Mawson Finland Limited Confirms ‘New Lens’ Continuity with Multiple Significant Intercepts as well as Expands South Palokas Mineralized Zones at Rajapalot

VANCOUVER, October 16, 2024 - Mawson Finland Ltd. ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from the final 13 drillholes of the 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:

• 'New lens' reported in September 4, 2024 NR is expanded up-dip

• Seven holes intersect significant mineralized intercepts

• PAL0361 drilled multiple significant intercepts targeting down-dip depth extensions of South Palokas, defining two lenses of gold-cobalt mineralization at depth, including:

  • 6 m @ 2.24 g/t Au and 302 ppm Co from 493.8 metres

  • 5.3 m @ 2.75 g/t Au and 559 ppm Co from 533.25 metres

• PAL0364 drilled multiple significant intercepts in modest step-outs in the upper southern portions of South Palokas, and then continued onwards to intercept 'New lens' located in the footwall of South Palokas including:

  • 4 m @ 2.41 g/t Au and 227 ppm Co from 141.35 metres at South Palokas

  • 17 m @ 1.05 g/t Au and 224 ppm Co from 263.9 metres on 'New lens'

• PAL0356 drilled 0.9 m @ 5.07 g/t Au and 19 ppm Co from 424.45 metres in a deep, southward step-out from South Palokas

• PAL0367 drilled a single intercept of 0.85 m @ 0.94 ppm Au from 614.75 meters (cobalt TBA) on a deep steep-out on the northern margin of South Palokas

• PAL0368 drilled multiple significant intercepts in southward step-outs to The Hut zone of gold-cobalt mineralization, including:

  • 5.7 m @ 0.83 g/t Au and 519 ppm Co from 161.15 metres

• PAL0363 drilled two significant intercepts in northwards step-outs of The Hut zone of mineralization, including:

  • 4.15 m @ 0.67 g/t Au and 579 ppm Co from 203.1 metres

  • 1 m @ 1.02 g/t Au and 129 ppm Co from 209.25 metres

• PAL0370 drilled a single intercept in a modest step-out at Terry's Hammer of:

  • 1 m @ 1.86 g/t Au and 466 ppm Co from 64.85 metres

• Drillholes PAL0352 and PAL0365 (South Palokas), drillholes PAL0366 and PAL0369 (The Hut), and drillhole PAL0371 (Terry's Hammer) failed to intercept significant mineralization, while drillhole PAL0359 (South Palokas) was abandoned at 47.2 metres due to drilling technicalities.

Ms. Noora Ahola, Mawson Finland CEO, states: "In recent weeks our Executive Chairman Neil MacRae and I have had a chance to meet many of our shareholders as well as local stakeholder groups. We appreciate the confidence that our shareholders have shown in our team by funding our new Company. We hope that our shareholders are as excited as our team is by the results of this latest drill season. I think our 2024 drill results speak loudly to the potential expansion of Rajapalot well beyond its current size.

However, we will not rest on our laurels and intend to continue to build on our exploration success. Our exploration team is currently in the field conducting both surface-geochemical and geophysical surveys in order to allow us to try to improve on our current success rate when the Winter 2025 drilling campaign begins."

Detailed Results

The 13 drillholes reported here (Table 1) are from the South Palokas, New lens, The Hut and Terry's Hammer zones of mineralization at Rajapalot (PAL0352, PAL0356, PAL0359, PAL0361, PAL0363, PAL0364, PAL0365, PAL0366, PAL0367, PAL0368, PAL0369, PAL0370, PAL0371; see Figure 1, Figure 2 and Figure 3 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 4,675 metres of drilling from the 2024 programme of a total of 11,376 metres in 38 drillholes, of which all holes have now been reported for gold their analysis. 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 available for all but drillhole PAL0367 of this news release, of which results from this hole, and all remaining and unreported cobalt results will be reported in due course as the remaining data becomes 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.

Drillholes PAL0356 and PAL0361 were drilled on the deep, southern margin of the South Palokas zone of gold-cobalt mineralization, where they intercepted significant mineralization with respective step-outs of between 50 metres and 85 metres southwards from their nearest known historical drill-intercepts (refer to Figure 2). Drillhole PAL0367 was drilled on the deepest northern margins of South Palokas where it intercepted a thin, weakly mineralized interval. Drillholes PAL0352 (northern margin) and PAL00365 (southern margin) intercepted no significant mineralization, while drillhole PAL0359 was abandoned after only 47.3 metres due to drilling difficulties, and failed to reach projected depth of mineralization.

One further drillhole was drilled in the South Palokas area to follow-up a previously reported high-grade intercept on 'New lens' that is located in the footwall of South Palokas, approximately 100 metres directly below the main mineralized body in this area (see Mawson Finland Limited news release dated September 4^th, 2024). Drillhole PAL0364intercepted a thick, 17 metre drilled interval of gold-cobalt mineralization approximately 50 metres up-dip of the previously reported high-grade intercept (PAL0335; 20.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 metres). This confirms both geological and grade continuity of 'New lens', meaning that geometry of this gold-cobalt-bearing structure is now understood, and further step-out drilling can be conducted in the down-plunge direction (refer to Figure 2).

Drilling at The Hut and Terry's Hammer zones of gold-cobalt mineralization consisted of 6 drillholes in total. Drillholes PAL0663, PAL0366 and PAL0369 targeted northerly step-outs to The Hut zone of mineralization, with drillhole PAL0363 intercepting gold-cobalt mineralization in a step-out of approximately 60 metres to the north of its nearest historical intercept (refer to Figure 3). Drillhole PAL0368 intercepted gold-cobalt mineralization in an approximately 35 metre step-out to the south of the next closest historical intercept at The Hut. Drillholes PAL0370 and PAL0371 were drilled to target down-dip extension of Terry's Hammer, with PAL0371 intercepting gold-cobalt mineralization approximately 35 metres below its nearest historical intercept (refer to Figure 3).

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 for sampling, 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 are 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 mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization 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 mineralization 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 mineralization 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

Table 1: Drillhole collar locations (Finnish 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, and holes reported in prior releases highlighted in italics.

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 news release, while holes coloured black have been reported in previous releases.

Figure 2: Long-section of the South Palokas (left) and 'New lens' (right) zones of mineralization at Rajapalot. 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'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains 'open' and untested.

Figure 3: Long-section of The Hut and Terry's Hammer zones of mineralization at Rajapalot. 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'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains 'open' and untested.

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.

SOURCE: Mawson Finland Limited