Endomines

Endomines Finland Plc – Financial Statements Release – 13/2/2025, at 10.00 EET

Strong growth continued in 2024 – The revenue increased 74 % in H2 and Pampalo EBITDA reached 40 %

H2-2024 in brief

• The group’s revenue increased by 74 % and was MEUR 15.6 (MEUR 9.0)
• The group’s EBITDA was MEUR 3.9 (MEUR -1.0)
• The Pampalo production segment’s EBITDA was MEUR 6.3 (MEUR 0.9), or 40 % of revenue (10 %)
• The group’s operating result was MEUR 2.5 (MEUR -2.2)
• The group’s net result was MEUR 1.3 (MEUR -3.5)
• Gold production in July-December increased by 20.7 % and was 226.6 kg (187.8 kg), or 7,285 ounces (6,038 ounces)
• In July 2024, Endomines reported the results of the base of till sampling program implemented in the Southern Gold Line in 2023–2024. Several significant gold anomalous areas were identified in the area. Gold concentrations in base of till samples indicate gold concentrations in the bedrock and are used to guide exploration drilling. Samples were taken from completely untested areas in the immediate vicinity of known deposits, indicating that it is possible to grow known deposits much larger than their current size.
• In July 2024, Endomines reported high-grade exploration results from Korvilansuo, Southern Gold Line. All drill holes drilled in 2024 exceeded the lower cut-off concentration of 0.4 g/t gold used in reporting. The drilling campaign confirmed the expansion of Korvilansuo to the north.
• In July 2024, Endomines reached its production capacity to drive production periodically at a production level of 20,000 ounces. During 2024, the goal has been to periodically drive production at that level and thus ensure the functionality of production at a higher production level.
• In August 2024, Endomines reported high-grade exploration results from Kartitsa, Northern Gold Line. The discovery of high-grade, near-surface gold mineralized zones north of the Kartitsa mineralization supports further exploration opportunities in the area.
• In September 2024, Endomines reported on the results of exploration in Hosko, started drilling in Kartitsa and expanded the mining operations of the Hosko production area underground.
• In October 2024, Endomines received confirmation from the US authorities for its Small Miners Exemption (SMES) application in the Montana US Grant mining area. SMES enables exploration in the gold and silver mining area of the US Grant and is an important part of permitting aimed at production.
• In November 2024, Endomines lowered the production guidelines for 2024. In the new guidelines, gold production was estimated to increase by 8-15 % compared to 2023.
• In November 2024, Endomines reported excellent gold discoveries from Kartitsa, Northern Gold Line. The results confirm the exceptional gold potential of the area. The results suggest a long and continuous gold-bearing zone. In addition, mineralization is still open to the north, south and depth.
• In December 2024, Endomines received exchange notices related to convertible loans, based on which a total of 7,356,603.47 euros were exchanged for new Endomines Finland Plc shares. As a result of the exchanges, 1,034,690 new Endomines Finland Plc shares were registered and issued. On 20.12.2024 Endomines received the flagging notifications in accordance with Chapter 9 §5 and §6 of the Securities Market Act: Joensuun Kauppa ja Kone Ltd / Kyösti Kakkonen / Kakkonen-Yhtiöt Ltd / K22 Finance Ltd's share of Endomines Finland Plc's shares and votes fell below 25 % flagging limit, Mariatorp Ltd's share of Endomines Finland Plc's shares and votes exceeded the 10 % flagging limit, and Wipunen Varainhallinta Ltd’s share of Endomines Finland Plc's shares and votes exceeded the 10 % flagging limit.

Fiscal year 2024 in brief

• The group’s revenue increased by 46 % and was MEUR 28.7 (MEUR 19.7). 100 % of the group’s revenue comes from the Pampalo production segment’s revenue.
• The group’s EBITDA was MEUR 5.8 (MEUR -0.7).
• The Pampalo production segment’s EBITDA was MEUR 10.3 (MEUR 3.3), or 36 % of revenue (17 %).
• The group’s operating result was MEUR 2.6 (MEUR -3.0).
• The group’s net result was MEUR 0.3 (MEUR -5.3)
• Gold production from January to December 2024 increased by 11.8%. Production for the year 2024 was 444.9 kg (397.8 kg), or 14,304 ounces (12,790 ounces). 100 % of the group’s production comes from the Pampalo production segment.

