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Endomines released a profit warning due to lower-than-expected production volume growth in Q4 driven by issues in both Pampalo OP and UG mines. We still estimate strong revenue growth in 2024E helped by the robust gold market.
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.
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.
Endomines' net sales for the first half of the year were roughly as expected, though profitability did not meet our estimates.
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.
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Endomines Finland Plc – Insider Information – 13/1/2025, at 13:30 EET
Insider Information: Endomines Finland Plc begins the preparation of a financing package of around 10 million euros to speed up the development of the Karelian Gold Line
During 2025, Endomines Finland Plc will update its strategy, where the focus of operations will be on implementing new projects to raise the production level and growing the company to a larger size category. In order to finance the growth, the board of Endomines Finland Plc has decided to start the preparation of a financing package of around 10 million euros. The financing package may include equity and debt financing.
The board of Endomines Finland Plc (“Endomines”) has today decided to start the preparation of a financing package of around 10 million euros. About EUR 2.1–2.5 million of the financing package is to be implemented with convertible loans with the company's largest owners. More extensive funding of around 8 million euros will be implemented in the spring of 2025.
The purpose of the planned financing package is to enable growth-oriented activities in 2025–2026. Endomines renewed its strategy in the summer of 2022. After updating the strategy, the company has achieved a significant change in its operations: The production level has increased by more than 66% since 2022, the gold reserves owned by the company increased by 72% in the previous reserve update compared to the previous year, and the company's responsibility program has developed the company's operations as a whole. The company has not yet found a suitable solution for the operations in the United States, but the company invests significantly in the negotiations. As a whole, the renewed strategy in 2022 has created a strong foundation for achieving the company's long-term goals.
Endomines now sees itself moving into the second phase of its operations, where the focus of operations is on implementing new projects to raise the production level and grow the company to a larger size category. This means the technical and financial planning of the new production facility, procedures required for permit processes, and active ore exploration to further increase the gold reserves. In addition, the company will examine the recovery of tungsten and molybdenum, as well as apply for the status of producer of critical minerals.
The company's long-term key goal is to increase annual gold production from the current more than 14,300 ounces to 70,000–100,000 ounces by 2030. At today’s market price, this could mean an annual turnover of around EUR 160–230 million. In order to achieve this goal, the company is actively searching for ore, and has started licensing the Southern Gold Line for production at the beginning of 2024. In addition to significant gold discoveries, elevated tungsten and molybdenum concentrations outside the gold-bearing zone have been observed in the area of the Southern Gold Line. Tungsten is listed as a critical raw material in the European Union, so Endomines has the opportunity to apply for the status of producer of critical minerals in the EU. Mining projects involving critical minerals are entitled to an accelerated two-year permit process, which would speed up the start of production on the Southern Gold Line.
The company sees that rapid development measures are needed at the same time also in the northern parts of the Karelia gold line. In 2024, Endomines announced very promising ore exploration results from Kartitsa, the Northern Gold Line, so the company wants to advance quickly in ore exploration in this area as well and will take the area's great potential into account in the ongoing planning.
The new phase in Endomines' operations starting now will mean updating the strategy. Endomines will present a renewed strategy and a more precise schedule for the projects in the spring 2025. Convertible bonds are offered on a fast schedule to the company's largest owners, so that the company can start implementing the new strategy as soon as possible.
"During the last two years, we have brought about a significant change in the company's operations, and I am very proud of our team's achievements. Now it's time to move to phase two, where we plan the future production plant and specify the financial potential of the development projects. We have achieved excellent results in ore exploration on both the Southern and Northern gold lines, and we will continue active ore exploration in the future as well. The growing gold reserves form the basis for taking the company to a larger size category", says the company's CEO Kari Vyhtinen.
Further Information:
Kari Vyhtinen
CEO
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050
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 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 – Insider Information – 8.1.2025, at 14:00 EET
Insider Information: Notice on the conversion of convertible loan into shares
Endomines has received a conversion notice related to convertible loans, based on which a total of 109,835.62 euros will be converted for new shares of Endomines Finland Plc.
Eyemaker’s Finland Oy will convert a total of 109,835.62 euros for new Endomines Finland Plc shares. In accordance with the convertible bond agreement, the exchange price is approximately EUR 6.92 per share. The exchange price consists of the daily average price calculated at the share's closing price during the 15 trading days preceding the day of the conversion notice, minus 15 percent.
As a result of the conversions, 15,872 new Endomines Finland Plc shares will be registered and issued. The total number of shares and votes in Endomines increases from 10,830,029 shares and votes to 10,845,901 shares and votes. After registration, the new shares correspond to approximately 0.15 percent of the company's total number of shares and votes.
