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Sustainability Report

CEO's foreword 1
Endomines as a company 2
Sustainability in 2025 3
Sustainability as part of Endomines' strategy 4
Sustainability program 5
Sustainability management 6
Policies and principles 7
Key sustainability results in 2025 8
Environment 9
Climate: Energy and emissions 10
Energy consumption 11
Greenhouse gas emissions 12
Climate risks 12
Water intake and consumption at Pampalo 14
Other environmental monitoring 22
Biodiversity 24
Endomines' mining areas 26
Southern Gold Line development project 30
Mining waste: resource use, circular economy and waste 34
People 37
Occupational safety 39
Job satisfaction and engagement 41
Workplace well-being and occupational health 42
Good governance 46

CEO's foreword

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Sustainability is a central part of Endomines' identity. We focus especially on water management, people, and stakeholder collaboration. Our goal is to ensure that our operations do not diminish the quality of surrounding water bodies, and that we remain a safe, fair, and motivating workplace. We can succeed only by meeting the expectations of the environment and our stakeholders, and by serving as an example of responsible mining.

I am proud of our ambitious sustainability program. Sustainability is our most important strategic focus area—it guides both our current operations and our future growth. Our production growth targets are also highly ambitious,

with long-term operational sustainability at their core. I want us to build mining operations that every one of our employees can be proud of, while simultaneously contributing to the transformation of the industry towards a more sustainable future.

In an industry where investment cycles are long, the ability to anticipate the future is essential. I believe that in the years ahead, only operating models that preserve the natural environment will be viable. That is why we are planning gold production that clearly exceeds current standards. Water is extremely important to Finns, and we want to play our part in protecting Finland's pristine nature.

Our goal is that the quality of treated water is at least equal to that of the natural waters in the surrounding area.

I hope that our values and ambitions are reflected in this report and that we are recognised as a reliable and transparent partner. For us, it is clear that there is only one right way to conduct mining: sustainably and responsibly.

Kari Vyhtinen, CEO, Endomines

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Endomines is a Finnish mining company focused on gold production and exploration. We operate both an underground mine and an open pit in Pampalo and Hosko in Ilomantsi, and conduct exploration along the Karelian Gold Line. In addition to our operations in Finland, Endomines owns rights to four gold deposits in the United States.

Endomines' business model is based on utilizing regional ore potential and exploration, with the aim of securing continuous production and long-term ore reserves. The mined gold ore is processed at the mill located in the Pampalo mining area and delivered for further refining to our customer's gold refinery in Finland. The final products are supplied to the jewelry and electronics industries.

Through its operations, Endomines creates long-term value by transforming natural resources into prosperity — an investment resilient to global geopolitical volatility. The gold we produce enables the technologies of the future today and brings wealth and well-being to Finland. We have Finnish ownership and pay our taxes in Finland. We take responsibility for the environment and for supporting local vitality. Our vision is to develop the Karelian Gold Line into one of the world's most significant and sustainable gold-producing regions.

"We are proudly an Ilomantsi-based mining company."

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Key figures 2025

(Including U.S. operations)

Revenue	45.50 MEUR
Personnel	31 Dec 2025
84	Finland: 80
USA: 4
Balance sheet total	92.30 MEUR
Gold production	517.20 kg
(16,630 oz)

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Sustainability reporting for 2025

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This sustainability report describes Endomines' sustainability progress for 2025. The reporting period is 1 Jan–31 Dec 2025, aligned with the company's financial reporting. Unlike financial reporting, the sustainability report covers only Endomines' Finnish operations.

The report is prepared in accordance with the VSME reporting framework, a voluntary sustainability reporting standard intended for small and medium-sized enterprises. VSME provides a solid basis for meeting stakeholder expectations and prepares us for future regulatory updates. This report includes information relevant to Endomines' material topics according to VSME's Basic (B) and Comprehensive (C) modules. A VSME index is included at the end of the report.

As part of our preparation for EU Corporate Sustainability Reporting Directive (CSRD) requirements—initially expected to apply to Endomines from FY2026—we conducted a double materiality assessment in 2024. According to current regulation, Endomines is outside mandatory CSRD scope due to company size; however, since sustainability is integral to our strategy, we continue systematic reporting and deepen it year by year.

The double materiality assessment, conducted in 2024 and lightly updated in 2025, forms the basis of our sustainability program and serves as a cross-cutting theme for this report. The assessment examined sustainability topics from two perspectives: how Endomines' activities impact people and the environment, and how these topics affect the company's financial performance. Stakeholder perspectives were also considered.

