Endomines — Capital/Financing Update 2023

May 24, 2023

Endomines prepares to start gold production in Hosko and prepares to increase the production level of the Pampalo underground mine

Endomines prepares to start gold production in Hosko and prepares to increase the production level of the Pampalo underground mine

Endomines Finland Plc - Stock Exchange Release, 24.5.2023, at 12.30 EET

Endomines is preparing to start gold production in the Hosko area, located in
the Karelian Gold Line, in early 2024. Hosko is located about 10 kilometres
North of the Pampalo production site and is the next identified deposit on the
Karelian gold line where gold production will start. Preliminary investments in
infrastructure in the area will start in August 2023, and the production is
expected to start in the first quarter of 2024. Gold ore from Hosko will be
processed at the Pampalo production plant. The company expects Hosko to account
for 10-30% of total production in 2024.

Pampalo underground mine

Endomines' medium-term goal is to increase gold production to 20 000 ounces by
2024. To achieve this, underground production will also be developed further.
Underground production in 60-metre depth intervals will gradually shift to 100
-metre depth intervals; first to 80-metre depth intervals in 2023 and then to
100-metre depth intervals in 2024. The change will require additional investment
in the exploration drilling, the decline tunnel, and the mine infrastructure.

Financing

In order to finance the € 3-4 million investments required for the above
actions, the preparation of a convertible loan financing will be initiated.

"I am pleased to say that the implementation of our strategy is progressing
according to plan, and we have clear steppingstones towards our medium-term
objectives. The free capacity of the Pampalo processing plant allows us to
expand production without significant investment in the plant. The Hosko deposit
strongly supports our objective to shift to open pit mining as much as possible,
in the coming years. The Hosko deposit has been known for a long time, but in
addition, there is still exploration potential in the area," says Kari Vyhtinen,
CEO of the company, and continues, “we are also investing heavily in another
strategic cornerstone - exploration. Therefore, we will prepare external
financing for Hosko and Pampalo investments. In the current market situation, we
believe it makes sense for the development of the company to rapidly move
forward on several fronts." says Vyhtinen.

Endomines Finland Plc

Contact information:

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

Endomines

Endomines is a mining and exploration company with its primary focus on gold.
Endomines is engaged in mining operations at the Pampalo mine in Ilomantsi, and
in exploration activities along the Karelian Gold Line in Eastern Finland.
Endomines also owns rights to several gold deposits in Idaho and Montana, US,
where Endomines aims to continue the development work through partnership
agreements. www.endomines.com

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