Endomines Finland (PAMPALO) H1 2025 earnings summary

Executive summary

• Achieved record H1 2025 performance with revenue up 64% to EUR 21.5 million and gold production up 25.8% year-over-year.

• EBITDA reached EUR 7.7 million (36% margin), Pampalo segment EBITDA at EUR 10 million (47% of revenue); EBIT was EUR 5.4 million.

• Net profit was EUR 2.3 million, reversing a prior loss.

• Major strategic shift: acquisition of Power Mining's Pampalo operations for EUR 2.55 million to accelerate in-house growth and reduce costs.

• Updated long-term strategy targets 1.5–2 million ounces of gold resources and annual production of 70,000–100,000 ounces by 2030.

Financial highlights

• Revenue increased 64% year-over-year to EUR 21.5 million, driven by higher gold production and prices.

• Group EBITDA was EUR 7.7 million; net result EUR 2.3 million, both significantly higher than last year.

• Cash flow from operations before investments improved to EUR 5.1 million from negative EUR 0.1 million.

• Gold production up 25.8% to 8,832 oz; average gold price at record $3,072/oz.

• Non-recurring costs included EUR 1.8 million FX losses and EUR 0.3–0.5 million financing/legal fees.

Outlook and guidance

• Production guidance for 2025 is 16,000–22,000 ounces, up from 14,300 ounces in 2024.

• Expect higher production growth in H2 2025 versus H1.

• Gold price expected to remain high in H2.

• Long-term targets: 1.5–2 million ounces of gold resources and 70,000–100,000 ounces annual production by 2030.

• Plans to initiate tungsten and molybdenum production and achieve fossil-free gold by 2035.