Endomines Finland (PAMPALO) investor relations material

Executive summary

• Achieved record financial results in Q1 2026, with revenue up 77.2% to EUR 18.5 million and net result up 390% to EUR 7.1 million, driven by higher gold production and prices.

• EBITDA increased 139% to EUR 8.8 million, representing 47.5% of revenue.

• Strong operating cash flow of EUR 8.7 million and net gearing reduced to 6.8%.

• Strategic milestones include divestment of three U.S. gold assets, EU Strategic Project application for tungsten, Environmental Impact Assessment for Southern Gold Line, and a tungsten collaboration LOI.

• Employee satisfaction recognized with Most Inspiring Workplaces in Finland award.

Financial highlights

• Revenue grew 77.2% year-over-year to EUR 18.5 million; EBITDA up 139% to EUR 8.8 million (47.5% margin).

• EBIT nearly tripled to EUR 7.3 million; net result EUR 7.1 million, margin 38.3%.

• EPS increased to EUR 0.60 from EUR 0.10 year-over-year.

• Cash position at EUR 9.4 million, up from EUR 3.9 million at year-end; equity ratio 64.9%.

• Cash cost per oz increased 19.8% year-over-year to EUR 1,481/oz, mainly due to lower ore grade and higher electricity prices.

Outlook and guidance

• Production guidance for 2026: 10–20% increase over 2025, with Pampalo plant capacity at 25,000 oz, potentially up to 30,000 oz with de-bottlenecking.

• Largest exploration campaign in company history underway, with 50,000 m drilling planned for 2026.

• Long-term targets: gold resource to 1.5–2 million oz and annual production to 70,000–100,000 oz by 2030.

• Southern Gold Line project advancing to EIA and feasibility phase.

• Market fundamentals for gold remain strong, but short-term volatility is expected due to geopolitical tensions.