Endomines - Raising the bar for future growth
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 updated its long-term targets which all reach beyond the current strategy period 2025-2029.
- The company aims to define 1.5-2.0 million ounce gold resource on the Karelian Gold line by the end of 2030. In its previous strategy, Endomines aimed for more than 1 million ounces by the end of 2025. At the end of 2024, the Pampalo mine and Karelian Gold Line were estimated to contain nearly 500 thousand ounces of gold.
- Achieving the new target would require adding at least ~170,000 ounces annually. While rather ambitious, we see the goal more realistic than the previous one given the rate of recent resource increase, the company’s improved financial situation and several potential prospects along the Karelian Gold Line.
- The company plans to produce some 25,000 oz by 2029 (production CAGR 12%) and 70,000–100,000 ounces annually around 2030 which requires the company to start production in the Southern Gold Line.
- Starting mining operations on the Southern Gold Line by 2030 is a rather bold target, given the global average mining project lead time of 15 years, but Endomines’ track record at Pampalo lends credibility to this goal. In addition, the permitting processes are already well under way.
- With the start of gold production at Southern Gold Line, the company plans to also produce tungsten and molybdenum, as exploration results in 2024 showed their presence in Kuittila. Tungsten is included on the EU’s list of critical minerals, making the project potentially eligible for strategic project status.
- Endomines aims to have fossil-free gold production by 2035 and sustainability remains the backbone of the company’s operations.
- The previous strategy targeted partnerships in the United States; however, the updated strategy no longer specifically addresses US assets, as the company is now concentrating on its Finnish assets even more strongly.