Endomines Finland Plc – Stock Exchange Release – January 17^th at 10.00 EET

Endomines reports remaining 2023 exploration results from Kuittila and commences deep drilling program

Endomines reports the remaining 2023 drill results from the exploration drilling program carried out in the autumn of 2023 at Kuittila, in the Karelian Gold Line. All the assay results for the complete 5072-meter drilling program have now been received. The company is going to commence a deep drilling program at the end of January to test the depth continuations of the gold mineralized zone intersected in the 2023 exploration drilling program at Kuittila.

The drill program at Kuittila in 2023 consisted of 33 diamond drill holes for a total of 5072 m. Partial results have already been reported on July 24, 2023, September 13, 2023, and October 19, 2023. This release contains previously unpublished assay results for 16 drill holes (2531.0 m).

Highlighted new drill results:

• Drill hole KT-026 intersected 8.6 meters at 1.8 g/t gold from 55.5 meters
  • including 0.9 meters at 5.7 g/t gold from 60.3 meters
  • including 0.9 meters at 6.3 g/t gold from 63.2 meters
• Drill hole KT-026 also intersected 3.1 meters at 4.0 g/t gold from 131.0 meters
  • including 1.1meters at 9.0 g/t gold from 132.9 meters
• Drill hole KT-022 intersected 7.3 meters at 2.1 g/t gold from 181.80 meters
  • including 1.0 meters at 9.1 g/t gold from 185.0 meters
• Drill hole KT-039 intersected 1.7 meters at 4.4 g/t Au from 6.4 meters
• Drill hole KT-038 intersected 0.8 meters at 5.4 g/t Au from 31.1 meters with visible gold

The drilling campaign at Kuittila was aimed at extending and verifying the known gold mineralization continuity along strike and plunge and at testing multiple geochemical gold anomalies observed in the historical base of till (BOT) sampling near the known mineralization. This program significantly increased the understanding of structures controlling the occurrence of gold within the Kuittila deposit.

1. The deposit is still open towards the South as most Southern drill holes KT-38 and KT-39 intercepted significant gold grades (results shown above). Drill holes KT-38 and KT-39 intercepted visible gold-bearing quartz vein/breccia which is very similar to the visible gold-bearing quartz breccia intercepted in the drill hole KT-009 (6.6 m at 1.66 g/t Au, from 12.4 m).
2. The deposit is still open towards North-West as drill hole KT-026 intersected multiple high-grade gold bearing veins returning: 8.6 meters at 1.8 g/t gold from 55.5 meters, including 0.9 meters at 5.7 g/t gold from 60.3 meters and 0.95 meters at 6.3 g/t gold from 63.2 meters, and 3.1 meters at 4.0 g/t gold from 131.0 m, including 1.1m at 9.0 g/t gold from 132.9m.
3. Drill hole KT-035 confirmed the continuity of the polymetallic mineralized zone between the previously reported drill holes KT-007 and KT-021.

"We have now received all results from the Kuittila drilling campaign. Next, we are going to update Kuittila resource estimate, investigate the deeper levels in the area and investigate how the mineralization continues in different directions. The results of the drilling campaign clearly exceeded all our expectations, and we believe the mineralization will significantly increase with actions planned for 2024. We will continue our work towards our target to define >1 M ounce deposit in the Gold Line area" comments Kari Vyhtinen, CEO of the company.

Deep drilling program

The drilling database has been updated and a new resource estimation is being prepared. The resource estimate will be published at a later stage. The updated estimate will include historical drilling information and all results from Endomines drilling campaign completed in 2023.

The company is commencing a deep drilling program at the end of January to test the depth continuations of the gold mineralized zones intersected in the 2023 exploration drilling program at Kuittila. Drilling is testing the area below the known mineralization, at depths of 200 to 400 meters below the surface. The planned depths of the deepest holes are 500 meters down.

