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Endomines announced the sale of three of its gold deposits in Idaho. Despite slightly below expected purchase price and slow release of capital, from a strategic perspective the transaction is in our view positive.
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.
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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: 131132/5/4
____________________________________________
Transaction date: 2025-11-21
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: DISPOSAL
(X) Executed under portfolio or asset management
6 / 7Transaction details
(1): Volume: 70000 Unit price: 26.4 EUR
Aggregated transactions (1):
Volume: 70000 Volume weighted average price: 26.4 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 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 - Joensuu
____________________________________________
Person subject to the notification requirement
Name: Jukka-Pekka Joensuu
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 131087/5/4
____________________________________________
Transaction date: 2025-11-21
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: DISPOSAL
(X) Executed under portfolio or asset management
6 / 7Transaction details
(1): Volume: 1100 Unit price: 25.5 EUR
Aggregated transactions (1):
Volume: 1100 Volume weighted average price: 25.5 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 produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.
Endomines Finland Plc – Inside information – 19/11/2025, at 9:30 EET
Inside Information: Endomines Finland Plc Sells three Gold Deposits in Idaho, USA, to Elk Range Minerals LLC for 20 Million Australian Dollars
Endomines Finland Plc, through its wholly owned subsidiary of Endomines Idaho, LLC (collectively “Endomines”), has today signed an agreement to sell three gold deposits located in the state of Idaho, USA, to Australian company Yellowstone Mining Pty Ltd, through its wholly owned subsidiary of Elk Range Minerals LLC (“Elk”). The total debt-free purchase price is 20 million Australian dollars (AUD).
The deposits being sold are named Friday, Buffalo Gulch, and Deadwood (the “Deposits”). The transaction also includes machinery and equipment in connection with the Deposits. Most of Endomines’ personnel currently working in Idaho will transfer to Elk upon completion of the transaction.
The divestment of the gold deposits has been a part of Endomines’ strategic direction. According to the updated strategy published in Spring 2025, the company will focus on gold production at the Pampalo mine and exploration along the Karelian Gold Line.
The transaction will result in significant cost savings and a clearer business model for Endomines. The operational costs of the U.S. operations have been approximately EUR 0.7 million annually, of which the share related to the Deposits has been around EUR 0.5 million.
“We are very pleased that the gold deposits have found a new owner with a strong and experienced team and excellent capabilities to develop and grow the area’s potential. We believe this is a clear win-win agreement for both parties and wish Elk Range Minerals every success in further developing the region. The transaction will streamline our business model, deliver significant cost savings, and enable us to focus even more effectively on realizing the potential of the Karelian Gold Line in line with our strategy. In addition, Endomines will have the opportunity to hold a 9.95% stake in Elk Range Minerals’ parent company, providing a strategic foothold and the ability to benefit from the company’s future growth,” says Kari Vyhtinen, CEO of Endomines Finland Plc.
Elks team has many years of experience in similar gold projects
Elk is a special-purpose vehicle formed to acquire the Deposits and will be focused on exploration and development of these Deposits. The company is led by a highly experienced team of well-credentialed Australian mining executives with decades of experience in all aspects of the gold project exploration, development, and construction.
“We see significant exploration and development potential in the Idaho deposits and are excited to be investing in the region. Our team has decades of experience in discovering, developing, and operating gold projects around the world, and are able to focus our time on the progression of these Deposits. We look forward to working closely with the community in Elk City and building on the strong local mining heritage to unlock the full potential of these assets,” says Campbell Baird, Chairman of Elk.
Purchase price to be paid in five installments
The Deposits will be sold for a total purchase price of AUD 20 million, to be paid in five installments:
- First installment: AUD 3.5 million on the completion date of the transaction, which is anticipated to be within 90 days of signing the agreement (the “Completion Date”), during which time Elk will finalize its financing arrangements.
- Second installment: The greater of: i) 9.95% of the shares of Elk’s parent company listed on a public securities exchange or of another entity’s shares listed on a public securities exchange that directly or indirectly controls the Deposits (“Elk ListCo”) upon listing of Elk ListCo, or ii) Elk ListCo’s shares valued at AUD 1.5 million at the time of listing of Elk ListCo. If the listing of Elk ListCo does not occur within 12 months from the Completion Date, Elk will pay AUD 1.5 million in cash on the one year anniversary of the Completion Date.
