Southern Cross Gold Closes Third and Final Tranche of Private Placement

Vancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - May 20, 2025) - Southern Cross Gold Consolidated Ltd (TSXV: SXGC) (ASX: SX2) (OTC Pink: MWSNF) (FSE: MV3) ("SXGC", "SX2" or the "Company") is pleased to announce that it has closed the third and final tranche (the "Third Tranche") of its previously announced C$143M/A$162M private placement (the "Placement").

Pursuant to the closing of the Third Tranche, the Company issued 5,431,638 common shares (the "Shares" and each common share in the authorized structure of the Company, a "Common Share") of which 5,005,000 are converted to Chess Depositary Interests ("CDIs") each at a price of C$4.50 (A$5.10) for aggregate gross proceeds of C$24,442,371 to the Company. Each CDI represents one underlying Share on a one-for-one basis.

The net proceeds from the Placement are expected to deliver the following key milestones in the growth and development of the Sunday Creek Gold-Antimony Project, located 60 km north of Melbourne, Australia:

• C$53M for drilling targeted to establish an Inferred Resource by Q1 2027;
• C$27M for 1 km decline development to accelerate access to mineralization;
• C$4M for a Preliminary Economic Assessment in respect of Sunday Creek; and
• C$59M for exploration target expansion, regional exploration along the 12 km mineralized trend, working capital and G&A over three years.

Details of the Third Tranche

All Shares issued pursuant to the Third Tranche are subject to a statutory hold period of four-months and one day from the date of closing (the "Closing") expiring on September 21, 2025. CDIs issued under the Third Tranche cannot be converted into Common Shares for the purpose of trading such Shares in Canada until four months and one day have elapsed from the Closing. The Placement remains subject to final approval from the TSX Venture Exchange.

In connection with the closing of the Placement, the Company paid finders a cash commission of A$50,416.56 and issued to finders 335,116 Common Shares with respect of certain purchasers included on a president's list of the Placement.

The Third Tranche was completed under an offer to investors who qualify as professional or sophisticated investors under section 708(8), (10) and (11) of the Corporations Act 2001 (Cth) ("Corporations Act") in Australia for aggregate gross proceeds of A$25,525,500 from the issuance of 5,005,000 CDIs, and by way of private placement in reliance on available exemptions from the prospectus requirements in Canada and other permitted jurisdictions, for aggregate gross proceeds of C$1,919,871.00 from the issuance of 426,638 Shares.