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 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 – Inside information – 2/1/2025, at 15:30 EET
Inside information: Endomines Finland Plc’s operational update January_December 2024: Pampalo gold production increased 11.8 % compared to year 2023
Pampalo’s gold production in 2024 increased by 11.8 % compared to the production level in 2023. Production in 2024 was 444.9 kg (397.8 kg) which equals 14,304 oz (12,790 oz) of gold. Production during July-December increased 20.7 % compared to comparison period and was 226.6 kg (187.8 kg) which equals 7,285 oz (6,038 oz) gold.
Published production figures are based on preliminary data. Final figures may slightly change after final analyses have been received from all the batches delivered to customers. However, the change is not expected to be significant.
“Our gold production continued to grow significantly from the year 2023. Pampalo’s production remains the cornerstone of our business, and we proceed to continuously increase the production level. The construction of the Hosko underground mine is progressing as planned, and we believe Hosko will be an important part of our production in the year 2025,“ says Kari Vyhtinen, 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, Flagging Notification – 2/1/2025, at 12:15 EET
Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Joensuun Kauppa ja Kone Ltd/ Kyösti Kakkonen/Kakkonen-Yhtiöt Ltd/K22 Finance Ltd’s holding in Endomines Finland Plc
Joensuun Kauppa ja Kone Ltd/ Kyösti Kakkonen/Kakkonen-Yhtiöt Ltd/K22 Finance Ltd has notified Endomines Finland Plc, that it’s holding of Endomines' shares and votes exceeded the 25 % flagging disclosure limit on 2 January 2025.
Joensuun Kauppa ja Kone Ltd / Kyösti Kakkonen / Kakkonen-Yhtiöt Ltd / K22 Finance Ltd’s share according to the notification:
| % shares and votes (total of 7.A) | % of shares and votes through financial instruments (total of 7.B) | Total % of shares and votes (7.A + 7.B) | Total number of shares and votes | |
| Resulting situation on the date on which the threshold was crossed or reached | 25.02201 | 25.02201 | 10,830,029 | |
| Position of previous notification (if applicable) | 24.94692 | n/a | 24.94692 | n/a |
Notified details of the resulting situation on the date on which the threshold was crossed:
Shares and votes
Class / type of shares ISIN-code | Number of shares and votes | % of shares and votes | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
| FI4000508023 | 2,709,891 | 25.02201 | ||
| SUBTOTAL | 2,709,891 | 25.02201 | ||
Financial instruments according to SMA 9:6a
| Type of financial instrument | Expiration date | Exercise / Conversion Period | Physical or cash settlement | Number of shares and voting rights | % of shares and voting rights |
| n/a | n/a | n/a | n/a | n/a | n/a |
The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:
| Name | % of shares and votes | % of shares and votes through financial instruments | Total of both |
| Kyösti Kakkonen | 0.10619 | n/a | 11,500 |
| Kakkonen-Yhtiöt Ltd | 0.20188 | n/a | 21,864 |
Joensuun Kauppa ja Kone Ltd | 21.112963 | n/a | 2,286,540 |
| K22 Finance Ltd | 3.60098 | n/a | 389,987 |
Kyösti Kakkonen owns 55.3 % of Kakkonen-Yhtiöt Ltd, which owns 100 % of Joensuun Kauppa ja Kone Ltd. Kyösti Kakkonen owns 77.78 % of K22 Finance Ltd.
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, Flagging Notification – 30/12/2024, at 14:00 EET
Correction: Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Wipunen Varainhallinta Ltd’s holding in Endomines Finland Plc
Endomines Finland Plc republishes the flagging notification published on December 20, 2024. Endomines has received a correction notice stating that the flagging notification received by Endomines on December 20, 2024, contained incorrect information regarding the ownership of Wipunen Varainhallinta Ltd. Heikki Herlin’s share of the company is not 100 %; instead, Ilkka Herlin owns 95.24 % of the shares and 98.4 % of the votes of the company. The ownership information has been corrected in the notification below, and no other changes have been made. The corrected notification is in full below.
Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Wipunen Varainhallinta Ltd’s holding in Endomines Finland Plc
Wipunen Varainhallinta Ltd has notified Endomines Finland Plc, that it’s holding of Endomines' shares and votes exceeded the 10 % flagging disclosure limit on 20 January 2024.
