Endomines Finland (PAMPALO) Q3 2026 earnings summary

Executive summary

• Jan–Sep revenue rose 42.3% to €47.0m, EBITDA increased 45.3% to €18.5m and net result climbed 155.2% to €13.8m; operating cash flow was €17.1m.

• Higher gold prices and 5.5% production growth supported nine-month results; lower Q3 grades and higher operating costs weighed on EBITDA.

• Q3 preparations and exploration support expected Q4 output growth and longer-term Southern Gold Line development.

Financial highlights

• Jan–Sep revenue was €47.0m versus €33.0m; Q3 revenue was €12.3m, up 7.0% YoY and down 24.0% QoQ.

• Jan–Sep EBITDA was €18.5m, up 45.3%, with a 39.3% margin; Q3 EBITDA was €4.2m, down 17.1%, with a 34.0% margin.

• Jan–Sep net result was €13.8m, up 155.2%; Q3 net result was €3.4m, up 8.5% YoY.

• Q3 gold production was 3,854 oz, down 3.9%; Jan–Sep production was 13,546 oz, up 5.5%. Q3 average gold price was $4,262/oz.

• Jan–Sep operating cash flow before investments was €17.1m versus €8.4m; investing cash flow was -€16.7m.

Outlook and guidance

• 2026 production guidance remains unchanged: gold production expected to rise 10–20% from 2025’s 16,630 oz; Q3 actions are expected to support Q4 output.

• Long-term targets include annual gold production of 70,000–100,000 oz around 2030 and 1.5–2.0m oz of defined gold resources by end-2030; tungsten and molybdenum production is also planned.

• 2027 priorities include production growth, operational efficiency, UKKO infill and exploration drilling, a Q1 resource update, and Southern Gold Line studies and EIA work.

• The first UKKO resource estimate is targeted for March 2027; 41,620m of drilling was completed by September-end toward the 50,000m 2026 target.

• Southern Gold Line PFS is expected in Q3 2028; the schedule reflects drilling to upgrade inferred resources to indicated.