Slide 1: Strong profitable growth
Strong profitable growth H1-2025 Financial Result Presentation
Slide 2: Welcome to the H1-2025 webcast
Welcome to the H1-2025 webcast 1. H1-2025 highlights 2. Updated strategy 3. Strategic long-term targets 4. How are the targets achieved? 5. Financial update 6. Questions and answers Kari Vyhtinen, CEO Minni Lempinen, CFO
Slide 3: H1-2025 Highlights: Strong, profitable growth
H1-2025 Highlights: Strong, profitable growth GROWTH IN REVENUE GROWTH IN GOLD GROWTH IN EBITDA • Revenue increased by 64 PRODUCTION • Group EBITDA 7.7 MEUR (1.9 % and was 21.5 MEUR • Production increased MEUR) or 36 % (15 %) (13.1 MEUR) by 25.8 % and was • Pampalo EBITDA 10.0 MEUR 8,832 oz (7,019 o
Slide 4: Karelian Gold Line
KARELIAN GOLD LINE Northern Gold Line Karelian Gold Line A high-potential gold bearing greenstone belt in Finland Pampalo 40 km long gold belt in Finland Production facilities are located at Pampalo Exploration in the Southern Gold Line and Northern Gold Line confirms high-grade gold potential. Crit
Slide 5: Strong production growth with more to come
Strong production growth with more to come • Improvement in financial performance is a result of growing production volumes and strong gold price Pampalo gold production 16000 (ounces) +66% 14000 +25.8% 12000 compared 10000 to H12024 8000 6000 4000 2000 0 Guidance 2022 2023 2024 H12025 • Gold produc
Slide 6: Acquisition of Power Mining Oy's Pampalo mining operations
Acquisition of Power Mining Oy’s Pampalo mining operations • The transaction is valued at approximately EUR 2.55. • Machinery and equipment valued at EUR 1.95 million • Inventory valued at approximately EUR 0.60 million. • The acquired operations employ approximately 30 people. • Transaction is fina
Slide 7: Market development
Market development Gold price development (USD/ounce) •Global geopolitical uncertainty •Central bank buying •Uncertainty in the USA •FED interest rate cuts Gold price exceeded 3,000 USD/ounce for the first time on the 14th March 2025 The average gold price in January–June 2025 was 3,072 USD/ounce
Slide 8: Resource growth enables long-term growth
Resource growth enables long-term growth Karelian Gold Line Resources 500,000 Exploration +148 % in 400,000 started two years 300,000 200,000 100,000 0 2020 2021 2022 2023 2024 8
Slide 9: Ukko – new widespread BIF gold discovery
Ukko – new widespread BIF gold discovery • UKKO-001 intersected 30.95 m @ 3.28 g/t gold Area where the • Including 9.35 m @ 7.08 g/t gold drilling is ongoing • UKKO-001 intersected 20.00 m @ 1.60 g/t gold • UKKO-001 intersected 6.30 m @ 2.67 g/t • UKKO-002 intersected 26.25 m @ 1.89 g/t • Including
Slide 10: Positive gold price development support negotiations in the US
Positive gold price development support negotiations in the US Endomines has seven deposits in the US, five in Idaho and two in Montana. Deposits were acquired in 2018-2020 for 44 MUSD. Current cost level approximately 0.7 MEUR per annum. Partnership negotiations are ongoing. Highest priority is to
Slide 11: Sustainability is the backbone for all our operations
Sustainability is the backbone for all our operations 11
Slide 12: We aim to lead in responsible and sustainable mining
We aim to lead in responsible and sustainable mining Renewed sustainability CLIMATE PERSONNEL • Carbon-free gold production at • Safe and pleasant place to work program the Karelian Gold Line by 2035 • Developing safety practices with • Carbon neutral across the entire the goal of zero accidents val
Slide 13: Endomines is entering a new phase, with updated strategy
ENDOMINES IS ENTERING A NEW PHASE, WITH UPDATED STRATEGY
Slide 14: Updated strategy
Updated strategy Endomines is entering a new phase •Prioritizing permitting to ensure growth in production volumes •Advancing technical and financial planning •Incorporating tungsten and molybdenum into strategic plans •Sustainability program implementation Utilizing experience gained in 2022–2025 t
Slide 15: New strategy 2025–2029
New strategy 2025–2029 PAMPALO EXPLORATION CRITICAL MINERALS PRODUCTION enables the long-term at Karelian Gold Line is the engine of our growth in production is our emerging performance and future volumes exploration area scale FINANCIAL STABILITY SUSTAINABILITY supports our growth phase is the back
Slide 16: Strategic long-term targets
Strategic long-term targets • 1.5–2.0 million oz gold resource defined on the Karelian Gold Line by the end of 2030 • Annual gold production level of 70,000-100,000 ounces around 2030 • Tungsten and molybdenum production at Karelian Gold Line around 2030 • Fossil Free gold production by the 2035 16
Slide 17: How are the long-term targets achieved?
HOW ARE THE LONG-TERM TARGETS ACHIEVED?
