Endomines Finland Plc – Stock Exchange Release, Inside Information – 31/7/2024, at 11.00 EET.

Inside information: Endomines Finland Plc has reached its production capability to run the production periodically at a production level of 20,000 ounces

Endomines’ medium-term operational target, published on 13^th October 2022, is to achieve an annual gold production level of 20,000 ounces by the end of 2024. In 2024, the objective is to run production periodically at this level, and thereby ensure the ability to operate at a higher production level.

The first period in 2024 where production is run at a higher level, with no change to the normal working schedule, was successfully implemented in July. Production was run at a higher level for two weeks from July 16th to July 29th, 2024. Total production during the period was approximately 26.7 kg (858 ounces) of gold. On an annual basis, the production level achieved is equivalent to approximately 22,300-ounce production. The ore processed in production was sourced from the Pampalo underground mine and the new open pit mine at Hosko, which was opened in February. The production plant was running for 11 days during the period, which also included three non-production shutdown days. The normal rotation of the plant in 2024 is about two days of downtime after every eight days of production.

Published production volumes are based on preliminary data, the final figures may change slightly after final specifications have been received for all deliveries to customers. However, the change in the figures reported here is not expected to be significant. The company's production in 2024 is expected to increase by 15–35% compared to the previous year, in line with guidance. Production levels are expected to vary due to the nature of the business. Production is expected to increase in line with the plan by periodically running at higher levels.

"The production period achieved is a strategically important milestone. The achieved production period confirms that the joint production of Pampalo and Hosko can be increased to the target level of 20,000 ounces per year for longer periods. It is also possible to change our current shift system and increase production days in the future as ore production increases from different sites. We will continue to increase our gold production towards a more permanent production level of 20,000 ounces and then beyond," says Kari Vyhtinen, CEO of the company.

Endomines Finland Plc

Further information

Kari Vyhtinen, CEO of Endomines Finland Plc

kari.vyhtinen@endomines.com, +358 40 585 0050

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 also own the rights to seven gold deposits in the US. 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. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal 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.