Endomines Finland Oyj

Endomines is a Finnish mining and exploration company focused on gold. The company has a production site in Pampalo, Eastern Finland, and conducts exploration activities along the Karelian Gold Line. Additionally, Endomines holds rights to seven gold deposits in the United States. The company is listed on the main list of the Helsinki Stock Exchange under the symbol PAMPALO.

Endomines is currently producing gold. Aim is to increase production volumes each year and in 2030 take the company into a new level in production (500-700 % growth from 2024). Endomines aims to develop the Karelian Gold Line into one of the world’s most significant responsible gold production areas. The area also contains EU-defined critical mineral, tungsten, and molybdenum. Endomines’ growth is based on utilizing known gold reserves along the Karelian Gold Line and verifying new mineral deposits. Endomines invests in active exploration, bringing new areas into production along the Karelian Gold Line, and promoting sustainability through an ambitious ESG program.

Cash: EURO $2.1M
Debt: EURO $34.2M

Majoe shareholders:

Joensuun Kauppa Ja Kone Oy – 21%

Mariatorp Oy – 14 %

Wipunen Varainhallinta Oy – 14 %

K22 Finance Oy – 4 %

Kakkonen Kari Heikki Ilmari – 3 %

Managemnet ownership – 0,28 %

Management Profile

Kari Vyhtinen, CEO
Kari has been the CEO of Endomines since March 2022. Prior to joining Endomines, Kari was the EVP of New Business at Nordkalk Corporation, leading the M&A, strategy and development activities. Prior to the EVP role, Kari was the COO of Nordkalk leading a function with 20 limestone factories. Nordkalk went through a transformation program with EBITDA improvement of approximately 40 %. Prior to Nordkalk, Kari worked in domestic and international leadership roles.
Kari earned a Master of Engineering from the Technical University of Helsinki and an eMBA from Aalto University in Finland. He started his career in Western Australia.

What is your rationale for taking part in 121 Mining Investment?

Marketing Endomines and sustainably produced Finnish Gold.

What recent news would you like to highlight to investors attending?

Ore Reserves and Mineral Resources: https://storage.googleapis.com/inderes-widgets-prod-assets/endomines/attachments/1eac8db6-1c2f-462f-81ff-4e6d2c1851f7/ore-reserves-and-mineral-resources-2024.pdf

What are your key goals in 3 months, 6 months, 12 months?

3 Months:

We plan to update and launch our new strategy, which includes annual production growth, exploration activities, development of sustainability efforts, and bringing critical minerals into production.

12 Months:

Our goal is to grow every year. This year, we aim to increase our gold production by 12-54 % to 16,000 – 22,000 ounces. Additionally, we aim to significantly increase our gold resources in the Karelian Gold Line this year. Furthermore, we are advancing our work towards sustainable mining in accordance with our ESG-program.

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Key risks are risks related to time schedule in permitting. Endomines has permitted four mines in the area so the company has extensive experience in permitting related issues. This risk is minimised by using the best available advisors and by reserving sufficient times for the tasks. Other key risk is related to fluctuations in gold pricing.

What do you think makes your company such a compelling investment?

1. Strong turnaround and growth underway

2. Growing gold reserves lay the groundwork for future production

3. Pampalo mine – profitable unit and backbone of growth

4. Critical minerals part of the next strategy, ESG at the core – responsible and transparent production

5. Five-year target to increase gold production by 500-700 %

What are the top 3 key investor takeaways?

1. Strong turnaround and growth underway + growing gold market 

2. Growing gold reserves along the Karelian Gold Line 

3. Critical minerals part of the next strategy