EIA Program completed - marking an important milestone for the EIA process and the ongoing development of the project
Strong stakeholder support received from local communities and authorities
Project recognized for its strategic importance to EU's green transition
Land use planning processes (i.e., re-zoning) now advancing in parallel with the "second phase" of the EIA process
Winter drilling program of 12,000-15,000 metres planned for early 2025
Ms. Noora Ahola, Mawson Finland CEO, states: "The completion of the EIA Program represents more than just a procedural milestone for the Rajapalot project, it also strengthens Rajapalot's position as a strategic asset for both Finland and the European Union's green transition. The Rajapalot project represents a unique opportunity to contribute to both the local and national economy in many ways while supporting Europe's clean energy transition. We're committed to ensuring these benefits materialize while maintaining the highest environmental and social standards. We're not just planning to build a mine; we're setting high standards for responsible resource development in mine building. The feedback received during this phase will be instrumental in fine-tuning our environmental management strategies and ensuring we meet or exceed the stakeholder expectations."
EIA - Environmental Impact Assessment Procedure
In Finland, environmental and other regulatory planning processes form the foundation for a structured and predictable permitting path required for sustainable mine development (Figure 1 is a graphical representation of the regulatory framework in place for mining projects within Finland). The EIA procedure lays the groundwork for moving the Rajapalot project through all future permitting requirements. This crucial process ensures not only the project's environmental responsibility but also facilitates meaningful stakeholder engagement in the development process. The EIA procedure includes two major phases: the Program phase (ie., "first phase") and the Report phase (ie., "second phase"). The Program, or "first phase" of the EIA procedure determines what information is needed to understand and address potential environmental and sociological impacts of the Rajapalot project, both now and into the future (ie., an outline of what will be studied and contained in the main EIA report, or "second phase"). The "second phase" consists of the EIA report addressing the requirements and likely significant impacts recognized in the "first phase" of the EIA Process.
Mawson submitted the Rajapalot gold-cobalt project EIA Program (ie., the "first phase") to the coordinating authority, the Lapland Centre for Economic Development, Transport and the Environment (ELY Centre) on the 31st of August 2024. The company received a statement on the EIA Program from ELY Centre on the 28th of November 2024. The EIA Program statement received from the ELY Centre incorporates official statements and other feedback from all the relevant stakeholders such as municipalities, other national and regional authorities, research centers and reindeer herders. The statements highlighted, among other things, the importance of the Rajapalot project for the EU´s green transition, its potential to diversify local industry, and positive feedback on stakeholder engagement. The statement also raised other valuable perspectives and information that will be considered and carefully processed in the "second phase" of the EIA procedure. As such, Mawson has now achieved a significant milestone in this development journey with the "first phase" of the EIA procedure now completed.
Land Use Planning Processes
As the EIA procedure has progressed to the "second phase", the company can now actively promote land use planning processes within the region. Mawson is now going forward with the phased regional land use planning process initiated by the Regional Council of Lapland ("Lapin Liitto") in conjunction with the EIA Report phase. The phased regional land use plan guides and sets the requirements for the municipal-level land use plans ("Partial Master Plans"). The two municipal areas where the project is located, the City of Rovaniemi and Municipality of Ylitornio, have also formally initiated their respective local land use planning processes. These processes are significant for the project's progression as it ensures that the land use is properly planned to accommodate mining activities while balancing environmental and community needs.
Winter drilling program
Four diamond drill rigs are scheduled to be mobilized at the Rajapalot site in early 2025 to begin next year's winter drilling campaign. Between 12,000 to 15,000 metres of diamond drilling is planned to be completed by the end of April 2025. Major objectives for this drilling are to extend and increase the inferred resource base of the Rajapalot gold-cobalt project, while also drill-testing some compelling exploration targets developed through the 2024 summer and autumn field season.
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.
Figure 1: Finland's statutory framework relevant to mining projects (Mining Act 621/2011 & Amendments 2023, Act on Environmental Impact Assessment Procedure 252/2017, Decree on Environmental Impact Assessment Procedure 277/2017, Land Use and Building Act 132/1999, Land Use and Building Decree 895/1999)SOURCE:Mawson Finland Limited
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