Endomines

Earnings Release • Dec 10, 2025

Inside Information: Endomines' Ukko Deposit potential strengthens - gold found in nearly every drill hole in the northern area

Inside Information: Endomines' Ukko Deposit potential strengthens - gold found in nearly every drill hole in the northern area

Endomines Finland Plc – inside information – 10/12/2025, at 13:30 EET 

Inside Information: Endomines’ Ukko Deposit potential strengthens: gold found in nearly every drill hole in the northern area

Endomines Finland Oyj reports significant new drilling results from the northern part of Ukkolanvaara, located in the Southern Gold Line area. Earlier this year, the company published promising results from the Ukko deposit, and now the next phase of the drilling project has been completed. Gold has been found in nearly every drill hole in Ukko’s northern section, confirming the exceptionally high potential of the deposit.

The drilling area covers approximately a one-kilometer zone where gold grades have consistently been high. The first results were published on August 29, and the newly received results indicate that the deposit extends across a broad area and contains substantial gold mineralization. This makes the northern section a key target for upcoming resource drilling.

The results also confirm the previously published interpretation that electromagnetic surveys can be used effectively to target gold mineralization within the Ukko deposit area.

Highlights from the latest results of the Ukkolanvaara drilling program:

• Drill hole UKKO-025 intersected:
  • 7.15 m @ 1.40 g/t gold from 213.75 m
    • Including 1.00 m @ 8.05 g/t gold from 213.75 m
  • 6.60 m @ 1.05 g/t gold from 240.85 m
    • Including 1.05 m @ 2.21 g/t gold from 240.85 m
    • Including 1.00 m @ 2.12 g/t gold from 242.85 m
  • 1.00 m @ 2.98 g/t gold from 316.55 m
  • 10.95 m @ 2.96 g/t gold from 336.65 m
    • Including 0.90 m @ 10.90 g/t gold from 340.20 m
  • 2.20 m @ 1.37 g/t gold from 386.25 m
• Drill hole UKKO-024 intersected:
  • 19.05 m @ 1.07 g/t gold from 223.55 m
    • Including 2.60 m @ 4.72 g/t gold from 223.55 m
    • Including 0.80 m @ 3.75 g/t gold from 236.00 m
• Drill hole UKKO-021 intersected: 
  • 1.00 m @ 1.25 g/t gold from 124.20 m
  • 3.90 m @ 1.12 g/t gold from 242.70 m
  • 1.75 m @ 5.59 g/t gold from 258.75 m
  • 4.35 m @ 2.82 g/t gold from 347.85 m
• Drill hole UKKO-020 intersected:
  • 11.95 m @ 1.30 g/t gold from 167.30 m
    • Including 2.15 m @ 3.16 g/t gold from 168.10 m
  • 1.20 m @ 1.89 g/t gold from 191.05 m

“Excellent results in the UKKO deposit area continue. It is exceptional to see so many high-grade gold intersections. We already have an area nearly one kilometer long in the northern part of Ukko where we have consistently encountered high gold grades. Notably, there are no signs of the gold zone coming to an end,” commented Kari Vyhtinen, CEO of the company.

“Based on these results, we have confirmed that gold occurs in association with the iron formation. Furthermore, the size of the iron formation appears to be highly significant. If the phenomenon observed in the northern part is repeated more broadly across the entire deposit, this could turn out to be the most significant gold discovery to date along the Karelian Gold Line. The current exploration results as a whole support this promising and exciting theory,” he continued.

Significant intersections from the Ukko drilling program are presented in Appendix 1, and drill hole locations in Appendix 2.

Northern Ukko drilling program for 2025 completed

Endomines has now completed the 2025 drilling program in the northern part of Ukkolanvaara. The drilling has since moved to other parts of the deposit, where it is currently ongoing. The company drilled a total of 26 holes in the northern part of Ukkolanvaara, with a combined length of 7,561 meters. In addition to the new results mentioned above, the highest grades were found in drill holes UKKO-001, UKKO-002, UKKO-003, UKKO-005, and UKKO-016 (Release dated August 29, 2025).

Highlights from previous results in the northern part of the Ukko deposit:

