Overview
Financial overview
Equity research
Endomines production in Q4 was weaker than expected, but further gold price momentum continues to carry the investment case. We adjust our TP to EUR 32.5 (31.5), rating now BUY (ACCUMULATE).
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).
Annual financials
Quarterly financials
Assets
Equity and liabilities
Cashflow
Environment
Social
Governance
Videos
Annual and sustainability reports
- Sustainability report 2024
- Annual report 2024
- Annual report 2023
- Sustainability report 2023
- Annual report 2022
Company news
Endomines Finland Plc – Stock Exchange Release – 27.1.2026, at 10:30 EET
Endomines Finland Plc: Proposals of the Shareholders’ Nomination Committee to the Annual General Meeting 2026
Endomines Finland Plc's Shareholders’ Nomination Committee presents the following proposals to the Annual General Meeting 2026 to be held on 23 April 2026.
Number of members of the Board of Directors
The Shareholders' Nomination Committee proposes to the Annual General Meeting 2026 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, Kyösti Kakkonen, Markus Ekberg, Eeva Ruokonen and Jukka Jokela for a new term. The Shareholders' Nomination Committee recommends the re-election of Jukka-Pekka Joensuu as chair of the Board and re-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 2027. All nominees have given their consent to the position.
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 the members of the Board of Directors, the Shareholders' Nomination Committee recommends that the shareholders take a position on the proposal as a whole at the Annual General Meeting. In preparing the proposal, the Shareholders' Nomination Committee has taken into account that the composition of the Board of Directors as a whole is in line with the needs of the company and complies with the recommendations of the Corporate Governance Code.
The proposal regarding the composition of the Board of Directors deviates from the recommendation regarding equal representation of women and men in accordance with the Corporate Governance Code in that only one of the proposed five-member Board of Directors is a woman. When making the proposal, the Shareholders’ Nomination Committee has taken into account the company’s diversity policy and the specific expertise and experience of the proposed individuals in matters related to the company’s industry and business. The recommendation regarding the composition has been prepared after thorough consideration, particularly taking into account the requirements set by the company’s business operations and the strategic goals for the future. The Nomination Committee has considered that the candidate members and the proposed Board of Directors are best able to meet the requirements set by the goals as a whole. The Nomination Committee has initiated a process in which an external expert will conduct a long-term candidate survey for the coming years, and special attention will be paid to this issue in the coming years.
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 2026 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, 2025, 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
Further Information:
Jukka-Pekka Joensuu
Chair 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 operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. 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 – Press Release, Investor News, 27/1/2026, at 9.00 EET
Endomines Finland Plc will publish its Financial Statements Release for 2025 on 5 February 2026 – an invitation to a webcast
Endomines Finland Plc will publish its Financial Statements Release for the year 2025 on Thursday 5 February 2026, at approximately 10:00 a.m. EET.
A webcast will be held on Thursday 5 February 2026 at 2:00 p.m. EET
At the webcast, Endomines Finland Plc’s CEO Kari Vyhtinen and CFO Minna Karttunen will present Company’s Business Review for 2025 to investors, analysts, and the media. The webcast will be held in English, and participants will have the opportunity to ask questions via a chat.
The webcast can be accessed at: https://endomines.events.inderes.com/h2-2025/register
A recording of the webcast and the presentation material will be available after the event on Endomines’ website at: https://endomines.com/en/for-investors/reports-and-presentations/.
Further information:
Anni Turpeinen
Chief Communications Officer
+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 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 – Inside Information – 23.1.2026, at 13:15 EET
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 165,041.10 will be converted to new shares of Endomines Finland Plc.
Vikakono Oy will convert a total of EUR 165,041.10 to new Endomines Finland Plc shares. In accordance with the convertible loan agreement, the exchange price is EUR 7.51 per share.
The exchange price is EUR 7.51 based on average closing share price in December 2024 minus 5.5%.
As a result of the conversions, 21,976 new Endomines Finland Plc shares will be registered and issued. The total number of shares and votes in Endomines increases from 11,971,344 shares and votes to 11,993,320 shares and votes. After registration, the new shares correspond to approximately 0.18 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 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 – PRESS RELEASE – 16.1.2026 at 13:30 EET
Endomines Finland Plc has submitted an EU Strategic Project status application for its Southern Gold Line tungsten, molybdenum and gold project
Endomines Finland Plc has submitted an application to the European Union for Strategic Project status for the company’s Southern Gold Line tungsten, molybdenum and gold project. The application covers the entire southern part of the Karelian Gold Line, where Endomines aims to start gold, molybdenum and tungsten production around 2030. According to the company’s preliminary estimates, the combined revenue potential of tungsten and molybdenum could be approximately EUR 30–90 million per year.
