Sunday Creek, Victoria, Australia

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

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

NEWS RELEASE May 1, 2023

Mawson’s Subsidiary SXG Intersects 14.6 m @ 7.3 g/t AuEq incl. 1.0 m @ 73.8 g/t AuEq at

Sunday Creek, Victoria, Australia

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

(Frankfurt:MXR) (PINKSHEETS: MWSNF) announces results from three further drill holes (SDDSC059, 60 and

62) at the Sunday Creek Project in Victoria (Figure 1). 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 both in the main

drill area and up to 7.5 km along strike at the Tonstal prospect with 12 holes being processed and analyzed

and four in drill progress. Mineralization now extends in the main drill area over 1,350 m from Christina in

the far west to SDDSC063.

Highlights:

• High-grade gold intersected in drill hole SDDSC059 (Figs 2-7), which was designed to test

continuity and grade of a new vein set at depth. Highlights from SDDSC059 included:

• 14.6 m @ 7.3 g/t AuEq (6.3 g/t Au, 0.6 %Sb) from 569.8 m including:

 0.7 m @ 6.3 g/t AuEq (5.3 g/t Au, 0.6 %Sb) from 573.2 m

 2.7 m @ 7.7 g/t AuEq (3.6 g/t Au, 2.6 %Sb) from 575.3 m

 1.0 m @ 73.8 g/t AuEq (73.7 g/t Au, 0.1 %Sb) from 583.0 m

• Two drill holes at Golden Dyke (SDDSC060, SDDSC062) tested the most easterly vein set at Golden

Dyke. Both holes intersected 30 - 40 m wide zones of low -grade mineralization. Higher grades

within SDDSC062 included:

• 4.4 m @ 1.6 g/t AuEq (1.6 g/t Au, 0.0 %Sb) from 279.8 m, including:

 0.8 m @ 6.1 g/t AuEq (6.1 g/t Au, 0.0 %Sb) from 281.0 m

• 1.2 m @ 2.7 g/t AuEq (1.9 g/t Au, 0.5 %Sb) from 291.4 m

• 10.0 m @ 1.5 g/t AuEq (0.7 g/t Au, 0.5 %Sb) from 306.0 m, including:

• 0.5 m @ 5.1 g/t AuEq (1.3 g/t Au, 2.4 %Sb) from 310.5 m

• SXG has four rigs drilling at Sunday Creek, three in the main drill area and the fourth up to

7.5 km along strike at the Tonstal prospect with 12 holes being processed and analyzed and four

in drill progress.

• Mawson owns 93,750,000 shares of SXG (51%), valuing its stake at A$60.1 million (C$54.6 million)

based on SXG’s closing price on April 28, 2023.

Noora Ahola, Mawson Interim CEO, states: “The team at Southern Cross Gold continue to deliver

great results at the Sunday Creek property. Today’s announcement demonstrates continuity of

high-grade mineralization and their ability to predict mineralized vein sets. SDDSC059 was

specifically designed to a locate a new vein set predicted to be 25 metres along strike from its

successful SDDSC050 and delivered 14.6 m @ 7.3 g/ t AuEq including 1.0 m @ 73.8 g/ t

AuEq .

The exploration strategy undertaken by SXG is generating industry leading hit rates of width and

predictable high grades including up to 305.8 m @ 2.4 g/t AuEq and up to 0.3 m @ 363.5 g/t

Au. This strategy has proven successful at unlocking value at other significant discoveries in

Victoria, Australia and internationally.”

Results Discussion

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

granted exploration tenements. SXG is also the freehold landholder of 133 hectares that forms the key portion

in and around the drilled area at the Sunday Creek Project.

Sunday Creek has an 11 km mineralized trend that extends beyond the main drill area and is defined by

historic workings and soil sampling which is being drill tested for the very first time with the fourth drill rig

which mobilized to site just over a week ago.

Rising Sun Prospect

At Rising Sun, SDDSC059 (14.6 m @ 7.3 g/t AuEq including 1.0 m @ 73.8 g/t AuEq) was designed

to test a new vein set 25 metres along strike and at a high angle from SDDSC050 (5.0 m @ 36.1 g/t AuEq

including 0.4 m @ 158.7 g/t AuEq). The cross section shown in Figure 4 and the horizontal plan at -300 m

RL (620 m vertically below surface) in Figure 4 show the relationship between these holes and the predictable

high-grade within the multiple individual north-west trending veins sets.

Golden Dyke Prospect

Two drill holes at Golden Dyke (SDDSC060, SDDSC062) tested the most easterly vein set at this prospect.

