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 per year by 2030, alongside tungsten and molybdenum production ramp-up and EU Critical Minerals status application submitted.

• Resource base aims to triple from 620,000 oz to 1.5–2 million oz by 2030, driven by a record 50,000 m exploration drilling campaign in 2026.

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

• U.S. assets are being streamlined, with focus on potential value creation in Montana and divestment planned for Idaho and selected US assets in 2025.

• Expansion project leverages the highly prospective Karelian Gold Line, with fossil-free gold production targeted by 2035.

Operational improvements and financial outlook

• Pampalo mine production is expected to reach 18,300–20,000 oz in 2026, with ongoing ramp-up toward mill capacity of 26,000 oz.

• Cash cost per ounce increased 11.8% in 2025 to EUR 1,432/oz, mainly due to mining lower-grade areas and 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 margins and scalability.

• Transition to 24/7 production is planned for H2 2026, with CapEx of approximately EUR 3 million per year in 2026–2027.

• Achieved major turnaround from 2022–2025, with high year-on-year growth and 2025 EBITDA at 36% of revenue.

Exploration and resource development

• Exploration drilling will increase to 50,000 m in 2026, focusing on the Karelian Gold Line, with recent discoveries at Kartitsa and Ukko.

• Resource growth has exceeded 200% in three years, with new inferred resources at Kartitsa (134,000 oz) and ongoing resource drilling at Ukko.

• Major discoveries annually in both Northern and Southern Gold Lines, with significant high-grade intercepts reported.

• 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.

• Cost per drilled meter is approximately EUR 120, with a focus on efficient, data-driven exploration methods.