Highlights of the on July 24, 2023, September 13, 2023, and October 19, 2023, published exploration results

• Drill hole KT-007 intersected 18.0 meters at 5.0 g/t gold, 173.6 g/t silver, 1.2 % lead, 0.8 zinc, 0.1 % copper and 0.02 % molybdenum
  • Including 4.3 meters at 12.2 g/t gold, 413.4 g/t silver, 3.2 % lead, 2.1 % zinc, 0.3 % copper and 0.01 % molybdenum
  • Including 1.2 meters at 19.8 g/t gold, 481.0 g/t silver, 4.5 % lead, 1.7 % zinc, 0.2 % copper and 0.02 % molybdenum
• Drill hole KT-015 intersected 9.75 meters at 17.4 g/t gold and 0.12 % molybdenum from 84.95 m
  • Including 0.9 meters at 157 g/t gold and 0.05 % molybdenum from 92.8 m
• Drill hole KT-015 also intersected 3.9 meters at 6.7 g/t gold and 0.01 % molybdenum from 38.8 m
  • Including 1.1 meters at 19.7 g/t gold, 0.01 % molybdenum from 40.8 m
• Drill hole KT-023 intersected 5.2 meters at 8.3 g/t gold and 0.02 % molybdenum from 134.9 meters, including 1.0 meters at 37.9 g/t gold and 0.02 % molybdenum from 135.7 m. Abundant visible gold was observed in the drill core
• Drill hole KT-021 intersected a multi-metal mineralized zone with 4.4 meters at 2.08 g/t gold, 84.75 g/t silver, 0.01 % molybdenum, 0.67 % zinc, 0.78 % lead and 0.06 % copper
• Drill hole KT-016 intersected 8.7 meters at 2.3 g/t gold and 0.02 % molybdenum, including 0.8 meters at 14.6 g/t gold and 0.01 % molybdenum

Exploration

The base of the till sampling (BOT) program is ongoing in the Kuittila area. The sampling program concentrates on the areas immediately adjacent to the Kuittila mineralization. Later sampling will continue towards the Korvilansuo deposit. In addition to the deep drilling program, also exploration drilling program will commence in spring 2024, targeting superficial extensions of the Kuittila deposit towards the south, north, and west.

The Kuittila gold deposit was discovered by GTK in 1984. The highest-grade historical gold intersection from Kuittila is in the drill hole M424486R309 which has an intersection of 1.0 m at 19.4 g/t gold. Kuittila has a historical mineral resource of 275 000 tonnes at 2.6 g/t gold, totalling 23 000 oz (GTK 1989). Kuittila is located 25 km south of Pampalo.

The most interesting drill intersections from Kuittila are presented in Table 1 multi-metal intersections from drill holes KT-035 and KT-037 in Table 2, and locations of the new drill holes are presented in the map (Figure 1).

Figure 1: Location map of the 2023 drilling program drill holes collars in relation to existing holes prior to the 2023 drilling campaign and gold concentration in the base of till at Kuittila, Karelian Gold Line.

Table 1: Diamond drilling results 2023 from Kuittila, Karelian Gold Line, Finland

Note: A lower cut-off of 0.4 g/t Au and a maximum 2 m consecutive internal dilution was used for reporting. No upper cut-off grade was applied, and all figures were rounded up. True widths are not yet determined. VG=Visible Gold.

Table 2: Multi-metal assay results for drill holes KT-35 and KT-37 from Kuittila at Karelian Gold Line, Finland

Note: A lower cut-off of 0.4 g/t Au and a maximum 2 m consecutive internal dilution was used for reporting. No upper cut-off grade was applied, and all figures were rounded up. True widths are not yet determined.

Karelian Gold Line

The Karelian Gold Line is 40 kilometres long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometres northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. The Pampalo mine has produced 190,000 ounces of gold at an average grade of 3.6 g/t. Endomines controls 100% of the exploration rights covering over 100 km2 across the Karelian Gold Line.

Drilling technical

All surface drilling has been carried out by KDC Oy, using WL-66 tubes, resulting in a core of 50.5 mm in diameter. Drill hole locations have been surveyed by using mine survey equipment. 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.

Assay and QA/QC procedures

The drill cores have been logged by Endomines own personnel. The drill cores have been cut in half by Palsatech Oy in Kemi prior to shipping to CRS’ laboratory in Kempele. Samples were sent to CRS' laboratory in Kempele for preparation (code PRP-926) and then sent to MS Analytical laboratory in Langley, Canada, where samples were analyzed by methods FAS-111 (Gold), and IMS-230 (multi-element). Gold over 10 g/t was re-analysed with FAS-415.

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.

Competent Person

This statement has been controlled 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 2,000 shares in Endomines.

Endomines Finland Plc

Further information

Kari Vyhtinen, CEO, Endomines Finland Plc

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

Jani Rautio, Head Geologist, Endomines Finland Plc

jani.rautio@endomines.com, +358 50 593 0812

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations focus on gold production and 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. Our vision is to develop the Karelian gold line into one of the most significant and sustainable gold-producing regions in the world. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.