Endomines Finland (PAMPALO) CMD 2026 summary

Strategic direction and growth targets

• Production is set to grow 10%-20% in 2026, with a long-term goal of reaching 70,000-100,000 ounces of gold annually by 2030, alongside tungsten and molybdenum production and a target for fossil-free gold by 2035.

• Gold resource base aims to increase from 620,000 ounces to 1.5-2 million ounces by 2030, driven by a record 50,000 meters of exploration drilling in 2026.

• Tungsten and molybdenum production is targeted for 2030, with EU Critical Minerals status application submitted.

• U.S. assets are being streamlined, with a focus on divesting Idaho properties and evaluating Montana assets for potential value creation in 2025.

• Expansion plans include new production facilities in the Southern Gold Line, targeting phased growth and integration of critical minerals, with four potential locations under EIA assessment.

Operational improvements and financial outlook

• Pampalo mine production is expected to reach 18,300-20,000 ounces in 2026, with a maximum mill capacity of 26,000 ounces and potential de-bottlenecking to 30,000 ounces.

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

• New Finnish mining and electricity taxes will add approximately EUR 0.7-0.8 million to annual costs, but efficiency improvements and operational adjustments are planned.

• Production plant has excess capacity, with plans to shift to 24/7 operations and targeted investments to unlock full potential.

• Achieved major turnaround from 2022–2025, with high year-on-year growth and 2025 EBITDA at 36% of revenue.

Exploration and resource development

• Exploration drilling increased from 18,000 meters in 2025 to a planned 50,000 meters in 2026, aiming for significant resource growth.

• Recent discoveries at Kartitsa and Ukko have added substantial inferred resources, with Kartitsa now at 134,000 ounces and Ukko's first resource estimate expected in 2026.

• Gold resource on the Karelian Gold Line grew by 211% from 2022 to 2025, reaching 619,600 ounces, with a step-by-step growth strategy through 2029.

• Southern Gold Line development aims for >600,000 ounces gold resource by 2028, enabling at least 10 years of production.

• Tungsten and molybdenum exploration is ramping up, with Kuittila area showing potential to supply 0.5%-2.5% of global tungsten demand.