Skip to content

My Evli online service will be upgraded on Thursday November 21, 2024 between 7.00 pm. and 9.00 pm. During this time, all online services will be unavailable. We apologize for any inconvenience.

Endomines gold nuggets.

Endomines

Gold exploration and mining company

Company
Equity Research
Financials
Company publications
Shareholders
Share price
Disclaimer

Overview

Endomines engages in exploration, mining, and extraction of gold deposits. Its sites are found in Eastern Finland along the Karelian Gold line and in Idaho and Montana, USA. The company was founded in 2005 and is headquartered in Espoo, Finland. Endomines focuses its operations to assets in stable jurisdictions that can be brought to production rapidly and with limited investment.
Endomines new strategy focuses on development of the company's Finnish assets, the US assets are developed through partnership models. The company has proceeded well with reinitiating production at the Pampalo site, Endomines produced 12 790 ounces of gold during 2023. The company’s focus in the near term is on Pampalo underground, East open pit and Hosko production and on gold exploration activities in Karelian gold line.

Financial overview

Equity research

Endomines gold nuggets.
Endomines logo
Endomines - Volume growth supports exploration

Endomines’ Q3 production was fairly well in line with our estimates at 4,191 ounces (Evli est. 4,411 ounces). The company is in an ideal spot as the current production should finance the exploration efforts given the volumes and prevailing gold price. We increase our TP to EUR 8.1 (prev. EUR 7.3), while keeping rating at HOLD.

Company update |
Endomines gold nuggets.
Endomines logo
Endomines - Should deliver profitable growth in H2

Despite Pampalo’s profitability not meeting our expectations in H1, we anticipate substantial volume growth in H2 to enhance profitability, supported by sustained high gold prices.

Company update |
Endomines gold nuggets.
Endomines logo
Endomines - Profitability of Pampalo lower than expected

Endomines' net sales for the first half of the year were roughly as expected, though profitability did not meet our estimates.  

Earnings Flash |
Endomines gold nuggets.
Endomines logo
Endomines - Market tailwind persists

Endomines will publish H1/24 figures on Thursday 15th of August. Our focus is on the profitability and cash flow of the Pampalo operation as production growth coupled with high gold prices supported sales growth during H1.

Preview |
Endomines gold nuggets.
Endomines logo
Endomines - Trending in the right direction
The company’s fundamentals are moving in the right direction while the gold market remains hot. We revise our TP to EUR 6.5 and upgrade our rating to HOLD.
Company report |
Endomines gold nuggets.
Endomines logo
Endomines - Promising signs from Pampalo
H2 2023 net sales and EBIT missed our estimates, yet profitability was better than expected excl. NRIs. Despite the promising signs from the Karelian Gold Line overall, the current pricing remains elevated.
Company update |
Endomines gold nuggets.
Endomines logo
Endomines - Production guidance lower than expected
Endomines H2 figures were negatively impacted by the production method change in Pampalo and preparatory work in Hosko. Excluding the effect, profitability was above our estimates. The production guidance for 2024 was weaker than expected.
Earnings Flash |
Endomines gold nuggets.
Endomines logo
Endomines - Valuation running ahead of things
Endomines will release its H2 2023 figures on February 15th. Our interest in the report lies in Pampalo's profitability, progress and plans for Karelian Gold Line exploration, and update on the US assets. Despite the story developing fairly in line with plans, the valuation has become elevated.
Preview |
Endomines gold nuggets.
Endomines logo
Endomines - Year ends with a resource increase
Endomines updated its mineral resource estimate for Korvilansuo. While the resource increase and current strong gold prices support the investment case, significant uncertainties persist.
Company update |
Endomines gold nuggets.
Endomines logo
Endomines - Uncertainties remain high
Endomines' H1 2023 revenue aligned with our estimates, yet profitability fell short of expectations. Due to estimate changes, continued uncertainty regarding the US asset portfolio and stretched balance sheet, we downgrade our rating to HOLD (BUY) and adjust TP to EUR 4.7 (5.6).
Company update |

Annual financials

Quarterly financials

Assets

Equity and liabilities

Cashflow

Environment

Social

Governance

Videos

Annual and sustainability reports

Company news

Endomines Finland Plc – Investor News – 28/10/2024, at 10:00 EET

Endomines has received a Small Miners Exemption permit for the US Grant mining area in Montana

Endomines has received confirmation from the US authorities for their Small Miners Exemption (SMES) application for the US Grant mining area in Montana. The SMES permit authorizes Endomines to engage in exploration in the US Grant gold and silver mining area and it is also an important part of the permitting process aiming for production.