Wipunen Varainhallinta Ltd’s share according to the notification:
| % shares and votes | % of shares and votes through financial instruments (total of 7.B) | Total % of shares and votes (7.A + 7.B) | Total number of shares and votes | |
| Resulting situation on the date on which the threshold was crossed or reached | 13.47 | 13.47 | 1,459,095 | |
| Position of previous notification (if applicable) | n/a | n/a | n/a | n/a |
Notified details of the resulting situation on the date on which the threshold was crossed:
Shares and votes
Class / type of shares ISIN-code | Number of shares and votes | % of shares and votes | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
| FI4000508023 | 1,459,095 | 13.47 | ||
| SUBTOTAL | 1,459,095 | 13.47 | ||
Financial instruments according to SMA 9:6a
| Type of financial instrument | Expiration date | Exercise / Conversion Period | Physical or cash settlement | Number of shares and voting rights | % of shares and voting rights |
| n/a | n/a | n/a | n/a | n/a | n/a |
The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:
| Name | % of shares and votes | % of shares and votes through financial instruments | Total of both |
| Ilkka Herlin | 95.24 % of the shares and 98.4 % of the votes | n/a | 95.24 % of the shares and 98.4 % of the votes |
Further information
Minni Lempinen
CFO, Endomines Finland Oyj
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, Flagging Notification – 30/12/2024, at 14:00 EET
Correction: Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Mariatorp Ltd’s holding in Endomines Finland Plc
Endomines Finland Plc republishes the flagging notification published on December 20, 2024. Endomines has received a correction notice stating that the flagging notification received by Endomines on December 20, 2024, contained incorrect information regarding the ownership of Mariatorp Ltd. Ilkka Herlin’s share of the company is not 87.8 % of the shares and 94.7 % of the votes; instead, Heikki Herlin owns 100 % of Mariatorp Ltd. The ownership information has been corrected in the notification below, and no other changes have been made. The corrected notification is in full below.
Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Mariatorp Ltd’s holding in Endomines Finland Plc
Mariatorp Ltd has notified Endomines Finland Plc, that it’s holding of Endomines' shares and votes exceeded the 10 % flagging disclosure limit on 20 January 2024.
Mariatorp Ltd’s share according to the notification:
| % shares and votes | % of shares and votes through financial instruments (total of 7.B) | Total % of shares and votes (7.A + 7.B) | Total number of shares and votes | |
| Resulting situation on the date on which the threshold was crossed or reached | 13.24 | 13.24 | 1,434,095 | |
| Position of previous notification (if applicable) | n/a | n/a | n/a | n/a |
Notified details of the resulting situation on the date on which the threshold was crossed:
Shares and votes
Class / type of shares ISIN-code | Number of shares and votes | % of shares and votes | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
| FI4000508023 | 1,434,095 | 13.24 | ||
| SUBTOTAL | 1,434,095 | 13.24 | ||
Financial instruments according to SMA 9:6a
| Type of financial instrument | Expiration date | Exercise / Conversion Period | Physical or cash settlement | Number of shares and voting rights | % of shares and voting rights |
| n/a | n/a | n/a | n/a | n/a | n/a |
The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:
| Name | % of shares and votes | % of shares and votes through financial instruments | Total of both |
| Heikki Herlin | 100 % | n/a | 100 % |
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 Oyj – Press Release – 21.12.2024, at 13:00 EET
Endomines Clarifies Flagging Notifications Announced on December 20, 2024
Endomines Finland Plc published flagging notifications on December 20, 2024, in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6, stating that:
- Joensuun Kauppa ja Kone Ltd/ Kyösti Kakkonen/ Kakkonen-Yhtiöt Ltd/ K22 Finance Ltd’s holding of Endomines’ shares and votes fell below the 25 % flagging disclosure limit.
- Wipunen Varainhallinta Ltd’s holding of Endomines’ shares and votes exceeded the 10 % flagging disclosure limit.
- Mariatorp Ltd’s holding of Endomines’ shares and votes exceeded the 10 % flagging disclosure limit.
These flagging notifications are related to the conversion of convertible loans announced on December 12, 2024, which increased the total number of shares and votes in Endomines Finland Plc from 9,795,339 to 10,830,029. Mariatorp Ltd and Wipunen Varainhallinta Ltd each converted €3,623,438.72 into new shares of Endomines Finland Plc. As a result, their ownership has risen above the 10 % flagging disclosure limit. With the increase in the total number of shares and votes, Kyösti Kakkonen’s ownership has diluted below the 25 % flagging disclosure limit. This did not involve the sale or purchase of shares.
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 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, Flagging Notification – 20/12/2024, at 15:30 EET
Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Mariatorp Ltd’s holding in Endomines Finland Plc
Mariatorp Ltd has notified Endomines Finland Plc, that it’s holding of Endomines' shares and votes exceeded the 10 % flagging disclosure limit on 20 January 2024.
