Endomines Finland (PAMPALO) Strategy Update summary

Updated strategy and long-term targets

• Focus remains on the Karelian Gold Line in Finland, with Pampalo as the production center and a strong emphasis on exploration for growth.

• Ambitious targets include defining 1.5–2 million ounces of gold resources and raising annual gold production to 70,000–100,000 ounces by 2030, representing a 500–700% increase.

• Critical minerals, especially tungsten and molybdenum, are now integrated into the strategy due to their geopolitical and financial significance.

• Fossil-free gold production by 2035 and a robust sustainability program are key pillars, with a focus on water, climate, biodiversity, personnel, and community engagement.

• Financial stability is prioritized, with a flexible €12 million financing package and additional loan facilities to support exploration, permitting, and technical planning.

Exploration and production development

• Gold resources in the Karelian Gold Line have grown from under 200,000 to nearly 500,000 ounces, with a target of 1.5–2 million ounces by 2030.

• Production is set to increase from 14,304 ounces in 2024 to 25,000 ounces by 2029, and then to 70,000–100,000 ounces as the Southern Gold Line comes online.

• Drilling of 120,000 meters over five years is planned, with an investment of €20–30 million, to achieve resource growth; every 10,000m of drilling is estimated to yield 100,000 oz resource growth.

• The Southern Gold Line will be the main driver for production increase, with a pre-feasibility study expected in H1 2027 and permitting targeted for 2028; resource grew from 70,000 oz (2022) to 268,000 oz (2024).

• The Northern Gold Line, especially the Kartitsa deposit, is a future growth area, with resource definition and permitting activities planned for 2025–2026.

Critical minerals and ESG integration

• Tungsten and molybdenum are found alongside gold, with potential to supply 0.5–2.5% of global tungsten from the Karelian Gold Line; Kuittila in Southern Gold Line is a significant prospect.

• Efforts are underway to achieve critical mineral producer status, which could enhance permitting and financing opportunities.

• ESG is central, with goals for clean water, climate action, biodiversity restoration, workplace safety, and strong community and governance practices.

• Fossil-free gold production by 2035 is a strategic target, with ongoing investments in sustainability and personnel well-being.

• Renewed sustainability program approved in December 2024, emphasizing ethical practices and clear conduct standards.