The strategic project status is based on the European Union’s legislation on critical raw materials (the Critical Raw Materials Act, CRMA), which aims to strengthen the EU’s self‑sufficiency and secure the availability of critical minerals. The CRMA establishes a framework for projects that support the Union’s strategic supply chains and reduce dependence on third countries. Under the CRMA, the strategic project status enables accelerated permitting and prioritization of the project, and it also supports EU‑level investment readiness for the production of critical minerals.
Tungsten is an EU-designated critical raw material, essential for the functioning of both industry and the defence sector. Endomines estimates that the Southern Gold Line’s tungsten production potential corresponds to approximately 0.5–2.5% of total annual global tungsten production. Tungsten is primarily used in the defence industry, hard metals and heat‑resistant alloys. Molybdenum, in turn, is widely used in specialty steels, catalysts for the chemical industry, and applications in the energy sector – areas where material performance and security of supply are critical.
According to the company’s research, tungsten and molybdenum occur in the waste rock generated during gold production. Recovering these minerals as part of the gold production process significantly improves resource efficiency and ensures that valuable raw materials are not lost. Utilising the waste rock reduces environmental impact, strengthens the project’s economic viability and enhances the overall sustainability of the production chain. This approach reflects the principles of modern mining, where the goal is to maximise the use of natural resources and minimise waste.
“We are proudly a Finnish gold producer. We see tungsten and molybdenum as strategically important minerals, and their production as a kind of civic duty. We are currently working to ensure that downstream processing of the final products will take place within the EU,” says Kari Vyhtinen, CEO of Endomines Finland Plc.
“We believe this project offers the European Union a significant opportunity to secure key raw materials for the defence industry from a stable and reliable operating environment. In today’s geopolitical climate, we have seen very active efforts by actors outside the EU to secure minerals for their own needs. We hope the EU recognises our efforts to strengthen the Union’s self‑sufficiency in these critical minerals and acknowledges our project as strategically important within the EU. We are delighted to welcome tungsten and molybdenum as part of our Golden Journey,” Vyhtinen continues.
Further information:
Kari Vyhtinen
CEO
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian Gold Line, in Eastern Finland. We 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 world’s most significant and sustainable gold-producing regions. 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 – 13/1/2026, at 10:00 EET
Endomines Finland Oyj appoints Minna Karttunen as new Chief Financial Officer (CFO)
Endomines Finland Oyj has appointed MBA Minna Karttunen as the company’s new Chief Financial Officer (CFO). Karttunen will assume her role on February 2, 2026, and join the company’s Management Team. She will also serve as Secretary to the Board of Directors of Endomines Finland Oyj.
Minna Karttunen joins Endomines Finland Oyj from her position as CFO at Basemark Oy. She brings 25 years of experience in corporate finance, financial and capital markets, investor relations and communications, as well as mergers and acquisitions. Karttunen has held executive positions in well-known Finnish and international companies across various industries and at different stages of corporate growth. Her industry experience includes technology, real estate, and steel, and she has previously worked both in publicly listed companies and in private equity-owned growth companies.
“We are delighted to welcome Minna to the Endomines team. Endomines has entered a phase of strong growth, and our long-term goals are ambitious. Minna’s extensive experience in corporate finance, investor relations, and strategic development, combined with her international background, will support us in achieving the objectives of our Golden Journey,” says Kari Vyhtinen, CEO of Endomines Finland Oyj.
“I am excited to start in this new role and to work together with the Endomines team. It is a great opportunity to contribute to the company’s ambitious growth targets and to help build its future,” says Minna Karttunen, who will assume the CFO role in February.
The current CFO, Minni Lempinen, will remain with the company until March 31, 2026, and will help ensure a smooth transition of responsibilities.