Based on this assessment, the material sustainability topics are climate (incl. energy and GHG emissions), air, water and soil pollution, water use and wastewater effluents, biodiversity, employee health and safety, local communities and stakeholder engagement, and company culture and governance. In line with VSME and continuity principles, we also report on resource use, circular economy and waste management, although these did not rank as material in the assessment.

> “We aim to understand which sustainability topics matter most to those affected by our operations.”

An update of the double materiality assessment will be conducted in 2026, following the revised guidance. Special emphasis will be placed on understanding stakeholder expectations.

Footnote: The report covers the parent company Endomines Finland Plc and its subsidiary Endomines Oy. The head office of Endomines Finland Plc is located in Espoo. The operational activities of Endomines Oy are concentrated in Ilomantsi, North Karelia. A detailed list of mining operations and their locations is provided in page 26 of this report. U.S. operations are excluded unless otherwise stated. The company's industry classification is NACE 07.29: Mining of other non-ferrous metal ores.

Sustainability as part of Endomines' strategy

Endomines published its updated strategy in May 2025. The 2025–2029 strategy focuses strongly on concentrating operations along the Karelian Gold Line, developing Pampalo operations, and pursuing robust growth through exploration and opening new areas. A new strategic focus area is the utilization of tungsten—a critical EU mineral—and molybdenum, alongside gold.

Sustainability is an integral part of the strategy, guiding both current operations and future growth. The sustainability program, approved at the end of 2024, sets long-term direction and priorities.

One of our most significant strategic targets is achieving fossil-free gold production by 2035, which impacts operations' planning, investments, and energy solutions. Water management is another strategic priority:

our goal is to ensure that water discharged to the environment is as clean as natural waters in the area. This requires precise water management, maintaining a closed water circuit, and utilizing innovative treatment methods. Biodiversity protection and mine site restoration are also essential and integrated into full lifecycle planning.

Employee well-being and safety are critical enablers of the growth we aim for. Our target is zero accidents and a skilled, healthy workforce. Interaction with local communities is embedded in the strategy, as expanding operations requires openness and continued trust.

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Sustainability is part of Endomines' management at all organizational levels. The Board sets sustainability targets, while the CEO and management team are responsible for implementation. Sustainability risks are assessed as part of overall risk management. Through these structures and objectives, we ensure that sustainability is not a separate component of the business, but a strategic whole that guides the company's long-term value creation and risk management.

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Endomines

Sustainability program

Endomines' sustainability programme, approved by the Board, includes short- and long-term targets for the sustainability topics identified as material.

CLIMATE

Fossil free gold production on the Karelian Gold Line by 2035
Carbon neutral operations

WATER

Clean discharge waters
Investing in innovative technologies and collaborating with experts

BIODIVERSITY

Identifying natural values and enhancing species' habitats
Continuous restoration of areas taken out of use

PERSONNEL

A safe and pleasant workplace
Zero accident target

COMMUNITY

Trust of the local community
Supporting local vitality and recreational use of nature

GOOD GOVERNANCE

Ethical business practices
Everyone knows how we are expected to act

As part of Endomines' long-term operational plan and the implementation of our strategy, we defined in summer 2025 a sustainability roadmap that guides the work of our sustainability program for the years 2025–2029. The roadmap, approved by the Board of Directors, includes concrete, theme-specific actions that advance progress toward the program’s objectives. These actions are presented in more detail in the thematic sections of this report.

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Sustainability management

The management of sustainability at Endomines is guided by the company's values, our Code of Conduct, and Board-approved policies. In addition, for each key sustainability theme, practical operating principles have been defined—or will be defined—by the management team to guide day-to-day work.

At Endomines, responsible thinking is embedded in leadership, decision-making, and daily operational practices. Responsible conduct and the implementation of the sustainability program do not rely on individual people, but on a clear management model in which every organizational level has defined responsibilities. This ensures that sustainability is not left as mere rhetoric but progresses in a systematic and measurable way.

The Board of Directors approves the sustainability program, sets the targets, and monitors progress according to the company's annual cycle. The Board has two committees—the ESG Committee and the Technical & Safety Committee—that support both the Board and senior management in implementing and overseeing responsible business practices. The CEO is responsible for sustainability as part of executing the company's strategy and reports on progress to the Board.