• Drill hole UKKO-001 intersected:
  • 30.95 m @ 3.28 g/t gold from 45.55 m
    • Including 9.35 m @ 7.08 g/t gold from 48.45 m
  • 20.00 m @ 1.60 g/t gold from 16.20 m
    • Including 1.75 m @ 5.52 g/t gold from 18.95 m
    • Including 3.05 m @ 4.07 g/t gold from 26.90 m
  • 6.30 m @ 2.67 g/t kultaa alkaen 3.35 m
    • Including 1.20 m @ 9.90 g/t gold from 5.00 m
• Drill hole UKKO-002 intersected:
  • 26.25 m @ 1.89 g/t gold from 110.65 m
    • Including 7.00 m @ 4.53 g/t gold from 116.10 m
    • Including 0.90 m @ 6.17 g/t gold from 132.90 m
  • 18.65 m @ 1.75 g/t gold from 144.15 m
    • Including 1.00 m @ 7.50 g/t gold from 149.15 m
    • Including 1.10 m @ 6.31 g/t gold from 159.50 m
  • 12.80 m @1.48 g/t gold from 192.15 m
    • Including 3.20 m @ 3.58 g/t gold from 201.75 m
• Drill hole UKKO-003 intersected:
  • 1.05 m @ 1.27 g/t gold from 154.30 m
  • 1.20 m @ 1.86 g/t gold from 238.05 m
  • 9.10 m @ 4.72 g/t gold from 250.00 m
    • Including 0.85 m @ 17.90 g/t gold from 255.55 m
  • 1,80 m @ 4,17 g/t gold from 279,00 m
  • 0.95 m @ 1.52 g/t gold from 414.10 m
• Drill hole UKKO-005 intersected:
  • 16.70 m @ 1.26 g/t gold from 223.80 m
    • Including 3.95 m @ 3.71 g/t gold from 226.75 m
• Drill hole UKKO-016 intersected:
  • 6.20 m @ 2.93 g/t gold from 80.90 m
    • Including 1.10 m @ 9.36 g/t gold from 80.90 m
  • 5.45 m @ 2.88 g/t gold from 93.25 m

Figure 1: A map of the electromagnetic area, with the square indicating the location of the northern Ukkolanvaara drilling program. Based on the map, extensive electromagnetic anomalies are present along a V-shaped zone approximately 7-8 km in length.

Objective: Denser drill grid and gold resource definition

A total of 44 holes have been drilled in the Ukkolanvaara area, with a combined length of 11,129 meters, of which 28 have been analyzed. The remaining results are expected early next year.

Endomines will continue drilling in the Ukkolanvaara area. Current exploration is focused on the central and northeastern parts of the UKKO deposit, where electromagnetic data indicates significant gold potential. Visible gold has already been observed in two drill holes in the central area. Early next year, the company plans to return to the northern part of Ukko.

“In 2026, our goal is to establish a denser drill grid in the northern area and define the first gold resource for the UKKO deposit. Plans may be adjusted if the results found in the central and northeastern areas are exceptionally good,” says Kari Vyhtinen.

Strategy execution progressing on schedule

Endomines’ exploration strategy based on electromagnetic data has proven effective and now guides drilling at new targets.

“Since September, we have doubled our exploration activity: a renewed exploration facility, a strengthened team, and an increased number of drill rigs have enabled us to raise drilling volumes to 4,000–5,000 meters per month. This acceleration supports our strategic goal to grow mineral resources by 300–400% to 1.5–2.0 million ounces by 2030 and increase annual gold production to 70,000–100,000 ounces around 2030,” Vyhtinen states.

Geology of Ukkolanvaara

Ukkolanvaara is located about 15 kilometers south of the Pampalo mine area. The most intense gold mineralization has been observed in a tightly folded banded iron formation (BIF), where pyrrhotite replaces magnetite bands. BIF-type gold mineralization also occurs in other Archean greenstone belts, such as those found in Australia and Canada. At Ukkolanvaara, the alteration halo surrounding the mineralization consists of chlorite, carbonates, garnets, grünerite, and iron sulfides chiefly pyrrhotite.

Visible gold has been observed in several drill core samples, indicating exceptionally high gold potential. So far, visible gold has been found in 15 drill holes (UKKO-001, UKKO-002, UKKO-003, UKKO-005, UKKO-006, UKKO-009, UKKO-015, UKKO-016, UKKO-020, UKKO-021, UKKO-024, UKKO-025, UKKO-027, UKKO-037 ja UKKO-041).

Drilling & assay technique and quality assurance  

Surface drilling was carried out by MK Core Drilling Oy, using WL-76 tubes, resulting in a core of 57.5 mm in diameter. Drill hole locations will be surveyed after completion of the drilling program. A downhole survey of bearing and dip deviations has been completed with the DeviFlex survey tool. All cores have been oriented with the Reflex ACT3 equipment.

The drill cores were logged by Endomines personnel. The drill cores were cut in half by Palsatech Oy in Kemi before analyses. Samples were prepared at CRS Laboratories Oy in Kempele (method PRP-929) and analyzed at MS Analytical in Canada using methods FAS-111 (gold) and IMS-230 (multi-element). Samples with gold concentrations exceeding 10 g/t were re-analyzed using method FAS-415.

All samples underwent standard QA/QC procedures, including the use of certified reference materials, blanks, and duplicates. Sample preparation, safety, and chemical analyses meet or exceed current industry standards and JORC code requirements.

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.

Further information: 

Kari Vyhtinen  

CEO  

kari.vyhtinen@endomines.com  

+358 40 585 0050  

Jani Rautio  

Chief Technical Officer  

jani.rautio@endomines.com  

+358 50 593 0812  

Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. 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. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.  

The Karelian Gold Line is 40 kilometers long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. Endomines controls extensively exploration rights across the Karelian Gold Line.