Endomines Quarterly Report January-September 2026: Strategic growth on track – net profit more than doubled to almost 30% of revenue

Endomines Finland Plc – Stock Exchange Release, Quarterly Report – 5/11/2026, at 10:00 EET

Endomines Quarterly Report January-September 2026: Strategic growth on track – net profit more than doubled to almost 30% of revenue

This release is a summary of Endomines Finland Plc's Quarterly Report for the period January-September 2026. The full report is attached to the release and available on our website at https://endomines.com/en/for-investors/reports-and-presentations/.

Q3 2026 in brief

• The Group revenue increased by 7.0% to MEUR 12.3 (MEUR 11.5)
• The Group EBITDA was MEUR 4.2 (MEUR 5.0), or 34.0% of revenue (43.9%)
• The Pampalo production segment EBITDA was MEUR 5.3 (MEUR 6.4), or 43.3% of revenue (55.3%)
• The Group operating result was MEUR 3.5 (MEUR 3.8), or 28.7% of revenue (32.8%)
• The Group net result was MEUR 3.4 (MEUR 3.1), or 27.5% of revenue (27.1%)
• Earnings per share (basic) EUR 0.1 per share (EUR 0.1 per share)
• Operating cash flow before investments was MEUR 5.8 (MEUR 3.2)
• Gold production in Q3 decreased by 3.9% and was 3,854 ounces (4,010 ounces), or 119.9 kg (124.7 kg)
• The average price of gold in Q3 increased by 23.4% and was 4,262 USD/oz (3,453 USD/oz)

January–September 2026 in brief

• The Group revenue increased by 42.3% to MEUR 47.0 (MEUR 33.0)
• The Group EBITDA was MEUR 18.5 (MEUR 12.7), or 39.3% of revenue (38.5%)
• The Pampalo production segment EBITDA was MEUR 24.8 (MEUR 16.4), or 52.8% of revenue (49.7%)
• The Group operating result was MEUR 14.6 (MEUR 9.2), or 31.1% of revenue (27.9%)
• The Group net result was MEUR 13.8 (MEUR 5.4), or 29.3% of revenue (16.3%)
• Earnings per share (basic) EUR 0.4 per share (EUR 0.2 per share)
• Operating cash flow before investments was MEUR 17.1 (MEUR 8.4)
• Gold production in January–September increased by 5.5% and was 13,546 ounces (12,842 ounces), or 421.3 kg (399.4 kg)
• The average price of gold in January–September increased by 42.3% and was 4,552 USD/oz (3,199 USD/oz)

CEO’s Review

The year 2026 will be a turning point for Endomines. The strong financial result achieved during the current year has enabled us to develop our business in several strategically important areas. In exploration, we are heading towards record results, our expansion projects are progressing according to plan, and in our sustainability work, we have moved from plans to concrete actions. I am very pleased with the development we have achieved together so far this year.

Our financial performance in January–September was excellent. Our revenue increased by 42.3% to MEUR 47.0, which exceeds the total revenue of the previous full year. The Group EBITDA was 39.3% of revenue. Our net result was almost 30% of revenue, totalling MEUR 13.8. The result was supported by an increase in production volumes and a favourable development of the gold price compared to the comparison period. Our equity ratio strengthened to 67.8% by the end of September (31.12.2025: 61.5%).

Production in the third quarter was 3.9% lower than in the comparison period. This was mainly due to the use of low-grade ore in production. Lower grade ore was used particularly in the third quarter, as we have prepared for the next year, opened new production areas and built the required lanes and accessways.

The average price of gold in January–September was USD 4,552 per ounce (USD 3,199 per ounce). The price of gold has been supported by central bank purchases of gold, geopolitical uncertainty, high indebtedness, and the growth of the global money supply. Historically, the price of gold has typically benefited from falling interest rates, so the recent strong price development despite high interest rates has been exceptional. This highlights gold's position in uncertain times and reflects investors' continued interest in the precious metal.