In 2025, Endomines appointed Chief Sustainability Officer to the management team, with responsibility for the practical implementation of the sustainability program. The management team reviews progress monthly. To ensure smooth and effective implementation of the program, thematic sustainability working groups were established in 2025. These groups consist of key responsible persons and experts for each topic, and external specialists are invited as needed. The working groups convene monthly.

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Sustainability management at Endomines

BOARD OF DIRECTORS

Approves the sustainability program and company-level policies. Monitors sustainability performance regularly according to the annual cycle.

ESG COMMITTEE

Assists and advises the Board on matters related to sustainability and executive remuneration. Supports company management in implementing sustainability-related policies and evaluates needs for policy updates.

TECHNICAL AND SAFETY COMMITTEE

Serves as a general advisory body on technical and safety-related matters.

CHIEF EXECUTIVE OFFICER

Responsible for the sustainability program as part of executing the company strategy. Reports the program's progress to the Board of Directors.

CHIEF SUSTAINABILITY OFFICER

Responsible for the practical implementation of the sustainability program. Reports progress to the ESG Committee.

MANAGEMENT TEAM

Supports the work of the sustainability working groups ensuring sufficient resources for the implementation of the program.

SUSTAINABILITY WORKING GROUPS

Responsible for sustainability work within their respective areas, ensuring smooth progress of the sustainability program. Report on developments to the Management Team.

EMPLOYEES

Develop their own working practices to be more sustainable and contribute to building a responsible working culture. Follow shared guidelines and instructions

Policies and operating principles

Our Code of Conduct defines the fundamental principles of good business conduct that all employees are expected to follow when interacting with one another, with the company's stakeholders and with society and the environment. These guidelines apply to all employees and supervisors, regardless of position or location. Everyone is responsible for their own actions and for complying with the Code. We also expect our business partners, subcontractors, and suppliers to commit to the same principles.

In addition to the Code of Conduct, our operations are guided by Board-approved policies, the related detailed guidelines, and the operating principles approved by the management team.

A full list of Endomines' policies can be found in the Good Governance section of this report on page 47. The operating principles guiding day-to-day activities are presented under the relevant thematic sections throughout this report.

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Sustainability progress in 2025

CLIMATE

Target: Fossil free gold production on the Karelian Gold Line by 2035
Metric: CO₂ emissions, tonnes per ounce of gold produced
2025: 0.74 CO₂ t/oz

PERSONNEL

Target: A safe and pleasant workplace – zero accident goal
Metric: Lost time injury frequency (LTI) per million working hours (rolling 12 months), includes Endomines personnel and contractors
2025: Pampalo LTI frequency 10.8

GOOD GOVERNANCE

Policies and principles supporting sustainability
Operation in accordance with the whistleblowing process

WATER

Target: Water discharged into nature is so clean that it does not degrade surrounding water bodies or their ecosystems
Metric: Recycling rate of water used in the mill process (%)
2025: 100% recycling rate

COMMUNITY

Target: Trust of the local community; supporting local vitality and recreational use of nature
Metric: Purchases from the North Karelia region, million euros
2025: Purchases €7.4 million

BIODIVERSITY

Nature surveys as part of the Environmental Impact Assessment for the Southern Gold Line
Closure planning for the Pampalo mine

Sustainability progress in 2025

The progress of Endomines' sustainability program in 2025 was monitored quarterly using key performance indicators. The development of each topic area is described in more detail in the respective thematic sections of this report.

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Environment

Climate: Energy and emissions

Endomines' long-term goal is to achieve fossil-free gold production along the Karelian Gold Line by 2035. This target guides our long-term development and provides the foundation for reducing the company's climate impact.

Progress towards the target is measured through carbon dioxide emissions (Scopes 1 and 2) generated per ounce of gold produced. Key measures for achieving the target include improving energy efficiency and transitioning to renewable energy sources. We also monitor total emissions across the entire value chain (Scopes 1, 2 and 3).

The 2025 emissions inventory was carried out in accordance with the widely used Greenhouse Gas Protocol ("GHG Protocol"), which improved the coverage and accuracy of the calculations. Due to methodological changes, emissions data from previous years are not comparable with the 2025 results.

CO₂ Emissions/ounce of gold produced

t CO₂e/oz	Scopes 1&2	Q1	Q2	Q3	Q4	Weighted average
2025	Market-based	0.74*	0.71*	0.65	0.88	0.74
2024	Market-based	0.78**	0.67**	0.55**	0.91**	0.72**

Emission intensity figures for Q1 and Q2 of 2025 have been recalculated using the GHG Protocol methodology.
** Due to changes in the calculation methodology, 2024 emission data is not comparable with the 2025 results.