“I am pleased that we received the Small Miners Exemption operating permit. The permit allows us to operate at US Grant for example by conducting exploration or producing gold and silver in the permitted area. However, Endomines is focusing on Finland according to our strategy and does not plan to invest in starting production at US Grant,” says Endomines CEO Kari Vyhtinen.

Endomines owns rights to seven gold mining sites in the United States: five in Idaho and two in Montana. In addition to US Grant in Montana, the company has an option to purchase the Kearsarge gold deposit. Endomines’ goal is to utilize the US deposits through a partnership model.

 

Further information: 
Kari Vyhtinen, CEO, Endomines Finland Plc 
kari.vyhtinen@endomines.com, +358 40 585 0050

 

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the United States. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth; an investment that can withstand global political instability. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki (PAMPALO). www.endomines.com.

Endomines Finland Plc | Stock Exchange Release | 22.10.2024 | at 16:00 EEST

Composition of Endomines Finland Plc’s Shareholders’ Nomination Committee

The Nomination Committee of Endomines Finland Plc consists of representatives appointed by the two shareholders who, according to the shareholder register maintained by Euroclear Finland Oy, have the most shares and votes on August 31st of each year, and the Chairman of the Board of Directors of the company.

The members of Endomines’ Shareholders’ Nomination Committee are:

  • Kyösti Kakkonen
  • Ingeborg Åkermarck
  • Jukka-Pekka Joensuu

Kyösti Kakkonen has been elected as the Chairman of the Nomination Committee at the organizing meeting held on 22.10.2024.

The Shareholders’ Nomination Committee of Endomines is responsible for preparing proposals for the General Meeting of Endomines Plc concerning the number, election and remuneration of the members of the Board of Directors.

 

Further information:

Minni Lempinen, CFO
minni.lempinen@endomines.com, +358407693483

 

 

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the United States. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth; an investment that can withstand global political instability. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki (PAMPALO). www.endomines.com.

Endomines Finland Plc: Managers' Transactions – Kari Vyhtinen

____________________________________________

Person subject to the notification requirement

Name: Kari Vyhtinen

Position: Chief Executive Officer

Issuer: Endomines Finland Plc

LEI: 7437004UOFZRIUWTUG97

Notification type: INITIAL NOTIFICATION

Reference number: 81504/4/4

____________________________________________

Transaction date: 2024-10-16

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI4000508023

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 181 Unit price: 7.9 EUR
(2): Volume: 10 Unit price: 7.96 EUR
(3): Volume: 109 Unit price: 8 EUR
(4): Volume: 68 Unit price: 7.96 EUR
(5): Volume: 145 Unit price: 7.98 EUR
(6): Volume: 133 Unit price: 8 EUR
(7): Volume: 1 Unit price: 8.02 EUR
(8): Volume: 1 Unit price: 8.04 EUR
(9): Volume: 2 Unit price: 8.06 EUR

Aggregated transactions (9):

Volume: 650 Volume weighted average price: 7.96317 EUR

Endomines Finland Plc

 

Further information

Minni Lempinen, CFO, Endomines Finland Plc

minni.lempinen@endomines.com, +358 40 769 3483

 

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Endomines Finland Plc – Inside information – 2/10/2024, at 14:00 EEST

Inside information: Endomines Finland Plc operational update JanSep 2024: a strong quarter increased production volumes significantly

Pampalo’s gold production increased by 21.4 percent in July–September compared to the corresponding period in 2023. In January–September 2024, gold production has increased by 9.9 percent compared to the corresponding period in 2023.

