Mawson Finland: Advancing Gold-Cobalt Mining Project in Strategic European Jurisdiction

• Mawson Finland is a TSX Venture-listed gold and cobalt exploration company in Northern Finland with the Rajapalot project containing 867,000 ounces of gold and 4,311 tons of cobalt.
• CEO Noora Ahola brings over 10 years of project experience plus 12 years working for Finnish environmental administration, providing crucial regulatory and stakeholder management expertise.
• The company is advancing through a two-year Environmental Impact Assessment (EIA) process alongside land use planning, positioning for mining license application with strong local community engagement.
• Recent drilling programs have added new ounces not yet included in the 2023 Preliminary Economic Assessment, with decisions pending on resource update versus moving directly to prefeasibility study.
• Strategic cobalt component qualifies as EU critical and strategic mineral, potentially providing accelerated permitting, priority processing, and access to specialized funding mechanisms.

Mawson Finland is a Toronto Stock Exchange Venture-listed company, which spun out from Mawson Gold in 2023, is developing the Rajapalot gold-cobalt project in Northern Finland's established mining region of Lapland. With CEO Noora Ahola's unique background spanning both environmental regulation and project development, the company offers investors exposure to a jurisdictionally stable gold project with significant cobalt upside in an increasingly strategic mineral landscape.

Management's Regulatory Expertise

The appointment of Noora Ahola as CEO reflects Mawson Finland's strategic approach to navigating complex permitting processes. Ahola's 12-year tenure with Finnish environmental administration provides invaluable insight into regulatory requirements that often challenge international mining companies operating in Finland. 

"Working for the authority as an authority was very important. To get that kind of background is good for this job because it's all about the permitting. It's all about talking with the locals and having social acceptance here in the area."

This regulatory experience encompasses multiple legislative frameworks beyond traditional mining law. Ahola's background includes evaluating permits for various land uses including windmills, forestry, and mining operations, providing comprehensive understanding of how Finnish authorities interpret and apply environmental legislation in practice. Her local presence and decade-long involvement with the Rajapalot project positions the company advantageously for stakeholder engagement and regulatory navigation.

Project Economics & Resource Base

Mawson Finland's 2023 Preliminary Economic Assessment outlined a resource base of 867,000 ounces of gold and 4,311 tons of cobalt, with the economic analysis conducted at $1,700 per ounce gold. Current gold prices significantly above $3,300 per ounce suggest substantial improvement in project economics since the original assessment. The company has indicated that at $2,000 gold, the internal rate of return increases from 27% to 37%, highlighting the project's sensitivity to metal price improvements.

The dual-commodity nature of the project provides additional strategic value beyond traditional gold economics. While Ahola acknowledges that 

"Cobalt has a great political value for us. Economic value is not that huge but inside the EU it's very very valuable."

Exploration Progress & Resource Expansion

Recent drilling campaigns have demonstrated continued resource growth potential at Rajapalot. Mawson Finland has completed two winter drilling seasons since the spinout, each totaling approximately 11.4 kilometers, with results indicating additional ounces not yet incorporated into the existing resource model. 

"We know that we are able to add ounces and these ounces are still not in our resource and PEA naturally."

The company faces a strategic decision between updating the current Preliminary Economic Assessment to reflect new drilling results or advancing directly to prefeasibility study level. This decision, expected within the next two months, will determine the technical development pathway and subsequent drilling programs. Recent results have identified promising step-out targets both at depth and along strike, suggesting potential for resource expansion beyond the current defined mineralization.

Interview with President & CEO, Noora Ahola

Permitting Strategy & Timeline

Mawson Finland has initiated the Environmental Impact Assessment process, a mandatory prerequisite for mining license applications in Finland. The EIA program completion represents a significant milestone, with the full assessment expected to require approximately two years from the current stage. Concurrent with the EIA, the company is advancing land use planning processes initiated by local municipalities, another essential component for mining license eligibility.

"Land use planning processes are actually initiated by the municipalities where you work and where you're going to build up a mine and the regional council. If you don't have land use plans for mine, mining licenses cannot be granted." 

The involvement of two municipalities covering the Rajapalot project area adds complexity but demonstrates local government support for the development.

The company's proactive approach to permitting recognizes the extended timeline required for regulatory approval in Finland. Rather than sequential processing, Mawson Finland is advancing multiple permit streams simultaneously to optimize development scheduling and minimize delays between technical and regulatory milestones.