Endomines' emission intensity in 2025 was approximately 0.74 tCO₂e per ounce of gold produced, which is lower than the global industry average (-0.79 tCO₂e/oz). (https://www.spglobal.com/market-intelligence/en/news-insights/research/primary-gold-ghg-emissions-intensities-decline). In contrast to VSME standards, we do not report greenhouse gas intensity relative to revenue, as industry benchmarks are based on production volumes (t CO₂e/oz) rather than the market value of gold. For this reason, revenue-based comparisons are not considered relevant in this report.

In December 2025, Endomines decided to switch to renewable electricity starting from early 2026. This transition will have a significant impact on our greenhouse gas emissions and emission intensity.

The 2025 emissions inventory will serve as the baseline year for the climate transition plan to be developed in 2026. This plan will outline the measures required to reach our long-term climate targets. Our aim is to produce a credible, phased, and actionable plan that supports the company's long-term strategy and meets the expectations of our stakeholders.

As part of the plan, both short- and long-term emission reduction targets will be defined, and progress will be monitored from 2026 onwards.

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CLIMATE

Our target is fossil free gold production on the Karelian Gold Line by 2035.
We operate energy efficiently and use renewable energy.
We commit to being carbon neutral across the entire value chain (Scope 1, 2 and 3).
In 2025: Our CO₂ emissions were 0.74 CO₂ t/oz of gold.
We calculated our emissions in accordance with the GHG Protocol.
We decided to transition to renewable electricity starting in 2026.

Fossil free gold production = A production process that uses no fossil fuels, significantly reducing climate impacts.

Carbon neutral value chain = Emissions from raw material sourcing, manufacturing, transport and distribution are minimised, and remaining emissions are compensated so the net climate impact is zero.

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Energy consumption

Endomines' total electricity consumption in 2025 was 21,642 MWh. Of this, 51% was used at the Pampalo mill, 39% in Pampalo mining operations, 9% at the Hosko and Ramepuro mines, and 1% for employee accommodation.

At the mill, electricity was used for crushing, grinding and pumping tailings slurry to the tailings pond. In mining operations, electricity was consumed by mobile equipment, ventilation, heating, and water pumping. At the Ramepuro open pit, electricity was used for maintaining mine water treatment, whereas in the operating underground mine at Hosko, electricity was needed for mining operations and open-pit water treatment. At Hosko, heating oil is used during the winter months to heat maintenance facilities and the underground mine.

Energy consumption, MWh	Renewable	Non-renewable	Total
Electricity	2,770	18,872	21,642
Fuels	0	9,688	9,688
Total	2,770	28,540	31,330

In December 2025, Endomines decided to switch to renewable, hydropower-generated electricity starting from early 2026. In practice, this means that from 2026 onwards, all electricity used by the company will be 100% renewable in origin.

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Greenhouse gas emissions

The greenhouse gas (GHG) inventory of Endomines Finland Plc has been prepared in accordance with the GHG Protocol Corporate Standard (2004) and the Corporate Value Chain (Scope 3) Standard (2011), covering all Kyoto Protocol greenhouse gases. The calculation is based on the operational control approach, and the organisational boundary includes the parent company Endomines Finland Plc and the Finnish operational activities of Endomines Oy.

The inventory also includes the activities performed by contractors at the mine sites—such as transportation, mining, crushing, maintenance, earthworks, dam construction, drilling, and other mining work. These emissions are fully consolidated into the company's GHG calculations.

Endomines' greenhouse gas emissions consist of direct CO₂ emissions (Scope 1) from the use of mobile equipment and fuels, indirect emissions from purchased electricity and heat (Scope 2) and indirect value chain emissions (Scope 3) from upstream and downstream activities. The largest direct CO₂ emissions originate from the use of mobile equipment. The most significant Scope 2 emissions stem from underground mine ventilation and heating, water pumping and ore crushing and grinding. In 2025, Endomines also calculated—for the first time—our full Scope 3 value chain emissions.

In 2025, Endomines' total greenhouse gas emissions were 26,448 tCO₂e, of which 47% came from direct emissions (Scope 1) and purchased electricity and heat (Scope 2), and 53% from indirect value chain emissions (Scope 3).

