SXG Drills 470 Metre Downdip Extension Below Historic Golden Dyke Mine Includes 0.4 m @ 44.4 g/t Gold, 0.6 m @ 14.6 g/t Au, and 0.2 m @ 29.0 g/t Au

Michael Hudson, Mawson Interim CEO and Executive Chairman, states: “Impressively, Sunday Creek continues to grow significantly beyond the exploration target area (Figure 2) with these new and important holes that show the system with high grades continuing almost half a kilometre below the most prolific mine on the 10km long historic Sunday Creek gold field. 

“SDDSC125 and SDDSC126 were drilled 190 m and 470 m respectively below the base of the old workings. Despite (purposely) drilling perpendicular to the host dyke breccia host rock (“rails”), and sub-parallel to the mineralized vein sets (“rungs’), both holes, and especially SDDSC126, were successful in intersecting high grade gold and antimony mineralization including 0.6 m @ 14.6 g/t Au, 0.2 m @ 29.0 g/t Au and 0.4 m @ 44.4 g/t Au.

“With these control holes now completed, the next step at Golden Dyke is to drill east to west holes at a high angle to the vein sets (“rungs”) to best test for mineralization below Golden Dyke. Three east to west holes (SDDSC130, 132, 138 – Figures 1 and 2) have already been completed with results pending. Given these new results, the Company has already planned a significant number of further holes under Golden Dyke.”

Drill Hole Discussion

Two drill holes (SDDSC125 and 126) are reported from the Golden Dyke prospect (Figures 1 and 2). Both holes were designed to drill at a high angle to the dyke/breccia host structure with the intention of locating the mineralized host structure at depth. Despite drilling sub parallel to the mineralized vein sets both holes, and especially SDDSC126, were successful in intersecting high grade mineralization and successfully tested the dyke/breccia host structure at depth, drilling an altered package (dyke/breccia and altered sediment halo) with an estimated true width of 20 m – 25 m.

Further Information is attached.

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 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 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 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 SEDAR. 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.