Mariatorp Ltd’s share according to the notification:
| % shares and votes | % of shares and votes through financial instruments (total of 7.B) | Total % of shares and votes (7.A + 7.B) | Total number of shares and votes | |
| Resulting situation on the date on which the threshold was crossed or reached | 13.24 | 13.24 | 1,434,095 | |
| Position of previous notification (if applicable) | n/a | n/a | n/a | n/a |
Notified details of the resulting situation on the date on which the threshold was crossed:
Shares and votes
Class / type of shares ISIN-code | Number of shares and votes | % of shares and votes | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
| FI4000508023 | 1,434,095 | 13.24 | ||
| SUBTOTAL | 1,434,095 | 13.24 | ||
Financial instruments according to SMA 9:6a
| Type of financial instrument | Expiration date | Exercise / Conversion Period | Physical or cash settlement | Number of shares and voting rights | % of shares and voting rights |
| n/a | n/a | n/a | n/a | n/a | n/a |
The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:
| Name | % of shares and votes | % of shares and votes through financial instruments | Total of both |
| Ilkka Herlin | 87.8 % of the shares and 94.7 % of the votes | n/a | 87.8 % of the shares and 94.7 % of the votes |
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, Flagging Notification – 20/12/2024, at 15:30 EET
Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Joensuun Kauppa ja Kone Ltd/ Kyösti Kakkonen/Kakkonen-Yhtiöt Ltd/K22 Finance Ltd’s holding in Endomines Finland Plc
Joensuun Kauppa ja Kone Ltd/ Kyösti Kakkonen/Kakkonen-Yhtiöt Ltd/K22 Finance Ltd has notified Endomines Finland Plc, that it’s holding of Endomines' shares and votes fell below the 25 % flagging disclosure limit on 20 January 2024.
Joensuun Kauppa ja Kone Ltd / Kyösti Kakkonen / Kakkonen-Yhtiöt Ltd / K22 Finance Ltd’s share according to the notification:
| % shares and votes | % of shares and votes through financial instruments (total of 7.B) | Total % of shares and votes (7.A + 7.B) | Total number of shares and votes | |
| Resulting situation on the date on which the threshold was crossed or reached | 24.94692 | 24.94692 | 10,830,029 | |
| Position of previous notification (if applicable) | 25.00104 | n/a | 25.00104 | n/a |
Notified details of the resulting situation on the date on which the threshold was crossed:
Shares and votes
Class / type of shares ISIN-code | Number of shares and votes | % of shares and votes | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
| FI4000508023 | 2,701,759 | 24.94692 | ||
| SUBTOTAL | 2,701,759 | 24.94692 | ||
Financial instruments according to SMA 9:6a
| Type of financial instrument | Expiration date | Exercise / Conversion Period | Physical or cash settlement | Number of shares and voting rights | % of shares and voting rights |
| n/a | n/a | n/a | n/a | n/a | n/a |
The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:
| Name | % of shares and votes | % of shares and votes through financial instruments | Total of both |
| Kyösti Kakkonen | 0.10619 | n/a | 11,500 |
| Kakkonen-Yhtiöt Ltd | 0.20188 | n/a | 21,864 |
Joensuun kauppa ja Kone Ltd | 21.03787 | n/a | 2,278,408 |
| K22 Finance Ltd | 3.60098 | n/a | 389,987 |
Kyösti Kakkonen owns 55.3 % of Kakkonen-Yhtiöt Ltd, which owns 100 % of Joensuun Kauppa ja Kone Ltd. Kyösti Kakkonen owns 77.78 % of K22 Finance Ltd.
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, Flagging Notification – 20/12/2024, at 15:30 EET
Notification in accordance with the Finnish Securities Market Act Chapter 9, §5 and §6: Wipunen Varainhallinta Ltd’s holding in Endomines Finland Plc
Wipunen Varainhallinta Ltd has notified Endomines Finland Plc, that it’s holding of Endomines' shares and votes exceeded the 10 % flagging disclosure limit on 20 January 2024.
Wipunen Varainhallinta Ltd’s share according to the notification:
| % shares and votes | % of shares and votes through financial instruments (total of 7.B) | Total % of shares and votes (7.A + 7.B) | Total number of shares and votes | |
| Resulting situation on the date on which the threshold was crossed or reached | 13.47 | 13.47 | 1,459,095 | |
| Position of previous notification (if applicable) | n/a | n/a | n/a | n/a |
Notified details of the resulting situation on the date on which the threshold was crossed:
Shares and votes
Class / type of shares ISIN-code | Number of shares and votes | % of shares and votes | ||
Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
| FI4000508023 | 1,459,095 | 13.47 | ||
| SUBTOTAL | 1,459,095 | 13.47 | ||
Financial instruments according to SMA 9:6a
| Type of financial instrument | Expiration date | Exercise / Conversion Period | Physical or cash settlement | Number of shares and voting rights | % of shares and voting rights |
| n/a | n/a | n/a | n/a | n/a | n/a |
The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:
| Name | % of shares and votes | % of shares and votes through financial instruments | Total of both |
| Heikki Herlin | 100 % | n/a | 100 % |
Further information
Minni Lempinen
CFO, Endomines Finland Oyj
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 – 19/12/2024, at 13:00 EET
Inside information: Endomines reports high gold grades from Kuittila, Southern Gold Line, and explores the production potential of tungsten, a critical raw material listed by the EU
Endomines reports the results from a drilling program carried out in August-October at Kuittila, in the Southern part of the Karelian Gold Line. The program consisted of 30 drill holes with a total length of 5189 meters. The aim of the program was to increase the company’s gold resources in the Southern Gold Line by filling gaps in the drilling pattern within the existing resource area and testing the possible extensions of the mineralization towards west and north.
