Mawson Announces Update on Its Exercise of Participation Rights in SXG’s Rights Issue

VANCOUVER, BC / ACCESSWIRE / May 14, 2024 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) announces that further to its news release of April 4, 2024, the Company has fully exercised its participation rights in the previously announced rights issue (the "Rights Issue") by Southern Cross Gold Ltd. ("Southern Cross Gold" or "SXG") with the aim of maintaining the Company's ownership interest of 50.6% in SXG. The Rights Issue closed on May 9, 2024.

Prior to the Rights Issue, Mawson held 93,750,000 SXG shares which were placed into a 2-year escrow in connection with SXG's IPO in May 2022, pursuant to the rules of the Australian Securities Exchange ("ASX"). The 2-year ASX escrow expires on May 16, 2024. Pursuant to the Rights Issue, Mawson acquired 2,840,910 SXG shares at A$1.82 per SXG share for a total subscription of A$5,170,456.20. As at today's date, Mawson holds 96,590,910 SXG shares or 50.6% of SXG, on a non-diluted basis, based on SXG having 191,032,644 issued shares as at May 9, 2024. The market value of Mawson's ownership in SXG is A$286,875,003 (as at May 13, 2024). Mawson is currently evaluating all possible avenues to maximize shareholder value and provide its shareholders with direct access to SXG shares.

As announced by SXG, the net proceeds from the Rights Issue are expected to be mainly used by SXG to continue to drill SXG's 100% owned Sunday Creek gold-antimony project over the next year. Additional details regarding SXG's Rights Issue may be found at www.southerncrossgold.com.au.

About Mawson Gold Limited (TSXV:MAW)(FRANKFURT:MXR)(OTC PINK:MWSNF)

Mawson Gold Limited has distinguished itself as a leading Nordic exploration company. Over the last decades, the team behind Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and Australia. Mawson holds the Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds 50.6% of Southern Cross Gold Ltd. (ASX:SXG) which owns or controls three high-grade, historic epizonal goldfields covering 470 km² in Victoria, Australia, including the exciting Sunday Creek Au-Sb discovery.

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