Our outlook on the gold market remains positive. Our assessment is supported by both long-term market fundamentals and several consensus forecasts that predict that the gold price will stay on a strong level in the coming years.

Exploration in the autumn focused on the Southern Gold Line and the Ukko deposit area. We are advancing the permitting of the Southern Gold Line towards production, with the goal of commencing operations around 2030. To support this goal, we will publish the first mineral resource estimate in the UKKO area in early 2027. As a whole, the results have been excellent, and we estimate the gold potential area to be up to 10 kilometres long. In accordance with this year's target of 50,000 metres of drilling we have drilled 41,620 metres by the end of September.

Another significant focus area is further exploration of tungsten and molybdenum deposits in the Southern Gold Line. Critical minerals are a key part of Endomines' long-term growth strategy and offer significant value potential for the company. Our strategic goal is to increase our annual gold production to 70,000–100,000 ounces around the year 2030, when the Southern Gold Line goes into production. At the same time, we are preparing to start production of tungsten and molybdenum in the region. This creates a strong foundation for profitable growth and responsible production of critical minerals in Finland. We will continue to develop the project without the status of a strategic project in the European Union, at least for the time being.

After the review period, we announced an updated agreement on the sale of gold concentrate. The new agreement will enter into force on 1 January 2027 and will be valid until the end of 2032. The agreement is better tailored to the needs of Pampalo's production process, which improves our ability to optimize both gold recovery and concentrate quality. The updated agreement creates more flexibility in our operations and supports the efficient development of production. We estimate that the change will improve the Group net result by approximately MEUR 1.7–2.3 in 2027, which will further strengthen our profitability and cash flow.

We are building Endomines into a new Finnish success story. This means multiplying our operations in the coming years and purposefully growing the company towards a clearly larger scale. At the same time, we want to build mining operations that our employees, local communities and other stakeholders can be proud of. In addition to growth, we invest especially in a safe working environment, cherishing clean waterways, taking biodiversity into account and including responsibility in all our decision-making.

I would like to warmly thank our employees for their excellent work. In a growth company, change is part of everyday life, and adapting to constant changes is not always easy. However, we have already achieved a lot together so far, and the contribution of each employee has been important in enabling this development.

I would also like to thank our shareholders, partners and other stakeholders for their trust, support and commitment. Together, we are building Endomines' growth story and moving with determination towards the next growth leap.

Kari Vyhtinen
CEO
Endomines Finland Plc

Group’s key figures

^* Earnings per share for the comparison periods has been adjusted due to the share split executed in April 2026.

Q3 2026

The Group revenue in Q3 increased by 7.0% compared to previous year and was MEUR 12.3 (MEUR 11.5). The Group revenue consists 100% of revenue from the Pampalo production segment. The increase in revenue was a result of the high market price of gold which, during the review period, was 23.4% higher than in the comparison period, on average. The gold production volume decreased by -3.9% from the previous year. This was due to the use of lower-grade ore in production. It was used particularly in the third quarter, as preparations have been made for the next year; new production areas have been opened and the necessary lanes and accessways have been built. Other operating income was MEUR 0.3 (MEUR 0.0), which included the fair value change of the contingent consideration of Endomines Idaho LLC's deposits sold in March. The second instalment was received in shares in ELK Range Mining, a company that acquired the deposits. It is listed on the ASX in Australia.

The Group EBITDA decreased by 17.1% to MEUR 4.2 (MEUR 5.0). The Pampalo Production segment's EBITDA was MEUR 5.3 (MEUR 6.4), or 43.3% of revenue (55.3%).

During the review period, 25.1% more was spent on materials, goods and services than in the comparison period, i.e. MEUR 5.1 (MEUR 4.1). The biggest single increase were costs related to the maintenance and operating of mining machines, including rental costs for new machinery. More maintenance work was done during the summer holiday period. Employee benefit expenses increased by 26.7%, mainly due to the increase in the number of employees, and amounted to MEUR 1.7 (MEUR 1.3). Other operating expenses amounted to MEUR 1.7 (MEUR 1.2). The amount of mining minerals tax in Q3 was MEUR 0.4 (MEUR 0.1). The mining minerals tax is recorded in other operating expenses. In Q3, MEUR 0.2 of production-related royalty payments were also recognized in other operating expenses.

