Endomines Finland (PAMPALO) CMD 2026 summary

Strategic direction and growth targets

• Production is set to grow 10%-20% in 2026, with a long-term goal of reaching 70,000–100,000 oz gold annually by 2030, alongside tungsten and molybdenum production ramp-up and fossil-free gold production by 2035.

• Gold resource target is 1.5–2 million oz by 2030, up from 620,000 oz, driven by a record 50,000 m exploration drilling campaign in 2026.

• The company controls the entire Karelian Gold Line, a unique 40 km Archean greenstone belt, enabling long-term resource growth and production scalability.

• U.S. assets are being streamlined, with divestment of Idaho properties in 2025 and evaluation of Montana assets for potential value enhancement or divestment.

• Financial stability is prioritized, with positive cash flow, cash reserves, and available credit facilities supporting self-funded exploration and expansion.

Operational improvements and cost management

• Pampalo mine production is expected to increase steadily toward the facility’s 25,000–26,000 oz capacity, with potential de-bottlenecking to 30,000 oz.

• Cash cost per ounce rose 11.8% in 2025 to EUR 1,432/oz, mainly due to mining lower-grade areas and the transition to in-house underground mining.

• Subcontracting costs are being reduced from 67% of the cost base in 2024 to below 50% by 2026, improving margin stability and operational scalability.

• New Finnish mining and electricity taxes will increase costs by approximately EUR 1.8 million in 2026, but the impact is manageable within current operations and will be mitigated by efficiency improvements.

• Transition to 24/7 production is planned for H2 2026, with ongoing investments in equipment, infrastructure, and process improvements.

Exploration and resource development

• Exploration drilling will reach a record 50,000 m in 2026, aiming to triple gold resources by 2030, with stepwise growth from 18,000 m in 2025.

• Recent discoveries at Kartitsa and Ukko have added significant inferred resources, with Kartitsa alone contributing 134,000 oz.

• Tungsten and molybdenum exploration is being intensified, with plans to define resources and target 1,000 tons of tungsten and 600 tons of molybdenum per year.

• The company’s exploration team has received industry recognition, and the pipeline includes multiple early-stage targets along the Karelian Gold Line.

• All exploration is currently self-funded, with a preference to retain 100% ownership of new discoveries.