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 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 – Inside information – 5/1/2026, at 15:30 EET
Inside Information: Endomines Finland Plc Operational Update for January–December 2025: Gold Production Increased by 16.3% Compared to 2024
Gold production at the Pampalo mine increased by 16.3% in 2025 compared to the production level in 2024. Total production in 2025 was 517.2 kg (444.9 kg), equivalent to 16,630 oz (14,304 oz) of gold.
Production in October–December increased by 22.5 percent from the comparison period and totalled 117.8 kg (96.2 kg), or 3,788 oz (3,093 oz) of gold. In July–December, production grew by 7.0 percent compared to the corresponding period and amounted to 242.5 kg (226.6 kg), or 7,797 oz (7,285 oz) of gold.
The company’s guidance for 2025 was 16,000–22,000 oz (497.7–684.3 kg). Production growth was expected to be stronger in H2 2025, which did not materialize. The main reasons for this were the significantly increased production volumes in early 2025 and the takeover of the underground mining contractor’s business in September 2025. As announced on 7 July 2025, Endomines acquired its contractor Pampalo’s mining operations, with the business transfer taking place as planned on 1 September 2025. The takeover is expected to support production growth in full from 2026 onwards.
The reported production figures are based on preliminary data. Final figures may change slightly once all customer deliveries have been fully analyzed, but no material changes are expected.
“Our gold production continued its strong growth for the third consecutive year. I am very pleased with the 22.6% growth achieved in October–December, particularly as we were simultaneously integrating the acquired business while advancing other growth initiatives. The second half of the year was affected by the transaction in which Pampalo’s operations were transferred to Endomines. Following the takeover, we swiftly implemented several key improvements: we strengthened the organization, renewed the production shift system, and allocated equipment investments to the most critical areas. These measures were already reflected in our year-end production performance – December was clearly the strongest month of July–December and approximately 19.6% above the full-year monthly average,” says CEO Kari Vyhtinen.
“Our growth is further supported by a strong gold market: the average gold price in January–December 2025 was USD 3,436/oz, compared to USD 2,402/oz in the comparison period. Elevated geopolitical uncertainty globally continues to support the price of gold, which is viewed as a safe haven asset. Currently, the price has already risen to over USD 4,400/oz,” Vyhtinen continues.
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 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 Oyj - Managers' Transactions - Joensuu
____________________________________________
Person subject to the notification requirement
Name: Jukka-Pekka Joensuu
Position: Member of the Board/Deputy member
Issuer: Endomines Oyj
LEI: 7437004UOFZRIUWTUG97
Notification type: INITIAL NOTIFICATION
Reference number: 135149/5/4
____________________________________________
Transaction date: 2025-12-19
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: DISPOSAL
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 1300 Unit price: 26.3 EUR
Aggregated transactions (1):
Volume: 1300 Volume weighted average price: 26.3 EUR
Further information
Anni Turpeinen
Chief Communications Officer
Endomines Finland Oyj
anni.turpeinen@endomines.com
+358 50 554 1543
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 - Managers' transactions
___________________________________________
Person subject to the notification requirement
Name: Kari Vyhtinen
Position: Chief Executive Officer
Issuer: Endomines Finland Oyj
LEI: 7437004UOFZRIUWTUG97
15 / 16
Notification type: INITIAL NOTIFICATION
Reference number: 134919/4/8
____________________________________________
Transaction date: 2025-12-16
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: DISPOSAL
Transaction details
(1): Volume: 800 Unit price: 26.53 EUR
(2): Volume: 800 Unit price: 26.54 EUR
(3): Volume: 356 Unit price: 26.67 EUR
(4): Volume: 130 Unit price: 26.7 EUR
(5): Volume: 585 Unit price: 26.37 EUR
(6): Volume: 114 Unit price: 26.45 EUR
(7): Volume: 380 Unit price: 26.47 EUR
(8): Volume: 320 Unit price: 26.7 EUR
(9): Volume: 400 Unit price: 27.41 EUR
(10): Volume: 175 Unit price: 27.6 EUR
(11): Volume: 120 Unit price: 27.45 EUR
Aggregated transactions (11):
Volume: 4180 Volume weighted average price: 26.68753 EUR
____________________________________________
Transaction date: 2025-12-17
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: DISPOSAL
Transaction details
(1): Volume: 400 Unit price: 25.9 EUR
(2): Volume: 720 Unit price: 26 EUR
(3): Volume: 1000 Unit price: 26.28 EUR
(4): Volume: 280 Unit price: 26.75 EUR
Aggregated transactions (4):
Volume: 2400 Volume weighted average price: 26.1875 EUR
____________________________________________
Transaction date: 2025-12-18
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000508023
Nature of transaction: DISPOSAL
Transaction details
(1): Volume: 966 Unit price: 26 EUR
(2): Volume: 36 Unit price: 26.25 EUR
Aggregated transactions (2):
Volume: 1002 Volume weighted average price: 26.00898 EUR
Further information
Anni Turpeinen
Chief Communications Officer
Endomines Finland Oyj
anni.turpeinen@endomines.com
+358 50 554 1543
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 | Stock Exchange Release | 17.12.2025 at 16:30
Correction: Endomines Finland Plc's Board of Directors decided on a share-based incentive program for company’s key employees
Endomines Finland Plc republishes the release issued on 17 December 2025 regarding the share-based incentive program for company’s key employees. The original release contained an incorrect number of shares. It was incorrectly stated that the rewards under the program correspond to a maximum of 32,900 shares. The correct number of shares is 37,400. The number has been corrected in the release below; otherwise, no changes have been made. The corrected release is provided in full below.