  • Production in July-September was 130.4 kg (107,4 kg), 4,191 ounces (3,451 oz)
  • In January-September, the production was 348.7 kg (317.4 kg) in kilograms and 11,211 oz (10,204 oz) in ounces.
  • For the full year 2023, Endomines produced 397.8 kg (equivalent to 12,790 ounces) of gold.

Published production volumes are based on preliminary data, the final figures may change slightly after final specifications have been received for all deliveries to customers. However, the change in the figures reported here is not expected to be significant.

The company's full-year 2024 production is expected to increase in line with guidance by 15–35% compared to the previous year.

“In terms of production volumes, the quarter was clearly the best since the start of 2022. The growth of our production continued according to the plan towards the annual production level of 20,000 ounces. The market price of gold has recently developed in a very favorable direction. The increase in production volumes at the time when the price of gold repeatably breaks new records, supports our goal of making Karelian gold line a significant gold production area on a global scale,” comments Kari Vyhtinen, the CEO of the company.

 

Further information:
Kari Vyhtinen
CEO
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050

 

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewelry and electronics industries and create value by turning natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Endomines Finland Plc | Stock Exchange Release | 24.9.2024 at 15:30 EEST

Endomines Finland Plc’s Financial Reporting Schedule and Annual General Meeting in 2025

In 2025 Endomines Finland Plc will publish financial reports as follows: 

ReportRelease date
Financial Statements Release for 202413.2.2025
Annual Report for 202426.3.2025
Half-year Financial Report Jan-June 202514.8.2025

The Company adheres to a 30-day silent period before the publication of its financial results (Half-year report, Financial Statements Release). 

Endomines Annual General Meeting is planned to be held on May 13th, 2025. Endomines Board of Directors will summon the meeting at a later date. 

The Financial Releases and IR Calendar is available also on our website: https://endomines.com/en/for-investors/sijoittajakalenteri/

Further Information:
Minni Lempinen
CFO
minni.lempinen@endomines.com
+358 40 769 3483

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations focus on gold production and exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most significant and sustainable gold-producing regions in the world. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com

Endomines Finland Plc – Inside information – 20/9/2024, at 11:30 EEST

Inside information: Endomines reports exploration results from Hosko, the Northern Gold line, and commences drilling program in Kartitsa 

Endomines reports results from the exploration drilling program carried out in the summer 2024 at Hosko, Northern Gold Line. The program consisted of 23 drill holes for a total of 2905 meters. The program was aimed to test the distribution and the continuity of high gold grade mineralisation within the 1.2 km long gold bearing Hosko trend. 

The highlighted results confirm that Endomines has discovered two new high-grade areas near the recently opened mine of Hosko. In addition, all the drill holes in the program intersected gold grades above the reporting cut-off (0.4 g/t).

The high-grade areas now discovered from the Hosko area are located 100 and 1000 meters north of the Hosko mine. These high-grade areas require further follow-up work to assess their potential for mining.

Highlights of the Hosko summer 2024 drilling program: 

  • Drill hole HOS-125 intersected 4.85 meters at 5.01 g/t gold from 36.80 m. 
  • Drill hole HOS-123 intersected 5.70 meters at 2.96 g/t gold from 95.4 m, including 1.80 meters at 8.35 g/t gold from 96.50 m. 
  • Drill hole HOS-115 intersected 2.30 meters at 6.10 g/t gold from 82.45 m. 
  • Drill hole HOS-126 intersected 1.10 meters at 11.10 g/t gold from 81.00 m.

The drill intersections from the Hosko 2024 drilling program are presented in Attachment 1 and the locations of the new drill holes are presented in the map in Attachment 2.

A new drilling program starts in Kartitsa

Endomines has decided to start a drilling program in Kartitsa, which is located 6.5 km north of the Hosko mine. On August 1, 2024, Endomines reported results from drillings made in the area, according to which hole KA-014 encountered 2.76 g/t of gold over 13.05 meters and hole KA-015 encountered 2.06 g/t of gold over a distance of 8.40 meters. The purpose of the drillings now being started is to follow up on these results.

Endomines is currently also conducting drilling aimed at expanding mineral resources in Kuittila, on the Southern Gold Line. These drillings will continue at the same time as the now starting Kartitsa drilling program. So far, 17 holes have been drilled in Kuittila, with a total length of 3295 meters.

