Inside Information: Endomines’ research results support further development of Tungsten, a critical mineral for the defence industry

Endomines Finland Plc, inside information, 11.8.2026 at 12:30 EEST

Inside Information: Endomines’ research results support further development of Tungsten, a critical mineral for the defence industry

Endomines Finland Plc reports the first results from its drilling program focused on tungsten and molybdenum along the Southern Gold Line. At the same time, the company publishes the full tungsten assay results from its 2023 and 2024 drilling campaigns, whereas previous releases focused on gold results.

Tungsten is classified by the European Union as a critical raw material and is used, among other applications, in the defence industry. Molybdenum is an important raw material particularly for the steel industry.

The company’s objective is to produce tungsten and molybdenum in the future in addition to gold. The results published today strengthen the potential of the Southern Gold Line as a source of critical raw materials. The results also indicate that ore sorting increases tungsten grades to levels which may be economically viable. Work to confirm commercial-grade tungsten, molybdenum and gold products will continue during 2026 and 2027.

The results released today represent the first phase of the technical evaluation of the Southern Gold Line tungsten project and provide a foundation for its further development. The project development work is supported by a business development grant of up to EUR 1.51 million awarded to the company by the Centre for Economic Development, Transport and the Environment (ELY Centre) of Eastern Finland. Of this amount, approximately EUR 0.96 million is allocated to development activities and approximately EUR 0.55 million to investments. In addition, the company has applied for Critical Project status for the project under the European Union’s Critical Raw Materials framework.

"The research and development of critical minerals is an important part of Endomines’ strategy. We want to contribute to improving Europe’s self-sufficiency in raw materials required by the defence industry. Our strategic goal is to increase gold production to 70,000–100,000 ounces per year around 2030, when production along the Southern Gold Line commences. At the same time, we are planning to initiate tungsten and molybdenum production in the area. Our objective is to incorporate both gold and tungsten production circuits into our future processing plant. Within the tungsten production circuit, molybdenum and gold would serve as saleable by-products, thereby significantly enhancing the project’s economic viability," says Kari Vyhtinen, CEO of Endomines.

"The results published today demonstrate that tungsten and molybdenum occur across extensive areas of the Southern Gold Line. The first tungsten and molybdenum results reinforce our view of the area’s potential for the production of critical raw materials. Particularly encouraging is the fact that ore sorting increased tungsten grades by more than threefold. We will now continue exploration and development work with the objective of confirming the project’s commercial potential and product quality," Vyhtinen continues.

Highlights of the Kuittila drilling results:

• Drill hole KT-083 intersected 17.80 m @ 0.15 % WO₃ & 0.04 % Mo from 138.95 m
  • Including 1.00 m @ 0.43% WO₃ & 0.07 % Mo from 144.95 m
• Drill hole KT-078 intersected 22.60 m @ 0.06 % WO₃ & 0.01 % Mo from 85.90 m
  • Including 7.25 m @ 0.13 % WO₃ & 0.02 % Mo from 94.00 m
    • Including 1.00 m @ 0.39 % WO₃ & 0.05 % Mo from 98.30 m
• Drill hole KT-079 intersected 27.20 m @ 0.05 % WO₃ & 0.02 % Mo from 174.00 m
  • Including 2.90 m @ 0.10 % WO₃ & 0.05 % Mo from 183.80 m
  • Including 1.00 m @ 0.16 % WO₃ & 0.02 % Mo from 191.65 m
• Drill hole KT-065 intersected 16.40 m @ 0.10 % WO₃ & 0.03% Mo from 167.40 m
  • Including 4.95 m @ 0.20 % WO₃ & 0.02 % Mo from 167.40 m
    • Including 0.95 m @ 0.48 % WO₃ & 0.02 % Mo from 167.40 m
• Drill hole KT-034 intersected 10.20 m @ 0.13 % WO₃, 0.08% Mo & 1.16 g/t gold from 81.70 m
  • Including 3.20 m @ 0.28 % WO₃, 0.18 % Mo & 0.45 g/t gold from 81.70 m
• Drill hole KT-056 intersected 12.00 m @ 0.08% WO₃ & 0.01% Mo from 132.00 m
  • Including 1.05 m @ 0.22 % WO₃ & 0.01 % Mo from 133.95 m
  • Including 0.85 m @ 0.33 % WO₃ & 0.04 % Mo from 139.70 m

The locations of the Kuittila drill holes are presented in Appendix 1, the tungsten results in Appendix 2, the gold results from the 2026 diamond drilling program in Appendix 3, and the drill hole location map in Appendix 4.

Successful ore sorting tests increased Tungsten grade by more than threefold

In addition to drilling, the company has investigated opportunities to increase the tungsten and molybdenum grades of the ore through sorting prior to feeding the material into the processing plant.

The ore sorting tests successfully achieved significant increases in both tungsten and molybdenum grades in drill core samples. The feed grades in the tests were 0.026% tungsten trioxide (WO₃) and 0.046% molybdenum (Mo). The tungsten grades in the test samples were lower because sample preparation included proportionally more molybdenum-rich and less tungsten-rich material.

As a result of sensor-based ore sorting:

• The WO₃ grade increased to 0.0815%, representing a 3.1-fold increase.
• The molybdenum grade increased to 0.1107%, representing a 2.4-fold increase.

The results confirmed that tungsten grades can be significantly upgraded prior to the beneficiation process. A higher-grade feed material may reduce the required capacity of the processing plant and thereby lower capital investment requirements.

