Finland

2024 Drilling Highlights:

• Discovery of a new zone of high-grade mineralization, ‘New Lens’, located in the footwall below the South Palokas mineralized zone: PAL0335 drilled a thick 21.75m interval grading 5.25 g/t gold and 515 ppm cobalt from 295.05 m (21.75 m @ 5.25 g/t Au & 515 ppm Co, including 3.2 metres @ 21.61 g/t Au and 373 ppm Co
• Shallow and high-grade step-out intercept at Palokas zone: PAL0346 intercepted 7 m @ 9.1 g/t gold and 706 ppm cobalt from 88.75 m demonstrating that thicker and higher-grade mineralization exists in the southern margin of the Palokas gold-cobalt system
• Significant gold-cobalt mineralized intercepts drilled at depth at Palokas and South Palokas zones, with multiple intercepts in step-out holes PAL0354 (Palokas) and PAL0361 (South Palokas), expanding and opening the ‘at depth’ strike-length of each of these mineralized bodies – both mineralized zones remain open at depth
• Drilling at Raja, The Hut, Terry’s Hammer and Joki expanded the mineralized footprint of these zones which are expected to contribute to the inferred gold and cobalt resource inventory in future updates to the resource calculation

• 100% owned Rajapalot gold-cobalt project in Finnish Lapland. The property is located in the northern Finland region known as Lapland, close to the Arctic Circle (25.0°E and 66.6°N).
• Significant greenfields discovery (2012), advanced to brownfields and now development project – The current completed PEA on Rajapalot has an inferred resource of 9,780,000 tonnes containing 867,000 ounces of Gold and 4,311 tonnes of Cobalt with grades of 2.8 g/t Gold and 441 ppm Cobalt in August 2021.
• PEA with US$211m NPV_5%, December 2023.
• High perspectivity. Deposits open down-dip and underexplored land package.
• Currently, the Rompas-Rajapalot property consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and reservation notification area for a combined total of 41,316 hectares and is held 100% in the name of Mawson Oy, Mawson Ltd’s 100% owned Finnish subsidiary. Exploration permits are granted for up to 15 years with standard two or three yearly renewals. The Rajapalot resource reported here occurs within two granted tenements (Kairamaat 2/3 and Hirvimaa).

The technical and scientific information 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.