Outlook for the financial year 2025

• We estimate gold production to be between 16,000 and 22,000 oz (497.7 kg - 684.3 kg). In 2024, Endomines produced 14,304 ounces (444.9 kg) of gold.
• Production growth is estimated to be greater during H2-2025.

Group’s result

The group's revenue for the financial year increased by 46 % and was MEUR 28.7 (MEUR 19.7). 100 % of the group’s revenue consists of the revenue of Pampalo production’s segment. The increase in revenue is a result of the increase in production volumes, the high market price of gold and the strong US dollar. The group's EBITDA was MEUR 5.8 (MEUR -0.7) and the EBITDA of the Pampalo production segment was MEUR 10.3 (MEUR 3.3), or 36 % of the revenue (17 %).

CEO’s review

The year 2024 was a time of significant change for us. The effects of the strategic changes and favorable gold market were reflected in our strong July-December result. In July-December, our revenue grew by an impressive 74 %, and the EBITDA of the Pampalo's production segment rose to 40 % (10 %) of revenue. The group's operating profit climbed to 16 % (-24 %), and the group's net profit exceeded 8 % (-39 %) of revenue. Additionally, we strengthened the company’s balance sheet, and our net interest-bearing debt decreased by 26 % in July-December compared to the January-June reporting period of 2024. Our production volumes increased by 20.7 % in July-December compared to the comparison period. Our goal is to increase our production volumes every year. I am extremely pleased with our strong results and the changes achieved in all areas of our business.

The entire year 2024 reflects significant changes on all strategic fronts. Our financial performance turned positive, and our revenue grew for the second consecutive year by 46 %, reaching MEUR 28.7 (MEUR 19.7). The group’s EBITDA was MEUR 5.8 (MEUR -0.7), which corresponds to 20 % of revenue, and our net profit was positive. The EBITDA of the Pampalo production segment was MEUR 10.3 (MEUR 3.3), or 36 % (17 %) of revenue. The unit cost per ounce excluding investments was 1,281 EUR/ounce (1,278 EUR/ounce). The change has been immense, and the journey to this point has been eventful. Two years ago, the Endomines Group’s EBITDA was MEUR -6.4, and our net profit was MEUR -17.5 in the red. It is great to see the impact of our strategic actions on the company’s results.

From 2022 to 2024, we focused on laying the foundation for our business. Now, we are entering a new phase where our focus is on bringing new areas into production and growing the company to a significantly larger scale. Our long-term goal is to increase our production level from the current annual output of over 14,300 ounces to 70,000–100,000 ounces, estimated in the year 2030. In this new phase, we will focus on the technical and economic planning of a new production facility and the actions required by the permitting processes. At the same time, we will continue to develop our current production and conduct extensive exploration to increase our gold resources.

Our exploration efforts in 2024 focused on the Southern and Northern Gold Lines. We achieved excellent results both in the Kuittila-Korvilansuo axis in the south and in Kartitsa in the north. High concentrations of tungsten and molybdenum were also found in the Kuittila area. Tungsten is one of the 14 critical raw materials of the European Union, and Endomines plans to apply for the status of a critical minerals producer in 2025. This status could open opportunities for new financing channels and an accelerated permitting process. In 2024, we also conducted environmental studies and an environmental impact assessment program in the Southern Gold Line area. We plan to submit the program for review in the spring of 2025. According to our estimate, the environmental permit decision could be realized by 2028.

The Kartitsa area is a relatively new exploration target for us. We conducted the first large-scale exploration drilling in Kartitsa in the summer and autumn of 2024. We identified a high-grade gold deposit in the area, which appears to be extensive and significant in scale. In 2025, our strategic exploration efforts will focus specifically on Kartitsa and the Southern Gold Line in Kuittila and Korvilansuo. Additionally, we will conduct the first exploratory drillings in the Ukkolanvaara area. We collected bedrock samples in the area in 2024 which indicate high gold potential in this yet unexplored area.

