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Mawson Gold Ltd. (TSX:MAW) – Notable News

March 25, 2022

Mawson Gold Ltd. (TSX:MAW, BUY, C$0.50 target, David A. Talbot) announced that its Australian subsidiary South Cross Gold (SXG) has filed a prospectus with the Australian Securities and Investments Commission (ASIC) for a previously announced A$8-10M IPO (read more). The IPO contemplates issuing 40-50M shares, which will dilute Mawson’s interest in the project to ~58% from the current 84.6%. Mawson’s shares will remain restricted and escrowed for 24 months after the closing of the IPO, which is expected in the next six to eight weeks. Additionally, SXG has purchased 300 acres of freehold land at the 100%-owned Sunday Creek project in Victoria, including the entire drilled area, providing it with better surface access. Furthermore, SXG has subscribed to ~1.3M shares of Nagambie Resources Ltd. (ASX:NAG, Not Rated) for a A$70k investment, maintaining its strategic 10% holding in the company. Nagambie is exploring under the old Nagambie oxide mine and has a JV where it is building a CIL gold processing plant. This plant is located within an hour of SXG’s exploration projects providing SXG with potential access to a central process facility. The other Australian assets under SXG’s portfolio include the 100%-owned Mount Isa project in Queensland, and the Redcastle and Whroo joint ventures in Victoria. We believe this spinout will simplify the prospects of both firms, and help Mawson focus its attention on the exploration and development of its 1M oz AuEq Rajapalot project in Finland. The company is currently not receiving much benefit from its Australian assets in the current gold market, despite being cashed up and self-sufficient. Mawson’s decision to retain its interest in Southern Cross, for now, should help avoid any shareholder selloff upon listing and give management time to carry out further exploration in Australia. We believe this could result in further gold discoveries, the value from which would likely be shared by both Mawson and Southern Cross shareholders. Read more

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