Mawson Finland Highlights Closing of First Nordic's $80M Financing, Announces Date of Special Shareholder Meeting for Arrangement Approval, Announces Loan

The October 17, 2025 news release provides an update on the proposed acquisition of Mawson Finland Limited ("Mawson" or "MFL") by First Nordic Metals Corp. ("First Nordic"). The key points are: 1. Financing Closed: First Nordic has successfully closed a significantly upsized $80 million financing. This was previously announced as a $30 million financing in the original merger agreement. The financing was conducted via subscription receipts at $0.38 per receipt, which will convert into shares of the combined company, "NordCo Gold". 2. Shareholder Meeting: Mawson has scheduled a special meeting for its shareholders on December 4, 2025, to vote on the plan of arrangement. 3. Bridge Loan: First Nordic is providing Mawson with a bridge loan of up to $1,000,000 at 8% interest to cover transaction-related costs and for general working capital until the deal closes. 4. Closing Timeline: The transaction is expected to close in December 2025, subject to shareholder, court, and regulatory approvals.

This news is materially positive. The original merger announcement on September 15, 2025, was a transformative event for Mawson, providing a clear path forward and access to capital. This latest update significantly enhances and de-risks that transaction.

The most critical development is First Nordic's closing of an $80 million financing, a massive increase from the $30 million initially planned. This has several profound implications: * Market Validation: The ability to raise such a large sum demonstrates strong market appetite and institutional validation for the merger's strategic rationale and the quality of the combined asset portfolio (Mawson's Rajapalot and First Nordic's Barsele). * Massive Treasury: The new entity, NordCo Gold, will be exceptionally well-capitalized. This removes any near-to-medium term financing overhang and provides a substantial treasury to aggressively advance both flagship projects, including resource expansion/upgrade drilling, technical studies, and permitting at Rajapalot. * De-risking the Transaction: With financing secured, the primary condition for the merger is now shareholder approval. The success of this upsized financing makes the deal far more attractive to Mawson shareholders.

The bridge loan, while a minor component, is also telling. It indicates Mawson's cash position was becoming critical, reinforcing the necessity of this merger. As a non-dilutive loan from the acquirer, it ensures Mawson can operate until the deal closes without resorting to a disadvantageous financing, and it shows First Nordic's firm commitment to finalizing the transaction.

In summary, this news confirms the merger is proceeding as planned and that the resulting company will be funded far beyond initial expectations. For Mawson shareholders, this is an excellent outcome that secures the future of the Rajapalot project within a much larger, stronger, and well-capitalized entity.

Mawson Finland Limited is a junior resource company focused on the exploration and development of its 100%-owned flagship Rajapalot gold-cobalt project in northern Finland. The project hosts a significant inferred mineral resource (effective August 2021) of 9.8 million tonnes at 2.8 g/t gold and 441 ppm cobalt, containing 867,000 ounces of gold and 4,311 tonnes of cobalt. The company has been focused on de-risking the project through permitting (advancing its Environmental Impact Assessment) and expanding the mineralized footprint through drilling, which has been successful in identifying new zones and significant step-outs. The company is currently in the final stages of being acquired by First Nordic Metals Corp.