Endomines Finland (PAMPALO) CMD 2026 summary

Strategic direction and growth targets

• Production is set to grow 10%-20% in 2026, targeting 70,000–100,000 ounces annually by 2030, supported by expansion into the Southern Gold Line and new facilities.

• Resource base has increased over 200% in three years, now at 619,600 ounces, with a target of 1.5–2 million ounces by 2030, driven by record exploration drilling.

• Tungsten and molybdenum production is planned for around 2030, with a design capacity of 1,000 tons of tungsten per year and EU Critical Minerals status application submitted.

• Divestment of selected US assets is planned for 2025 to focus on core projects and reduce costs, with Finland as the main focus.

• Financial stability is prioritized, with positive cash flow, available credit facilities, and a focus on self-funded exploration to maximize shareholder value.

Operational improvements and cost management

• Pampalo mine production is ramping up, with 2025 output at 16,630 ounces and 2026 guidance of 18,300–20,000 ounces, and a maximum mill capacity of 26,000 ounces.

• Cash cost per ounce increased 11.8% in 2025 to €1,432, mainly due to mining lower-grade areas and transition to in-house underground mining.

• Subcontracting in Pampalo is being reduced from 67% of costs in 2024 to below 50% by 2026, improving margins and operational control.

• New Finnish mining and electricity taxes will have a moderate impact, with mining tax estimated at €1.62 million in 2025, mitigated by efficiency improvements.

• Transition to 24/7 production is planned for H2 2026, with ongoing investments in equipment and process improvements.

Exploration and resource development

• Largest exploration program in company history planned for 2026, with 50,000 meters of drilling focused on the Ukko, Kuittila, and Kartitsa targets.

• Recent discoveries include the Kartitsa inferred resource (134,000 ounces) and the Ukko deposit, with a first resource estimate expected this year.

• Step-by-step growth strategy: 18,000 meters drilling in 2025, 50,000 meters in 2026, with further plans for 2027–2029.

• Exploration is self-funded, with a cost of about €120 per drilled meter, and the company aims to retain 100% ownership of its discoveries.

• Major discoveries annually in both Northern and Southern Gold Lines, with significant high-grade intercepts reported.