We still hold rights to seven gold deposits in the United States. The operations in the United States are not part of our strategic focus areas, and a simpler company structure would bring us significant cost savings. We actively continue to negotiate partnerships in the United States and aim to find a solution as quickly as possible. The direct operational impact of the United States on Endomines’ EBITDA was approximately MEUR -0.7 (MEUR -1.0) in 2024.

Sustainability is a core part of Endomines’ strategy and firmly at the heart of our operations. We strive to be a partner that acts responsibly, respects biodiversity, keeps its promises, and treats people well. We aim to be a clear leader in setting and achieving sustainability goals. In 2024, we published our first sustainability report. Additionally, we conducted a Double Materiality Assessment, which served as the basis for updating our sustainability program. The focus of our new sustainability program includes carbon-free gold, clean water, biodiversity conservation, employee safety and well-being, community trust, and promoting ethical practices in governance. Our goal is to reflect on our actions with pride for years to come.

We enter 2025 with a positive outlook. We believe in the benefits of growing production and in the strong gold market. The price of gold is particularly influenced by global geopolitical uncertainty. Unfortunately, we live in a world where the rivalry between superpowers leads to ongoing uncertainty. The future price outlook for gold is very positive, and its price is currently clearly above the average price of 2,402 USD/oz in 2024. Finnish gold production is also supported by a strong dollar: in euros, the price of gold has been reaching new records in early 2025.

I want to thank our employees for their excellent work. I also want to thank our shareholders, partners, and all our stakeholders for the incredible journey that enabled the company’s positive turnaround in 2024. We have achieved a lot, but the journey is not over – we will continue with the same speed towards 2026.

Kari Vyhtinen,
CEO

Dividend

The board of directors proposes that no dividend shall be paid for the financial year 2024.

Financial statements release 2024

This stock exchange release is a summary of Endomines Finland Plc's financial statements release for 2024 and contains its essential information. The complete financial statements release is attached to this release as a pdf file and is available on the company's website https://endomines.com/en/for-investors/reports-and-presentations/

Reporting in 2024

Endomines Finland Plc's Annual Report including report by the Board of Directors and Financials Statements, Corporate Governance Report, Remuneration Report will be published on 26 March 2025.

Financial releases in 2025

The Interim Report for January-June will be published on 14 August 2025.

Webcast for analysts, investors and media 13.2.2025 at 14.00 EET

The webcast for media and analysts will be held in English, as a live webcast today 13 February 2025 at 14.00 EET. The event can be followed via this link. The recording will be available after the event at: https://endomines.com/en/for-investors/reports-and-presentations/.

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 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 – 11.2.2025, at 9:30 EET

Inside Information: New gold potential zone discovered on the Karelian Gold Line – Outcrop samples in Ukkolanvaara contained significant amounts of gold

Endomines releases results from a geological mapping campaign in Ukkolanvaara, the central part of the Karelian Gold Line. The results indicate a new, previously undiscovered gold mineralization in the area.

Endomines collected a total of 73 bedrock samples from Ukkolanvaara in 2024. The results show that 30 percent of the samples contained more than 0.1 g/t gold. The highest gold grade, 1.75 g/t gold, was measured from an outcrop located in the northern end of the large 25 km² area. The measured grade is high for a bedrock sample taken from an outcrop. The mapping campaign results suggest that the iron formation in Ukkolanvaara is associated with a gold-potential zone. The area will be studied further in 2025.

“In Ukkolanvaara area, the conditions for gold mineralization are textbook-like. Globally, gold deposits often occur in association with shear zones in iron formations, as in Ukkolanvaara. The iron deposit in Ukkolanvaara is very large in scale. If gold is indeed more widely present in the deposit, we may be on the verge of discovering something significant. The potential is so promising that we will drill the first exploration holes in the Ukkolanvaara area in spring 2025,” commented the company’s CEO, Kari Vyhtinen.

The significant assay results (≥ 0.10 g/t gold) from the samples collected at the Ukkolanvaara prospect during the 2024 mapping campaign are reported in Attachment 1. The locations of all the samples are shown on the map in Attachment 2.

