Star Metro - Mawson Finland Drills Major Step-Out Expansion at Raja Zone, Expands South Palokas & New Lens Zones, and Makes New Near-Surface Discovery

VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / July 7, 2025 / Mawson Finland Limited ("Mawson" or the "Company") (TSX-V:MFL)(FRANKFURT:PM6) is pleased to announce results from remaining drillholes from the 2025 drilling season at the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Figure 1, Table 1, Table 2, and Table 3).

• Significant 200 m down-plunge step-out at Raja (Raja Deeps) (Figure 1, and Figure 2), including:

  • PAL0388b - 0.7 m @ 18.0 g/t gold (cobalt TBA)

  • PAL0388 - 7.9 m @ 2.29 g/t gold and 868 ppm cobalt, including:

    • 1 m @ 8.64 g/t gold and 725 ppm cobalt

• 80 m strike-extension of South Palokas (South Palokas Deeps), and a 46 m down-plunge step-out at New Lens, located in the footwall-zone of the South Palokas mineralised system. Significant intercepts include:

  • 4.2 m @ 2.46 g/t Au and 371 ppm Co (from 340.2 m), and

  • 2.6 m @ 3.94 g/t Au and 463 ppm Co (from 399.4 m) in PAL0195.

• Discovery of a new gold-only occurrence of mineralisation situated approximately 300 m west of Raja in drillhole PAL0387, assaying 0.5 m @ 14.4 g/t gold, contained within a wider 9.8 m interval lower-grade zone.

• Extensive Bottom-of-till drill programme nearing completion with a total of 830 holes drilled from a planned 900 holes

• Mine permitting including environmental impact assessment and zoning approvals ongoing.

Ms. Noora Ahola, Mawson Finland CEO, comments: "Our 2025 winter drilling campaign has delivered exceptional results, with significant discoveries and extensions validating Rajapalot's exceptional growth potential across multiple zones.

The standout achievement is our 200-metre down-plunge extension at Raja Deeps, which has substantially expanded the mineralised footprint with outstanding higher-grade intercepts of 0.7 metres at 18.0 g/t gold and 7.9 metres at 2.3 g/t gold with 868 ppm cobalt - highlighted by a 1-metre interval grading 8.6 g/t gold.

We've also achieved an 80-metre strike extension at South Palokas Deeps and a 46-metre down-plunge step-out at New Lens in the footwall zone, with significant intercepts of 4.2 metres at 2.5 g/t gold and 371 ppm cobalt, plus 2.6 metres at 3.9 g/t gold and 463 ppm cobalt in drillhole PAL0195.

Perhaps most exciting, is our discovery of entirely new mineralisation 300 metres west of Raja, where drillhole PAL0387 intersected 0.5 metres at 14.4 g/t gold within a broader 9.8-metre mineralised zone. This breakthrough demonstrates significant exploration upside within our existing footprint.

Gold-Cobalt mineralisation has now been drilled to approximately 650 metres below surface at South Palokas and approximately 680 metres below surface at the Raja, with the mineralising system remaining open at depth across the entire project. Our comprehensive 830-hole base-of-till program is nearing completion, while we continue advancing critical mine permitting processes including environmental impact assessment and zoning approvals."

Technical Discussion

During the 2025 winter drilling programme at Rajapalot a total of 33 drillholes of NQ diamond core, 11,397 m was drilled. To date, gold-assay results (and partial cobalt analysis) have been received for all drillholes completed in this drilling season and presented in Table 1, 2 and 3, and summarised in Figure 1.

Raja Deeps: Target-test drilling (drillhole PAL0388) of a conductive anomaly defined through DHEM geophysics, located in the down-plunge/down-dip position of the Raja projected mineralised zone (see news release dated February 11, 2025) has intercepted 7.9 m @ 2.29 g/t Au and 868 ppm cobalt from 668.3 m downhole (including a rare occurrence on visible gold as reported April 24, 2025, grading 1 m @ 8.64 g/t Au and 725 ppm Co).

