You can see the paint bubbling up around the screw holes. This is caused by galvanic corrosion between the stainless steel screws and the aluminum spar. Apparently, no isolator was used, and if one was used, it has failed as isolating the two dissimilar metals leading to galvanic corrosion of the aluminum. The problem with this is the location.
Unlike with the other mast where the damage was located at the bottom of the spar, this corrosion is occurring on the side of the mast. If left unchecked, the side will form a hole and severely weaken the mast. This area is also in one of the highest stressed areas of the spar: The head.
All the forces of the sails, halyards, and rigging culminate at the head of the mast in the area of the truck (where all the welds are) and this is exactly where those little screws are bubbling away the aluminum of the spar. Eventually, the mast will break and make a big mess of the boat below it!
The corrosion still looks minimal and the screws do not appear overly critical. They could easily be removed and the area cleaned and protected. If they are necessary, then they can be coated in lanolin and reinstalled, paying close attention to the area in future rig inspections for any sign of renewed corrosion in the area.
If these small bubbling corrosion points are left unchecked, they can lead to very dramatic and costly results. Be sure to check any fasteners in the mast with a close eye and hold the area to the utmost standards of perfection. When it comes to your spar, there is no “good enough”!