Slide 1: H1-2026 Results Presentation
H1-2026 Results Presentation Endomines' best half-year result in history
Slide 2: Welcome to the H1-2026 results webcast
Welcome to the H1-2026 results webcast 1. Q2 and H1 2026 highlights 2. Exploration 3. Financial results 4. Executing our strategy 5. Questions and answers Kari Vyhtinen, CEO Minna Karttunen, CFO
Slide 3: Highlights of Q2/H1-2026
Highlights of Q2/H1-2026 GROWTH IN GROWTH IN GROUP GROWTH IN Q2 REVENUE EBITDA NET RESULT • Revenue up 46% to • EBITDA up 38% to 5.5 • Net result up 297% to 16.2 MEUR (11.1) MEUR (4.0) 3.3 MEUR (0.8) GROWTH IN GROWTH IN GROUP GROWTH IN REVENUE EBITDA NET RESULT H1 • Revenue up 61% to • EBITDA up 86%
Slide 4: Key Q2 developments
Key Q2 developments supporting future gold production growth • New industry-leading drilling results from UKKO deposit reinforce future gold production growth • Received decision on EU and state funding (1.51 MEUR) to advance critical minerals project • Refinanced previous long-term financing packag
Slide 5: 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 located at Pampalo • Exploration focuses on the Southern and Northern Gold Lines Critical minerals opportunity: • Tungst
Slide 6: Production growth continued also in H1-2026
Production growth continued also in H1-2026 Gold production 2025-2026 (Oz) Pampalo gold production +9.7% 10 000 compared (oz) +16.3% Acquisition of to H1 compared mining 2025 18 000 +93% to 2024 9 000 subcontractor in H2 2025 +24.2% 16 000 compared 8 000 to 14 000 H2 2025 7 000 12 000 10 000 6 000 8
Slide 7: Market development
Market development • Gold prices have historically tended to strengthen when Gold price development (USD/ounce) the U.S. Federal Reserve begins cutting interest rates 5 300 • Escalating tensions in Iran contributed to delaying market expectations for rate cuts, which led to a decline 4 800 • Despite
Slide 8: Sustainability at the core of our actions
Sustainability at the core of our actions CLIMATE PERSONNEL Fossil-free gold production by 2035 (Scope 1&2) Safe and pleasant workplace, zero accidents • GHG emissions H1/2026: 0.22 tCO2e/oz (0.73) • LTIF 9.7 (19.1), TRIF 32.2 (23.3) H1-2026 • Emissions decreased by 70% YoY • LTIF halved; preventive
Slide 9: Exploration
ENDOMINES EXPLORATION
Slide 10: Resource growth enables long-term growth
Resource growth enables long-term growth Karelian Gold Line Resources +211% in Next update 600 000 three years Q1 2027 500 000 Exploration Endomines exploration successfully 400 000 started delivered meaningful resource growth for Ounces of gold three consecutive years. 300 000 • 12,800 m drilled in
Slide 11: Key exploration targets in 2026-2027
Key exploration targets in 2026-2027 Northern Ukko & Kartitsa Gold Line • Significant gold discoveries have been made at both deposits • The extent and continuity of the mineralization are becoming Pampalo more clearly defined as exploration advances • The exploration results support Southern long-t
Slide 12: Southern Gold Line: The Ukko deposit
Southern Gold Line: The Ukko deposit Discovery BIF-hosted gold deposit area • Located 15 km south of Pampalo • Discovered in April 2025; the extent and continuity have been investigated Our goal in H2 is to connect the two • Iron formations provide favorable geochemical northernmost areas conditions
Slide 13: Results indicate that UKKO continues well below surface
Results indicate that UKKO continues well below surface 1000 m Visible gold Significant intercept • The northernmost section is open to South and next section is open to North Interpreted F1 hinge • The 600 m gap between the sections will be drilled during 2026 The UKKO deposit presents highly favou
Slide 14: Southern Gold Line – Tungsten and Molybdenum
Southern Gold Line – Tungsten and Molybdenum Tungsten price USD per tonne WO3 Kuittila has potential to become a significant 350 000 supplier of tungsten and molybdenum 300 000 • Latest drilling results confirm potential 250 000 • Wide mineralisation with tungsten and molybdenum 200 000 150 000 • Te
Slide 15: Southern Gold Line – Tungsten and Molybdenum
Southern Gold Line – Tungsten and Molybdenum KT-083: 17.80 m @ 0.15 % WO3 & 0.04 % Mo KT-076: 11.05 m Tungsten and molybdenum drilling ongoing @ 0.09 % WO3 & 0.06 % Mo • Drilling volume approximately 12,000 m KT-078: 22.60 m @ 0.06 % WO3 & • Further tungsten-molybdenum veins discovered in 0.01 % Mo