Three additional 'navi' wedge holes were drilled from PAL0388 in order to follow up this intercept (collared between 420 and 462 m downhole), where PAL0388b returned an intercept of 0.7 m @ 18 g/t Au (cobalt TBA). Drillholes PAL0388a and PAL0388c also intercepted the mineralised horizon but returning lower-grade intercepts (refer to Table 2 and Table 3, and Figure 1 and Figure 2). Overall, these drilling intercepts represent a significant down-plunge step-out of the Raja zone, extending the known mineralised envelope of Raja by over 200 m from the previously deepest recorded intercept (refer to Figure 2).

Raja West: Target-test drilling in an area approximately 300 metres west of the Raja zone intercepted a very-shallow and broad 9.8 m thick interval of disseminated iron-sulphides, returning a gold-rich intercept of 1.5 m @ 5.47 g/t Au, including 0.5 m @ 14.4 g/t Au from only 29 m downhole (refer to Figure 1 and Figure 2). While geological interpretation of this important new intercept is still underway, this mineralised occurrence at Raja West is hosted in the immediate footwall of a north-west dipping, severely hydrothermally altered shear-zone, conforming to the geological setting of all other mineralised gold-cobalt occurrences in the Rajapalot area. As such, further exploration drilling will take place at Raja West in the upcoming 2026 drilling season, where down-dip step-out to this new mineralised zone will be tested.

New Lens/South Palokas: A total of 8 drillholes were drilled into the New Lens zone of South Palokas, of which 4 drillholes were tails/extensions drilled off existing diamond drillholes that previously ended immediately below the South Palokas zone of gold-cobalt mineralisation; some 80 to 100 m short of where New Lens lies. Of these 8 drillholes, 2 intercepted significant intercepts in New Lens; PAL0016 and PAL0195.

Drillhole PAL0195 was extended to test the down-plunge extension and continuation of the New Lens zone, where it successfully intersected multiple significant intercepts approximately 80 m down-plunge of the next nearest drillhole PAL0335. Significant intercepts recorded from PAL0195 include 4.23 m @ 2.46 g/t Au and 371 ppm Co (from 340.2 m), and 2.6 m @ 3.94 g/t Au and 463 ppm Co (from 399.35 m); refer to Figure 3 and Figure 4.

Drillhole PAL0016 was extended in order to test for lateral, northwards extension from drillhole PAL0364, where it intercepted significant mineralisation of 13.9 m @ 1.03 g/t Au and 666 ppm Co (from 291.6 m), increasing the gold-cobalt mineralised envelope of New Lens to the north by around 43 m.

Drillholes PAL0379, PAL0383, PAL0389 and PAL0393 did not intercept significant mineralisation in the New Lens zone, however, all did intercept gold-cobalt mineralisation as they passed through the South Palokas zone on their intended journey towards the New Lens target depth. PAL0383 intercepted 5.2 m @ 2.61 g/t Au and 1170 ppm Co (from 127.6 m), and 3.7 m @ 1.04 g/t Au and 758 ppm Co, from (137.45 m), representing a 18 m of mineralised step-out to the south in the upper region of the South Palokas zone. PAL0393 recorded up to 1.55 m @ 1.76 g/t Au and 168 ppm Co and 5.85 m @ 0.52 g/t Au and 224 ppm Co as it passed through the already inferred area of mineralisation in the upper-most portions of South Palokas zone supporting both grade and geological continuity as it has been modelled here.

Palokas: Drilling at deep Palokas consisted of 5 holes in total, all targeting down-dip extensions of the Palokas gold-cobalt system. Drillholes PAL0380 and PAL0386 intercepted significant mineralisation, where PAL0380 recorded multiple significant intercepts (recording a best of 6 m @ 1.03 g/t gold; as reported in previous release dated February 11, 2025), and PAL0386 intercepted a single, thinner interval of 1.05 m @ 2.26 g/t Au (cobalt results not yet received).

Drillholes PAL0377, PAL0382, PAL0386 and PAL0396 all intercepted the targeted sulfide-bearing shear structure however, the intercepted sulfidic-rich zones are not gold-bearing in these drillholes due to the interaction of the host-structure with a change in host-recks to the unfavourable dolostone rock units. Location of these Palokas drill-intercepts are illustrated in Figure 3.

Technical Background, Data Verification and Quality Assurance and Quality Control

Four 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 0.4 to 2 m 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.

