Endomines Finland Oyj · OMXHEX:PAMPALO
Endomines Finland Oyj — Investor Presentation (October 2026)
29 slides from Endomines Finland Oyj's investor presentation, Oct 13, 2026
Slide 1: Fall in love with Finnish gold
Fall in love with Finnish gold
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: Strong ownership supports future growth
Strong ownership supports Market Cap: future growth 360 MEUR Number of Position Name shares Votes % 1 Joensuun Kauppa ja Kone Oy* 7 669 992 19.96 % 2 Wipunen Varainhallinta Oy 5 875 000 15.29 % 3 Mariatorp Oy 5 875 000 15.29 % 4 K22 Finance Oy* 1 535 632 4.00 % 5 Clearstream Banking S.A. 1 504 107 3
Slide 5: 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 6: Highlights of H1-2026
Highlights of H1-2026 GROWTH IN GROWTH IN GROUP GROWTH IN REVENUE EBITDA NET RESULT • Revenue up 61% to • EBITDA up 86% to 14.3 • Net result up 356% to 34.7 MEUR (21.5) MEUR (7.7) 10.4 MEUR (2.3) • 41.2% of revenue • 29.9% of revenue H1-2026 Strong operational cash flow 11.2 MEUR 6
Slide 7: Production growth continues in 2026
Production growth continues in 2026 Pampalo gold production +5.5% (oz) +16.3% Gold production 2025-2026 compared compared (ounces) to 2025 18 000 +93% to 2024 14000 16 000 13500 14 000 13000 12 000 12500 10 000 12000 8 000 11500 6 000 11000 Q1-Q3 2025 Q1-Q3 2026 4 000 2022 2023 2024 2025 8
Slide 8: 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 9: Sustainability is the backbone of all our operations
Sustainability is the backbone of all our operations 10
Slide 10: 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 11: 2025 Exploration Highlights
2025 EXPLORATION HIGHLIGHTS
Slide 12: Key exploration targets 2026-2027
Key exploration targets 2026-2027 Northern Gold Line • South is the main target in Pampalo exploration in 2026-2027 • The exploration results support long-term growth and production potential. Southern Gold Line We are building a pathway toward a significant growth 13 step around 2030
Slide 13: Southern Gold Line: The Ukko discovery
Southern Gold Line: The Ukko discovery Discovery area BIF-hosted gold deposit • Located 15 km south of Pampalo. • Discovered in April 2025; the extent and continuity have been investigated. • Iron formations provide favorable geochemical conditions for gold enrichment. • World-class gold deposits ar
Slide 14: Ukko – known strike length has expanded to 650 metres
Ukko – known strike length has expanded to 650 metres Discovery Highlights of the recent drilling campaigns area • UKKO-087 intersected 44.85 m @ 2.27 g/t gold and 8.05 m @ 2.17 g/t • Including 4.70 m @ 5.50 g/t gold • UKKO-077 intersected 19.40 m @ 4.33 g/t gold Our goal over the • Including 6.95 m
Slide 15: Executing our strategy
ENDOMINES EXECUTING OUR STRATEGY
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 2035 17
Slide 17: How are the long-term targets achieved?
HOW ARE THE LONG-TERM TARGETS ACHIEVED?
Slide 18: Resource growth enables long-term growth
Resource growth enables long-term growth Karelian Gold Line Resources +211% in 600 000 three years 500 000 Exploration started Endomines’ exploration successfully 400 000 delivered meaningful resource growth Ounces of gold for three consecutive years. 300 000 • 12,800 m drilled in 2023 • 21,600 m dr
Slide 19: 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 20: Larger resource enables us to increase production volume to higher level
Larger resource enables us to increase production volume to higher level 21
Slide 21: Step-by-step production growth in gold and critical minerals
Step-by-step production growth in gold and critical minerals Southern Further growth by Gold Line bringing new entering areas into production production Southern Gold Ramp-up to Line phase II to 70,000–100,000 approximately oz 150,000 ounces Tungsten and Steady growth molybdenum Northern Gold toward
Slide 22: 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 H1-202
Slide 23: Critical minerals is our emerging exploration area
Critical minerals is our emerging exploration area at Karelian Gold Line 25
Slide 24: Tungsten & molybdenum on the Southern Gold Line
Tungsten & molybdenum on the Southern Gold Line Kuittila has potential to become a significant supplier of tungsten (0.5–1.5% of the global supply) Tungsten (W) price USD per tonne 450 000 400 000 • Tungsten is one of 17 critical raw 350 000 materials identified by the EU 300 000 250 000 • High supp
Slide 25: Outlook and Guidance
ENDOMINES OUTLOOK AND GUIDANCE
Slide 26: 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 27: Thank you!
Thank you!
Slide 28: Shareprice Development and Ownership
Shareprice Development and Ownership Shareprice Development 2 Jan 2024 – 12 Oct 2026 Largest owners 30 Sep 2026 14.00 Name Shareholding 1 Joensuun Kauppa ja Kone Oy* 19.96 % 12.00 2 Wipunen Varainhallinta Oy 15.29 % Market Cap: 3 Mariatorp Oy 15.29 % 4 K22 Finance Oy* 4.00 % 10.00 360.8 MEUR 5 Clear
Slide 29: H1 cash cost: 1,588 EUR/oz +23.6% y-o-y
H1 cash cost: 1,588 EUR/oz +23.6% y-o-y Cash cost in Pampalo, excl. investments and change in inventory & Average Gold price (EUR / oz) • Particularly affected by higher use of open 5 000 pit ore (lower gold grade) during May 4 500 4 024 • Electricity price in Q2-26 increased 35.6% 4 000 y-o-y 3 500
Endomines Finland — Investor Presentation (October 2026) on 6ix