Based on the results, the known mineralized zones have been significantly extended towards west and deeper into the ground. Additionally, a drilling profile approximately 250 meters north of the current resource area returned significant intercepts, indicating the area’s still unexplored potential.
In addition to gold resources, the drilling program aimed to explore the area’s potential for tungsten and molybdenum production. Elevated concentrations of the metals were identified in every drill hole of the program.
Highlighted drill results from the central part of the Kuittila deposit include:
- Drill hole KT-022 intersected 17.90 meters at 3.03 g/t gold from 206.00 m
- Including 1.10 meters at 26.40 g/t gold from 212.95 m
- Including 2.55 meters at 8.99 g/t gold from 222.80 m
- Drill hole KT-056 intersected 6.25 meters at 2.06 g/t gold from 92.35 m
- Including 2.00 meters at 5.03 g/t gold from 92.35 m
- Drill hole KT-067 intersected 8.60 meters at 1.84 g/t gold from 74.60 m
- Including 2.70 meters at 3.86 g/t gold from 79.45 m
Highlighted drill results from the western extension of the Kuittila deposit include:
- Drill hole KT-059 intersected 20.35 meters at 2.37 g/t gold from 103.70 m
- Including 7.75 meters at 4.74 g/t gold from 103.70 m
- Including 2.20 meters at 11.73 g/t gold from 109.25
- Including 7.75 meters at 4.74 g/t gold from 103.70 m
- Drill hole KT-072 intersected 10.90 meters at 2.20 g/t gold from 80.05 m
- Including 2.85 meters at 6.56 g/t gold from 88.10
- Including 0.95 meter at 15.70 g/t gold from 89.05 m
- Including 2.85 meters at 6.56 g/t gold from 88.10
Highlighted drill results from the northern extension of the Kuittila deposit include:
- Drill hole KT-061 intersected 4.60 meters at 2.77 g/t gold from 165.55 m
- Drill hole KT-075 intersected 2.10 meters at 4.52 g/t gold from 106.10 m
“The drilling results from the Southern Gold Line confirm the high gold potential of the Kuittila area. Our goal in Kuittila is to increase our gold resources, which is why we focused on drilling near our main deposit. Due to the highly promising base of till samples, we also investigated the continuation of the deposit in west and in north. Based on the base of till samples, there are also several other promising areas along the Southern Gold Line that we will continue exploring in 2025 and beyond,” states the company’s CEO Kari Vyhtinen
Endomines is planning to open a new mine on the Southern Gold Line, and the permitting process for the mining project is currently on-going. The area’s environmental surveys have already been completed, and the environmental impact assessment program will be completed at the beginning of 2025.
The intersections from the drilling program at Kuittila are presented in Appendix 1, and the locations of the new drill holes are shown on the map in Appendix 2.
Also other valuable raw materials found in Kuittila
In all the drill holes of drilling program carried out in Kuittila, elevated levels of tungsten and molybdenum were detected outside the gold-bearing zone. Tungsten is a critical raw material listed by the European Union, and molybdenum is an important raw material for the steel industry. The highest molybdenum and tungsten grades in the recent results were 1.43 percent molybdenum over 0.85 meters in drill hole K-074 and 0.59 percent tungsten over 1.05 meters in drill hole KT-052. Endomines reports molybdenum and tungsten grades alongside gold, and the intersections are calculated based on gold.
“Our preliminary production plans for the Southern Gold Line mining project include tungsten and molybdenum in addition to gold. China controls about 80 percent of the world’s tungsten production, and Russia is the second-largest producer of this critical raw material. We see tungsten and molybdenum as highly potential by-products of gold production in Kuittila, and we are currently examining their economic significance,” says Vyhtinen.
Continuation of exploration in the Kuittila area
The next step of exploration in Southern Gold Line in 2025 will be further testing geochemical gold anomalies in the base of till (BOT) sampling around the Kuittila deposit. Further exploration drilling will also test the continuity of the gold bearing structures in north of the current resource.
Geology of Kuittila
The Kuittila gold deposit is located 25 km south of Pampalo and was discovered originally by GTK in 1984 while exploring for molybdenum and tungsten in the area. The highest-grade gold intersection from Kuittila to date is in the drill hole KT-015 that has an intersection of 9.75 m at 17.4 g/t gold and was drilled by Endomines in 2023 (press release 13/9/2023). Kuittila has a JORC compliant mineral resource of 814 700 tonnes at 1.88 g/t gold, totalling 49 170 oz in inferred category.
