Highlights for Mawson Shareholders:

1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7

Phone: +1 604 685 9316 / Fax: +1 604 683 1585

NEWS RELEASE October 4, 2022

Mawson’s Subsidiary SXG Drills 21.5 m @ 15.0 g/t AuEq in 350 Metre Step Out

at Sunday Creek, Victoria, Australia

Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR) reports

that its majority-owned Australian subsidiary, Southern Cross Gold Ltd (“SXG”), has reported further results from four

drill holes at its 100% owned Sunday Creek property, Victoria, Australia. Mawson owns 60% of SXG following its recent

initial public offering (“IPO”) on the Australian Securities Exchange (“ASX”).

Highlights for Mawson Shareholders:

 Drill hole SDDSC046 contains the highest grades of gold intersected at Sunday Creek, on a new

shoot ‘Rising Sun’ in a 350 m step out west of the ‘Apollo’ high-grade area. Highlights include:

o 21.5 m @ 15.0 g/t AuEq (12.2 g/t Au and 1.7% Sb) from 183.6 m, including 

 2.1 m @ 121.6 g/t AuEq (115.5 g/t Au and 3.9% Sb) from 199.0 m

o Abundant visible gold and assays up to 380.3 g/t Au over 0.4 m (Photos 1-3)

o 17th >100 g/t AuEq * m result from the Sunday Creek project area.

 Drill hole SDDSC043 drilled on the Rising Sun shoot 80 m below SDDSC046 and 45 m above MDDSC021

(21.7 m @ 6.2 g/t AuEq) drilled

o 12.5 m @ 2.4 g/t AuEq (1.1 g/t Au and 0.8% Sb) from 241.0 m, including

 2.8 m @ 4.8 g/t AuEq (3.0 g/t Au and 1.1% Sb) from 248.8 m

 Drill hole SDDSC044 extending continuity of the Apollo shoot, highlights include

o 0.5 m @ 11.3 g/t AuEq (11.3 g/t Au) from 172.5 m

o 7.6 m @ 8.3 g/t AuEq (3.8 g/t Au and 2.8% Sb) from 242.3 m

 Six holes pending assays, with drill testing three areas across 700 m strike and the deepest drilling to

date undertaken.

Ivan Fairhall, Mawson CEO, states : “A noth er ‘be st to d ate’ fr om SXG at S un day Cree k! Th is tim e the

highest-grade mineralization to date, intersected in a new area at Rising Sun, located 350 metres from the

Apollo shoot which included the earlier spectacular result in S DDSC033 of 119m at 3.9 g/t AuEq. Results

like this reiterate the quality of SXG’s discovery in Victoria, home to the highest grade and 10th largest gold

mine globally. Mawson remains SXG’s largest shareholder, as it focuses on its upcoming Rajapalot PEA to

be released this month, and exploration programs in Finland and Sweden.”

Results Discussion

SXG reports that the developing Rising Sun shoot has now been t ested to 260 m vertically below surface with single

holes extending mineralization down the axis of the mineralized shoot and in the plane of the 50-100 m wide north

dipping host sequence consisting of dioritic dykes and related intrusive breccias. Mineralized shoots at Sunday Creek

are formed at the intersection of the sub-vertical to shallower dipping 330 degree striking mineralized veins and host

breccia structure.

The Rising Sun shaft extended to 45 m depth below surface from mining in the late 1800s. Drillholes SDDSC043 and

SDDSC046 were designed to drill down the dip of the diorite-dyke structure below historic mining and drilling, including

VCRC022:

 2.0 m @ 44.1 g/t AuEq (42.2 g/t Au and 1.0% Sb) from 70.0 m

 1.0 m @ 20.0 g/t AuEq (16.9 g/t Au and 2.0% Sb) from 80.0 m

SXG drill hole SDDSC046, reported here, drilled 75 m below VCRC 022, intersected extremely high-grade intersections

of gold-antimony mineralization. The hole is significant as it demonstrates the highest grades of gold seen on the project

to date developing in a new area 350 m to the west of the Apollo area. SDDSC046 highlights include:

 21.5 m @ 15.0 g/t AuEq (12.2 g/t Au and 1.7% Sb) from 183.6 m, including

o 0.2 m @ 40.4 g/t AuEq (12.7 g/t Au and 17.5% Sb) from 187.5 m

o 0.3 m @ 11.2 g/t AuEq (1.1 g/t Au and 6.4% Sb) from 191.3 m

o 0.6 m @ 19.5 g/t AuEq (0.3 g/t Au and 12.2% Sb) from 193.1 m

o 0.3 m @ 10.1 g/t AuEq (0.6 g/t Au and 6.0% Sb) from 194.8 m

o 1.1 m @ 21.0 g/t AuEq (5.2 g/t Au and 10.0% Sb) from 196.8 m

o 2.1 m @ 121.6 g/t AuEq (115.5 g/t Au and 3.9% Sb) from 199.0 m

SXG drill hole SDDSC043, reported here, was drilled 80 m below SDDSC046, and 45 m above MDDSC021 (21.7 m @