Slide 16: Financial results for Q2-2026
Financial results for Q2-2026
Slide 17: H1 revenue 34.7 MEUR, gold production 9,692 oz
H1 revenue 34.7 MEUR, growth of 61%, y-o-y, Gold production 9,692 oz, +9.7%, y-o-y Quarterly and YTD Group Revenue (MEUR) 40 • Revenue in Q2 was 16.2 MEUR (11.1) 34,7 35 • +46.1% y-o-y +61.2% • -12.6%, q-o-q 30 • Gold production in Q2 was 4,737 oz (4,319) 25 • +9.7%, y-o-y 21,5 20 18,5 • -4.4%, q-o-
Slide 18: Group H1 EBITDA 14.3 MEUR, +86%, y-o-y
Group H1 EBITDA 14.3 MEUR, +86%, y-o-y 41.2% margin Quarterly and YTD Group EBITDA (MEUR) and margin (%) 16 50% • EBITDA in Q2’26 was 5.5 MEUR (4.0), margin was 14,3 34.0% (36.0) 45% 14 41.2% • Pampalo production segment EBITDA was 7.8 MEUR 40% (5.3), margin of 48.5% (47.6) 12 35% 10 34.0% OPERATING
Slide 19: H1 cash cost in Pampalo: 1,588 EUR/oz
H1 cash cost in Pampalo: 1,588 EUR/oz +23.6%, y-o-y Cash cost in Pampalo, excl. investments and change in • In Q2, cash cost was 1,642 EUR/oz (1,334) inventory + Average Gold price, (EUR / oz) • Increase of 23.1%, y-o-y 5 000 • Increase of 14.3% vs FY2025 average 4 500 4 024 • Particularly affected
Slide 20: H1 Group net result 10.4 MEUR, 29.9% margin
H1 Group net result 10.4 MEUR, 29.9% margin Exceeded Net result for FY2025 Quarterly and YTD Group Net Result (MEUR) and margin (%) 12 50% • Q2 net result nearly 4x that of previous year at 10,4 45% 3.3 MEUR (0.8) 10 • Margin was 20.3% (7.5%) 40% • Net financial expenses –0.6 MEUR (-2.1) 35% 8 7,1 •
Slide 21: Balance Sheet and Cash Flow improved on all indicators from YE 2025
Balance Sheet and Cash Flow improved on all indicators from YE 2025 • Cash position was still good, but Key Figures 30 Jun 26 31 Mar 26 31 Dec 25 many exceptional pmts reduced Total of Balance Sheet, MEUR 102.4 100.2 92.3 balance q-o-q • Total IB debt: 12.0 MEUR Cash and equivalents, MEUR 4.8 9.4 3.
Slide 22: New funding signed
New funding signed Bank Facility Size, EUR Comments Senior Loan, secured 5 Used to repay earlier facility, 3-year maturity, bullet Senior Loan, secured 5 Un-used, 5-year maturity, quarterly instalments Bank Guarantee 5 e.g. for environmental guarantees, ~3 MEUR used, 1.5 MEUR cash deposit Overdraft
Slide 23: Executing our strategy
ENDOMINES EXECUTING OUR STRATEGY
Slide 24: Strategy 2025–2029
Strategy 2025–2029 PAMPALO EXPLORATION CRITICAL MINERALS PRODUCTION drives our long-term is our emerging is the engine of our growth exploration area performance and future at Karelian Gold Line scale FINANCIAL STABILITY SUSTAINABILITY supports the next phase is the backbone for all our through smar
Slide 25: 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 2035 25
Slide 26: Resource growth enables long-term growth
Resource growth enables long-term growth Karelian Gold Line Resources 600 000 Exploration +211% from started 500 000 2022 to 2025 400 000 300 000 Next update 200 000 Q1 2027 100 000 0 2020 2021 2022 2023 2024 2025 26
Slide 27: 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 2026 program results in 100,000 oz will be the largest resource growth in the company’s history Target level 1.5–2.0 120,000 metres of Moz gold resource exploration drilling Target to define 18,000
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 production
Slide 29: Next-generation gold production around 2030
Next-generation gold production around 2030 • Phase 1: 85,000 - 90,000 ounces around year 2030 • Pampalo: 25,000 oz • Southern Gold Line: 60,000 – 65,000 oz • Tungsten and molybdenum production included • Phase 2: 145,000 - 155,000 ounces, timing to be defined • Pampalo: 25,000 oz • Southern Gold Li
Slide 30: 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 included 20
Slide 31: Outlook for 2026: Growth is on track
Outlook for 2026: Growth is on track Gold Production Largest exploration Southern Gold Line expected to grow program in company’s development project to Our guidance: gold production to history the next phase with gold increase by 10-20% in 2026 Growing the gold resource through and tungsten a 50,00
Slide 32: Questions and answers
Questions and answers
Slide 33: Thank you!
Thank you!