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 own personnel. The drill cores have been cut in half by Palsatech Oy in Kemi prior to the shipping to CRS’ laboratory in Kempele. Samples were sent to CRS' laboratory in Kempele for preparation (code PRP-929) and then sent to MS Analytical laboratory in Langley, Canada, where samples were analyzed by methods FAS-111 (Gold), and IMS-230 (multi element). Gold over 10 g/t was re-analysed with FAS-415 .
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
Chief 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 – Inside information – 18/12/2024, at 11:00 EET
Inside information: Endomines reports further significant exploration results from Kartitsa, Northern Gold Line – Results confirm a long and continuous gold mineralized zone
Endomines has received the final results from the 2155 meter drilling program conducted in the autumn 2024 at Kartitsa, in the northern part of the Karelian Gold Line. The newly published results support the previously obtained results from the area and confirm the area’s extremely significant gold potential. The results indicate a gold-bearing zone up to 1500 m in length. In addition, the mineralization is still open towards the north and at depth.
Kartitsa is located approx. 6.5 km north of the Hosko mine and 16.5 km north of the Pampalo mill. In the area there have been two drilling programs this year. Results of the first drilling program were published on the 1st August. There was over 500 meters of unexplored area between the best drill holes, and the second 11 drill hole program, carried out in the autumn this year, was designed to investigate this 500-meter area. Endomines published the first results of the second program on November 28th, 2024. This release contains results of the remaining 6 drill holes over a total distance of 1156 meters, as well as a summary of the gold potential in the Kartitsa area.
Highlights from new results of the autumn 2024 drilling program in Kartitsa:
- Drill hole KA-030 intersected 16.45 meters at 1.22 g/t gold from 144.75 m
- Including 1.15 meters at 5.48 g/t gold from 144.75 m
- Drill hole KA-028 intersected 1.65 meters at 7.11 g/t gold from 113.95 m
- Drill hole KA-025 intersected 0.95 meters at 8.10 g/t gold from 51.30 m
Among the new results KA-030 particularly confirms the continuation of the gold mineralization towards south from the previously announced intercepts (Releases on August 1st, 2024 and November 28th, 2024). According to the drilling results from the Kartitsa area, the gold mineralization continues widely and uniformly for at least 280 meters.
“Our exploration team has truly hit “gold” at Kartitsa. We have identified a high-grade gold mineralization that seems continuous, wide and significant in scale. We expect that we have only scratched the surface at Kartitsa and hence the area will be a clear focus area for us in 2025. We have very high expectations for the future”, states the company’s CEO Kari Vyhtinen.
The intersections from the drilling program at Kartitsa are presented in Appendix 1, and the locations of the new drill holes are shown on the map in Appendix 2.
Key highlights from the results from the Kartitsa area released during the autumn
- KA-014 intersected 13.05 meters at 2.76 g/t gold from 25.90 m
- Including 2.00 meters at 10.92 g/t gold from 30.08 m.
- KA-022 intersected 23.35 meters at 1.98 g/t gold from 133.10 m
- Including 5.70 meters at 6.08 g/t gold from 146.60 m
- Including 1.00 meters at 22.13 g/t gold from 151.30 m
- KA-023 intersected 21.50 meters at 1.94 g/t gold from 95.05 m
- including 1.00 meters at 17.56 g/t gold from 103.00 m
- Including 1.80 meters at 6.68 g/t gold from 110.90
- KA-030 intersected 16.45 meters at 1.22 g/t gold from 144.75 m
- Including 1.15 meters at 5.48 g/t gold from 144.75 m
Based on the results above, KA-014, KA-022, KA-023 and KA-030 intercepts underpin a significant, wide and continuing gold mineralized system with at least 280 m of strike length.
Additionally, significant intersections were achieved towards south from the KA-030 drill hole on the same north-south trend:
- KA-012 intersected 11.40 meters at 1.25 g/t gold from 81.00 m,
- Including 1.10 meters at 3.02 g/t gold from 85.30 m
- KA-015 intersected 8.40 meters at 2.06 g/t gold from 101.95 m,
- including 0.85 meters at 6.39 g/t gold from 104.70 m
- KA-028 intersected 1.65 meters at 7.11 g/t gold from 113.95 m
All the results combined together indicate that the gold mineralized structure is at least 1500 m in length.
Continuation of exploration in the Kartitsa area
The next step in 2025 will be infill drilling in order to define a maiden resource estimate. Further exploration drilling will test the continuations of the gold bearing structures towards North as well as additional targets in the area.
