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Gold prices have continued to develop favourably since our previous update in September, up some 20% since late-August. Our 2026e EBIT estimate is up nearly 30%, driven by the price increases. We adjust our TP to EUR 31.5 (prev. 27.0) and upgrade our rating to ACCUMULATE (REDUCE).
In May, Endomines unveiled its updated strategy for 2025–2029. The company achieved a successful turnaround during the previous strategy period, supported by favorable market conditions and solid operational execution. We believe Endomines remains on the right track moving forward while we see the new targets rather ambitious.
Endomines delivered a strong performance in H1, despite a slight shortfall relative to our profitability estimate. We anticipate continued strong results in H2 and beyond, while pricing remains elevated.
Robust growth continued as expected, though profitability fell slightly short of our estimates due to our too optimistic cash cost assumption for Pampalo production.
Endomines reports its H1 figures on 14th of August. Increased production coupled with strong gold price should have aided the company to record profitability in H1. Strong performance is expected also going forward, yet the pricing looks elevated.
Endomines published its updated strategy for 2025–2029, which largely builds on the previous one, with the expected addition of critical minerals to the strategy. The company aims to grow into a significantly larger scale with growth in production and resources.
Endomines agreed on a new long-term financing arrangement of up to EUR 12m. The current strong market conditions should aid the company to record profitability this year while the financing gives the company ability to invest in future growth.
Endomines is progressing well in line with its strategy and the H2/24 was clear evidence of the company’s capability to deliver results. After significant net positive adjustments to our models, we increase our TP to EUR 10.8 (prev. EUR 8.3).
Endomines successfully capitalized on the increased gold market prices during the second half of the year. Pampalo's profitability exceeded our expectations due to lower-than-expected cash costs.
Endomines releases its H2/24 results on 13th of February. Despite experiencing some production issues in the fourth quarter, we estimate that net sales growth has led to improved profitability for Pampalo. We increase our TP to EUR 8.3 while revise recommendation to REDUCE (prev. HOLD) to match the updated ratings methodology (see page 3).
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Endomines Finland Plc – Inside information – 11.11.2025, at 14:15 EET
Inside Information: Endomines Discovered Gold in a New Area of the Ukko Deposit – Results Support Further Exploration
Based on exploration conducted in summer 2025, Endomines believes that the Ukko deposit in Ukkolanvaara consists of five gold-prospective zones. The northernmost of these was explored earlier this year (see releases dated 11 February, 28 May, 27 June, and 29 August 2025). The company then proceeded to investigate the southernmost zone, located 5.8 kilometres south of the initial drilling site. This area had not been previously drill-tested. Endomines has now received the first drill results from the area, which indicate moderate gold grades.
The southernmost drilling campaign targeted an area where both outcrop sampling and electromagnetic surveys had indicated gold potential (release dated 29 September 2025). Two drill holes were completed in this area, and no further results are expected from it in 2025.
The results of the campaign validate the effectiveness of Endomines’ exploration methodology: combining outcrop sampling with electromagnetic survey data has proven to be an efficient approach for identifying gold, particularly in BIF-type (Banded Iron Formation) deposits.
Drill Results from Holes UKKO-027 and UKKO-028 at Ukkolanvaara:
- Drill hole UKKO-027 intersected:
- 5.95 m @ 0.28 g/t gold from 25.80 m
- including 0.95 m @ 0.98 g/t gold from 30.80 m
- 9.75 m @ 0.33 g/t gold from 46.25 m
- including 0.85 m @ 0.79 g/t gold from 49.10 m
- 5.95 m @ 0.28 g/t gold from 25.80 m
- Drill hole UKKO-028 intersected:
- 10.30 m @ 0.63 g/t gold from 77.80 m
- including 1.10 m @ 1.31 g/t gold from 83.80 m
- 7.85 m @ 0.46 g/t gold from 157.10 m
- including 0.95 m @ 1.04 g/t gold from 157.10 m
- including 0.90 m @ 1.33 g/t gold from 164.05 m
- 10.30 m @ 0.63 g/t gold from 77.80 m
“Our exploration team continues its creative and bold search for gold. We have previously confirmed the presence of gold in the northern part of the Ukko deposit. In the north, we learned how to explore BIF-type deposits by utilizing the results of electromagnetic surveys. With that knowledge, we moved 5.8 kilometres south along the same iron formation—and now, in the first drill holes, we have hit gold. The grades in these initial results are relatively moderate, but at this stage, the most important thing is to confirm that gold mineralization continues across a broader area in Ukkolanvaara. The results also strengthen our confidence in the effectiveness of our exploration methods for deposits like Ukko. The iron formation at Ukkolanvaara is extensive, stretching approximately 7–8 kilometres, so we have only just scratched the surface,” commented Kari Vyhtinen, CEO of Endomines.