“Finding new high-grade areas in Hosko, confirms our belief in the region’s high gold potential. We believe that Hosko will become a long-lasting cornerstone of our gold production. The first research results from Kartitsa which were published in August, were so promising that we decided to immediately initiate a new drilling program in the area. Between the best gold intersections in the area, there is an approximately 500-meter unexplored area, which we will now focus on. This, combined with the extensive drilling program aimed at increasing gold resources on the Southern Gold Line, ensures that the end of the year will be a very busy and interesting period in exploration,” says CEO of Endomines Kari Vyhtinen.

Geology of Hosko

The reported drilling program successfully intercepted the quartz-tourmaline breccia down-plunge from already known intercepts, thus confirming the plunge continuity of the gold bearing breccia. The spatial distribution of high-grade gold material within the quartz-tourmaline breccia is still being investigated. In particular the structural control of the newly identified breccia pipes is being assessed. The gold bearing mineralisation presents itself as sulphide bearing quartz-tourmaline breccias hosted within strongly sheared sericitized sedimentary rocks.

Drilling technology and quality assurance

All surface drilling has been carried out by KDC Oy, using WL-66 tubes, resulting in a core of 50.5 mm in diameter. Drill hole locations have been surveyed by using mine survey equipment. A downhole survey of bearing and dip deviations has been completed with the SPT GyroMaster survey tool. All cores have been oriented with SPT CoreMaster equipment.

The drill cores have been logged by Endomines' personnel. The drill cores have been cut in half by Palsatech Oy in Kemi and Sodankylä prior to shipping to the CRS Laboratories Oy in Kempele, Finland. The sample procedure used at the laboratory was MPC’s PAL1000 PULVERISE AND LEACH machine with AAS finishing. The used sample size was 500 g of crushed core.

Normal QA/QC (Quality Assurance/Quality Control) procedures have been adhered to on all the samples, with standards, blanks and duplicates routinely submitted as part of the sampling program. The quality of sample preparation, security integrity and chemical assays was equal to, or exceeded, current industrial standards and the requirements of the JORC-code.

This statement has been controlled by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP, –standards. Jani Rautio is a full-time employee of Endomines and owns 2,000 shares in Endomines.

Further information

Kari Vyhtinen
CEO
kari.vyhtinen@endomines.com
+358 40 585 0050

Jani Rautio
Head Geologist
jani.rautio@endomines.com
+358 50 593 0812

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.

The Karelian Gold Line is 40 kilometers long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. The Pampalo mine has produced 200,000 ounces of gold at an average grade of 3.6 g/t. Endomines controls extensively exploration rights across the Karelian Gold Line.

Endomines Finland Plc – Stock Exchange Release, Inside Information – 18/9/2024, at 11:30 EEST

Correction: Inside information: Endomines exploration update – positive till sampling results from Southern Gold Line

Endomines Finland Plc republishes the inside information release published on July 11, 2024. Due to a technical error in the transmission of the stock exchange release published on July 11, 2024, the release was not entered into the national central storage for regulated information (officially appointed mechanism, OAM) maintained by Nasdaq Helsinki Oy. No changes were made to the contents of the release. The release is in full below.

Inside information: Endomines exploration update – positive till sampling results from Southern Gold Line

Endomines reports results from the 2023-2024 base of till sampling program performed at the Southern Gold Line area. All results have been received. Multiple significant, new gold anomalous areas have been recognized. Gold concentrations in base of till samples indicate gold concentrations in the bedrock, and positive results are used to guide exploration drilling.

Highlights

Eight new, potential areas were recognised in the Southern Gold Line close to known gold deposits

  • A significant gold, molybdenum and tungsten anomalous area was recognized in the base of till sampling (BOT) in the South-West of the Kuittila deposit in Southern Gold Line. This supports the potential to extend the Kuittila mineralization towards South-West.
  • Four distinct areas with elevated gold, molybdenum and tungsten content in the base of till have been identified within low chargeability zones interpreted to represent tonalite intrusions. Those areas are interpreted to be prospective for Kuittila style mineralization. Two of such anomalous zones lie South of the Korvilansuo deposit in a previously unsampled area.
  • Three zones with anomalous gold content in the base of till have been identified between the Korvilansuo and Kuittila deposit in previously unsampled area. All three anomalous zones lie within the interpreted South-East continuity of the Korvilansuo and are interpreted to be prospective for Korvilansuo style mineralisation.