As of 17th December 2025, the Board of Directors of Endomines Finland Plc decided on a share-based incentive program for company’s key employees for the years 2026–2028. 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 2026–2028 consists of a 1-year performance period and a two-year holding period. Possible rewards will be paid in spring 2027, 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 35.00, and the maximum level is achieved when the share price is EUR 45.00, minus any dividends paid. The plan will involve a total of 45 individuals and the plan rewards will be equivalent to a maximum of 37,400 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 produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth; an investment that can withstand global political instability. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki (PAMPALO). www.endomines.com.
Endomines Finland Plc | Stock Exchange Release | 17.12.2025 at 14:00
Endomines Finland Plc's Board of Directors decided on a share-based incentive program for company’s key employees
As of 17th December 2025, the Board of Directors of Endomines Finland Plc decided on a share-based incentive program for company’s key employees for the years 2026–2028. 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 2026–2028 consists of a 1-year performance period and a two-year holding period. Possible rewards will be paid in spring 2027, 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 35.00, and the maximum level is achieved when the share price is EUR 45.00, minus any dividends paid. The plan will involve a total of 45 individuals and the plan rewards will be equivalent to a maximum of 32,900 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 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 – 15/12/2025, at 15:30 EET
Inside Information: Endomines reports exceptionally high gold grades from Kartitsa, Northern Gold Line
Endomines Finland Plc reports significant results from the drilling program initiated in autumn 2025 at Kartitsa, located in the northern part of the Karelian Gold Line. The results from ten drill holes published now confirm the area’s considerable gold potential illustrated by the presence of exceptionally high grade up to 51.5 g/t gold. This is the highest reported gold grade ever from the Kartitsa area.
The results indicate a gold-bearing zone up to 1,500 meters long, which remains open to the north, south, and at depth.
Highlights from Kartitsa Autumn 2025 Drilling Program:
- Drill hole KA-053 intersected:
- 7.30 m @ 7.10 g/t gold from 29.20 m
- Including 0.80 m @ 51.50 g/t gold from 32.15 m
- 3.95 m @ 7.32 g/t gold from 43.00 m
- Including 1.75 m @ 14.79 g/t gold from 45.20 m
- 21.25 m @ 1.16 g/t gold from 49.75 m
- Including 2.80 m @ 3.16 g/t gold from 62.40 m
- 7.30 m @ 7.10 g/t gold from 29.20 m
- Drill hole KA-032 intersected:
- 2.90 m @ 2.16 g/t gold from 104.00 m
- 5.55 m @ 2.04 g/t gold from 112.05 m
- Including 1.20 m @ 6.13 g/t gold from 116.40 m
- 9.60 m @ 1.30 g/t gold from 120.50 m
- Including 1.05 m @ 2.63 g/t gold from 126.20 m
- Including 0.95 m @ 3.08 g/t gold from 128.10 m
- Drill hole KA-042 intersected:
- 23.10 m @ 1.32 g/t gold from 124.10 m
- Including 3.15 m @ 2.66 g/t gold from 133.05 m
- 23.10 m @ 1.32 g/t gold from 124.10 m
- Drill hole KA-041 intersected:
- 15.15 m @ 1.43 g/t gold from 84.50 m
- Including 1.05 m @ 3.41 g/t gold from 91.70 m
- Including 1.20 m @ 5.65 g/t gold from 97.45 m
- 15.15 m @ 1.43 g/t gold from 84.50 m
- Drill hole KA-031 intersected:
- 9.80 m @ 1.64 g/t gold from 53.45 m
- Including 1.80 m @ 4.14 g/t gold from 59.45 m
- 9.80 m @ 1.64 g/t gold from 53.45 m
- Drill hole KA-033 intersected:
- 10.40 m @ 1.14 g/t gold from 186.25 m
- Including 0.80 m @ 7.29 g/t gold from 194.05 m
- 10.40 m @ 1.14 g/t gold from 186.25 m
Details of the Kartitsa drill program intersections are presented in Appendix 1, and the locations of the new drill holes are shown on the map in Appendix 2.
