Slide 1: 2025 Results
2025 Results Record Year – Strong Outlook for 2026
Slide 2: Welcome to 2025 Result Presentation
Welcome to 2025 Result Presentation Agenda: 1. Key Messages 2. Activities in 2025 3. Financial results 4. Strategy execution 5. USA update 6. Outlook for 2026 Kari Vyhtinen, CEO Minna Karttunen, CFO 7. Q&A
Slide 3: Karelian Gold Line
KARELIAN GOLD LINE Northern Gold Line Karelian Gold Line A high-potential gold bearing greenstone belt in Finland 40 km long gold belt in Finland Pampalo Production facilities are located at Pampalo Exploration focuses on the Southern and Northern Gold Lines Critical minerals opportunity: Tungsten &
Slide 4: Key messages of 2025
Key messages of 2025 • Record year: Best performance in Endomines’ history, supported by strong gold price • Strategy on track: • Gold production increased • Exploration success • Southern Gold Line development project on schedule • US operations streamlined: divestment of three Idaho assets • Susta
Slide 5: Robust production growth with more to follow
Robust production growth with more to follow Pampalo gold production +16.3% (oz) compared 18000 +93% to 2024 16000 14000 12000 10000 8000 Improvement in 6000 financial performance is 4000 a result of growing 2022 2023 2024 2025 production volumes and strong gold price 6
Slide 6: Market development
Market development • Global geopolitical uncertainty Gold price development (USD/ounce) 4800 • Central banks buying • BRICS nations reducing 4300 dependency on US dollar 3800 • Uncertainty in the USA 3300 • FED interest rate cuts 2800 The average gold price in 2025 was 2300 3,436 USD/ounce 1800 1/20
Slide 7: 2025 Exploration Highlights
2025 EXPLORATION HIGHLIGHTS
Slide 8: Resource growth enables long-term growth
Resource growth enables long-term growth Karelian Gold Line Resources 500 000 +148% from Exploration 2022 to 2024 400 000 started 2025 update in 300 000 March 2026 200 000 100 000 0 2020 2021 2022 2023 2024 9
Slide 9: Main exploration areas in 2025
Kartitsa, KARELIAN GOLD LINE Northern Gold Line Main exploration areas in 2025 Pampalo Ukko & Kartitsa • Excellent results from both areas • Further exploration underway to expand potential Ukko, Southern Gold Line 10
Slide 10: Ukko – new widespread BIF gold discovery
Ukko – new widespread BIF gold discovery Highlights of the summer campaign Area drilled during summer • UKKO-001 intersected 30.95 m @ 3.28 g/t gold • Including 9.35 m @ 7.08 g/t gold • 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
Slide 11: Kartitsa – Delivering excellent results
Kartitsa – Delivering excellent results First results from the Autumn campaign KA-053 intersected 7.30 m @ 7.10 g/t Au from 29.2 m KA-053 intersected 3.95 m @ 7.32 g/t Au from 43.0 m KA-053 intersected 21.25 m @ 1.16 g/t Au from 49.8 m KA-032 intersected 2.90 m @ 2.16 g/t Au from 104.0 m ~800 m KA-0
Slide 12: Sustainability is the backbone of all our operations
Sustainability is the backbone of all our operations 13
Slide 13: We aim to lead in responsible and sustainable mining
We aim to lead in responsible and sustainable mining Endomines’s CLIMATE PERSONNEL • Carbon-free gold production at • Safe and pleasant place to work Sustainability Program the Karelian Gold Line by 2035 • Developing safety practices with • Carbon neutral across the entire the goal of zero accidents
Slide 14: Financial results
Financial results Strong growth continued in 2025
Slide 15: Highlights of 2025: Record Year with Robust Growth
Highlights of 2025: Record Year with Robust Growth GROWTH IN GROWTH IN GROUP GROWTH IN REVENUE EBITDA EBIT • Revenue up 59% to • EBITDA up 182% to • EBIT up 192% to 7.6 45.5 MEUR (28.7 MEUR) 16.3 MEUR (5.8 MEUR) MEUR (2.6 MEUR) GROWTH IN STRONG OPERATING STRONGER BALANCE NET RESULT CASHFLOW SHEET •
Slide 16: Group Key Financials, FY-2025
Group Key Financials, FY-2025 • Revenue increased 59% from Key figures Unit 1.1.-31.12.2025 1.1.-31.12.2024 previous year Revenue MEUR 45.5 28.7 • Increase in production volumes (+16.3%) Pampalo production revenue MEUR 45.5 28.7 and the high market price of gold • Operating expenses remained % of re
Slide 17: Group Financials by Segment, FY-2025
Group Financials by Segment, FY-2025 • Pampalo’s EBITDA margin Pampalo Karelian gold Unallocated 1.1.-31.12.2025, MEUR USA operations Group total 48% and operating production line items margin 41% Sales outside the group 45.5 0.0 0.0 0.0 45.5 Sales to other segments 0.0 0.0 0.0 0.0 0.0 • USA operati