6.2 g/t AuEq) drilled:

 12.5 m @ 2.4 g/t AuEq (1.1 g/t Au and 0.8% Sb) from 241.0 m including

o 0.5 m @ 13.7 g/t AuEq (1.8 g/t Au and 7.6% Sb) from 241.4 m

o 0.8 m @ 6.2 g/t AuEq (2.6 g/t Au and 2.3% Sb) from 243.1 m

o 2.8 m @ 4.8 g/t AuEq (3.0 g/t Au and 1.1% Sb) from 248.8 m

MDDSC020, drilled between SDDSC043 and SDDSC046 was drilled off the main high grade mineralized trend (as shown

in Figures 3 and 5). The hole intersected:

 15.0 m @ 2.0 g/t AuEq (1.3 g/t Au and 0.4% Sb) from 207.0 m, including

o 1.0 m @ 8.8 g/t AuEq (8.4 g/t Au and 0.2% Sb) from 207.0 m

o 0.7 m @ 8.2 g/t AuEq (2.8 g/t Au and 3.5% Sb) from 216.7 m

The deepest hole drilled at Rising Sun to date is MDDSC021, which intersected:

 21.7 m @ 6.2 g/t AuEq (4.7 g/t Au and 1.0% Sb) from 274.7 m, including

o 0.4 m @ 177.1 g/t AuEq (145.5 g/t Au and 20.0% Sb) from 277.0 m

o 1.1 m @ 31.1 g/t AuEq (19.2 g/t Au and 7.5% Sb) from 280.4 m

o 0.4 m @ 19.8 g/t AuEq (14.7 g/t Au and 3.3% Sb) from 287.4 m

The Rising Sun shoot remains open at depth below MDDSC021 and i s currently being tested by drillhole SDDSC050,

which remains in progress (Figure 2).

Gold is often visible at Sunday Creek, yet repeatability of gol d assays is good throughout the highest-grade samples

with no evidence of nuggety gold. For example, half core repea ts from SDDSC046 returned 427 g/t Au (laboratory

repeat on pulp 411 g/t Au) and 325g/t Au (laboratory repeat 358 g/t Au). Similar repeatability is demonstrated on other

high-grade quarter-core and laboratory repeat samples.

Drill hole SDDSC041, also reported here (Figure 2) was drilled at the shallow levels of Rising Sun east of high-grade

mineralisation. Minor gold and antimony mineralization was intersected (Table 3).

Drilling in other areas also continued with drillhole SDDSC044, reported here, drilled on the Apollo shoot to infill a gap

around two “near miss” holes (MDDSC017 and MDDSC027), and 90 m above MDDSC025 (11.7 m @ 18.0 g/t AuEq,

including 0.5 m @ 21.2 g/t AuEq). SDDSC044 was successful and continuity in the Apollo shoot going to depth has been

validated. SDDSC044 highlights include:

 0.5 m @ 11.3 g/t AuEq (11.3 g/t Au) from 172.5 m

 7.6 m @ 8.3 g/t AuEq (3.8 g/t Au and 2.8% Sb) from 242.3 m, including

o 1.7 m @ 17.6 g/t AuEq (11.1 g/t Au and 4.1% Sb) from 243.1 m

o 1.9 m @ 16.6 g/t AuEq (4.1 g/t Au and 7.9% Sb) from 248.0 m

 0.7 m @ 9.3 g/t AuEq (0.7 g/t Au and 5.5% Sb) from 275.4 m

Drilling with two rigs continues a t three locations at Sunday C reek: Apollo, Rising Sun (located 400 m to the west of

Apollo) and Golden Dyke (locate d 700 m west of Apollo). Four ho les (SDDSC042, 45, 47, 49, plus one abandoned

SDDSC048) have been drilled and ar e being processed and analyse d, with two holes (SDDSC048A, SDDSC050) in

progress (Figure 2).

Figures 1-5 show project location and plan, longitudinal and cross section views of drill results reported here, and Tables

1–3 provide collar and assay data. The true thickness of the mineralized intervals is interpreted to be approximately 60-

70% of the sampled thickness of high-grade mineralization. All drill results quoted have a lower cut of 0.3 g/t Au cut

over a 3.0 m width, with higher grades reported with a 5 g/t Au cut over 1.0 m.

Geological and Scale Comparison to Other Victorian Epizonal Deposits

S X G c o n s i d e r s S u n d a y C r e e k t o h a v e t h e p o t e n t i a l t o b e a t r u l y significant exploration discovery in Victoria with

seventeen (17) >100 cumulative grade x metres (“AuEq g/t x m”) holes now intersected.

