Can you give us a brief overview of Endomines and your strategic vision?
Endomines is a fast growing, Finnish gold producer and exploration company. We are listed on Nasdaq Helsinki with a market cap of approximately EUR$300M. Our operations are located in Finland, along the Karelian Gold Line, which is an Archean Greenstone Belt. While our primary focus is on gold, we plan to expand into tungsten and molybdenum production around 2030.
We achieved a major turnaround in 2022. Revenue in H1 2025 was EUR$21.5M, and the company is now profitable. Our production segment EBITDA was 47% of the revenue, and our operational cashflow reached EUR$5.1M in the period from Jan-Jun 2025.
Our strategic vision is to become a significant player in gold mining and exploration on a global scale. The more work we do along the Karelian Gold Line, the greater the potential we see in the area. We also place strong emphasis on sustainability, particularly on water usage and CO2 emissions.
- Endomines’ long-term targets:
- 1.5–2.0Moz gold resources will be defined on the Karelian Gold Line by the end of 2030
- Annual gold production level of 70,000-100,000oz around 2030
- Initiation of production of tungsten, a critical mineral listed by the EU, and molybdenum, an important industrial mineral, around 2030
- Fossil-free gold production by 2035
You’re focused on your Finland operations at the moment. What makes Finland, particularly the Karelian Gold Line, central to your growth strategy?
We currently operate two underground mines and one open pit mine operating in the area. We also operate a mill where we produce a gold concentrate, which is sold to Boliden.
In 2022 we reviewed all strategic options and made a decision to focus on Finland. The reason was the significant growth potential and extremely prospective exploration targets. We launched large scale exploration activities in 2023, and since then our resources have increased by nearly 150%, reaching close to 0.5Moz of gold.
We are confident that by concentrating our activities on the Karelian Gold Line, we can achieve our strategic goals and elevate the company to the next level. We believe the potential in the area is HUGE.
What is the current status of work and future plans for Pampalo? Where are you currently focused here?
Our focus in Pampalo, where the production facilities are located, is to increase production volumes annually towards our strategic targets. For this year, our production guidance is between 16,000-22,000oz. The target is to reach a production level of 25,000oz by 2029, and then take the first major step around 2030 by bringing our next area, Southern Gold Line, into production. We also have new potential areas in our development pipeline beyond the Southern Gold Line.
You’ve just reported promising drill results from Ukko. Can you share more information on these findings?
This is very exciting. Ukko is BIF-type deposit, which is completely new in the Karelian Gold Line. First drilling results have been fantastic. The first drill hole hit three large zones, including over 30m of 3.3g/t of gold.
What makes this exciting is the fact that current results support a theory that gold is associated with iron formation in areas which can be seen in the electromagnetic maps. On the electromagnetic maps, the iron deposit appears extensive, approximately 7-8km long and V-shaped, with two distinct sections.
We know that gold is associated with iron in the north-west corner of the iron deposit. We are now investigating whether the situation is the same in other parts of the deposit. If it is, we can potentially have something really big in our hands. Results of outcrop samples and electromagnetic measurement support our theory of gold being associated with the iron deposit also in other parts of Ukko.
How does this influence your resource estimate and production outlook?
We have to take one step at a time. We have included Ukko in our permitting activities which started in January 2024. Currently we are drilling approximately 4,000-5,000m per month, with about half of that at Ukko. Once we have a bit more information on the potential, we can evaluate the impact on the resource and production outlook. It is still early, but we are very excited about the potential and the initial results received.
You’ve recently announced some major financing coming from local investors. Can you share some details on this? How well funded is the company for planned exploration?
We have secured a EUR$12M financing package from two Finnish Insurance Companies and a local bank. The arrangement includes a secured loan of up to EUR$8M, an account limit of EUR$3M, and bank guarantee and financing limits totalling a maximum of EUR$1M. The financing arrangement provides long-term stability for the company.
We operate in a very strong gold market, and therefore the flexibility of the financing arrangement was a key factor in choosing the path forward.
We are now well funded for exploration. It is also important to emphasize our strong operational cashflow of EUR$5.1M during the first six months of 2025.
Our exploration plan includes 120,000m exploration drilling during the next five year period.
Finally, are there any key milestones that investors should be on the lookout for in the coming 6-12 months?
We expect to receive new results from Ukko later this year. We are currently exploring new areas and testing whether the insights gained from the northern part of Ukko can be applied elsewhere in the area. This campaign is a key step in defining the site’s gold potential and planning future investments. I am personally very much looking forward to this new phase.
We will also investigate a highly promising new target in the Northern Gold line and expect to have some results from that area later this year.
In addition, we will naturally publish our quarterly operational updates and biannual financial releases.
Exciting times ahead…
