Endomines Finland (PAMPALO) H1 2024 earnings summary

Executive summary

• Revenue rose 22% to €13.1M for H1 2024, driven by higher gold production and prices.

• EBITDA improved to €1.9M (15% margin), and operating result turned positive at €0.1M.

• Gold production increased 4% to 218.3 kg (7,019 oz), all from Pampalo.

• Net result was -€1.0M, a significant improvement from -€1.9M year-over-year.

• Strategic focus on expanding Karelia's gold line, with new production at Hosko and strong exploration results.

Financial highlights

• Pampalo segment EBITDA rose to €4.0M (31% margin), up from €2.4M (22%).

• Cash and bank receivables at €3.0M, up from €1.2M.

• Interest-bearing net liabilities increased to €18.0M (net gearing 56%).

• Equity ratio declined to 50% from 66% year-over-year.

• Cash cost in Pampalo (excl. investments) was €1,306/oz, up from €1,193/oz.

Outlook and guidance

• Gold production for 2024 expected to increase 15–35% from 2023.

• Financial result anticipated to improve from 2023.

• Positive gold price trends and strong short-term market prospects support outlook.