- Third installment: AUD 6 million upon the JORC compliant gold resources at the Deposits reaching a level of 0.5 million ounces, or no later than two years after signing the agreement.
- Fourth installment: AUD 5 million upon the JORC compliant gold resources at the Deposits reaching a level of 1.0 million ounces, or no later than four years after signing the agreement.
- Fifth installment: AUD 4 million one year after the start of commercial production at the Deposits, or no later than five years from the signing of the agreement. If the initial production level is below 15,000 ounces per annum, Endomines will be paid USD 500 per ounce as compensation for gold sold after the first 3,000 ounces. This compensation will reduce the agreed installment amount and may be up to the amount of the fifth installment.
For the third and fourth installments, Endomines has the option to choose payment in the form of shares in Elk ListCo instead of cash. The assets sold in the transaction will serve as collateral for Endomines until all installments have been paid.
Based on Endomines’ balance sheet on 30 June 2025 and exchange rates, Endomines Finland Plc would record a one-time loss of approximately EUR 3.5 million from the transaction. The final amount of the loss will be determined based on the balance sheet and exchange rates on the Completion Date. The loss will be recorded in the result of the United States operations segment upon completion. Completion of the transaction is subject to customary conditions and the finalisation of Elk’s financing arrangements.
Montana deposits remain under Endomines’ control
In addition to the Deposits that are subject to the current sale, Endomines Finland Plc, through its wholly owned subsidiary of Endomines Idaho, LLC, holds rights to the Rescue and Kimberly deposits in Idaho and to the US Grant gold deposit in Montana, USA. Furthermore, the company holds a purchase option for the Kearsarge deposit in Montana. These deposits are not included in the current transaction and will remain under the company’s control.
“During the negotiations, we identified significant potential in the Montana deposits. We have initiated an external assessment to evaluate the potential and development opportunities. We are looking forward to the outcomes of this assessment and will determine the best strategy for their ongoing progression or monetization afterwards,” says Kari Vyhtinen.
More information in the webcast on November 19, 2025 at 1:00 PM EET
Endomines will provide more details about the signed agreement in a webcast on Wednesday, November 19, 2025 at 1:00 PM. The event will be held in English. You can join the webcast at: https://endomines.events.inderes.com/2025-11-19-pressconference. The recording and presentation materials will be available after the event on the company’s website 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 produce gold for the jewellery 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 Finland Plc is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com
Correction: Endomines Finland Plc - Managers' transactions – Kakkonen
Endomines Finland Plc republishes the Management Transactions announcement originally released on November 17, 2025. Endomines has received a correction notice stating that the management transaction notification received on November 17, 2025 contained incorrect information. The notice erroneously indicated that the transaction was related to the implementation of a stock option program. This reference has been corrected in the updated announcement below; no other changes have been made. The corrected announcement is provided in full below.
____________________________________________
Person subject to the notification requirement
Name: Kyösti Kakkonen
Position: Member of the Board/Deputy member
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: AMENDMENT
Reference number: 130697/5/4
Amendment comment:
Poistettu ylimääräinen täppä kohdasta tehdyn liiketoimen kuvaus
____________________________________________
Transaction date: 2025-11-17
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: SUBSCRIPTION
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 194878 Unit price: 3.36357 EUR
Aggregated transactions (1):
Volume: 194878 Volume weighted average price: 3.36357 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 – 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: 130691/5/4
____________________________________________
Transaction date: 2025-11-17
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: SUBSCRIPTION
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 18559 Unit price: 3.36373 EUR
Aggregated transactions (1):
Volume: 18559 Volume weighted average price: 3.36373 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, 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 – 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: 130697/5/4
____________________________________________
Transaction date: 2025-11-17
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
6 / 7Nature of transaction: SUBSCRIPTION
(X) Executed under portfolio or asset management
(X) Linked to stock option programme
Transaction details
(1): Volume: 194878 Unit price: 3.36357 EUR
Aggregated transactions (1):
Volume: 194878 Volume weighted average price: 3.36357 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, 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 – 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: 130687/4/4
____________________________________________
Transaction date: 2025-11-17
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: SUBSCRIPTION
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 37119 Unit price: 3.36364 EUR
Aggregated transactions (1):
Volume: 37119 Volume weighted average price: 3.36364 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, 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 – 11.11.2025, 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.
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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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