Endomines Finland Plc – Stock Exchange Release / Inside Information – 15/2/2024, at 9.00 EET.

Inside information: Endomines exploration update – new Kuittila mineral resource estimate and positive till sampling results from Kartitsa

Endomines reports results from the new mineral resource estimate completed on the Kuittila deposit, at the Karelian Gold Line. The total inferred mineral resource is at 814.7 kt @ 1.88 g/t Au for 49,170 ounces of contained gold. All the results from the 2023 base of till sampling program at Kartitsa have now been received and a significant gold anomalous area recognized.

Highlights

• New JORC 2012 compliant mineral resource estimate of 814.7 kt @ 1.88 g/t gold for 49,170 ounces in inferred category at Kuittila.
• Kuittila resource has increased to 49.170 ounces, representing a 114 % increase from the historical resource estimate of 23,000 ounces in 1990.
• The increased resource is due to follow-up drilling completed in 2023 with good exploration success, including 18.0 m @ 5.0 g/t gold, 173.6 g/t silver, 1.2 % lead and 0.8 % zinc, 0.1 % copper and 0.02 % molybdenum in the drill hole KT-007 and 9.75 m @ 17.4 g/t gold and 0.12 % molybdenum in the drill hole KT-015 (results published on July 24, 2023, and September 13, 2023).
• Drill testing of the Kuittila deep extensions started at the end of January, one rig is mobilized.
• A significant gold anomalous area was recognized in the base of till sampling (BOT) in Kartitsa, in the northern part of the Karelian Gold Line.

“Our exploration team consistently delivers excellent results. The Kuittila resource update increases our resources in the Korvilansuo-Kuittila-Muurinsuo area to almost 150,000 ounces. It has more than doubled, thanks to the 2023 exploration work. Since these deposits are located very close to each other, we now name this area the Southern Gold Line area” says Kari Vyhtinen, CEO of the company, and continues “base of till results at Kartitsa clearly indicate that there can be something very interesting in the area. It is noteworthy that the area with interesting results is approximately 2 km long, which is very significant in size. We will include the Kartitsa drilling campaign in our exploration plan for 2024.”

Kuittila resource estimate

The new estimate for Kuittila is based on 57 diamond drill holes for a total of 8158.6 m drilled in 1985-1987, 2007 and 2023. Endomines drilling in 2023 included 33 diamond drill holes for a total of 5072.1 m.

The mineralized lodes extend over a vertical extent of 213 m from the surface (170m above sea level). The majority of the defined mineralization is between the surface and 80m depth. The average drilling depth is 143 m. The deposit is still open to north, south, west and at depth. There is significant potential to grow current resources by drilling.

The estimate includes high-grade intercept from 2023 drilling reported on July 24, 2023, September 13, 2023, and October 19, 2023, including drill holes KT-007 and KT-015 respectively. The drill hole KT-007 intercepted 18.0 m at 5.0 g/t gold, 173.6 g/t silver, 1.2 % lead, 0.8 % zinc, 0.1 % copper and 0.02 % molybdenum. The drill hole KT-015 intercepted 9.75 m at 17.4 g/t gold and 0.12 % molybdenum. The new mineral resource includes only gold.

A new mineral resource estimate was completed by AFRY Finland Oy. The previous resource estimate was completed by GTK (Geological Survey of Finland) in 1990. The estimate included 275 000 tonnes @ 2.6 g/t gold for 23 000 ounces. The estimate was classified as historical.

Table 1: JORC 2012 Mineral Resource Estimate for Kuittila

Mineral Resource Notes and Assumptions 

(1) The mineral resource estimate has an effective date of January 9^th, 2024. (2) Mineral resources do not have demonstrated economic viability. (3) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (4) High gold assays were capped at 19 g/t Au. (5) Exchange rate used: USD/EUR 0.94. (6) Open pit mineral resources are reported at a cut-off grade of 0.65 g/t Au and constrained by an optimised pit shell (7) Underground mineral resources are reported at a cut-off grade of 0.95 g/t Au. (8) The following economical and operational parameters were used in open-pit optimisation and break-even cut-off calculations: The assumed gold price of US$1,886/oz, Metallurgical recovery for gold 85 %, opex costs were used from the Pampalo process plant and similar sized open pit and underground operations. (9) A bulk density value of 2.74t/m³ was assigned to all materials (ore and waste). (10) Endomines is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.

The Ordinary Kriging method (“OK”) algorithm for grade interpolation was used for the Kuittila Mineral Resource using experimental variogram models created for Au. Samples within the wireframes were composited to 1.0 m intervals. The estimate is based on a block size of 5 m (X)by 5 m (Y) by 5m (Z), with a minimum sub-block size of 1m by 1m by 1m. The block model is rotated 30 degrees around the Z-axis to match the general strike of the main trend of the main mineralised veins.

Competent Person's Statement

The information in this release that relates to Mineral Resources is based on information compiled by Mr. Ville-Matti Seppä, EurGeol, of AFRY Finland Oy and by Mr. Eemeli Rantala, P.Geo, of AFRY Norway As. Mr Seppä and Mr Rantala have sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr. Seppä and Mr Rantala have reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr. Seppä or Mr Rantala own no shares in Endomines Oy.

Kuittila deep drilling

Deep drilling at Kuittila is ongoing. Drilling was started at the end of January 2024 and is targeting deep extensions of the Kuittila mineralized lodes below the new inferred mineral resource reported above. The planned depths of the deepest holes are 550 meters downhole. One drill rig is mobilized by the contractor and the estimated duration of the program is two months.

Base of till sampling at Kartitsa

The Base Of Till (BOT) drilling program completed in the Kartitsa area in 2023 consists of a total of 2062 samples. The BOT drilling concentrated on the contact zone between the Kartitsa granite intrusion and the surrounding greenstones. Sample spacing of 20 and 10 m were used for this program. The spacing between sampling lines varies from 100 to approx. 450 m.

This geochemical sampling led to the identification of a significant base of till gold (Au) and pathfinders (Mo, W, As) anomaly on the western margin of the Kartitsa granitoid, on the contact with a prominent magnetic anomaly. The anomalous area is approx. 2 km long and 500 m wide. Endomines drilled four holes on the Southern tip of the anomalous area in 2022 returning: 2.0 m @ 2.7 g/t gold, including 1.0 m @ 4.0 g/t gold in KA-3.

Figure 1: 2023 Base Of Till samples gold content in relation with the UAV magnetics (Radai, 2018). Background: MML Maastokartta.

All the base of till drilling has been carried out by Moreenityö Mäcklin Oy. A track-mounted rig with percussion drill equipment has been used for the program. The sampling depth varied between 0.7 and 21.0 meters with the average sampling depth being 4.3 meters. The average sample weight was 245 grams. All the samples were examined and logged by Endomines geologists and sent to CRS laboratories Oy in Kempele for preparation (code DRI-060, PSC-999 & PSC-110) and then sent to MS Analytical laboratory in Langley, Canada, where samples were analyzed by method FAS-111 (Au) and IMS-131 (Multi-Element). In the cases of insufficient sample weight, the multi-element analysis was conducted with IMS-130.

A field duplicate has been collected for every 50 samples. Certified reference materials and duplicates are inserted in the sample sequence by CRS Laboratories. Endomines geologists routinely check the quality of the sampling and assay procedure.

Base of till sampling at Kuittila-Korvilansuo

Base of till sampling program is ongoing in the southern part of the Karelian Gold line, in the Kuittila-Korvilansuo area.

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.

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

Jani Rautio, Chief Geologist, 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 US. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming 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.