“Our exploration team has once again achieved excellent results. The gold grades discovered close to surface at Kartitsa are remarkable – especially at a time when open-pit mining can be profitable at gold grades as low as 0.8 g/t. While we have recently focused on the Southern Gold Line and particularly the Ukko deposit, Kartitsa on the Northern Gold Line remains an essential part of our strategy. The results from Kartitsa were already excellent in 2024, and these new results now further confirm the area’s significant gold potential. The prospective area at Kartitsa is very extensive,” commented Endomines CEO Kari Vyhtinen.
Kartitsa is estimated to enter production in 2032-2033
Kartitsa is located approximately 16.5 km north of the Pampalo mine site. Endomines is currently performing an infill drilling program of about 8,000 meters, aiming to prepare the first mineral resource estimate for the deposit in the first quarter of 2026. At the same time, extensions of gold-mineralized structures and other exploration targets are being investigated. So far, 36 holes have been drilled, totaling 6,084 meters. The remaining results of the drilling program will be available early next year. Two previous drilling programs were conducted in the area in 2024, and their results were published on December 18, 2024.
Endomines considers Kartitsa to have very high gold potential and has reserved a large 10 x 4 kilometer area for exploration. According to the plan, the area will be developed for production after the Southern Gold Line, estimated for 2032–2033.
“Our goal is to define Kartitsa’s first gold resource already in spring 2026 and to start more detailed planning and permitting for the area. Based on preliminary plans, the Southern Gold Line is expected to enter production around 2030, and the Northern Gold Line approximately 2–3 years later,” says Vyhtinen.
Geology of the Kartitsa Area
The gold mineralization discovered at Kartitsa occurs within a pyrite/pyrrhotite ± magnetite mineral assemblage within strongly altered volcanic and sedimentary rocks overlaying the Kartitsa intrusion. In the proximal area of the intrusion, strong potassic alteration consists in microcline, biotite, and sericite, while pervasive distal alteration observed in all drill holes consists only of sericite. The bulk of the mineralization is contained in albitized mafic volcanic rocks with disseminated pyrite and pyrrhotite.
The gold mineralization found in KA-053 occurs within a thoroughly altered mafic volcanic rocks. The highest gold grades are observed in sections containing quartz veins with visible gold grains.
Picture 1: Quartz vein with visible gold from 32.15 m to 32.95 m
The extent of the gold-mineralized zone at Kartitsa and the strength and size of associated alteration and confirmed in 2025 support the potential for a significant gold deposit.
Drilling technology and quality assurance
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 have been surveyed by using mine survey equipment. 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' personnel. The drill cores have been cut in half by Palsatech Oy in Sodankylä prior to shipping to Labtium laboratory in Sodankylä or CRS’ laboratory in Kempele. Samples sent to Eurofins Labtium laboratory in Sodankylä were prepared and analysed for 705P (Gold), and 304PM1 (multi-element). If adequate fusion of the sample was not achieved, gold was assayed with 703P or 704P methods. Samples sent to CRS' laboratory in Kempele were prepared (code PRP-929) and then delivered 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
All samples underwent standard QA/QC procedures, including the use of certified reference materials, blanks, and duplicates. Sample preparation, safety, and chemical analyses meet or exceed current industry standards and JORC code requirements.
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 produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.
The Karelian Gold Line is 40 kilometers long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. The Pampalo mine has produced 200,000 ounces of gold at an average grade of 3.6 g/t. Endomines controls extensively exploration rights across the Karelian Gold Line.