These are exciting news. Our previous work has been mainly based on old base of till data. These analyses clearly highlight the potential in the Southern Gold Line. Samples from untested areas, very close to known deposits, indicate that we have great potential to grow the known deposits into much larger than the current size. We will continue explorational drilling in the area during August-December 2024. We are also continuing permitting process in the area to ensure fast roadmap to gold production.” says Kari Vyhtinen, CEO of the company.

Base of till sampling at Southern Gold Line

The Base Of Till (BOT) program completed in 2023-2024 in the Southern Gold Line consists of a total of 1066 samples. The BOT drilling concentrated on previously unsampled/poorly sampled areas in the immediate vicinity of the Korvilansuo and Kuittila deposits. Sample spacing of 20 meters was used for this program. The spacing between sampling lines varies from 100 to approx. 400 m.

This geochemical sampling led to the identification of a series of significant base of till gold (Au) and pathfinders (Mo, W, Cu, Ag) anomalies on the western margin of the Kuittila tonalite and in the overlying supracrustal rocks.

attachment-1.png

Figure 1:

On the left side a) Situation prior to the campaign. Base Of Till samples gold content (orange dots) in relation with the induced polarisation chargeability.

On the right-side b) Situation after the new results. Winter 2023-2024 base of till samples gold content in relation with the induced polarisation chargeability. The most prominent gold and pathfinder elements anomalous areas are indicated with orange dashed lines. Background: MML Maastokartta.

All the base of till drilling has been carried out by Moreenityö Mäcklin Oy. A track-mounted rig with percussion drill equipment has been used for the program. The sampling depth varied between 1.1 and 14.2 meters with the average sampling depth being 4.7 meters. The average sample weight was 264 grams. All the samples were examined and logged by Endomines geologists and sent to CRS laboratories Oy in Kempele for preparation (code DRI-060, PSC-999 & PSC-110) and then sent to MS Analytical laboratory in Langley, Canada, where samples were analyzed by method FAS-111 (Au) and IMS-131 (Multi-Element). In the cases of insufficient sample weight, the multi-element analysis was conducted with IMS-131H or IMS-130.

A field duplicate has been collected for every 50 samples. Certified reference materials and duplicates are inserted in the sample sequence by CRS Laboratories. Endomines geologists routinely check the quality of the sampling and assay procedure.

Karelian Gold Line

The Karelian Gold Line is 40 kilometres long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometres northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. The Pampalo mine has produced 190,000 ounces of gold at an average grade of 3.6 g/t. Endomines controls the exploration rights across the Karelian Gold Line.

Competent Person

This statement has been controlled by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP, –standards. Jani Rautio is a full-time employee of Endomines and owns 2,000 shares in Endomines.

Endomines Finland Plc

Further information:

Kari Vyhtinen, CEO, kari.vyhtinen@endomines.com, +358 40 585 0050

Jani Rautio, Chief Geologist, jani.rautio@endomines.com, +358 50 593 0812

About Endomines

Endomines is a mining and exploration company with its primary focus on gold. Endomines is engaged in mining operations at the Pampalo mine in Ilomantsi, and in exploration activities along the Karelian Gold Line in Eastern Finland. Endomines also owns rights to several gold deposits in Idaho and Montana, US, where Endomines aims to continue the development work through partnership agreements. www.endomines.com


Attachments

Endomines Finland Plc – Press Release – 13/9/2024, at 13:30 EEST

Endomines Expands Mining Operations in Hosko – Veljekset Toivanen Oy to implement underground mining contracts

Endomines Finland Oyj’s subsidiary, Endomines Oy, has entered into a cooperation agreement with mining contractor Veljekset Toivanen Oy. The contract covers the underground mining operations in the Hosko production site.