Community Engagement & Stakeholder Relations

Mawson Finland has implemented comprehensive community engagement programs recognizing the importance of local acceptance in Finnish mining development. The company maintains regular office hours open to the public every two weeks, allowing community members to examine geological samples and ask questions directly. This transparent approach extends to participation in local events and proactive communication with stakeholder groups.

"It needs to be both ways. It's not just what you are telling. You need to listen. You need to give answers." 

This bidirectional communication strategy reflects understanding that successful mining development in Finland requires genuine community partnership rather than mere consultation.

The CEO's local residence and established relationships within the community provide significant advantages for stakeholder management. Her background includes interactions with the same regulatory authorities and stakeholder groups now involved in the Rajapalot  permitting process, facilitating more effective communication and relationship building.

Regional Mining Context

Northern Finland and specifically Lapland represent established mining jurisdictions with multiple operating mines and advanced projects. The region hosts Agnico Eagle's Kittila gold mine, described as Europe's largest gold operation, alongside the Outokumpu mine and other significant mining operations. This established mining infrastructure and regulatory familiarity create favorable conditions for new project development.

"Definitely northern Finland and Lapland is a destination for mining and exploration in Finland."

The presence of other international mining companies including Anglo American and Rupert Resources demonstrates institutional acceptance and regulatory capability for large-scale mining development.

The regional mining activity also supports development of specialized service providers and infrastructure, potentially reducing development costs and timeline for projects like Rajapalot. Proximity to existing mining operations can facilitate knowledge sharing and operational synergies as the project advances toward production.

Strategic Cobalt Component

The cobalt component of Rajapalot positions Mawson Finland within European Union strategic mineral initiatives. Cobalt's designation as both critical and strategic under EU raw materials legislation provides potential access to preferential permitting treatment and specialized funding mechanisms. The company plans to apply for strategic project status, which could accelerate permitting timelines and provide priority processing.

"When I look at the benefits that you can get when you have cobalt, they are quite nice benefits. You have this preset timing for permitting. Your permitting time cannot exceed 24 months." 

Additional benefits include potential access to EU cohesion funds and national government financial support not available to conventional mining projects.

The European focus on supply chain security for critical minerals creates potential for off-take arrangements or strategic partnerships with end-users seeking secure cobalt supply sources. While the economic contribution of cobalt to overall project economics remains secondary to gold, the strategic value could provide development financing advantages and risk mitigation.

The Investment Thesis for Mawson Finland

• Jurisdictional Stability: Operating in Finland provides political stability, established mining law, and transparent regulatory processes, reducing sovereign risk compared to many gold exploration jurisdictions.
• Management Regulatory Expertise: CEO's 12-year background in Finnish environmental administration provides unique insight into permitting requirements and stakeholder management, potentially reducing development risk and timeline.
• Leveraged Gold Exposure: Current gold prices significantly above the $1,700 assumption in the 2023 PEA suggest substantial improvement in project economics, with demonstrated IRR sensitivity to metal price increases.
• Resource Expansion Potential: Recent drilling has identified additional ounces not included in current resource estimates, with upcoming decisions on resource updates or prefeasibility study advancement.
• Strategic Cobalt Value: EU designation of cobalt as critical and strategic mineral provides potential for accelerated permitting, priority processing, and access to specialized European funding mechanisms.
• Established Mining Region: Location in Lapland's proven mining district with existing infrastructure and regulatory familiarity reduces development risk and potentially lowers capital requirements.
• Proactive Permitting Strategy: Early initiation of EIA and land use planning processes positions company for efficient transition to development phase following technical studies completion.

Macro Thematic Analysis

The global mining industry faces increasing pressure to secure critical mineral supply chains outside traditional high-risk jurisdictions, particularly as geopolitical tensions highlight supply vulnerabilities. European Union initiatives targeting strategic mineral independence create favorable conditions for projects like Rajapalot  that combine precious metals with critical materials in stable jurisdictions. Finland's established mining framework and EU membership provide regulatory certainty increasingly valued by institutional investors and potential strategic partners.

Cobalt's strategic importance extends beyond traditional battery applications to encompass broader industrial uses essential to European manufacturing competitiveness. The combination of gold's monetary premium amid currency debasement concerns with cobalt's strategic scarcity creates a compelling dual-commodity investment proposition. Mawson Finland's positioning within this macro framework, combined with management's regulatory expertise and proactive stakeholder engagement, suggests potential for premium valuations as the project advances through development stages.