Geology of Ukkolanvaara

The most promising results were found from where the Ukkolanvaara iron formation is truncated by the prominent shear system controlling the distribution of the gold deposits along the Karelian Gold Line. The gold mineralization is currently interpreted to be related to the sulphidation of the iron formation with gold precipitated in the most competent bands of the iron stone within or close to the high strain zones. The prospective Ukkolanvaara iron formation is tightly folded with an apparent thickness varying from 100 m to 500 m. The footprint of the area is approx. 25 km². To date, there is no detailed base of till sampling done over the area.

BIF (banded iron formation) -hosted gold mineralization style is a typical feature of other Archean Greenstone Belts found in addition to Finland for example in Australia and Canada.

Due to its significant scale potential the Ukkolanvaara prospect is a high priority drilling target for the 2025 exploration drilling and base of till Sampling campaigns.

Sampling, assay method and quality assurance  

All rock samples have been collected from the bedrock outcrops. Rock pieces have been isolated by rock hammer and secured in plastic bag labelled with the sample ID. Accurate coordinates have been obtained for each sampling location using Endomines handheld GPS. The rock samples have been logged and submitted to Endomines laboratory in Pampalo by Endomines geologists.

The preparation and assaying of the rock samples have been carried out at Endomines laboratory in Pampalo, Finland. The sample procedure used at the laboratory was MPC’s PAL1000 PULVERISE AND LEACH machine with AAS finish. The used sample size was 500 g of crushed rock.

Normal QA/QC (Quality Assurance/Quality Control) procedures have been adhered to on all the samples, with standards 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. Endomines controls extensively exploration rights across the Karelian Gold Line.

Endomines Finland Plc – Press Release, Investor News, 5/2/2025, at 10:30 EET

Endomines Finland Plc will publish its Financial Statements Release from 2024 on 13/2/2025 – an invitation to a webcast

Endomines Finland Plc will publish its Financial Statements Release for 2024 on Thursday 13th of February 2025, at approximately 10:00 EET.

Webcast on Thursday 13/2/2025 at 14:00 EET

At the event, CEO Kari Vyhtinen and CFO Minni Lempinen from Endomines Finland Plc will present the 2024 Financial Review to investors, analysts, and the media. The event can be viewed live at https://endomines.events.inderes.com/q4-2024/register. There will be an open Q&A session via chat.

A recording of the presentation will be available after the event on the Endomines website, and the presentation material will be available after the event at: https://endomines.com/en/for-investors/reports-and-presentations/.

Further information:
Anni Turpeinen 
Communications Manager
+358 50 554 1543 
anni.turpeinen@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.

Endomines Finland Plc – Stock Exchange Release – 28.1.2025, at 15:15 EET

Endomines Finland Plc: Proposals of the Shareholders’ Nomination Committee to the Annual General Meeting 2025

Endomines Finland Plc's Shareholders’ Nomination Committee presents the following proposals to the Annual General Meeting 2025.

Number of members of the Board of Directors

The Shareholders' Nomination Committee proposes to the Annual General Meeting that the number of members of the company's Board of Directors be confirmed at five (5).

Composition of the Board of Directors

The Shareholders' Nomination Committee proposes electing the current board members Jukka-Pekka Joensuu, Markus Ekberg, Eeva Ruokonen and Jukka Jokela for a new term and electing Kyösti Kakkonen as a new member. Jeremy Read has announced that he is not available for re-election. The Shareholders' Nomination Committee recommends the re-election of Jukka-Pekka Joensuu as chair of the Board and the election of Kyösti Kakkonen as vice chair of the Board. The term of office of the members continues until the end of the Annual General Meeting 2026. All nominees have given their consent to the position.

Kyösti Kakkonen is a significant influencer in Finnish business life and owns a significant share of Endomines Finland Plc.

Jukka-Pekka Joensuu, Markus Ekberg, Eeva Ruokonen and Jukka Jokela are independent of the company and its significant shareholders. Kyösti Kakkonen is independent of the company, but not of its significant shareholders.

Information about the proposed board members can be found on the company's website.