A possible northern extension of the gold mineralized structure was tested with a drill profile including holes KA-025, KA-026 and KA-027 approximately 380 m north of the mineralization described above. Among these, KA-025 intersected 0.95 meters at 8.10 g/t, which confirmed the significant exploration potential of the Northern area. According to preliminary plans, the intention is to further investigate the potential of this area in the future.
Geology of Kartitsa
The gold mineralization discovered in Kartitsa occurs as a pyrite/pyrrhotite +- magnetite assemblage within strongly altered (potassic alteration) volcanic and sedimentary rocks overlying the Kartitsa intrusive. The strong potassic alteration in the area proximal to the Kartitsa intrusive consists in microcline, biotite, and sericite while the pervasive distal alteration observed through all the holes drilled in the area consists in sericite only.
The gold mineralization discovered in KA-014, KA-022, KA-023 and KA-030 occurs as a pyrite/pyrrhotite assemblage within thoroughly albitised and carbonate-altered mafic volcanic. The highest gold grades are observed within or proximal to sections of the mafic volcanic rocks exhibiting intense potassic alteration (biotite and microcline).
The extent of the gold mineralised system and the strength and size of the associated alteration discovered in 2024 in Kartitsa support the potential for a significant gold deposit.
Drilling technology and quality assurance
All surface drilling has been carried out by Northdrill Oy, using WL-76 tubes, resulting in core of 57.5 mm in diameter. Drill hole locations have been surveyed by using mine survey equipment. Downhole survey of bearing and dip deviations have been completed with DeviGyro survey tool. All core has been oriented with DeviCore equipment.
The drill cores have been logged by Endomines' personnel. The drill cores have been cut in half by Palsatech Oy in Sodankylä prior to shipping to Labtium laboratory in Sodankylä. Samples were sent to Eurofins Labtium laboratory in Sodankylä for preparation and analysis of 705P (Gold), and 304PM1 (multi-element). When deemed necessary by laboratory (when adequate fusion of the sample was not achieved) gold was assayed with 703P or 704P methods.
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
Chief 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 – Inside Information – 12.12.2024, at 13:00 EET
Inside Information: Notice on the conversion of convertible loans into shares
Endomines has received conversion notices related to convertible loans, based on which a total of 7,356,603.47 euros will be converted for new shares of Endomines Finland Plc.
Mariatorp Oy will convert a total of 3,623,438.72 euros for new Endomines Finland Plc shares. In accordance with the convertible bond agreements, the exchange price is on average EUR 7.12 per share.
Wipunen Varainhallinta Oy will convert a total of 3,623,438.72 euros for new Endomines Finland Plc shares. In accordance with the convertible bond agreements, the exchange price is on average EUR 7.12 per share.
Vikakono Oy will convert a total of 109,726.03 euros for new Endomines Finland Plc shares. According to the convertible loan agreement, the exchange price consists of the daily average price calculated at the share's closing price during the 15 trading days preceding the day of the conversion notice, minus 15 percent. The exchange price is approximately EUR 6.65 per share.
As a result of the conversions, 1,034,690 new Endomines Finland Plc shares will be registered and issued. The total number of shares and votes in Endomines increases from 9,795,339 shares and votes to 10,830,029 shares and votes. After registration, the new shares correspond to approximately 9.55 percent of the company's total number of shares and votes.
"It's great that our long-term owners are increasing their ownership and commitment to our golden journey. The conversion of loans into shares reduces the number of the company's loans, reduces interest expenses and strengthens the company's balance sheet. A stronger balance sheet supports the implementation of our strategic goals. The support of the owners is of great importance to us," comments the company's CEO Kari Vyhtinen.
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 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 – Inside information – 28/11/2024, at 9:15 EET
Inside information: Endomines reports excellent gold discoveries from Kartitsa, Northern Gold Line – Results confirm the area’s exceptional gold potential
Endomines reports results from the drilling program conducted in autumn 2024 at Kartitsa, Northern part of the Karelian Gold Line. The newly published results confirm the area’s extremely significant gold potential. The results indicate a long and continuous gold-bearing zone. In addition, the mineralization is still open towards North, South and at depth.
The program carried out in the autumn consisted of 11 drill holes for a total of 2155 meters. Endomines has received analytical results for 5 drill holes for a total of 999 meters. The results from two drill holes were excellent: Drill hole KA-022 intersected 23.35 meters at 1.98 g/t gold and the drill hole KA-023 intersected 21.50 meters at 1.94 g/t gold. Both interceptions included remarkable gold grades: 17.6–22.2 g/t. The results indicate a gold mineralization of at least 160 meters in length.
“The extent of the gold mineralised system and the strength and size of the associated alteration discovered, support the potential for a significant gold deposit”, says company’s Chief Geologist Jani Rautio.
