Endomines Finland (PAMPALO) Company presentation summary

H1 2026 performance

• Revenue rose 61% YoY to €34.7M from €21.5M; EBITDA increased 86% to €14.3M from €7.7M, equal to 41.2% of revenue.

• Net result increased 356% YoY to €10.4M from €2.3M, or 29.9% of revenue; operating cash flow was €11.2M.

• 2025 EBITDA was 36% of revenue and EBIT was 17% of revenue.

• H1 cash cost was €1,588/oz, up 23.6% YoY; May’s higher use of lower-grade open-pit ore and a 35.6% YoY Q2 electricity price increase affected costs.

Gold resources and exploration

• Karelian Gold Line gold resources reached 619,600 oz, up 211% in three years.

• Exploration drilling totaled 52,500 m in 2023–2025; 50,000 m is planned for 2026, the largest program to date.

• Ukko’s known strike length expanded to 650 m; intercepts included 44.85 m at 2.27 g/t gold and 19.40 m at 4.33 g/t.

• Resource drilling at Ukko is underway in 2026, with the first resource expected in late 2026 or early 2027.

Production and strategic targets

• 2025 gold production was 16,630 oz; 2026 production is expected to grow 10–20% YoY.

• Long-term targets include 1.5–2.0 Moz of gold resources by end-2030 and annual production of 70,000–100,000 oz around 2030.

• Production is targeted to rise toward ~25,000 oz by 2029, then ramp to 70,000–100,000 oz; Southern Gold Line phase II is targeted at ~150,000 oz.

• Northern Gold Line production is targeted for 2033–2034; tungsten and molybdenum production is targeted around 2030.