Mawson Gold Limited announced further high-grade mineralization and two new vein sets from four drill holes (SDDSC083, 86, 89 and 90) between the historic Golden Dyke and Christina mining areas, at the Sunday Creek Project in Victoria, Australia, owned 100% by Southern Cross Gold Ltd. Sunday Creek is 100% owned by Southern Cross Gold ("SXG"), which is an ASX listed company owned 51% by Mawson. Four rigs continue to drill in the main drill area at Sunday Creek where 16 holes (SDDSC092-106, 109) are currently being geologically processed and chemically analyzed, and four holes (SDDSC0107, 108A, 110, 111) are in drill progress. Highlights: High-grade mineralization within two new vein sets have been drilled up to 250 m west and down to 240 m vertically below surface in a previously undrilled area: Drilled footprint of mineralization now extends more than 1.1 km in core area.

Results demonstrate further vein sets and the potential for multiple repeats and extensions of vein sets at depth in undrilled areas from the western most drilling at Rising Sun (SDDSC082) to Christina within a 700 m undrilled area. Mawson owns 93,750,000 shares of SXG (51%), valuing its stake at AUD 90.0 million (CAD 81.0 million) based on SXG's closing price on November 29, 2023 AEST. The area between Golden Dyke and the historic Christina mine has never been tested by drilling and this initial campaign has been successful in finding two new high grade vein sets.

With SDDSC090 hitting grades up to 0.4 m @ 42.6 g/t Au 250 m to the west of previous drilling, SXG has extended the strike of known mineralization by 29% to 1,100 m. Pending Results and Update. With four diamond drill rigs operating at site, and AUD 11.8 million cash (as of August 31, 2023) Southern Cross Gold has stated that it anticipates drilling an additional 19,000 m by April 2024. Cumulatively, 182 drill holes for 48,492 m have been completed at Sunday Creek.

Sixteen holes (SDDSC09 2-106, 109) of those holes are currently being processed and analyzed, with four additional holes (SDDSC107, 108A, 110,111) currently in progress. 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.

The Costerfield mine corridor, now owned by Mandalay Resources Ltd. contains two million ounces of equivalent gold (Mandalay Third Quarter 2021 Results), and in 2020 was the sixth highest-grade global underground mine and a top 5 global producer of antimony.XG considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd. in its Mandalay Technical Report, 2022 dated March 25, 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 USD 1,700 per ounce, an antimony price of USD 8,500 per tonne and 2021 total year metal recoveries of 93% for gold and 95% for antimony.