, and arsenic appears more common than in the main zone, perhaps suggesting drilling has tested a deeper level of the epizonal system in regional drilling. Leviathan: Four holes for 567.8 m were drilled at Leviathan.

Two intersected high-grade gold with visible gold noted in SDDLV003. Highlights included: SDDLV001: 20.0 m @ 0.2 g/t Au from 43.0 m; SDDLV002: 0.9 m @ 0.9 g/t Au from 47.7 m; SDDLV002: 4.8 m @ 0.4 g/t Au from 66.0 m; SDDLV003: 1.4 m @ 1.3 g/t Au from 71.4 m, including 0.8 m @ 1.9 g/t Au from 71.4 m; SDDLV003: 7.0 m @ 1.6 g/t Au from 85.0 m; including 0.5 m @ 15.7 g/t Au from 87.0 m; SDDLV004: 0.3 m @ 5.6 g/t Au from 73.4 m and 0.3 m @ 19.4 g/t Au from 100.7 m. Tonstal: Seven holes for 1,598.6 m were drilled at Tonstal. Drill hole SDDTS002 missed the mineralized host as it intersected an old stope with wooden support mined during from the early 1900's, located 90 m vertically below surface in drillhole SDDTS002 (from 103.0 m to 107.6 m).

This suggests further high grades at depth remain to be found. SDDTS001: 2.8 m @ 0.6 g/t Au from 99.4 m; including 0.8 m @ 1.2 g/t Au from 99.4 m; SDDTS003: 4.8 m @ 0.2 g/t Au from 99.9 m; SDDTS004A: 5.1 m @ 0.2 g/t Au from 133.6 m; SDDTS005A: 0.4 m @ 1.0 g/t Au from 170.0 m; SDDTS006: 1.0 m @ 0.6 g/t Au from 255.3 m; SDDTS006: 13.5 m @ 0.2 g/t Au from 277.5 m; including 0.7 m @ 1.2 g/t Au from 277.9 m. Consols: One hole for 200.5 m was drilled at Consols. The mineralized structure appears to dip to the south and therefore was not intersected in the drillhole.

Float with visible gold was found around the old mine shafts at Consols while drilling was ongoing. Upcoming field mapping will provide further understanding. Pending Results and Update: With four diamond drill rigs operating at site, the company has stated that it will drill an additional 22,000 m by April 2024, with 23,034 m drilled so far in 2023.

Demonstrating Volume: Twenty-one holes (SDDSC79--99) are currently being geologically processed and chemically analysed, with four holes (SDDSC092, 97A, 100, 101) in drill progress. Demonstrating Scale: Twelve holes (SDDTS001-7, SDDCN001 and SDDLV001-4) for 2,383 m (including two redrilled collars) are reported here from the Leviathan - Consols - Tonstal regional area between 4 km to 8 km along strike from the main drill area. Demonstrating Grade: Preliminary visual geological logs of SDDSC082, SDDSC091, SDDSC092 and SDDSC094A at Rising Sun and hole SDDSC097A from Apollo have intersected multiple zones of mineralization with visible gold noted in certain restricted zones.

Assays are pending.