Regarding the selection procedure for Board members, the Shareholders' Nomination Committee recommends that the shareholders take a stand on the proposal as a whole at the Annual General Meeting. When preparing the proposal, the Shareholders' Nomination Committee has taken into account that the composition of the Board as a whole is in line with the company's needs and follows the recommendations of the Corporate Governance Code.

When making the proposal, the Shareholders' Nomination Committee has taken into account the company's diversity policy and the sufficient competence and experience of the proposed nominees in matters related to the company's industry and business.

Remuneration of the Board of Directors

The Shareholders' Nomination Committee proposes to the Annual General Meeting that the annual remuneration of the Board members is as follows, in accordance with the previous year's remuneration policy:

• Chair of the Board EUR 35 000
• Vice Chair of the Board EUR 25 000
• Board member EUR 20 000

The Shareholders' Nomination Committee proposes that the annual remuneration of the Board members be paid in company shares and cash so that approximately 30% of the annual remuneration amount is paid in company shares and the rest is paid in cash. The company is responsible for the costs and transfer tax arising from the acquisition of the shares. The company's shares will be acquired directly on behalf of the Board members within two (2) weeks after the company's interim report for the period 1 January to 30 June 2025 has been published.

In addition, a meeting fee of EUR 300 is proposed for each physical Board meeting per member who attended the meeting.

• Fees for Committee members (ESG Committee, Audit Committee, Technical and Safety Committee) EUR 2,500 per Board member per Committee on which the Board member serves. EUR 5,000 is proposed as the annual remuneration for the Chair of the Committees. Annual fees for Committees and meeting fees for Board meetings are paid in cash.

Composition of the Shareholders’ Nomination Committee

Endomines Finland Plc's Shareholders’ Nomination Committee consists of the representatives of the two largest shareholders based on the ownership situation on August 31, 2024, and the Chair of the Board of Directors of Endomines Finland Plc. The members of the Shareholders’ Nomination Committee are:

• Kyösti Kakkonen, Chair of the Shareholders’ Nomination Committee
• Ingeborg Åkermarck
• Jukka-Pekka Joensuu, Chair of the Board of Directors of Endomines Finland Plc

Contact Information:

Jukka-Pekka Joensuu
Char of the Board of Directors
Endomines Finland Plc
jukka-pekka.joensuu@eversheds.fi
+358 40 1798855

Minni Lempinen
CFO and Secretary to the Board of Directors
Endomines Finland Plc
minni.lempinen@endomines.com
+358 40 769 3483

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 – Inside information – 28/1/2025, at 9:45 EET 

Inside information: Endomines reports high-grade exploration results from Korvilansuo, Southern Gold Line

Endomines reports the results of the drilling program conducted in the fall of 2024 at Korvilansuo, in the southern part of the Karelian Gold Line. The drilling program consisted of eight drill holes, with a total length of 1466 meters. The aim of the program was to investigate the continuation of the broad gold mineralization at Korvilansuo towards the north and into deeper parts.

The results of the drilling program confirm the continuation of gold-mineralized veins towards the north and deeper into the ground. The results support the expansion of the deposit’s mineral resources at greater depths. All drilled holes exceeded the lower cut-off grade used in the reporting, 0.4 g/t gold.

Highlights of the fall 2024 Korvilansuo drilling program:

• Drill hole KVS-119 intersected 5.95 m with a grade of 4.16 g/t gold from 176.90 m and 17.30 m with a grade of 0.69 g/t gold from 145.80 m
• Drill hole KVS-113 intersected 19.00 m with a grade of 1.26 g/t gold from 87.80 m
  • Including 0.85 m with a grade of 8.93 g/t gold from 87.80 m
  • Including 0.85 m with a grade of 2.62 g/t gold from 97.15 m
  • Including 0.85 m with a grade of 2.89 g/t gold from 105.95 m

In the northern part of the deposit, drill hole KVS-113 successfully extended a high-grade vein, which included 3.8 meters with a grade of 8.4 g/t gold (KVS-100, published on October 19, 2023) and 31.60 meters with a grade of 2.02 g/t gold (KVS-103, published on July 16, 2024).