The significant drill intersections from the UKKO drill holes are presented in Table 1 and the location of the exploration drill holes are presented in the map (Figure 1).
Analysis of Drill Results Continues, More Results Expected During the Autumn
So far, 38 drill holes have been completed in the second phase of the Ukkolanvaara drilling campaign, with a total length of approximately 9,800 metres. Drilling is still ongoing, and assay results from 19 drill holes are pending.
Endomines has identified several areas with high gold potential within the Ukko area. Exploration activities for the remainder of the year will focus on these targets. The program has already moved 2-4 kilometres north, where the plan is to drill 10 holes. In this area, visible gold has been observed in drill holes UKKO-037 and UKKO-041.
Ukkolanvaara Area and Geology
Ukkolanvaara is located approximately 15 kilometres south of the Pampalo mine area. One previous drilling program has been carried out in the area, along with extensive geophysical surveys and surface sampling. The gold occurrence in the area is known as the Ukko deposit, and the Ukkolanvaara area is the company’s primary exploration target for the 2025 drilling campaign.
The most intense gold mineralization at Ukkolanvaara has been observed in a tightly folded banded iron formation (BIF), where pyrrhotite replaces magnetite bands. So far, visible gold has been identified in 13 drill holes at Ukkolanvaara (UKKO-001, UKKO-002, UKKO-003, UKKO-005, UKKO-006, UKKO-009, UKKO-015, UKKO-016, UKKO-020, UKKO-021, UKKO-027, UKKO-037, and UKKO-041). The alteration halo surrounding the gold mineralization consists of chlorite, carbonates, green mica, and iron sulphides.
BIF-type gold mineralizations (banded iron formations) have also been encountered in other Archean greenstone belts, such as those found in Australia and Canada.
Drilling technology and quality assurance
All surface drilling has been carried out by MK Core Drilling Oy, using WL-76 tubes, resulting in a core of 57.5 mm in diameter. Drill hole locations will be surveyed after completion of the drilling program. All coordinates and maps used in this release reflect planned coordinates. A downhole survey of bearing and dip deviations has been completed with the DeviFlex survey tool. All cores have been oriented with the Reflex ACT3 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).
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 Technical Officer
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 – Inside Information – 6.11.2025 at 21:30
Inside Information: Notice on the conversion of convertible loan into shares
Endomines Finland Oyj has received a conversion notice related to convertible loans, based on which a total of EUR 6,386,364.38 will be converted to new shares of Endomines Finland Plc.
Hietamoor Oy will convert a total of EUR 124,854.79 to new Endomines Finland Plc shares. In accordance with the convertible loan agreement, the exchange price is approximately EUR 3.36 per share.
Joensuun Kauppa ja Kone Oy will convert a total of EUR 655,487.67 to new Endomines Finland Plc shares. In accordance with the convertible loan agreement, the exchange price is approximately EUR 3.36 per share.
K22 Finance Oy will convert a total of EUR 124,854.79 to new Endomines Finland Plc shares. In accordance with the convertible loan agreement, the exchange price is approximately EUR 3.36 per share.
Pielisen kiinteistö Oy will convert a total of EUR 62,427.40 to new Endomines Finland Plc shares. In accordance with the convertible loan agreement, the exchange price is approximately EUR 3.36 per share.
The exchange price consists of the daily average price calculated at the share's closing price during 1 September 2023 – 30 September 2023 with a deduction of 15 per cent (EUR 3.36 per share).
Wipunen Varainhallinta Oy’s conversions are as follows:
EUR 1,194,246.58 convertible loan at the contractual conversion price of EUR 23.70 per share. The exchange price is calculated as the average daily price of the share at its closing price for the 15 trading days preceding the exchange, minus 15 percent.
EUR 1,515,123.29 convertible loan at the contractual conversion price of EUR 22.28 per share. The exchange price is calculated as the average daily price of the share at its closing price for the 10 trading days preceding the exchange, minus 18 percent.
