MFL Mawson Finland Limited

Mawson Finland Limited (“Mawson” or the “Company”) (TSX-V: MFL) is pleased to announce new drill results from 7 drillholes on the South Palokas prospect which were drilled as part of the Company’s 38-hole 2024 winter drilling campaign on the Company’s wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule “A” hereto).

Highlights:

Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45 and 90 metres to the south.

• Hole PAL0335 drilled a 21.75m wide mineralised intercept from a new lens of mineralisation located in the footwall below the South Palokas ore-body returning 5.25 g/t gold and 515 ppm cobalt (21.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 m, including: 3.2 m @ 21.61 g/t Au and 373 ppm Co from 311.3 m)
• Hole PAL0335 went on to drill 3 further intervals of mineralisation immediately below the footwall contact of the new lens, returning:
  • 2 m @ 1.86 g/t Au and 164 ppm Co from 322.4 m
  • 4 m @ 2.99 g/t Au and 94 ppm Co from 335 m  
  • 6.6 m @ 2.37 g/t Au and 279 ppm Co from 350.25 m  
• Holes PAL0340 and PAL0344 drilled further intercepts demonstrating respective step-outs along-strike of 50 m and 55 m to the south of the presently defined limit of mineralisation at South Palokas, including:
  • PAL0340: 0.7 m @ 7.47 g/t Au from 91.8 m (cobalt to be announced)
  • PAL0344: 4 m @ 2.78 g/t Au from 201 m (cobalt to be announced)
• Holes PAL0348 and PAL0350 returned one metre intervals of mineralisation (see Table 2 in Schedule “A” hereto), while holes PAL0339 and PAL0341 recorded no significant intercepts

Ms. Noora Ahola, Mawson Finland CEO, states: “We are very excited to report some significant drill-intersections from our first round of results from the 2024 winter drilling campaign. The discovery of a new lens of high-grade mineralisation situated in the footwall to the South Palokas prospect is a significant step forward for our resource-expansion ambitions. Similarly, adding significant intercepts along-strike from the southern margin of South Palokas is highly encouraging, being a further indication that the current mineral resources can likely be expanded. We look forward to presenting further drill results from this year’s drilling in the coming weeks.”

Detailed Results

The 7 drillholes reported here (see Table 1 in Schedule “A” hereto) are all from the South Palokas area of gold-cobalt mineralisation at Rajapalot (drillholes PAL0335, PAL0339, PAL0340, PAL341, PAL0344, PAL0348 and PAL0350: see Figure 1 and Figure 2 in Schedule “A” hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule “A” hereto for collar and available assay data) represent 2,097 metres of drilling from the total winter programme of 12,070 metres in 38 drillholes. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0335 and PAL0350, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule “A” hereto, and all raw sample intervals are presented in Table 3 in Schedule “A” hereto.

The ‘new lens’ of mineralisation as reported here from the lower portions of hole PAL0335 is located in an interpreted sub-parallel lens of mineralisation some 100 m vertically below the defined gold-cobalt mineralisation at South Palokas. Two historical drillholes have previously penetrated ‘new lens’ (drill holes PAL0091 and PAL0173: for more information see the Company’s current preliminary economic assessment, entitled “NI 43-101 Technical Report on a Preliminary Economic Assessment of the Rajapalot Gold-Coblat Project, Finland”, with an effective date of December 19, 2023, which the Company has filed and which is available on SEDAR+ (the “PEA”)), however the tenor of gold-cobalt mineralisation recorded within these holes was not considered significant enough to warrant further investigation, as PAL0091 recorded a best intercept of 4.2 m @ 1.81 g/t Au & 22 ppm Co (located 90 metres up-dip to correlated PAL0335 intercept), and PAL0173 a best intercept of 4 m @ 0.65 g/t Au & 300 ppm Co (located 50 m along-strike northwards of the correlated PAL0355 intercept; see Figure 2 in Schedule “A” hereto). Holes PAL0340, PAL0344 and PAL0348 were drilled to explore for southern strike-extensions of ‘new lens’ but failed to return any significant mineralisation (see Figure 2 in Schedule “A” hereto). PAL0364 targeted up-dip extensions to ‘new vein’ and currently awaits assay results.

Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45-90 metres to the south. PAL0339 and PAL0341 drilled for larger-scale southwards step-outs from the southern margin of South Palokas mineralisation (150 m and 230 m respectively) but failed to intercept mineralisation.

Technical Background, Data Verification and Quality Assurance and Quality Control

Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson’s Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy (“CRS”) facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company’s quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project’s development. Dr. Fromhold (see “Qualified Person” below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.

All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1–3 in Schedule “A” hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule “A” hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with <0.3 g/t Au). No upper-cut was applied.

At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.

Qualified Person        

The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a “qualified person” as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.

About Mawson Finland Limited

Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company’s fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.

Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.

Media and Investor Relations Inquiries

Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.