Of the 33 drillholes drilled, 3 holes were abandoned due to excessive and unexpected deviation leaving 30 drillholes drilled to target/completion. Additionally, a further 5 drillholes were tails/continuations of existing and older drillholes, while 3 drillholes were 'navi' or directional holes collared beneath the surface from an existing deep drillhole.

All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 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 m sampled intervals, with composite data (Table 2) containing no more than 2 m of consecutively sampled waste-rock (i.e., 2 m @

Deposit Model

At Rajapalot, mineralization is regarded as orogenic in nature. 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 650 metres below surface at both South Palokas and Raja prospects, with mineralisation remaining open at depth across the project.

Rajapalot Mineral Resource

An Inferred Mineral Resource ("MRE") has been calculated for the Rajaplot project (effective date August 26, 2021), and is based on an 'underground only' mining scenario containing 9.8 million tonnes @ 2.8 g/t gold ("Au") and 441 ppm Co, equating to 867 thousand ounces ("koz") gold and 4,311 tonnes of cobalt.

Rajapalot Inferred Mineral Resource Effective August 26, 2021

• The independent geologist and Qualified Person as defined in NI 43-101 for the mineral resource estimates is Mr. Ove Klavér (EurGeol). The effective date of the MRE remains unchanged to the Previous MRE (August 26, 2021, available on SEDAR as filed by the previous owner, Mawson), and will be restated in the PEA technical report when it is filed.

• The mineral estimate is reported for a potential underground only scenario. Inferred resources were reported at a cut-off grade of 1.1 g/t (AuEq¹ Au g/t + Co ppm /1005) with a depth of 20 meters below the base of solid rock regarded as the near-surface limit of potential mining.

• Wireframe models were generated using gold and cobalt shells separately. Forty-eight separate gold and cobalt wireframes were constructed in Leapfrog Geo and grade distributions independently estimated using Ordinary Kriging in Leapfrog Edge. A gold top cut of 50 g/t Au was used for the gold domains. A cobalt top cut was not applied.

• A parent block size of 12 m x 12 m x 4 m (>20% of the drillhole spacing) was determined as suitable. Sub-blocking down to 4 m x 4 m x 0.5 m was used for geologic control on volumes, thinner and moderately dipping wireframes.

• Rounding of grades and tonnes may introduce apparent errors in averages and contained metals.

• Drilling results to 20 June 2021.

• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

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 kilometres Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 13 granted exploration permits for 11,262 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 [email protected] or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at [email protected] 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.

Figure 1: Locality Plan view map illustrating collar positions and drill-hole traces from Mawson's 2025 winter drilling campaign as drilled to time of writing; inset box illustrates location of Figure 2, while green lines represent section lines of Figure 3 and Figure 4.

Figure 2: Plan view illustration of the Raja system displaying intercepts from 2025, as highlighted with drillhole numbers in bold. Red arrows indicate the direction where gold-cobalt mineralisation remains untested and open.

Figure 3: Long-section illustration of the Palokas and South Palokas zones (left) and New Lens zone as located in the footwall of South Palokas (right) as projected onto the same panel. Intercepts from 2025 are highlighted with drillhole numbers in bold. Red dashed line represents the projection of the South Palokas cross-section as presented in Figure 4 (location of section lines illustrated in Figure 1; A and A'). Red arrows indicate the direction where gold-cobalt mineralisation remains untested and open.

Figure 4: Cross-section of the South Palokas and New Lens (South Palokas footwall) zones of mineralisation. Drillholes from 2025 are presented as black bold lines, and results in bold red text. The location and projection of this cross-section is illustrated on the long section in Figure 3 with a dashed red-line (location of section line illustrated in Figure 1; B and B').

Table 1: Drillhole collar locations presented within (finish KKJ grid), with corresponding hole orientations (azimuth and dip measured in degrees), total depth, and prospect target. Results from drillholes in regular text are presented within, holes in italics have previously been published.

Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.

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 3: All gold 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 m intervals at greater than 0.3 g/t gold, containing no more than 2 m of internal waste (i.e., 2 consecutive m intervals containing samples grading

SOURCE: Mawson Finland Limited

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