Endomines Finland Oyj · OMXHEX:PAMPALO
Endomines Finland Oyj — Endomines — Investor Presentation (February 2026)
28 slides from Endomines Finland Oyj's investor presentation, February 2026
Slide 1: Record Year in 2025 – Strong Outlook for 2026
Record Year in 2025 – Strong Outlook for 2026
Slide 2: Golden opportunity in Finland
Golden opportunity in Finland Growing Gold Expanding Gold Production Resources Finland – Global Endomines is increasing gold Growing gold resources strengthen production in Finland, with a clear value creation and enable long-term leader in mining path to sustained growth. growth. investment attract
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: 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 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 5
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: Sustainability is the backbone of all our operations
Sustainability is the backbone of all our operations 7
Slide 8: 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 9: 2025 Exploration Highlights
2025 EXPLORATION HIGHLIGHTS
Slide 10: 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 11: 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 12: 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 13: Executing our strategy
ENDOMINES EXECUTING OUR STRATEGY
Slide 14: 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 14
Slide 15: How are the long-term targets achieved?
HOW ARE THE LONG-TERM TARGETS ACHIEVED?
Slide 16: 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 16
Slide 17: 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 18: Larger resource enables us to increase production volume to higher level
Larger resource enables us to increase production volume to higher level 18
Slide 19: 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 20: 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 21: Critical minerals is our emerging exploration area
Critical minerals is our emerging exploration area at Karelian Gold Line 21
Slide 22: 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 23: USA Update
ENDOMINES USA UPDATE
Slide 24: 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 25: 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 26: Outlook and Guidance
ENDOMINES OUTLOOK AND GUIDANCE
Slide 27: 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. Exploration continues with the development project Growth is supported by the largest dr
Slide 28: Thank you!
Thank you!