The company's next objective is to conduct ore sorting tests using a larger sample volume and material with higher tungsten grades. Following the sorting tests, the goal is to upgrade the sorted product through gravity separation and flotation processes into a saleable WO₃ concentrate with a grade exceeding 32% WO₃.

Development work continues towards commercial-grade products

The company's long-term objective is to increase the tungsten grade by more than fourfold through pre-concentration and ore sorting. This would result in an estimated tungsten processing plant feed grade of approximately 0.20-0.40% WO₃, which is in line with the typical feed grades of many open-pit tungsten mines. Molybdenum and gold, recovered as by-products of tungsten production, would further enhance the project's economic viability.

Based on the results achieved to date, the company believes that larger sample volumes and further optimization of the sorting process will enable the production of commercial-grade products.

To support this objective, Endomines is expanding its sampling program in the Kuittila area to collect additional material for ore sorting and beneficiation test work.

Tungsten and Molybdenum exploration program progressing

Since 2023, Endomines has completed 118 drill holes in the Kuittila area for a total of 22,783.75 metres. Of these, the 2026 drilling program comprises 49 drill holes totaling 8,808.95 metres, and the company is still awaiting assay results from 13 drill holes.

The exploration program continues south of the current mineral resource area. Approximately 3,000 metres of follow-up drilling are planned to determine the extent of the mineralized system, alongside approximately 2,500 metres of early-stage exploration drilling to investigate the southernmost base of till anomalies.

In addition, the company is planning infill drilling in areas with higher gold grades as well as in tungsten- and molybdenum-bearing zones to further define the continuity and extent of the mineralization.

Geology of the Kuittila area

The Kuittila gold deposit is located approximately 25 kilometres south of Pampalo. The deposit was originally discovered by the Geological Survey of Finland (GTK) in 1984 during exploration for molybdenum and tungsten in the area. A JORC-compliant Mineral Resource Estimate has been completed for Kuittila, reporting 2.211 million tonnes at a gold grade of 1.37 g/t, containing a total of 97,490 ounces of gold in the Inferred Mineral Resource category (published on 17 February 2025).

Scheelite and molybdenite occur along the Kuittila tonalite in northwest-southeast trending en echelon quartz veins. Gold is associated with late quartz-carbonate veins that crosscut these earlier scheelite-molybdenite-quartz veins, forming breccia structures. The characteristic alteration assemblage associated with the gold-bearing veins consists of sericite, quartz and pyrite.

Pre-concentration technology

The test work utilized sensor-based ore sorting technology based on X-ray Transmission (XRT), which enables mineralized material to be separated from waste rock prior to the conventional beneficiation process. The technology has the potential to significantly improve feed grades while reducing the requirements for downstream processing stages.

Drilling technology and quality assurance  

In 2026 and 2024 surface drilling has been carried out by drilling contractor Northdrill Oy, using WL-76 tubes, resulting in core of 57.5 mm in diameter. Drill hole locations will be surveyed after completion of the drilling program. A downhole survey of bearing and dip deviations has been completed with the DeviGyro survey tool. All core has been oriented with DeviCore equipment.

In 2023 and 2024 surface drilling has been carried out by drilling contractor KDC Oy, using WL-66 tubes, resulting in a core of 50.5 mm in diameter. Drill hole locations have been surveyed after completion of the drilling program. A downhole survey of bearing and dip deviations has been completed with the SPT GyroMaster survey tool. All cores have been oriented with SPT CoreMaster equipment.

The drill cores have been logged by Endomines own personnel. The drill cores have been cut in half by geological services company Palsatech Oy prior to the shipping to CRS Laboratories Oy in Kempele (2023 and 2024) or ALS Finland laboratory in either Sodankylä or Outokumpu (2026). At CRS the samples were prepared using PRP-929 method and then sent to MS Analytical laboratory in Canada for analysis. Gold assays were determined using the FAS-111 method, while multi-element analyses were conducted using the IMS-230 method. Samples returning gold grades exceeding 10 g/t Au were re-assayed using FAS-415 method. At ALS after sample preparation gold assays were determined using the Au-AA23 method in Romania, while multi-element analyses were conducted using the ME-MS61 method in Ireland.

Normal QA/QC (Quality Assurance/Quality Control) procedures have been adhered to on all the samples, with standards, blanks and duplicates routinely submitted as part of the sampling program. The quality of sample preparation, security integrity and chemical assays was equal to, or exceeded, current industrial standards and the requirements of the JORC-code.  

This statement has been prepared and approved by Eurogeologist Jani Rautio MSc. (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals (FAMMP) -standards. Jani Rautio is a full-time employee of Endomines and owns 9,624 shares in Endomines.

Further information:

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

Jani Rautio
tekninen johtaja
Endomines Finland Oyj
jani.rautio@endomines.com
+358 50 593 0812

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian Gold Line, in Eastern Finland. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. Our vision is to grow the Karelian Gold Line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.  

The Karelian Gold Line is 40 kilometers long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. Endomines controls extensively exploration rights across the Karelian Gold Line.

The Southern Gold Line is located within the Karelian Gold Line in North Karelia, Finland. It is one of Endomines' most important growth projects, and the company is planning several mines and a new processing plant in the area, targeted to commence operations around 2030. In addition to gold, the area hosts tungsten, which is classified as a critical raw material by the European Union, as well as molybdenum, an important industrial metal.