Both of holes the holes reported here intersected wide zones of low-grade mineralization and further drilling

is required to understand the controls on high -grade mineralization at Golden Dyke, which was the largest

and deepest producer in the historical goldfield and is the most westerly of the prospects drilled by SXG to

date. Further work is therefore necessary at this high potential prospect.

SDDSC060 intersected the halo to mineral ization with broad and low -grade gold and arsenic noted within

an intersection of 38.4 m @ 0.1 g/t AuEq (0.1 g/t Au, 0.0 %Sb) from 189.4 m. Visible gold was observed in

a narrow vein at 224 m.

SDDSC062 was drilled 70 m lower in the same vein. Wider zones of low -grade mineralization were also

intersected including 13.6 m @ 0.7 g/t AuEq (0.7 g/t Au, 0.0 %Sb) from 270.6 m and 27.6 m @ 0.8 g/t AuEq

(0.5 g/t Au, 0.2 %Sb) from 291.4 m. Higher-grade intervals included 4.4 m @ 1.6 g/t AuEq (1.6 g/t Au,

0.0 %Sb) from 279.8 m including 0.8 m @ 6.1 g/t AuEq (6.1 g/t Au, 0.0 %Sb) from 281.0 m, 1.2 m @

2.7 g/t AuEq (1.9 g/t Au, 0.5 %Sb) from 291.4 m and 10.0 m @ 1.5 g/t AuEq (0.7 g/t Au, 0.5 %Sb)

from 306.0 m including 0.5 m @ 5.1 g/t AuEq (1.3 g/t Au, 2.4 %Sb) from 310.5 m.

Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG

website at www.southerncrossgold.com.au

Update on Current Drilling

Drilling with four rigs is in progress at Sunday Creek at the Rising Sun, Apollo and Tonstal prospects. Twelve

holes (SDDSC064, 66, 67, 68, 69, 71, 72 and SDDTS001 -5) are being geologically processed and analyzed,

with four holes (SDDSC070, 73, 74, and SDDTS006) in drill progress (Figure 2). These holes will provide

continual news flow. Drill holes awaiting assays or in progress include the deepest drill holes drilled on the

project at Rising Sun (SDDSC064/67/70) and Apollo (SDDSC066/68). SDDSC064 is the first hole to exceed 1

km in length o n the project, terminating at 1013.5 m. SDDSC068 has been temporarily halted at 959.4 m

below Apollo awaiting an upgrade to a new drill feed rail to allow deeper drilling to continue.

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 equiv alent 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, 2022 dated 25 March 2022. The gold equivalence formula used by Mandalay

Resources was calculated using recoveries achi eved at the Costerfield Property Brunswick Processing Plant

during 2020, using a gold price of US$1,700 per ounce, an antimony price of US$8,500 per tonne and 2021

total year metal recoveries of 93% for gold and 95% for antimony, and is as follows: 𝐴𝐴𝐴𝐴𝐴𝐴𝑞𝑞 = 𝐴𝐴𝐴𝐴 (𝑔𝑔/𝑡𝑡) +

1.58 × 𝑆𝑆𝑆𝑆 (%).

Figures 1-7 show project location, plan, longitudinal and cross -sectional views of drill results reported here

and Tables 1–3 provide collar and assay data. The true thickness of the minerali zed intervals reported are

interpreted to be approximately 60-70% of the sampled thickness. Lower grades were cut at 0.3 g/t Au lower

cutoff over a maximum width of 3 m with higher grades cut at 5.0 g/t Au cutoff over a maximum of 1 m

width, unless otherwise stated.

For previously reported exploration results referenced in this news release, refer to the following:

December 14, 022 SDDSC050

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

Mawson Gold Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic exploration

company with its 100% owned flagship Rajapalot gold -cobalt project in Finland, and right to earn into the Skellefteå North gold

project in Sweden. Mawson also currently owns 51% of Southern Cross Gold Ltd (ASX:SXG) which in turn owns or controls three

high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia.

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 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.

On behalf of the Board,

"Noora Ahola "

Noora Ahola, Interim 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 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 wil l

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 t hat 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, including the current pandemic known as

COVID-19 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 disclosed under 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 holes reported in this press release (grey boxes), selected prior reported drill holes and pending holes (yellow collar and red

trace).

Figure 3: Sunday Creek cross section A-B (50 m influence) across the Rising Sun Shoot looking towards the NW showing dyke breccia host, sulphidic halo and interpreted

mineralized veins sets, SDDSC059 reported here and prior reported drill holes.

Figure 4: Sunday Creek level plan (100 m influence) at -300 m RL (620 m vertically below surface) at Rising Sun Shoot showing dyke breccia host, sulphidic halo and

interpreted mineralised veins sets.

Note the relationship between SDDSC059, reported here and SDDSC050.