Endomines Finland Plc – inside information – 10/12/2025, at 13:30 EET
Inside Information: Endomines’ Ukko Deposit potential strengthens: gold found in nearly every drill hole in the northern area
Endomines Finland Oyj reports significant new drilling results from the northern part of Ukkolanvaara, located in the Southern Gold Line area. Earlier this year, the company published promising results from the Ukko deposit, and now the next phase of the drilling project has been completed. Gold has been found in nearly every drill hole in Ukko’s northern section, confirming the exceptionally high potential of the deposit.
The drilling area covers approximately a one-kilometer zone where gold grades have consistently been high. The first results were published on August 29, and the newly received results indicate that the deposit extends across a broad area and contains substantial gold mineralization. This makes the northern section a key target for upcoming resource drilling.
The results also confirm the previously published interpretation that electromagnetic surveys can be used effectively to target gold mineralization within the Ukko deposit area.
Highlights from the latest results of the Ukkolanvaara drilling program:
- Drill hole UKKO-025 intersected:
- 7.15 m @ 1.40 g/t gold from 213.75 m
- Including 1.00 m @ 8.05 g/t gold from 213.75 m
- 6.60 m @ 1.05 g/t gold from 240.85 m
- Including 1.05 m @ 2.21 g/t gold from 240.85 m
- Including 1.00 m @ 2.12 g/t gold from 242.85 m
- 1.00 m @ 2.98 g/t gold from 316.55 m
- 10.95 m @ 2.96 g/t gold from 336.65 m
- Including 0.90 m @ 10.90 g/t gold from 340.20 m
- 2.20 m @ 1.37 g/t gold from 386.25 m
- 7.15 m @ 1.40 g/t gold from 213.75 m
- Drill hole UKKO-024 intersected:
- 19.05 m @ 1.07 g/t gold from 223.55 m
- Including 2.60 m @ 4.72 g/t gold from 223.55 m
- Including 0.80 m @ 3.75 g/t gold from 236.00 m
- 19.05 m @ 1.07 g/t gold from 223.55 m
- Drill hole UKKO-021 intersected:
- 1.00 m @ 1.25 g/t gold from 124.20 m
- 3.90 m @ 1.12 g/t gold from 242.70 m
- 1.75 m @ 5.59 g/t gold from 258.75 m
- 4.35 m @ 2.82 g/t gold from 347.85 m
- Drill hole UKKO-020 intersected:
- 11.95 m @ 1.30 g/t gold from 167.30 m
- Including 2.15 m @ 3.16 g/t gold from 168.10 m
- 1.20 m @ 1.89 g/t gold from 191.05 m
- 11.95 m @ 1.30 g/t gold from 167.30 m
“Excellent results in the UKKO deposit area continue. It is exceptional to see so many high-grade gold intersections. We already have an area nearly one kilometer long in the northern part of Ukko where we have consistently encountered high gold grades. Notably, there are no signs of the gold zone coming to an end,” commented Kari Vyhtinen, CEO of the company.
“Based on these results, we have confirmed that gold occurs in association with the iron formation. Furthermore, the size of the iron formation appears to be highly significant. If the phenomenon observed in the northern part is repeated more broadly across the entire deposit, this could turn out to be the most significant gold discovery to date along the Karelian Gold Line. The current exploration results as a whole support this promising and exciting theory,” he continued.
Significant intersections from the Ukko drilling program are presented in Appendix 1, and drill hole locations in Appendix 2.
Northern Ukko drilling program for 2025 completed
Endomines has now completed the 2025 drilling program in the northern part of Ukkolanvaara. The drilling has since moved to other parts of the deposit, where it is currently ongoing. The company drilled a total of 26 holes in the northern part of Ukkolanvaara, with a combined length of 7,561 meters. In addition to the new results mentioned above, the highest grades were found in drill holes UKKO-001, UKKO-002, UKKO-003, UKKO-005, and UKKO-016 (Release dated August 29, 2025).
