Mawson’s Subsidiary Southern Cross Gold Lists on the ASX
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE May 17, 2022
Mawson’s Subsidiary Southern Cross Gold Lists on the ASX
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Compa n y ” ) ( T S X : M A W ) ( F r a n k f u r t : M X R )
(PINKSHEETS: MWSNF) reports that its majority-owned Australian subsidiary, Southern Cross Gold Ltd (“SXG”), has
announced it has closed its initial public offering (“IPO”). Its common shares commenced trading on the Australian Securities
Exchange (“ASX”) on the 16th of May, 2022.
Takeaways for Mawson Shareholders:
SXG has raised A$9.1 million in its IPO, bringing total raised since January 2022 to A$11.8 million
SXG Market capitalization of A$32 million (A$19.2 million for Mawson’s 60.3% interest) based on
the end of its first day of trading closing price of A$0.205 per share
SXG will focus exploration at Sunday Creek
o 10 new drill holes have now been sent for assay with results to flow as they are received
o Previously reported highlight drill intersections included 21.7 metres @ 4.7g/t gold and
1.0% antimony, and 3.0 metres @ 41.4g/t gold and 12.0% antimony
Strong support of the IPO is an endorsement of SXG’s Australian projects and strengthens the
asset base of Mawson.
SXG has its own management team, self-funding capability and access to additional capital
through its listing on the ASX.
Ivan Fairhall, Mawson CEO, states : “This successful IPO clearly demonstrates the value created f or Mawson
shareholders, through careful project identification, skilled exploration effort, and considered capital markets
strategizing. The C$17.2 million market cap of our SXG stake eq uates to over half of Mawson’s total market
capitalization today, and this helps us shine a light on the va lue upside potential of our million-ounce gold
equivalent inferred resource in Finland – to be articulated wit h our in-progress PEA and ongoing exploration
efforts at Rajapalot and Skellefteå North.
SXG is now well funded for future success in exploring its exciting new discovery portfolio, and Mawson is very
pleased to maintain a strategic stake in this business. On beha lf of the Board of Mawson, I thank the SXG
team for its hard work and congratulate them on this significant achievement.”
Southern Cross’ news release dated 16th May is enclosed. Additional information may be found on SXG’s website at
www.southerncrossgold.com.au
Technical Background and Qualified Person
C$ conversions of A$ values completed at an exchange rate of 1.118.
The Qualified Person, Michael Hudson, Executive Chairman of Maw son Gold, and a Fellow of the Australasian Institute of
Mining and Metallurgy, has reviewed and verified the technical contents of this release.
Gold equivalent “AuEq” = Au+(Co/1005) based on assumed prices of cobalt US$23.07/lb and gold US$1,590/oz. Details of
Mawson’s Inferred Mineral Resource can be read in the Company’s news release dated August 26, 2021 (here).
About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited is an exploration and development company with its flagship Rajapalot gold-cobalt project in Finland now entering
technical de-risking stages. 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 joint venture into three high-grade, historic epizonal
goldfields covering 470 km² in Victoria, Australia, through Southern Cross Gold Ltd, which has successfully listed on the ASX. Mawson’s
60.3% ownership interest in Southern Cross 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 Isa project in Queensland, the Redcastle and Whroo
joint ventures in Victoria, Australia, and a strategic 10% holding in the ASX listed Nagambie Resources Limited (ASX:NAG) which grants
it 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
Forward-Looking Statement
This news release contains forward-looking statements or forwar d-looking information within the meaning of applicable securiti es laws
(collectively, "forward-looking statements"). All statements he rein, other than statements of h istorical fact, are forward-loo king
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 fo rward-
looking statements as a result of various factors, including, M awson’s expectations regarding its ownership interest in Southe rn Cross
Gold, capital and other costs va rying significantly from estima tes, changes in world metal markets, changes in equity markets, th e
potential impact of epidemics, pandemics or other public health crises, including the current pandemic known as COVID-19 on th e
Company’s business, risks related to negative publicity with re spect to the Company or the mining industry in general; planned drill
programs and results varying from expectations, delays in obtai ning results, equipment failure, unexpected geological conditio ns, 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 he ading "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.