Highlights of the autumn 2024 Kartitsa drilling program:
- Drill hole KA-022 intersected 23.35 meters at 1.98 g/t gold from 133.10 m
- Including 5.70 meters at 6.08 g/t gold from 146.60 m
- Including 1.00 meters at 22.13 g/t gold from 151.30 m
- Drill hole KA-023 intersected 21.50 meters at 1.94 g/t gold from 95.05 m
- including 1.00 meters at 17.56 g/t gold from 103.00 m
- Including 1.80 meters at 6.68 g/t gold from 110.90
The intersections from the drilling program at Kartitsa are presented in Appendix 1, and the locations of the new drill holes are shown on the map in Appendix 2.
The new drill holes confirm the results of the summer drilling program
On August 1, 2024, Endomines reported the results of drilling program conducted in Kartitsa, according to which hole KA-014 contained 2.76 g/t of gold over 13.05 meters, and hole KA-015 contained 2.06 g/t of gold over 8.40 meters. There was over 500 meters of unexplored area between these drill holes. The current drilling program was designed to map this 500-meter area. The results obtained from the area suggest that gold mineralization extends at least 160 meters south from the high-grade gold intercept reported in August (KA-014), directly towards another significant intercept located 500 meters away (KA-015).
“Based on the results obtained, we believe that we have discovered a significant gold deposit. The results from the area, obtained both this fall and earlier in the summer, suggest that the gold mineralization in Kartitsa is both continuous and contains very high gold grades. With these results, Kartitsa is becoming a clear focus area for our exploration team. I can’t wait what the future holds for us,” states the company’s CEO Kari Vyhtinen.
Geology of Kartitsa
The gold mineralization discovered in Kartitsa occurs as a pyrite/pyrrhotite +- magnetite assemblage within strongly altered (potassic alteration) volcanic and sedimentary rocks overlying the Kartitsa intrusive. The strong potassic alteration in the area proximal to the Kartitsa intrusive consists in microcline, biotite, and sericite while the pervasive distal alteration observed through all the holes drilled in the area consists in sericite only.
The gold mineralization discovered in KA-014, KA-022 and KA-023 occurs as a pyrite/pyrrhotite assemblage within thoroughly albitised and carbonate-altered mafic volcanic. The highest gold grades are observed within or proximal to sections of the mafic volcanic rocks exhibiting intense potassic alteration (biotite and microcline).
Drilling technology and quality assurance
All surface drilling has been carried out by Northdrill Oy, using WL-76 tubes, resulting in core of 57.5 mm in diameter. Drill hole locations have been surveyed by using mine survey equipment. Downhole survey of bearing and dip deviations have been completed with DeviGyro survey tool. All core has been oriented with DeviCore-equipment.
The drill cores have been logged by Endomines' personnel. The drill cores have been cut in half by Palsatech Oy in Sodankylä prior to shipping to Labtium laboratory in Sodankylä. Samples were sent to Eurofins Labtium laboratory in Sodankylä for preparation and analysis of 705P (Gold), and 304PM1 (multi-element). When deemed necessary by laboratory (when adequate fusion of the sample was not achieved) gold was assayed with 703P or 704P methods.
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
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050
Jani Rautio
Head Geologist
Endomines Finland Plc
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 – Inside information – 27/11/2024, at 14:00 EET
Inside Information, profit warning: Endomines Finland Oyj lowers its 2024 gold production guidance: Gold production is expected to increase by 8–15 % compared to 2023
Finnish mining and exploration company Endomines Finland Oyj updates its production guidance for the year 2024. The company now expects the gold production volume to increase by 8–15 % compared to the 2023 production volume. At the beginning of the year, the company had estimated a gold production increase by 15–35 % compared to the previous year.
The company updated the open pit mine plan at Pampalo during Autumn 2024 to reflect the current higher price of gold. The updated mining plan has a higher amount of gold to be mined in total creating a solid base for 2025 gold production. The implementation of the new plan has been slower than estimated due to defects in the production equipment. The lower production level is also due to the rock mechanical challenges encountered at the underground mine at the end of the year, which have temporarily slowed down production. The above-mentioned issues have affected production during October-November 2024.
“The slower growth in production volume is due to the production challenges we faced at the end of the year, which have temporarily slowed down our operations. Our production will still clearly increase from the year 2023 and the high gold price will support our operations. We see the challenges encountered as an unfortunate bump on our road towards future production levels. Additionally, the construction of Hosko underground mine is progressing as planned, and we believe Hosko mine will be an important part of next year’s production. Our vision for the future is to increase our production volumes each year compared to the previous year, and we are not making any changes to this vision. We will continue our work towards the annual production level of 20,000 ounces of gold, and then upwards,” states the company’s CEO Kari Vyhtinen.
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.
| 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% |
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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
Guidance
Gold production will increase by 15–35 % from 2023.
Financial result to improve from 2023.
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