Highlights from previous results in the northern part of the Ukko deposit:
- Drill hole UKKO-001 intersected:
- 30.95 m @ 3.28 g/t gold from 45.55 m
- Including 9.35 m @ 7.08 g/t gold from 48.45 m
- 20.00 m @ 1.60 g/t gold from 16.20 m
- Including 1.75 m @ 5.52 g/t gold from 18.95 m
- Including 3.05 m @ 4.07 g/t gold from 26.90 m
- 6.30 m @ 2.67 g/t kultaa alkaen 3.35 m
- Including 1.20 m @ 9.90 g/t gold from 5.00 m
- 30.95 m @ 3.28 g/t gold from 45.55 m
- Drill hole UKKO-002 intersected:
- 26.25 m @ 1.89 g/t gold from 110.65 m
- Including 7.00 m @ 4.53 g/t gold from 116.10 m
- Including 0.90 m @ 6.17 g/t gold from 132.90 m
- 18.65 m @ 1.75 g/t gold from 144.15 m
- Including 1.00 m @ 7.50 g/t gold from 149.15 m
- Including 1.10 m @ 6.31 g/t gold from 159.50 m
- 12.80 m @1.48 g/t gold from 192.15 m
- Including 3.20 m @ 3.58 g/t gold from 201.75 m
- 26.25 m @ 1.89 g/t gold from 110.65 m
- Drill hole UKKO-003 intersected:
- 1.05 m @ 1.27 g/t gold from 154.30 m
- 1.20 m @ 1.86 g/t gold from 238.05 m
- 9.10 m @ 4.72 g/t gold from 250.00 m
- Including 0.85 m @ 17.90 g/t gold from 255.55 m
- 1,80 m @ 4,17 g/t gold from 279,00 m
- 0.95 m @ 1.52 g/t gold from 414.10 m
- Drill hole UKKO-005 intersected:
- 16.70 m @ 1.26 g/t gold from 223.80 m
- Including 3.95 m @ 3.71 g/t gold from 226.75 m
- 16.70 m @ 1.26 g/t gold from 223.80 m
- Drill hole UKKO-016 intersected:
- 6.20 m @ 2.93 g/t gold from 80.90 m
- Including 1.10 m @ 9.36 g/t gold from 80.90 m
- 5.45 m @ 2.88 g/t gold from 93.25 m
- 6.20 m @ 2.93 g/t gold from 80.90 m
Figure 1: A map of the electromagnetic area, with the square indicating the location of the northern Ukkolanvaara drilling program. Based on the map, extensive electromagnetic anomalies are present along a V-shaped zone approximately 7-8 km in length.
Objective: Denser drill grid and gold resource definition
A total of 44 holes have been drilled in the Ukkolanvaara area, with a combined length of 11,129 meters, of which 28 have been analyzed. The remaining results are expected early next year.
Endomines will continue drilling in the Ukkolanvaara area. Current exploration is focused on the central and northeastern parts of the UKKO deposit, where electromagnetic data indicates significant gold potential. Visible gold has already been observed in two drill holes in the central area. Early next year, the company plans to return to the northern part of Ukko.
“In 2026, our goal is to establish a denser drill grid in the northern area and define the first gold resource for the UKKO deposit. Plans may be adjusted if the results found in the central and northeastern areas are exceptionally good,” says Kari Vyhtinen.
Strategy execution progressing on schedule
Endomines’ exploration strategy based on electromagnetic data has proven effective and now guides drilling at new targets.
“Since September, we have doubled our exploration activity: a renewed exploration facility, a strengthened team, and an increased number of drill rigs have enabled us to raise drilling volumes to 4,000–5,000 meters per month. This acceleration supports our strategic goal to grow mineral resources by 300–400% to 1.5–2.0 million ounces by 2030 and increase annual gold production to 70,000–100,000 ounces around 2030,” Vyhtinen states.
Geology of Ukkolanvaara
Ukkolanvaara is located about 15 kilometers south of the Pampalo mine area. The most intense gold mineralization has been observed in a tightly folded banded iron formation (BIF), where pyrrhotite replaces magnetite bands. BIF-type gold mineralization also occurs in other Archean greenstone belts, such as those found in Australia and Canada. At Ukkolanvaara, the alteration halo surrounding the mineralization consists of chlorite, carbonates, garnets, grünerite, and iron sulfides chiefly pyrrhotite.
Visible gold has been observed in several drill core samples, indicating exceptionally high gold potential. So far, visible gold has been found in 15 drill holes (UKKO-001, UKKO-002, UKKO-003, UKKO-005, UKKO-006, UKKO-009, UKKO-015, UKKO-016, UKKO-020, UKKO-021, UKKO-024, UKKO-025, UKKO-027, UKKO-037 ja UKKO-041).