Slide 18: Cash cost in Pampalo
Cash cost in Pampalo Cash cost in Pampalo, excl. investments and • Cash cost increased by 11.8% to 1,432 Average Gold price, (EUR / oz) EUR per ounce 3 500 • Extraction of lower gold grade ore 3 034 3 000 • Costs related to takeover of the underground mining business 2 500 2 221 • These were mainly
Slide 19: Financial position
Financial position Operating cashflow MEUR 13.1 (MEUR 6.2) Cash balance at year-end MEUR 3.9 (MEUR 2.1) Interest Bearing Debt MEUR 13.6 (MEUR 15.3) Net Gearing 17% (32%) Equity Ratio 61% (54%) Available credit facilities • MEUR 12 MEUR financing package signed in 2025 of which Stronger Balance Sheet
Slide 20: Executing our strategy
ENDOMINES EXECUTING OUR STRATEGY
Slide 21: Major turnaround achieved in 2022-2025
Major turnaround achieved in 2022-2025 Group Revenue Group EBITDA Group EBIT (MEUR) (MEUR) (MEUR) 55 45 20 35 15 10 10 25 15 5 5 5 0 0 2022 2023 2024 2025 -5 2022 2023 2024 2025 2022 2023 2024 2025 -5 -10 -10 -15 -20 High YoY growth 2025 Group EBITDA 2025 Group EBIT (46–59%) 36% of revenue 17% of re
Slide 22: Strategy 2025–2029
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 backbone
Slide 23: 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 24
Slide 24: How are the long-term targets achieved?
HOW ARE THE LONG-TERM TARGETS ACHIEVED?
Slide 25: Resource growth enables long-term growth
Resource growth enables long-term growth Karelian Gold Line Resources 500 000 +148 % from Exploration 2022 to 2024 400 000 started 2025 update in 300 000 March 2026 200 000 100 000 0 2020 2021 2022 2023 2024 26
Slide 26: Step-by-step growth in gold resource
Step-by-step growth in gold resource It is estimated that every 10,000m of pure exploration drilling 2026 program results in 100,000 oz will be the largest resource growth in the company history Target level 1.5–2.0 120 000 metres of Moz gold resource exploration drilling Target to define 18 000 met
Slide 27: Larger resource enables us to increase production volume
Larger resource enables us to increase production volume to higher level 28
Slide 28: 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 oz (i.e. Northern Gold Line) Tungsten and Steady growth molybdenum toward entering 10-20 % 16,630 oz ~25,000 oz productio
Slide 29: Southern Gold Line development plan
KARELIAN GOLD LINE Southern Gold Line development plan Includes four deposits which are permitted together as base of till samples indicate that some parts could be connected Southern Gold Line will boost production to: • 70,000–100,000 oz gold per annum Pampalo • Tungsten and molybdenum 2024 H12027
Slide 30: Critical minerals is our emerging exploration area
Critical minerals is our emerging exploration area at Karelian Gold Line 31
Slide 31: Enabling Europe's critical mineral supply
Enabling Europe’s critical mineral supply Tungsten is one of 14 critical raw materials identified by the EU • High supply risk: Over 80% of global supply from China • Irreplaceable properties: Extreme hardness & heat resistance • Strategic importance: Essential for defense, mining tools, aerospace,
Slide 32: USA Update
ENDOMINES USA UPDATE
Slide 33: Gold Assets in the United States
Gold Assets in the United States Idaho: Montana: Friday US Grant Deadwood Kearsarge Buffalo Gulch Rescue Kimberly • Friday, Deadwood and Buffalo Gulch were divested in 2025 • Endomines retains control of Rescue and Kimberly in Idaho, and US Grant and Kearsarge in Montana
Slide 34: Strong gold potential in Montana
Strong gold potential in Montana US Grant – historical mine • Historic underground gold and silver mine with rich mineralization and solid infrastructure. • Small Miners Exemption permit received in 2024 Kearsarge – high-volume potential • Latest drilling results: • Drill hole KSRC_18_03 intersected
Slide 35: Outlook and Guidance
ENDOMINES OUTLOOK AND GUIDANCE
Slide 36: After record year, we expect 2026 to be significantly better
After record year, we expect 2026 to be significantly better Gold Production Largest exploration expected to grow program in company Southern Gold Line We expect 10-20% growth in gold history production volumes. development project Exploration continues with the Growth is supported by the largest dr
Slide 37: Questions and Answers
Questions and Answers
Slide 38: Thank you!
Thank you!