Sunday Creek has a 10 km mineralized trend that extends beyond the drill area and is defined by historic workings and

soil sampling which have yet to receive any exploration drilling and offers potential future upside.

The Sunday Creek epizonal-style gold project is located 60 km n orth of Melbourne within 19,365 hectares of granted

exploration tenements. SXG is also the freehold landholder of 132.64 hectares that forms the key portion in and around

the drilled area at the Sunday Creek Project.

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, minor sandstones metamorphosed

to sub-greenschist facies and folded into a set of open NW trending folds. Mineralization at Sunday Creek is controlled

by veining, stibnite-gold-matrix breccias and brittle faults. The immediate host for mineralization is a zone of intensely

altered white mica-pyritic siltstones, and white mica-pyrite-carbonate altered dyke rocks.

As is typical for epizonal deposits like Fosterville and Costerfield, gold (locally visible) at Sunday Creek is hosted in quartz

and carbonate veins, with a later intense stibnite-bearing vein and breccia overprint. A larger arsenic anomaly is

associated with the gold mineralization, mostly represented by arsenian-pyrite but developing to arsenopyrite-bearing

zones with a clear spatial relationship to high-grade gold.

Additional information may be found in Southern Cross’ news release d a t e d 4th October, and on its website at

www.southerncrossgold.com.au.

Technical Background and Qualified Person

The Qualified Person, Michael Hudson, Executive Chairman and a d i r e c t o r o f M a w s o n G o l d , a n d a F e l l o w o f t h e

Austral asian Institut e of Mining and Metallurgy, has reviewed, verified and approved the technical contents of this

release.

Analytical samples are transport ed to the Bendigo facility of O n 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.

Gold equivalent “AuEq” for Sunday Creek is = 𝐴𝑢 (𝑔/𝑡) + 1.58 × 𝑆𝑏 (%) based on assumed prices of gold US$1,700/oz

Au and antimony US$8,500/metal tonne, and total year metal recoveries of 93% for gold and 95% for antimony. Given

the geological similarities of the projects, this formula has been adopted to align to TSX listed Mandalay Resources Ltd

Technical Report dated 25 March 2022 on its Costerfield project, which is located 54 km from Sunday Creek and which

historically processed mineralization from the property.

About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)

Mawson Gold Limited is an exploration and development company with its flagship Raj apalot gold-cobalt project in Finland now

entering technical study stages to de-risk its inferred resourc e and exploration growth program . Alongside ongoing exploration at

Rajapalot, Mawson holds an option to earn up to 85% in the Skelleftea Gold Project in Sweden. Mawson also has a significant majority

interest in the ownership or joi nt venture into three high-grade, historic epizonal goldfields covering 470 km² in Victoria, A ustralia,

through Southern Cross Gold Ltd. (“Southern Cross”), which shares have successfully listed on the ASX. Mawson currently holds 60%

ownership interest in Southern Cross, which is escrowed until May 16, 2024.

About Southern Cross Gold Ltd (ASX:SXG)

Southern Cross Gold holds the 100%-owned Sunday Creek project in Victoria and Mt I sa project in Queensland, the Redcastle and

Whroo joint ventures in Victoria, Australia, and a strategic 10% holding in ASX-listed Nagambie Resources Limited (ASX:NAG) which

grants Southern Cross a Right of First Refusal over a 3,300 square kilometre tenement package held by NAG in Victoria.

On behalf of the Board,

"Ivan Fairhall"

Ivan Fairhall, CEO

Further Information

www.mawsongold.com

1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7

Mariana Bermudez (Canada), Corporate Secretary

+1 (604) 685 9316 [email protected]

Forward-Looking Statement

This news release contains forwa rd-looking statements or forwar d-looking information within the meaning of applicable securiti es

laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking

statements. Although Mawson belie ves that such statements are r easonable, 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 the ir nature, refer to future events. Mawson cautions investors th at 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 signifi cantly from estimates, changes in world metal markets, changes in

equity markets, the potential impact of epidemics, pandemics or other public health crises, including the current pandemic known as

COVID-19 on the Company’s business, risks related to negative p ublicity with respect to the Comp any or the mining industry in

general; exploration potential being conceptual in nature, ther e being insufficient exploration to define a mineral resource o n 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, environmen tal

and safety risks, and other risks and uncertainties disclosed u nder 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 plan view showing locations of drillholes for results reported in this announcement and pending holes.

Figure 3: Sunday Creek longitudinal section of Rising Sun shoot looking towards 100 degrees showing drillholes SDDSC041/43/46 reported here (100 m wide)

Figure 4: Sunday Creek Apollo longitudinal section of main Apollo shoot looking towards 300 degrees showing drillhole SDDSC040 reported here (30 m wide)