Mawson’s Subsidiary SXG Drills 305.8 m @ 2.4 AuEq (1.6 g/t Au, 0.5% Sb) at Sunday Creek, Victoria, Australia

Highlights:

Hole drilled to test under Rising Sun shoot, with mineralization continuing to a never-before-drilled area between Rising Sun and Apollo

• Deepest hole on the project by 404.5 m, intersecting nine separate mineralized zones, and at least eight new veins sets.
• Only 67% of the hole has been assayed so far down to 650 m. Drilling continued to 923.7 m with visible gold noted in restricted sections below assayed intervals (Photos 1-4). There is 270 m of core left to process.

8 m @ 2.4 g/t AuEq (1.6 g/t Au, 0.5% Sb) from 319.2 m (no lower cut) in SDDSC050. Higher grade zones (3 m @ 0.3 g/t AuEq lower cut) include:8 m @ 2.1 g/t AuEq (1.7 g/t Au, 0.3% Sb) from 319.2 m

• 5 m @ 4.9 g/t AuEq (4.2 g/t Au, 0.5% Sb) from 439.8 m
• 0 m @ 4.4 g/t AuEq (2.2 g/t Au, 1.4% Sb) from 475.0 m
• 8 m @ 11.5 g/t AuEq (10.4 g/t Au, 0.7% Sb) from 524.2 m
• 2 m @ 1.3 g/t AuEq (1.1 g/t Au, 0.2% Sb) from 533.0 m
• 6 m @ 4.7 g/t AuEq (2.1 g/t Au, 1.6% Sb) from 561.0 m
• 2 m @ 5.6 g/t AuEq (3.9 g/t Au, 1.1% Sb) from 578.9 m
• 7 m @ 3.2 g/t AuEq (1.0 g/t Au, 1.4% Sb) from 611.0 m
• 0 m @ 36.1 g/t AuEq (26.4 g/t Au, 6.2% Sb) from 620.0 m

12 high-grade intersections >20 g/t Au, including 5 grading >100 g/t Au with assays up to 181.0 g/t Au and 9.7% Sb (196.3 g/t AuEq) with multiple intersections that contained visible gold (Photos 1-4):4 m @ 63.9 g/t AuEq (59.8 g/t Au, 2.6% Sb) from 326.0 m

• 3 m @ 49.8 g/t AuEq (42.2 g/t Au, 4.9% Sb) from 343.5 m
• 4 m @ 44.5 g/t AuEq (29.6 g/t Au, 9.4% Sb) from 419.2 m
• 4 m @ 114.1 g/t AuEq (100.0 g/t Au, 8.9% Sb) from 444.8 m
• 6 m @ 44.1 g/t AuEq (43.9 g/t Au, 0.1% Sb) from 490.0 m
• 3 m @ 196.3 g/t AuEq (181.0 g/t Au, 9.7% Sb) from 525.3 m
• 3 m @ 41.0 g/t AuEq (40.1 g/t Au, 0.6% Sb) from 549.2 m
• 3 m @ 127.4 g/t AuEq (56.9 g/t Au, 44.6% Sb) from 570.5 m
• 3 m @ 160.6 g/t AuEq (130.0 g/t Au, 19.4% Sb) from 589.0 m
• 4 m @ 158.7 g/t AuEq (119.0 g/t Au, 25.1% Sb) from 620.0 m
• 5 m @ 36.0 g/t AuEq (26.3 g/t Au, 6.2% Sb) from 622.2 m
• 5 m @ 173.5 g/t AuEq (148.5 g/t Au, 15.9% Sb) from 623.4 m

Drilling with three rigs is in progress at Sunday Creek at the Golden Dyke, Rising Sun and Apollo prospects. Six holes (SDDSC048A/50/51/52/53/54) are being geologically processed and analysed, with two holes (SDDSC055/56) in drill progress (Figure 3).

Mawson currently owns 60% of Southern Cross Gold. SXG is currently halted pending an announced equity capital raising, which is expected to dilute Mawson’s interest in SXG.

Further Information ia 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 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.