Endomines Finland Plc – Stock Exchange Release – December 18, 2023 at 10.00 EET

Endomines reports updated Korvilansuo Mineral Resource estimate: resource increased by 307 %

Endomines reports results from the updated resource estimate completed on the Korvilansuo deposit, at the Karelian Gold Line. The total inferred mineral resource is at 838 kt @ 2.49 g/t Au for 67,200 ounces of contained gold. The new resource estimate includes the results from the diamond drilling completed in 2023.

Highlights

• Updated Mineral Resource Estimate of 838 kt @ 2.49 g/t gold for 67 200 ounces in inferred category at Korvilansuo.
• Korvilansuo resource has increased significantly to 67 200 ounces, representing a 307 % increase from the previous resource estimate of 16 500 ounces in 2012.
• The increased resource is due to follow-up drilling completed in 2013–2015 and good exploration success achieved in 2023, including 15.2 m @ 3.4 g/t gold in drill hole KVS-66 from 18.8 m and 3.8 m @ 8.4 g/t gold from 100.9 m in drill hole KVS-100, both outside the previous resource.
• The mineralisation is still open to the north and east, and at depth, further drilling is planned for 2024.

“Our strategic focus area, exploration, is progressing as planned. This is the first resource update in the Korvilansuo-Kuittila area since 2012, and we achieved a significant 307 % increase in the Korvilansuo gold resource. The exploration results achieved in 2023 will help us to target our future exploration activities into the most promising areas. We see the potential in the Korvilansuo-Kuittila area extremely significant and we will now start working on the Kuittila resource update which will include our 2023 exploration results” says Kari Vyhtinen, CEO of the company.

Competent Person

This ore reserve and mineral resource update has been reviewed 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 2,000 shares in Endomines.

Additional information on Korvilansuo Resource Estimate

• Since the previous estimate, Endomines has drilled 35 holes totalling 3,900 m in the Korvilansuo between 2013 and 2015 and 35 holes totalling 5,077 m in 2003.
• The mineralised lodes extend over a vertical extent of 210 m from the surface (180 m above sea level). Over 70 % of the defined mineralisation is between the surface and 80 m depth.
• The deposit is open towards the north, where KVS-100, drilled in 2023, intersected a previously unknown mineralised zone including 3.8 meters at 8.4 g/t gold from 99.2 m, including 1.1 meters at 20.0 g/t gold from 100.9 m. KVS-66 (2023) intersected a thick mineralised lode, with 15.2 meters at 3.4 g/t gold from 18.6 m, including 1.1 meters at 19.2 g/t gold from 19.7 m and 1.0 meters at 15.4 g/t gold from 32.0 m, near the eastern edge of the known mineralisation, therefore extensions towards the east are not closed off. In addition, the mineralisation is open at depth.
• The previous resource estimate was completed by Outotec (Finland) Plc in 2012. The estimate included 256 000 tonnes @ 2.0 g/t gold for 16 500 ounces. The Korvilansuo area database used in the estimate incorporated 68 holes, for a total of 7936 m.

Table 1: JORC 2012 Mineral Resource Estimate for Korvilansuo as of December 2023

1. High gold assays were capped at 14 g/t Au.
2. A nominal 2.0 m minimum mining width was used to interpret mineralised lodes.
3. Open pit mineral resources are estimated at a cut-off grade of 0.5g/t Au and constrained by optimised pit shell based on an assumed gold price of US$1,850/oz and mining, processing, and G&A costs from the Pampalo operations and transportation ore to the Pampalo mill. Metallurgical recovery for gold is 85 %. The optimised pit shell was created with Whittle by WSP Finland Oy.
4. Underground mineral resources are reported outside an optimised pit shell at a cut-off grade of 1.4 g/t, based on an assumed gold price of US$1,850/oz and mining, processing, and G&A costs from the Pampalo operations and transportation ore to the Pampalo mill. Metallurgical recovery for gold is 85 %.
5. The mineral resource estimate was prepared by Endomines, under the supervision of EurGeol Jani Rautio MSc (Geol) who is a Competent Person in compliance with the JORC Code. The estimate is based on data and information available as of December 2023, and it is prepared in accordance with the 2012 JORC Code.
6. Mineral resources are not ore reserves and do not have demonstrated economic viability and there is no guarantee that mineral resources will be converted to ore reserves. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not be added due to rounding.

Figure 1. Korvilansuo mineral resource and optimized pit shell.

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 are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the United States. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth; an investment that can withstand global political instability. 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 (PAMPALO). www.endomines.com.