The property is located in Lapland, northern Finland, close to the Arctic Circle approximately 35 kilometres west-southwest of the city of Rovaniemi.

Access to site is by standard vehicle on tar sealed roads and well-maintained gravel roads. The topography is gently rolling to almost flat, heavily glaciated and inundated with numerous post-glacial lakes, till, eskers, lacustrine and fluvial deposits with a mean elevation of approximately 170 metres.

2023 PEA Highlights:

• Robust economics underscores significant value of current resource base
  • $211 million post-tax NPV_5%(real) using $1,700/oz gold and $60,000/t cobalt
  • AISC1 $824/oz Au life of mine (“LoM”)
  • 82 koz Au in doré and 306 t Co in concentrate per year using industry standard processes.
  • 9 year life producing ~700 koz Au and ~2800 t Co
• 27% post tax IRR, $181 million initial capex
  • Strong cashflows, with $338 M free cash flow in years 1 to 5
• 100% owned low-cost project in Tier 1 location
  • Underground only operation, utilising predominately long hole open stoping
  • 95% Au recovery with conventional gravity-CIL
  • Low infrastructure needs
• PEA underpins project to leverage substantial resource growth potential
  • Rajapalot deposits are all open at depth, highlighted by the deepest intersection in Palokas of 30.8 m at 5.1 g/t AuEq from 553 m.

11,000 ha land package with undrilled targets between the project area and other significant gold occurrences such as the Rompas discovery (highlight 6 m at 617 g/t Au) 8 km west of Rajapalot.

1. AISC is a non-IFRS metric. For definition see Technical Background section below.

Robust economics underscores significant value of current resource base

PEA confirms Rajapalot’s attractiveness

• Favourable setting for low operating costs
• Low environmental impacts – underground only mining
• Conventional processing with high recoveries
• A significant asset for Europe

Rajapalot would be significant gold And cobalt producer in Europe if in production today.

• Access to 100% renewable grid power
• EU cobalt production source with high environmental credentials
• Cobalt is critical to the EU’s battery ecosystem, and stated goals for self-sufficiency and the circular econom

Substantial resource growth potential

High prospectivity between Rajapalot and Rompas discoveries

• +8 km to the west (6m at 617 g/t Au) 
• 30+ structural dominant targets identified in mag survey. Area never drilled, but truckable to Rajapalot 
• Coincident with large C-horizon till anomaly
• Refer news release https://mawsongold.com/news-releases/mawson-magnetic-survey-highlights-new-exploration-targets-in-finland/

Rajapalot deposits are all open

• Among best intersections are the deepest, eg, Palokas 30.8 m at 5.1 g/t AuEq from 553 m
• Excellent down-plunge continuity
• Drill to demonstrate system extends

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Economics underpinned by robust mine design

• Robust deposit with extraction of 85% of the Au in resources through LHOS and cut & fill
• 9 year life, includes ramp up in year 1
• 1.2 Mt/a production rate, mining 3 deposits at any one time

Mine Schedule

Conventional processing with high recoveries

• 1.2mt/a dedicated mill with conventional low risk flowsheet
• 95% gold recovery to doré driven by simple free gold metallurgy
• Co recovery of 87.6% by means of sulphide flotation

Figures

Simple Infrastructure Solutions

• Access to 100% renewable grid power
• Best practice water management included in project configuration
• 100% lined plant residues management facility
• All site infrastructure included for standalone operation
• No expensive camps, bridges or roads