The Group operating result, compared to corresponding period a year earlier, decreased by 6.2% to MEUR 3.5 (MEUR 3.8). Depreciation and impairment amounted to MEUR -0.6 (MEUR -1.3). The decrease in the depreciation amount was due to the change in the estimated life of the mines, which extends the depreciation period. A cumulative difference in the amount of depreciation for the entire January-September period was recorded for the third quarter, totalling MEUR +0.8.

Net financial costs were MEUR -0.7 (MEUR -0.7). Interest expenses on interest-bearing liabilities amounted to MEUR -0.3 (MEUR -0.6). The second payment for the Endomines Idaho LLC deposits sold in March was received in August in shares in ELK Range Mining, the company that bought the deposits. The shares are listed on ASX and are booked at fair value through profit or loss. Valuation loss of MEUR -0.3 was recorded in the third quarter.

The Group net result increased by 8.5% to MEUR 3.4 (MEUR 3.1). The Group earnings per share (basic) were EUR 0.1 (EUR 0.1).

January–September

The Group revenue for January–September increased by 42.3% from previous year to MEUR 47.0 (MEUR 33.0). The Group revenue consists 100% of revenue from the Pampalo production segment. The revenue growth was attributable to a 5.5% increase in the gold production volume and the high market price of gold. In January–September, the average gold price was 42.3% higher than in the comparison period. Other operating income was MEUR 0.4 (MEUR 0.1). This mainly consisted of the fair value change of the contingent consideration of Endomines Idaho LLC's deposits sold in March.

The Group EBITDA increased by 45.3% to MEUR 18.5 (MEUR 12.7). The Pampalo Production segment's EBITDA was MEUR 24.8 (MEUR 16.4), or 52.8% of revenue (49.7%).

The change in inventories of finished and unfinished goods improved EBITDA by MEUR 0.8 (MEUR 0.4). During the review period, MEUR 16.9 (MEUR 13.7) was spent on materials, goods and services, representing an increase of 23.4%. The largest single increase were costs related to the maintenance and operating of mining machines, including rental costs for new machinery. Employee benefit expenses increased mainly due to the increase in the number of employees and amounted to MEUR 6.2 (MEUR 4.0).

Other operating expenses in January–September were MEUR 6.5 (MEUR 3.1). The amount of mining minerals tax was MEUR 1.4 (MEUR 0.2) and the amount of royalties paid was MEUR 0.2 (MEUR 0.0). Other operating expenses were also increased by non-recurring costs of approximately MEUR 0.7. Of these, MEUR 0.5 consisted of fees and other closing entries associated with the sale of three gold deposits located in Idaho, United States (in Q1). Other non-recurring items in other operating expenses totalled MEUR 0.2.

The Group operating result increased by 58.8% to MEUR 14.6 (MEUR 9.2). Depreciation and impairment losses amounted to MEUR -3.8 (MEUR -3.5).

Net financial costs totalled MEUR -1.6 (MEUR -3.8). Interest expenses on interest-bearing liabilities were MEUR -1.1 (MEUR -1.6). The expenses were reduced by the change in the EUR/USD exchange rate. Foreign exchange gains (net) arising from the translation of Endomines Idaho LLC’s balance sheet items amounted to MEUR +0.3 (MEUR -1.5).

The Group net result increased by 155.2% to MEUR 13.8 (MEUR 5.4). The Group earnings per share (basic) increased to EUR 0.4 (EUR 0.2).

Balance sheet and cash flow

At the end of September, total of the balance sheet amounted to MEUR 109.9 (31.12.2025: MEUR 92.3). The Group cash and cash equivalents amounted to MEUR 3.8 (31.12.2025: MEUR 3.9, 30.6.2026: MEUR 4.8).