Drill hole KVS-119 intersected a broad mineralized zone, which locally contained high gold grades, such as 5.95 meters with a grade 4.16 g/t gold, at the deep extension of the deposit. The gold was found in quartz tourmaline breccia, which is a typical host rock for gold in the area.

“The Southern Gold Line in its entirety and Kartitsa, located on the Northern Gold Line, are our two most important exploration targets. The gold resources of the Southern Gold Line increased significantly with our previous update, and we are actively pursuing permitting actions to bring the area into production. The purpose of the exploration campaign conducted at Korvilansuo was to investigate how the gold deposit in the area continues into deeper parts following previous studies. We achieved our goal as planned. We will utilize the results in the next resource update, which will be completed in the spring of 2025,” commented the company’s CEO Kari Vyhtinen.

The significant drill intersections from the Korvilansuo 2024 fall drilling program are presented in Table 1 and locations of the new drill holes are presented in the map (Figure 1).

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. Endomines controls extensively exploration rights across the Karelian Gold Line.

Endomines Finland Plc – Stock Exchange Release – 22.1.2025, at 21.15 EET

Correction: Endomines Finland Oyj has agreed on convertible loans in connection with the financing package announced on January 13, 2025

Endomines Finland Plc republishes the stock exchange release published on January 22, 2025 at 17:00. The release published at 17:00 incorrectly stated the amount of convertible loans as EUR 2.1 million, whereas the correct amount is EUR 2.3 million. The corrected release, where this incorrect information has been corrected, is in its entirety below. No other changes have been made to the release.

Endomines Finland Oyj has agreed on convertible loans in connection with the financing package announced on January 13, 2025

Endomines has agreed with the company's largest owners on a EUR 2.3 million convertible loan. The loan is intended to be used for preparatory work related to the new strategy, as well as for general business needs. The maturity of the convertible loan is 24 months, and the annual interest rate is 10 percent. In accordance with the financing agreement, the convertible loan can be fully or partially exchanged for company shares no earlier than 12 months after the loan drawdown date. The exchange price is fixed EUR 7.51 and is based on the average closing share price in December 2024 minus 5.5%.

Contact 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 – 22.1.2025, at 17.00 EET

Endomines Finland Plc has agreed on convertible loans in connection with the financing package announced on January 13, 2025

Endomines has agreed with the company's largest owners on a EUR 2.1 million convertible loan. The loan is intended to be used for preparatory work related to the new strategy, as well as for general business needs. The maturity of the convertible loan is 24 months, and the annual interest rate is 10 percent. In accordance with the financing agreement, the convertible loan can be fully or partially exchanged for company shares no earlier than 12 months after the loan drawdown date. The exchange price is fixed EUR 7.51 and is based on the average closing share price in December 2024 minus 5.5%. 

Contact 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 | 21/1/2025 | at 13.30 EET

Endomines Finland Plc's Board of Directors decided on a share-based incentive program for company’s key employees

As of 21st January 2025, the Board of Directors of Endomines Finland Plc decided on a share-based incentive program for company’s key employees for the years 2025–2027. The purpose of the program is to engage key employees in the company's objectives and create incentives to increase shareholder value.

The performance-based share incentive plan for 2025–2027 consists of a 1-year performance period and a two-year holding period. Possible rewards will be paid in April 2026, if the set performance targets are met.

Participants must hold the shares after payment during the 2-year holding period. The performance metric applied to the performance period is total shareholder return. The baseline of the incentive program is achieved when the share price is EUR 10.50, and the maximum level is achieved when the share price is EUR 21.00, minus any dividends paid. The plan will involve a maximum of 35 individuals and the plan rewards will be equivalent to a maximum of 36,000 shares.

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 – 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:

Notified details of the resulting situation on the date on which the threshold was crossed:

Shares and votes

Financial instruments according to SMA 9:6a

The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:

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:

Notified details of the resulting situation on the date on which the threshold was crossed:

Shares and votes

Financial instruments according to SMA 9:6a

The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:

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:

Notified details of the resulting situation on the date on which the threshold was crossed:

Shares and votes

Financial instruments according to SMA 9:6a

The controlled undertakings through which the shares, voting rights and financial instruments are effectively held:

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.