Endomines opened the Hosko open pit mine in February 2024. Hosko is located on the Karelian Gold Line, about 20 km north of Pampalo. The company is now expanding its mining operations to include an underground mine in addition to the open pit mine. Veljekset Toivanen Oy has been selected as a partner for the underground mining contracts.

“Veljekset Toivanen Oy is a well-known and reliable mining contractor with extensive experience and expertise in the field. The company’s strong competence and commitment to responsible operations make it an excellent partner for Endomines,” says Ilkka Räty, Endomines’ Chief Operating Officer.

A Familiar Partner Helps in Achieving the Goals

Endomines has cooperated with Veljekset Toivanen also before this agreement. The company has been responsible for open pit mining in the Pampalo and Hosko production sites.

“It is great that our cooperation with Veljekset Toivanen continues. Veljekset Toivanen’s operations emphasize occupational safety, development activities, and professionalism, which gives us confidence to continue our collaboration,” says Räty.

Endomines strongly believes in the potential of the Hosko area, and through the underground mine, the company will be able to better utilize the area’s gold resources. The company’s medium-term goal is to increase gold production to 20,000 ounces by the end of the current year. The Hosko underground mine will help Endomines achieve this goal.

“Veljekset Toivanen Oy is proud to be part of this project. Our cooperation with Endomines is proof of the commitment of both companies to responsible and efficient mining,” comments Ari Keskitalo, Head of Mining Operations at Veljekset Toivanen Oy.

Hosko collaboration_ Ilkka Räty and Ari Keskitalo.jpeg

Image: Ilkka Räty and Ari Keskitalo

Further information:

Ilkka Räty
COO
Endomines Finland Oyj
+358 40 922 4419
ilkka.raty@endomines.com

Ari Keskitalo
Head of Mining Operations
Veljekset Toivanen Oy
+358 40 178 9887
ari.keskitalo@veljeksettoivanen.fi

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.

Endomines Finland Plc – Stock Exchange Release, Inside information – 12/9/2024, at 14:30 EEST

Inside information: Endomines expands mining operations underground in Hosko production site 

Endomines opened the Hosko open pit mine in February 2024. Hosko is located on the Karelian gold line approximately 20 km North of Pampalo.  The company believes that the gold production potential of Hosko is significant, so it is expanding the mining operations to include an underground mine in addition to the open pit mine. Endomines is estimating Hosko production area to support the company’s total annual gold production by 10–20 percent in 2024. So far, 5,641 tons of ore with an average grade of 3.5 g/t gold have been mined in the area. The gold ore mined from Hosko is processed at the Pampalo production plant. 

“Production in Hosko has started strongly, and the high gold content of the ore mined supports our production. Our medium-term goal is to increase gold production to the level of 20,000 ounces by the end of the current year. The underground mine in Hosko will help us in achieving this goal. Expanding the production area of Hosko does not require significant investments, and underground mining will increase our revenue already in 2024,” says Kari Vyhtinen CEO of Endomines. 

 

Further information: 

Kari Vyhtinen
CEO 
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050 

 

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com. 

 

Endomines Finland Plc - Managers' transactions - Ekberg

____________________________________________

Person subject to the notification requirement

Name: Ekberg, Markus

Position: Member of the Board/Deputy member

Issuer: Endomines Finland Plc

LEI: 7437004UOFZRIUWTUG97

Notification type: INITIAL NOTIFICATION

Reference number: 7437004UOFZRIUWTUG97_20240823103000_29

____________________________________________

Transaction date: 2024-08-23

Venue not applicable

Instrument type: SHARE

ISIN: FI4000508023

Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 435 Unit price: 0.00 EUR

Aggregated transactions

(1): Volume: 435 Volume weighted average price: 0.00 EUR

 

Endomines Finland Plc

Further information

Minni Lempinen, CFO, Endomines Finland Plc

minni.lempinen@endomines.com, +358 40 769 3483

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Endomines Finland Plc - Managers' transactions - Jokela