Forward-looking Information

This news release includes certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking information”) which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “aims”, “may”, “could”, “would”, “will”, “must” or “plan”. Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company’s quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SCHEDULE “A” – TABLES AND FIGURES

Hole ID	Easting TM35	Northing TM35	Elevation (mRL)	Azimuth	Dip	Total Depth	Prospect
PAL0335	3408345	7373507	174	50.4	-70.2	405.3	South Palokas
PAL0336	3410540	7372676	151	144.1	-70.1	131	Joki East
PAL0337	3410481	7372590	148	61.2	-70.9	125.3	Joki East
PAL0338	3410422	7372775	153	144.7	-55.4	190	Joki East
PAL0339	3408209	7373303	172	104.3	-44.8	150.1	South Palokas
PAL0340	3408347	7373505	174	118.4	-79.2	395.85	South Palokas
PAL0341	3408222	7373377	173	131	-44.4	136.7	South Palokas
PAL0342	3408715	7373997	175	115.7	-58.3	148.6	Palokas
PAL0343	3408627	7373991	175	88.9	-50.1	193	Palokas
PAL0344	3408300	7373532	174	52.3	-75.9	476.6	South Palokas
PAL0345	3408606	7374008	174	60.8	-71.9	278.1	Palokas
PAL0346	3408571	7373723	174	45	-65	184.4	Palokas
PAL0347	3408710	7372442	175	134.4	-72.1	273.6	Raja
PAL0348	3408306	7373530	175	119.1	-80.2	242.1	South Palokas
PAL0349	3408694	7372549	179	170	-80	341.85	Raja
PAL0350	3408402	7373671	174	75	-52	290.1	Palokas
PAL0351	3408461	7373877	175	143	-69.5	334.5	Palokas
PAL0352	3408247	7373715	172	62.4	-66.4	474.1	South Palokas
PAL0353	3408850	7372504	176	160	-70	260.55	Raja
PAL0354	3408308	7373984	175	126.1	-50.9	466.9	Palokas
PAL0355	3408817	7372720	174	168	-77	428.9	Raja
PAL0356	3408138	7373637	174	80.4	-74.4	496.9	South Palokas
PAL0357	3408558	7374143	175	168.8	-82.9	445.6	Palokas
PAL0358	3408984	7372343	173	244.5	-79.1	178.75	Raja
PAL0359	3408138	7373933	172	150.9	-77.7	47.2	South Palokas
PAL0360	3408679	7372340	174	75	-80.4	251.7	Raja
PAL0361	3408088	7373643	173	51.1	-81.9	665.95	South Palokas
PAL0362	3408576	7373723	174	95.3	-47.6	258.55	Palokas
PAL0363	3407996	7373198	172	88.2	-55.3	338.8	Hut
PAL0364	3408346	7373509	174	65.7	-66.4	359.2	South Palokas
PAL0365	3408347	7373434	174	71	-70.1	304.4	South Palokas
PAL0366	3407996	7373198	172	88.6	-70.6	374.4	Hut
PAL0367	3408138	7373935	172	150.8	-79.2	785.3	South Palokas
PAL0368	3407940	7373069	173	137.5	-47.7	250.9	Hut
PAL0369	3408026	7373279	172	82.5	-44.6	253.5	South Palokas
PAL0370	3408231	7372823	182	124	-55.1	175.9	Terry's Hammer
PAL0371	3408231	7372823	182	172.6	-44.8	148	Terry's Hammer
PAL0372	3410436	7372555	149	106.7	-69.4	113.4	Joki East

Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text.

Hole ID	From	To	Drilled Thickness1 (m)	Gold (g/t)	Gold (gram-metres)	Cobalt ppm
PAL0335	122.2	123.2	1	0.49	0.5	52.5
PAL0335	126.35	128.35	2	1.19	2.4	167.0
PAL0335	136.35	137.35	1	1.62	1.6	516.9
PAL0335	142	146.6	4.6	0.99	4.6	1376.2
PAL0335	150.6	156	5.4	2.99	16.2	2137.1
PAL0335	295.05	316.8	21.75	5.25	114.3	514.8
including	311.3	314.5	3.2	21.61	69.15	373.2
PAL0335	322.4	324.4	2	1.86	3.7	164.3
PAL0335	335	339	4	2.99	11.9	94.4
PAL0335	350.25	356.85	6.6	2.37	15.6	278.8
PAL0339	-	-	-	-	-	-
PAL0340	21.25	22.25	1	0.58	0.6	TBA
PAL0340	91.8	92.5	0.7	7.42	5.2	TBA
PAL0340	98.8	100.8	2	0.78	1.6	TBA
PAL0341	-	-	-	-	-	-
PAL0344	197	198	1	0.66	0.7	TBA
PAL0344	201	205	4	2.78	11.1	TBA
PAL0348	124.75	125.75	1	0.30	0.3	TBA
PAL0348	151.35	152.35	1	0.58	0.6	TBA
PAL0350	95.55	96.55	1	0.45	0.45	14.7

1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.

Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson’s 2024 winter drilling campaign. Drillholes coloured red are those reported in this new release, while holes coloured black have been reported in previous releases, and blue coloured holes are awaiting results and publication. Dashed blue line represents the section line on which long sections in Figure 2 hereinbelow are oriented.

Figure 2: Long-section illustration demonstrating both historical and 2024 drill intercepts in the South Palokas prospect (left) and the ‘new lens’ (right) that is positioned approximately 100 m vertically below the South Palokas mineralisation. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept’ and open blue rings indicate ‘awaiting assay result’. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open’ and untested. Section line is oriented on approximately 030 strike; see dashed blue line in Figure 1 above for reference.           

Hole ID	From (m)	To (m)	Length (m)	Gold g/t	Cobalt ppm	Mineralisation
PAL0335	122.2	123.2	1	0.49	52.5	South Palokas
	126.35	127.35	1	2.06	283.3	South Palokas
	127.35	128.35	1	0.31	50.7	South Palokas
	136.35	137.35	1	1.62	516.9	South Palokas
	142	143	1	0.97	593	South Palokas
	143	144	1	1.17	1109.8	South Palokas
	144	145	1	1.08	1223.7	South Palokas
	145	146	1	0.15	1142.1	South Palokas
	146	146.6	0.6	2	3769.9	South Palokas
	150.6	151.6	1	3.26	1770	South Palokas
	151.6	152.5	0.9	3.1	2715.6	South Palokas
	152.5	153.5	1	1.77	1974.2	South Palokas
	153.5	154.5	1	2.12	1132.6	South Palokas
	154.5	155.5	1	3.24	2547.8	South Palokas
	155.5	156	0.5	5.95	3343.6	South Palokas
	295.05	296.05	1	8.25	674.3	New Lens
	296.05	297.05	1	1.33	549.8	New Lens
	297.05	298.05	1	0.89	895.4	New Lens
	298.05	299.05	1	0.35	673.3	New Lens
	299.05	299.5	0.45	0.15	421.5	New Lens
	299.5	300.5	1	1.42	585.2	New Lens
	300.5	301.5	1	2.51	627.6	New Lens
	301.5	302.5	1	0.46	445.1	New Lens
	302.5	302.95	0.45	0.59	623.1	New Lens
	302.95	303.95	1	1.2	927.5	New Lens
	303.95	304.45	0.5	0.92	1096.4	New Lens
	304.45	305.3	0.85	0.85	153.4	New Lens
	305.3	306.3	1	0.35	677.2	New Lens
	306.3	307.3	1	0.41	553.6	New Lens
	307.3	308.3	1	0.47	373	New Lens
	308.3	309.3	1	7.1	827.4	New Lens
	309.3	310.3	1	2.87	321.3	New Lens
	310.3	311.3	1	6.74	370.5	New Lens
	311.3	312.3	1	14	276.8	New Lens
	312.3	313	0.7	10	690.3	New Lens
	313	313.5	0.5	53.9	549.6	New Lens
	313.5	314.5	1	21.2	159.5	New Lens
	314.5	315.5	1	6.3	120	New Lens
	315.5	315.8	0.3	7.53	106.4	New Lens
	315.8	316.8	1	0.69	200	New Lens
	322.4	323.4	1	0.77	172.1	New Lens
	323.4	324.4	1	2.95	156.5	New Lens
	335	336	1	0.8	85.6	New Lens
	336	337	1	4.31	134.8	New Lens
	337	338	1	6.49	118.8	New Lens
	338	339	1	0.34	38.3	New Lens
	350.25	351.25	1	8.61	672.3	New Lens
	351.25	352.25	1	3.72	422.1	New Lens
	352.25	353.25	1	2.05	219.8	New Lens
	353.25	354.25	1	0.28	227.8	New Lens
	354.25	355.25	1	0.56	235.8	New Lens
	355.25	356.25	1	0.07	10.3	New Lens
	356.25	356.85	0.6	0.58	86.4	New Lens
PAL0340	21.25	22.25	1	0.58	TBA	South Palokas
	91.8	92.5	0.7	7.42	TBA	South Palokas
	98.8	99.8	1	1.21	TBA	South Palokas
	99.8	100.8	1	0.35	TBA	South Palokas
PAL0344	197	197.4	0.4	0.61	TBA	South Palokas
	197.4	198	0.6	0.69	TBA	South Palokas
	201	202	1	9.78	TBA	South Palokas
	202	203	1	0.13	TBA	South Palokas
	203	204	1	0.51	TBA	South Palokas
	204	205	1	0.69	TBA	South Palokas
PAL0348	124.75	125.75	1	0.3	TBA	South Palokas
	151.35	152.35	1	0.58	TBA	South Palokas
PAL0350	95.55	96.55	1	0.45	14.7	South Palokas

Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.

Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9766b456-0d52-408b-9722-e72ba3759fe0https://www.globenewswire.com/NewsRoom/AttachmentNg/e3d46ec0-107b-4a8c-8f45-88caadc4e295