Slide 18: Scaling from proven gold resources to growth in production
Scaling from proven gold resources to growth in production Gold resources Production • Current gold resource base stands • In 2024, Endomines produced at 492,800 ounces 14,304 ounces of gold • Exploration efforts aim to identify over • Goal to increase annual production to 1.5–2 million ounces of go
Slide 19: Resource growth enables long-term growth
Resource growth enables long-term growth Karelian Gold Line Resources 500,000 Exploration +148 % in 400,000 started two years 300,000 200,000 100,000 0 2020 2021 2022 2023 2024 19
Slide 20: Step-by-step growth in gold resource
Step-by-step growth in gold resource It is estimated that every 10 000 m of pure exploration drilling results in 100 000 oz Growth in Southern Gold Line gold resource resource growth New resource in Northern Gold Line (Kartitsa) 120 000 metres of exploration drilling Target level 1.5–2.0 Moz gold re
Slide 21: Larger resource enables us to increase production volume to higher level
Larger resource enables us to increase production volume to higher level 21
Slide 22: Growth in production volumes comes from the Southern Gold Line around 2030
KARELIAN GOLD LINE Northern Gold Line Growth in production volumes comes from the Southern Gold Line around 2030 Karelian Gold Line contains 492,800 ounces of gold Pampalo Southern Gold Line • Current Gold resource of 268,000 ounces (70,000 oz in 2022) • Aiming for production around 2030 • New criti
Slide 23: Step-by-step production growth in gold and critical minerals
Step-by-step production growth in gold and critical minerals Southern Gold Line entering production Further growth by bringing new Ramp-up to areas into 70,000–100,000 production Steady growth oz toward 14,304 oz ~25,000 oz Tungsten and gold produced by 2029 molybdenum production begins 2024 2025–20
Slide 24: Southern Gold Line development plan
KARELIAN GOLD LINE Southern Gold Line development plan Southern Gold Line will boost Endomines Pampalo gold production to 70,000–100,000 oz 2024 H22026-Q12027 2028 2029–2030 Nature Pre-feasibility study Financing Building and surveys negotiations commissioning 2024–2026 2027–2028 2028 10-15 km Ukkol
Slide 25: Northern Gold Line
Kartitsa KARELIAN GOLD LINE Northern Gold Line 13.05 m @ 2.76 g/t Au Northern Gold Line including 2.00 m @ 10.92 g/t Au 23.50 m @ 1.98 g/t Au Kartitsa – extremely high including 5.70 m @ 6.08 g/t Au including 1.00 m @22.13 g/t gold potential • Two drilling program conducted, 21.50 m @ 1.94 g/t Au wi
Slide 26: Critical minerals is our emerging exploration area at Karelian gold line
Critical minerals is our emerging exploration area at Karelian gold line 26
Slide 27: Unlocking opportunities in Europe's critical mineral supply
Unlocking opportunities in Europe’s critical mineral supply Tungsten is one of Global demand and Europe’s dependency and 14 critical raw materials supply constraints limited domestic supply identified by the EU Annual tungsten production Key producers include About half of the world's reaches 60,000
Slide 28: Tungsten & Molybdenum found in the Southern Gold Line
KARELIAN GOLD LINE Tungsten & Molybdenum found in the Southern Gold Line Kuittila has potential to become a significant Pampalo supplier of tungsten (0.5–2.5% of the global supply) Base of till samples indicate potential in a large area Opportunity to strengthen access to European industrial partner
Slide 29: Exploration during H2-2025
Exploration during H2-2025 Exploration plan update • Focus transferred to Ukko even other areas have very high potential We are scaling up exploration during Q32025 • Drilling volume will be doubled • From current one rig (2000-2500m per month) to two in September – One for the Ukko area – One for r
Slide 30: Financial update
FINANCIAL UPDATE MINNI LEMPINEN CFO
Slide 31: Financial stability supports the growth phase
Financial stability supports the growth phase
Slide 32: Group Financials, H1-2025
Group Financials, H1-2025 • In H1-2025 the revenue increased by Key figures Unit 1.1.-30.6.2025 1.1.-30.6.2024 1.1.-31.12.2024 64% compared to comparison period • Increase in production volumes and the Revenue MEUR 21.5 13.1 28.7 high market price of gold are the main reasons behind the increase in
Slide 33: Group Financials, H1-2025
Group Financials, H1-2025 • Pampalo’s EBITDA 47% and 1.1.-30.6.2025, MEUR Pampalo Karelian gold line USA operations Unallocated Group total production items operating result 40% Sales outside the group 21.5 0.0 0.0 0.0 21.5 Sales to other segments 0.0 0.0 0.0 0.0 0.0 • USA operations’ expenses have
Slide 34: Cash cost in Pampalo
Cash cost in Pampalo Cash cost in Pampalo, excl. investments (EUR / oz) • The cash cost has remained low 3,000 2,807 • The gold price has increased by 38 % 2,500 2,221 compared to comparison period 2,040 2,000 1,500 1,306 1,325 1,281 1,000 500 0 H1-2024 H1-2025 FY-2024 Cash Cost (EUR/oz) Average gol
Slide 35: Funding supports strategy implementation
Funding supports strategy implementation The financing arrangement: • A loan up to 8 million euros. • An account limit up to 3 million euros. • Bank guarantee and financing limits totalling max. 1 million euros. • Cash balance MEUR 5.5 (MEUR 3.0) • Drawdown of the loan MEUR 3.0 Use of funds 2025–202
Slide 36: Questions and answers
Questions and answers