Wipunen Varainhallinta Oy will exchange a total of EUR 2,709,369.86 for new Endomines Finland Plc shares.
Mariatorp Oy’s conversions are as follows:
EUR 1,194,246.58 convertible loan at the contractual conversion price of EUR 23.70 per share. The exchange price is calculated as the average daily price of the share at its closing price for the 15 trading days preceding the exchange, minus 15 percent.
EUR 1,515,123.29 convertible loan at the contractual conversion price of EUR 22.28 per share. The exchange price is calculated as the average daily price of the share at its closing price for the 10 trading days preceding the exchange, minus 18 percent.
Mariatorp Oy will exchange a total of EUR 2,709,369.86 for new Endomines Finland Plc shares.
As a result of the conversions, 524,449 new Endomines Finland Plc shares will be registered and issued. The total number of shares and votes in Endomines increases from 11,446,895 shares and votes to 11,971,344 shares and votes. After registration, the new shares correspond to approximately 4.38 per cent 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 Oyj - Managers' Transactions - Kakkonen
____________________________________________
Person subject to the notification requirement
Name: Kyösti Kakkonen
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 128440/4/4
____________________________________________
Transaction date: 2025-10-30
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: ACQUISITION
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 750 Unit price: 27.2272 EUR
Aggregated transactions (1):
Volume: 750 Volume weighted average price: 27.2272 EUR
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 – 29.10.2025 at 16:00 EET
Composition of Endomines Finland Plc’s Shareholders’ Nomination Committee
The Shareholders’ Nomination Committee of Endomines Finland Plc consists of representatives appointed by the two shareholders who, according to the shareholder register maintained by Euroclear Finland Oy, have the most shares and votes on August 31st of each year, and the Chairman of the Board of Directors of the company.
The members of Endomines Finland Plc’s Shareholders’ Nomination Committee are:
- Kyösti Kakkonen
- Ingeborg Åkermarck
- Jukka-Pekka Joensuu as an advisory member
Kyösti Kakkonen has been elected as the Chairman of the Shareholders’ Nomination Committee at the organizing meeting held on 29.10.2025.
The Shareholders’ Nomination Committee of Endomines Finland Plc is responsible for preparing proposals for the General Meeting of Endomines Finland Plc concerning the number, election and remuneration of the members of the Board of Directors.
Further information:
Minni Lempinen,
CFO
minni.lempinen@endomines.com,
+358407693483
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the United States. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth; an investment that can withstand global political instability. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki (PAMPALO). www.endomines.com.
Endomines Finland Oyj - Managers' Transactions - Kakkonen
____________________________________________
Person subject to the notification requirement
Name: Kyösti Kakkonen
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 128131/4/4
____________________________________________
Transaction date: 2025-10-28
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: ACQUISITION
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 1000 Unit price: 27.67765 EUR
Aggregated transactions (1):
Volume: 1000 Volume weighted average price: 27.67765 EUR
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 - Managers' Transactions - Kakkonen
____________________________________________
Person subject to the notification requirement
Name: Kyösti Kakkonen
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 127855/4/4
____________________________________________
Transaction date: 2025-10-27
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: ACQUISITION
(X) Executed under portfolio or asset management
6 / 7Transaction details
(1): Volume: 1000 Unit price: 27.31339 EUR
Aggregated transactions (1):
Volume: 1000 Volume weighted average price: 27.31339 EUR
Further information
Minni Lempinen
CFO
Endomines Finland Plc
minni.lempinen@endomines.com
+358 40 769 3483
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.
Endomines Finland Plc - Managers' transactions
____________________________________________
Person subject to the notification requirement
Name: Helmi Vyhtinen
Position: Closely associated person
(1):Person Discharging Managerial Responsibilities In Issuer
Name: Kari Vyhtinen
Position: Chief Executive Officer
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 127823/5/4
___________________________________________
Transaction date: 2025-10-24
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: GIFT,DONATION OR INHERITANCE (RECEIVED)
Transaction details
(1): Volume: 2500 Unit price: 0 EUR
Aggregated transactions (1):
Volume: 2500 Volume weighted average price: 0 EUR
Further information
Minni Lempinen
CFO
Endomines Finland Plc
minni.lempinen@endomines.com
+358 40 769 3483
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.