Interest-bearing liabilities amounted to MEUR 11.8 (31.12.2025: MEUR 13.7, 30.6.2026: MEUR 12.0). Net gearing was 10.7% (31.12.2025: 17.4%, 30.6.2026: 10.1%). The equity ratio was 67.8% (31.12.2025: 61.5%).

Operating net cash flow before investments in Q3 was MEUR 5.8 (MEUR 3.2). Net cash flow from investments was MEUR -6.7 (MEUR -7.0). The investments were related to both the operations of the Pampalo mine and the exploration drilling in the Southern Gold Line.

Net operating cash flow before investments in January–September was MEUR 17.1 (MEUR 8.4). Net cash flow from investments was MEUR -16.7 (MEUR -13.7), which included, in addition to drilling, the first instalment of MEUR +1.9 on the gold deposits sold by Endomines Idaho LLC (Q1), the early payment of the final instalment of the Power Mining business acquisition of MEUR -1.9 (Q2), and the first grant instalment of MEUR +0.5 received from the Centre for Economic Development, Transport and the Environment for Eastern Finland and the EU for the tungsten project (Q2).

Significant events after the end of the reporting period

After the review period, the company has published the following releases:

29 October 2026: Endomines Finland Plc has identified two new gold-mineralized zones in the vicinity of the UKKO deposit at Ukkolanvaara. The discoveries are located north of the main deposit and significantly expand the mineralized area.

15 October 2026: Endomines Oy, the subsidiary of Endomines Finland Oyj responsible for mining operations, and Boliden Commercial AB have agreed to continue their cooperation. The renewed long-term gold concentrate sales agreement will enter into force on 1 January 2027. The cooperation covers all flotation gold concentrate produced at the Pampalo mine. In addition to gold, the agreement also applies to any silver and copper contained in the concentrate.

The renewed agreement has been better aligned with the needs of Pampalo's production process. It is expected to improve opportunities to optimize gold recovery and concentrate grades, thereby supporting production profitability and the company's financial performance. The agreement is estimated to have a positive impact of approximately EUR 1.7–2.3 million on Endomines' net profit in 2027.

The agreement further strengthens the long-standing partnership between Endomines and Boliden and creates value for both parties. The parties view the agreement as a clear win-win arrangement.

14 October 2026: Endomines tests a more sustainable method for mine waste deposition in Finnish conditions and is launching a pilot project at its Pampalo mine to test the dry stacking of tailings generated from gold production. The method aims to improve water efficiency, enhance dam safety and reduce the environmental impacts of mining operations. The vision is to develop a solution that eliminates the need for a conventional tailings storage facility, which is widely used in the mining industry today, while enabling the continuous rehabilitation of non-recoverable process residues as they are generated.

9 October 2026: Endomines continues development of the Southern Gold Line tungsten and molybdenum project without EU strategic project status. The European Union has published its decisions on strategic projects under the Critical Raw Materials Act (CRMA). Endomines Finland Plc’s Southern Gold Line tungsten, molybdenum and gold project was not selected as a Strategic Project in this application round.

The decision has no impact on the company’s plans to continue developing the project. Endomines will proceed with exploration activities, project development and evaluations in the Southern Gold Line area in accordance with its plans.

Guidance for the financial year 2026

The company reiterates its previous guidance and estimates gold production to increase by 10–20% compared to the previous year. In 2025, Endomines produced 16,630 ounces, or 517.2 kg of gold.

Webcast 5 November 2026 at 15:00 EET

A live webcast for analysts, investors, and the media will take place on November 5, 2026, at 15.00. The event will be held in English. Participation in the event at: https://endomines.events.inderes.com/q3-2026. A recording of the webcast will be available later on the company's website at https://endomines.com/en/for-investors/reports-and-presentations/

Further information

Kari Vyhtinen
CEO, Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050

Minna Karttunen
CFO
Endomines Finland Plc
minna.karttunen@endomines.com
+358 40 513 3225  

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian Gold Line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.