Endomines Finland (PAMPALO) H1 2024 earnings summary

Executive summary

• Revenue grew 22% year-over-year to €13.1M in H1 2024, driven by higher gold production and prices, with EBITDA rising to €1.9M (15% margin).

• Pampalo mine delivered strong results, with EBITDA of €4.0M (31% margin) and production up 4% to 7,019 oz gold, all group revenue and production from Pampalo.

• Production at Hosko commenced in February 2024, contributing to increased output.

• Exploration success led to a 72% increase in resources, now exceeding 310,000 oz.

• Strategic focus remains on expanding Karelian gold line resources and achieving 20,000 oz annual production.

Financial highlights

• Group operating result improved to €0.1M from a loss of €0.8M year-over-year; net result at -€1.0M versus -€1.9M.

• 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%).

• Cash cost per ounce at Pampalo was €1,306 in H1 2024, down from €1,797 in H1 2023.

Outlook and guidance

• Pampalo gold production for 2024 is guided to grow 15–35% from 2023, targeting 14,700–17,270 oz.

• Financial performance expected to improve further in H2 2024, with efforts to reach and sustain 20,000 oz annual production.

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