Endomines Finland Plc - Managers' transactions – Vyhtinen
____________________________________________
Person subject to the notification requirement
Name: Kari Vyhtinen
Position: Chief Executive Officer
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 127822/5/4
____________________________________________
Transaction date: 2025-10-24
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: GIFT,DONATION OR INHERITANCE (MADE)
Transaction details
6 / 7(1): Volume: 2500 Unit price: 0 EUR
Aggregated transactions (1):
Volume: 2500 Volume weighted average price: 0 EUR
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 - Managers' Transactions - Kakkonen
____________________________________________
Person subject to the notification requirement
Name: Kyösti Kakkonen
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 127520/6/6
____________________________________________
Transaction date: 2025-10-23
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: ACQUISITION
(X) Executed under portfolio or asset management
6 / 7Transaction details
(1): Volume: 1000 Unit price: 30.44281 EUR
Aggregated transactions (1):
Volume: 1000 Volume weighted average price: 30.44281 EUR
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 | 22.10.2025 at 15:00 EEST
Endomines Finland Plc’s Financial Reporting Schedule and Annual General Meeting in 2026
In 2026 Endomines Finland Plc will publish financial reports as follows:
| Report | Release date |
| Financial Statements Release for 2025 | 5.2.2026 |
| Annual Report for 2025 | 26.3.2026 |
| Business Review for Q1 2026 | 12.5.2026 |
| Half-year Financial Report Jan-June H1 2026 | 13.8.2026 |
| Business Review for Q3 2026 | 5.11.2026 |
Endomines will transition to quarterly reporting in 2026
Starting in 2026, the company will publish its financial reports on a quarterly basis. Endomines adheres to a 30-day silent period prior to the publication of its financial results (Financial Statements Release, Half-year Financial Report and Business Reviews).
Annual General Meeting 2026
Endomines’ Annual General Meeting is planned to be held on Thursday, 23 April 2026. Endomines Board of Directors will summon the AGM at a later date.
The Financial Releases and IR Calendar is available also on our website: https://endomines.com/en/for-investors/sijoittajakalenteri/
Further Information:
Minni Lempinen
CFO
minni.lempinen@endomines.com
+358 40 769 3483
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations focus on gold production and exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most significant and sustainable gold-producing regions in the world. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com
Endomines Finland Oyj - Managers' Transactions - Kakkonen
____________________________________________
Person subject to the notification requirement
Name: Kyösti Kakkonen
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 127375/4/4
____________________________________________
Transaction date: 2025-10-21
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: SUBSCRIPTION
(X) Executed under portfolio or asset management
6 / 7Transaction details
(1): Volume: 1200 Unit price: 30.02099 EUR
Aggregated transactions (1):
Volume: 1200 Volume weighted average price: 30.02099 EUR
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 - Managers' Transactions - Kakkonen
____________________________________________
Person subject to the notification requirement
Name: Kyösti Kakkonen
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 126788/4/4
____________________________________________
Transaction date: 2025-10-15
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: ACQUISITION
(X) Executed under portfolio or asset management
6 / 7Transaction details
(1): Volume: 500 Unit price: 29.67966 EUR
Aggregated transactions (1):
Volume: 500 Volume weighted average price: 29.67966 EUR
Further information
Minni Lempinen
CFO
Endomines Finland Plc
minni.lempinen@endomines.com
+358 40 769 3483
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.
Endomines Finland Plc – inside information – 15.10.2025 at 12:30
Inside Information: Endomines Reports High-Grade Gold Intercepts at Hosko
Endomines Finland Oyj has completed the drilling program carried out during summer 2025 at the Hosko gold mine. The program included a total of 31 diamond drill holes with a combined length of 3,030 meters. The results confirm the company’s understanding of the gold distribution and the geometry of the ore body in the planned production areas below the Hosko open pit.
The Hosko gold mine is located 10 kilometers north of the Pampalo mine. The Hosko open pit was opened in February 2024, and the underground mine in September 2024. Currently, operations at Hosko are focused on the underground mine.
The objective of the drilling program was to supplement data from the planned underground production area between mine levels 125 and 148, and to test the gold potential below level 125. Based on the results, the company will refine the Hosko gold resource model and mine plan.