____________________________________________

Person subject to the notification requirement

Name: Jokela, Jukka

Position: Member of the Board/Deputy member

Issuer: Endomines Finland Plc

LEI: 7437004UOFZRIUWTUG97

Notification type: INITIAL NOTIFICATION

Reference number: 7437004UOFZRIUWTUG97_20240823103000_30

____________________________________________

Transaction date: 2024-08-23

Venue not applicable

Instrument type: SHARE

ISIN: FI4000508023

Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 398 Unit price: 0.00 EUR

Aggregated transactions

(1): Volume: 398 Volume weighted average price: 0.00 EUR

 

Endomines Finland Plc

Further information

Minni Lempinen, CFO, Endomines Finland Plc

minni.lempinen@endomines.com, +358 40 769 3483

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Endomines Finland Plc - Managers' transactions - Joensuu

____________________________________________

Person subject to the notification requirement

Name: Joensuu, Jukka-Pekka

Position: Member of the Board/Deputy member

Issuer: Endomines Finland Plc

LEI: 7437004UOFZRIUWTUG97

Notification type: INITIAL NOTIFICATION

Reference number: 7437004UOFZRIUWTUG97_20240823103000_26

____________________________________________

Transaction date: 2024-08-23

Venue not applicable

Instrument type: SHARE

ISIN: FI4000508023

Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 787 Unit price: 0.00 EUR

Aggregated transactions

(1): Volume: 787 Volume weighted average price: 0.00 EUR

 

Endomines Finland Plc

Further information

Minni Lempinen, CFO, Endomines Finland Plc

minni.lempinen@endomines.com, +358 40 769 3483

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Endomines Finland Plc - Managers' transactions - Read

____________________________________________

Person subject to the notification requirement

Name: Read, Jeremy

Position: Member of the Board/Deputy member

Issuer: Endomines Finland Plc

LEI: 7437004UOFZRIUWTUG97

Notification type: INITIAL NOTIFICATION

Reference number: 7437004UOFZRIUWTUG97_20240823103000_27

____________________________________________

Transaction date: 2024-08-23

Venue not applicable

Instrument type: SHARE

ISIN: FI4000508023

Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 475 Unit price: 0.00 EUR

Aggregated transactions

(1): Volume: 475 Volume weighted average price: 0.00 EUR

 

Endomines Finland Plc

Further information

Minni Lempinen, CFO, Endomines Finland Plc

minni.lempinen@endomines.com, +358 40 769 3483

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Endomines Finland Plc - Managers' transactions - Ruokonen

____________________________________________

Person subject to the notification requirement

Name: Ruokonen, Eeva

Position: Member of the Board/Deputy member

Issuer: Endomines Finland Plc

LEI: 7437004UOFZRIUWTUG97

Notification type: INITIAL NOTIFICATION

Reference number: 7437004UOFZRIUWTUG97_20240823103000_28

____________________________________________

Transaction date: 2024-08-23

Venue not applicable

Instrument type: SHARE

ISIN: FI4000508023

Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

Transaction details

(1): Volume: 475 Unit price: 0.00 EUR

Aggregated transactions

(1): Volume: 475 Volume weighted average price: 0.00 EUR

Endomines Finland Plc

Further information

Minni Lempinen, CFO, Endomines Finland Plc

minni.lempinen@endomines.com, +358 40 769 3483

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Endomines Finland Plc

Stock Exchange Release 23 August 2024 at 13:30 EEST, Helsinki

Change in Endomines’ holding of treasury shares

Endomines has conveyed 2,570 treasury shares to the members of the Board of Directors as a part of the Board members' annual remuneration in accordance with the decision of the Annual General Meeting 2024. The amount of shares is based on the yearly remuneration decided by the Annual General Meeting and Endomines' value weighted average share price between 15 August and 21 August 2024.

The total amount of treasury shares is now 5,430.

Endomines Finland Plc

Further enquiries

Minni Lempinen, CFO, Endomines Finland Plc, minni.lempinen@endomines.com

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.