Drilling & assay technique and quality assurance
Surface drilling was 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. 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 were logged by Endomines personnel. The drill cores were cut in half by Palsatech Oy in Kemi before analyses. Samples were prepared at CRS Laboratories Oy in Kempele (method PRP-929) and analyzed at MS Analytical in Canada using methods FAS-111 (gold) and IMS-230 (multi-element). Samples with gold concentrations exceeding 10 g/t were re-analyzed using method FAS-415.
All samples underwent standard QA/QC procedures, including the use of certified reference materials, blanks, and duplicates. Sample preparation, safety, and chemical analyses meet or exceed current industry standards and JORC code requirements.
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 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 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 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 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
Equity Research Disclaimer
These research reports have been prepared by Evli Research Partners Plc (“ERP” or “Evli Research”). ERP is a subsidiary of Evli Plc.
None of the analysts contributing to this report, persons under their guardianship or corporations under their control have a position in the shares of the company or related securities. The date and time for any price of financial instruments mentioned in the recommendation refer to the previous trading day’s closing price(s) unless otherwise stated in the report. Each analyst responsible for the content of this report assures that the expressed views accurately reflect the personal views of each analyst on the covered companies and securities. Each analyst assures that (s)he has not been, nor are or will be, receiving direct or indirect compensation related to the specific recommendations or views contained in this report.
Companies in the Evli Group, affiliates or staff of companies in the Evli Group, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. Neither ERP nor any company within the Evli Group have managed or co-managed a public offering of the company’s securities during the last 12 months prior to, received compensation for investment banking services from the company during the last 12 months prior to the publication of the research report.
ERP has signed an agreement with the issuer of the financial instruments mentioned in the recommendation, which includes production of research reports. This assignment has a limited economic and financial impact on ERP and/or Evli. Under the assignment ERP performs services including, but not limited to, arranging investor meetings or –events, investor relations communication advisory and production of research material. ERP or another company within the Evli Group does not have an agreement with the company to perform market making or liquidity providing services. For the prevention and avoidance of conflicts of interests with respect to this report, there is an information barrier (Chinese wall) between Investment Research and Corporate Finance units concerning unpublished investment banking services to the company. The remuneration of the analyst(s) is not tied directly or indirectly to investment banking transactions or other services performed by Evli Plc or any company within Evli Group.
This report is provided and intended for informational purposes only and may not be used or considered under any circumstances as an offer to sell or buy any securities or as advice to trade any securities.
This report is based on sources ERP considers to be correct and reliable. The sources include information providers Reuters and Bloomberg, stock-exchange releases from the companies and other company news, Statistics Finland and articles in newspapers and magazines. However, ERP does not guarantee the materialization, correctness, accuracy or completeness of the information, opinions, estimates or forecasts expressed or implied in the report. In addition, circumstantial changes may have an influence on opinions and estimates presented in this report. The opinions and estimates presented are valid at the moment of their publication and they can be changed without a separate announcement. Neither ERP nor any company within the Evli Group are responsible for amending, correcting or updating any information, opinions or estimates contained in this report. Neither ERP nor any company within the Evli Group will compensate any direct or consequential loss caused by or derived from the use of the information represented in this publication.
All information published in this report is for the original recipient’s private and internal use only. ERP reserves all rights to the report. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of ERP.
This report or its copy may not be published or distributed in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. The publication or distribution of this report in certain other jurisdictions may also be restricted by law. Persons into whose possession this report comes are required to inform themselves about and to observe any such restrictions.
Evli Plc is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Evli is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest. This research report is only being offered in U.S. by Auerbach Grayson & Company, LLC (Auerbach Grayson) to Major U.S. Institutional Investors and is not available to, and should not be used by, any U.S. person or entity that is not a Major U.S. Institutional Investor. Auerbach Grayson is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA. U.S. entities seeking more information about any of the issuers or securities discussed in this report should contact Auerbach Grayson. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements.
ERP is not a supervised entity but its parent company Evli Plc is supervised by the Finnish Financial Supervision Authority.
Company Facts
Guidance
Gold production to be between 16,000 and 22,000 oz (497.7 kg - 684.3 kg) in 2025.
Schedule analyst call
For professional investors wishing to discuss the case, please book a complimentary analyst call
Book a call