Key drill intercepts from Hosko:
- Drill hole HOT-027 intersected 1.2 m with a grade of 1.5 g/t gold from 33.4 m and 4.1 m with a grade of 6.5 g/t gold from 73.0 m, (including 0.8 m with a grade of 18.3 g/t gold from 73.9 m), and 2.1 m with a grade of 9.7 g/t gold from 99.2 m
- Drill hole HOT-026 intersected 3.4 m with a grade 0.9 g/t gold from 55.7 m and 1.0 m with a grade 4.7 g/t gold from 67.3 and 1.0 m with a grade of 22.7 g/t gold (20.0 g/t when capped at 20 g/t) from 89.0 m
- Drill hole HOT-031 intersected 4.0 m with a grade 1.9 g/t gold from 81.1 m and 2.0 m with a grade of 8.7 g/t gold from 91.9 m and 1.4 m with a grade 6.7 g/t gold from 127.8 m.
- Drill hole HOT-005 intersected 0.5 m with a grade of 32.1 g/t gold (20.0 g/t when capped at 20 g/t) from 38.9 m and 3.7 m with a grade 0.8 g/t gold from 48.4 m and 1.0 m with a grade 1.6 g/t gold from 65.4 m and 0.9 m with a grade 3.5 g/t gold from 71.0 m.
“Hosko is a key part of our production now and in the future. The gold intercepts we’ve received show Hosko’s typical short but extremely high-grade gold zones. On the other hand, after these drillings we understand the geology of the area much better and can focus our activities on the right production zones. This gives us a strong foundation to move forward,” commented Kari Vyhtinen, CEO of Endomines.
The intersections from the drilling program are presented in Appendix 1, and the locations of the new drill holes are shown on the longitudinal section in Appendix 2.
Geology of Hosko
At Hosko, gold occurs in quartz-tourmaline veins and breccias. The geometry and continuity of the quartz-tourmaline veins are well defined within the planned production area. In Hosko, gold typically occurs as coarse grains, which causes significant variation in the gold grades of ore lenses.
Drilling technology and quality assurance
All underground drilling was carried out by KDC Oy, using BQTK tubes, resulting in core diameter of 40.7 mm. Drill hole locations, start azimuths and dips were surveyed by using mine survey equipment. Deviations in azimuth and dip were measured with the SPT GyroMaster device. All drill cores were oriented using the SPT CoreMaster device.
The drill core documentation was carried out by Endomines' personnel. Sample preparation and analysis were conducted at Endomines’ laboratory in Pampalo or at CRS Oy in Kempele. The analytical method used was MPC’s PAL1000 Pulverise and Leach method with AAS instrumentation. Samples consisted of 1,000 grams of crushed drill core.
All samples were subject to QA/QC procedures based on industry standards, including standard samples, blanks, and duplicates. Sample preparation, safety, and chemical analysis meet or exceed current industry standards and the requirements of the JORC Code.
The technical content of this release has been prepared and approved by MSc Jani Rautio, Eurogeologist, who holds Qualified Person status under the standards of the Fennoscandian Association for Metals and Mining Professionals (FAMMP). Jani Rautio is employed by Endomines and owns 2,000 shares in the company.
Further information:
Kari Vyhtinen
CEO
kari.vyhtinen@endomines.com
+358 40 585 0050
Jani Rautio
Chief Technical Officer
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, Flagging Notification – 10/10/2025, at 15:00 EEST
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 9 October 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 | 25.48683 | 25.48683 | 11,446,895 | |
| Position of previous notification (if applicable) | 24.15991 | n/a | 24.15991 | 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 | 2,917,451 | 25.48683 | ||
| SUBTOTAL | 2,917,451 | 25.48683 | ||
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 | 0.10183 | n/a | 11,656 |
| Kakkonen-Yhtiöt Ltd | 0.1910038 | n/a | 21,864 |
Joensuun Kauppa ja Kone Ltd | 21.319624 | n/a | 2,440,435 |
| K22 Finance Ltd | 3.87438 | n/a | 443,496 |
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 - Managers' transactions – Vyhtinen
____________________________________________
Person subject to the notification requirement
Name: Kari Vyhtinen
Position: Chief Executive Officer
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 126128/4/4
____________________________________________
Transaction date: 2025-10-09
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: SUBSCRIPTION
Transaction details
6 / 7(1): Volume: 18132 Unit price: 3.51 EUR
Aggregated transactions (1):
Volume: 18132 Volume weighted average price: 3.51 EUR
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.
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Company Facts
Guidance
Gold production to be between 16,000 and 22,000 oz (497.7 kg - 684.3 kg) in 2025.
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