Shareholders Date % of Shares % of Votes
Joensuun Kauppa Ja Kone 30.09.2024 22.6% 22.6%
Wipunen Varainhallinta Oy 30.09.2024 9.7% 9.7%
Mariatorp 30.09.2024 9.4% 9.4%
K22 Finance 30.09.2024 4% 4%
Taloustieto Incrementum Oy 30.09.2024 3.2% 3.2%
Kari Heikki Ilmari Kakkonen 30.09.2024 3.1% 3.1%
Vakuutusosakeyhtiö Henki-Fennia 30.09.2024 2.5% 2.5%
Hietamoor Oy 30.09.2024 1.8% 1.8%
Eyemaker's Finland OY 30.09.2024 1.8% 1.8%
Ehrnrooth Helene Margareta 30.09.2024 1.5% 1.5%

Equity Research Disclaimer

These research reports have been prepared by Evli Research Partners Plc (“ERP” or “Evli Research”). ERP is a subsidiary of Evli Plc.

None of the analysts contributing to this report, persons under their guardianship or corporations under their control have a position in the shares of the company or related securities. The date and time for any price of financial instruments mentioned in the recommendation refer to the previous trading day’s closing price(s) unless otherwise stated in the report. Each analyst responsible for the content of this report assures that the expressed views accurately reflect the personal views of each analyst on the covered companies and securities. Each analyst assures that (s)he has not been, nor are or will be, receiving direct or indirect compensation related to the specific recommendations or views contained in this report.

Companies in the Evli Group, affiliates or staff of companies in the Evli Group, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. Neither ERP nor any company within the Evli Group have managed or co-managed a public offering of the company’s securities during the last 12 months prior to, received compensation for investment banking services from the company during the last 12 months prior to the publication of the research report.

ERP has signed an agreement with the issuer of the financial instruments mentioned in the recommendation, which includes production of research reports. This assignment has a limited economic and financial impact on ERP and/or Evli. Under the assignment ERP performs services including, but not limited to, arranging investor meetings or –events, investor relations communication advisory and production of research material. ERP or another company within the Evli Group does not have an agreement with the company to perform market making or liquidity providing services. For the prevention and avoidance of conflicts of interests with respect to this report, there is an information barrier (Chinese wall) between Investment Research and Corporate Finance units concerning unpublished investment banking services to the company. The remuneration of the analyst(s) is not tied directly or indirectly to investment banking transactions or other services performed by Evli Plc or any company within Evli Group.

This report is provided and intended for informational purposes only and may not be used or considered under any circumstances as an offer to sell or buy any securities or as advice to trade any securities.

This report is based on sources ERP considers to be correct and reliable. The sources include information providers Reuters and Bloomberg, stock-exchange releases from the companies and other company news, Statistics Finland and articles in newspapers and magazines. However, ERP does not guarantee the materialization, correctness, accuracy or completeness of the information, opinions, estimates or forecasts expressed or implied in the report. In addition, circumstantial changes may have an influence on opinions and estimates presented in this report. The opinions and estimates presented are valid at the moment of their publication and they can be changed without a separate announcement. Neither ERP nor any company within the Evli Group are responsible for amending, correcting or updating any information, opinions or estimates contained in this report. Neither ERP nor any company within the Evli Group will compensate any direct or consequential loss caused by or derived from the use of the information represented in this publication.

All information published in this report is for the original recipient’s private and internal use only. ERP reserves all rights to the report. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of ERP.

This report or its copy may not be published or distributed in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. The publication or distribution of this report in certain other jurisdictions may also be restricted by law. Persons into whose possession this report comes are required to inform themselves about and to observe any such restrictions.

Evli Plc is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Evli is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest. This research report is only being offered in U.S. by Auerbach Grayson & Company, LLC (Auerbach Grayson) to Major U.S. Institutional Investors and is not available to, and should not be used by, any U.S. person or entity that is not a Major U.S. Institutional Investor. Auerbach Grayson is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA. U.S. entities seeking more information about any of the issuers or securities discussed in this report should contact Auerbach Grayson. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements.

ERP is not a supervised entity but its parent company Evli Plc is supervised by the Finnish Financial Supervision Authority.

Company Facts

CEO Kari Vyhtinen
CFO Minni Lempinen
IR Anni Turpeinen
Market cap (EURm) 76
Industry Metals & Mining
Ticker PAMPALO

Guidance

Gold production will increase by 15–35 % from 2023.

Financial result to improve from 2023.

Schedule analyst call

For professional investors wishing to discuss the case, please book a complimentary analyst call

Book a call