Scope 1 (13%)
Scope 2 (34%)
Scope 3 (53%)

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Scope 1 emissions cover fuel consumption in mobile equipment, vehicles and heating, mileage driven by company-owned vehicles, as well as emissions from the use of explosives. The calculation is based on actual fuel consumption and the average blend ratios of the fuels used.

Scope 2 emissions consist of emissions from purchased electricity and heat. At Hosko, the underground mine and onsite maintenance facilities are heated with fuel oil. Electricity consumption at the mine sites has been calculated using residual-mix emission factors, as electricity procurement is entirely based on spot-market electricity. Electricity use by electric and plug-in hybrid vehicles is estimated using mileage data and kWh/km reference values. Emissions from electricity consumption and generation are calculated using both market-based and location-based approaches.

Scope 3 emissions arise from value chain activities, including employee commuting, business travel, waste and waste treatment, as well as transport of concentrates for further processing. The calculation also includes purchased products and materials—such as explosives, raw materials, grinding media, ground support materials and equipment—as well as emissions from consulting, research, drilling and mining services used by the company. Endomines has assessed all Scope 3 categories relevant to its operations. Only the downstream refining of sold concentrates and the manufacturing of gold products have been excluded from the assessment. The company has no leasing or franchising operations.

Climate risks

In 2025, Endomines began assessing the operational risks associated with climate change. The most significant physical climate-related risks are linked to water management at our mining sites, particularly the treatment of process water and runoff, as well as the adequacy of storage capacity during periods of exceptional weather conditions and heavy precipitation. The water balance is continuously monitored, and storage capacity is regularly evaluated. Treatment systems and storage solutions are designed to accommodate both increasing production volumes and updated forecasts of future water levels.

In addition, we are developing new active and passive water treatment methods together with technology partners in the sector to further improve water management and increase operational resilience in changing climate conditions. According to the company's assessment, the identified climate risks can be managed through appropriate planning and control measures, and they are not expected to significantly impair the continuity of operations.

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Greenhouse gas emissions 2025

Scope	Tonnes CO2e
Scope 1	3 355
Scope 2 (market-based) *	8 982
Scope 2 (location-based) *	1 140
Scope 3 upstream	14 111
Category 1: Purchased goods and services	5 901
Category 2: Capital goods	3 754
Category 3: Fuel- and energy-related activities	2 571
Category 4: Transportation and distribution	681
Category 5: Waste generated in operations	63
Category 6: Business travel	19
Category 7: Employee commuting	733
Scope 3 downstream	390
Category 9: Transportation and distribution	390
Total (Scope 1 + Scope 2 market-based + Scope 3)	26 448
Total (Scope 1 + Scope 2 location-based + Scope 3)	18 606

*Emissions from the use and generation of electricity have been calculated using both the market-based and location-based approaches. In the market-based calculation, contract-specific emission factors have been applied to the Espoo office, whereas emissions from electricity consumption at all other sites are based on the residual-mix emission factor, which represents 100% of the market-based Scope 2 emissions.

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Water: Water use and management of water impacts

Endomines' objective for water management is to ensure that water discharged into the environment is clean so that it does not degrade surrounding water bodies or their ecosystems. Achieving this requires maintaining a closed water circuit within the mining area and ensuring the quality of water released from the site. Endomines does not operate in groundwater areas or water-stressed regions.

We maintain a closed water loop in our processing plant, aiming to recycle water from the mine site so that no water needs to be pumped in from outside the site to the mill process. By maintaining internal water recycling we reduce our discharges to the environment.

In 2024–2025, we successfully kept the process water recycling rate at the target level of 100%.

Process water recycling rate (%)

Use of recycled water at the mill	Q1	Q2	Q3	Q4
2025	100%	100%	100%	100%
2024	100%	100%	100%	100%

Overall, water management at Pampalo is based on a closed-loop system in which process water is returned to the mill, while the volume of water released to the environment is minimized and discharged during periods that are favorable for receiving water bodies.

WATER

Our target is that water discharged into nature is so clean that it does not degrade surrounding water bodies or their ecosystems.
We maintain a closed water circulation in our process and communicate openly about the quality of our discharge waters.
We invest in innovative technologies and collaborate with leading experts.
In 2025:
We used 100% recycled water in our mill process.
We defined our water management principles and launched the work of the water management working group.

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Pampalo water intake and use

At the Pampalo mine site, water originates from the dewatering of the underground mine and open pits, as well as from seepage, rainfall and surface runoff from stockpile and operational areas. Water is used at the mill as process water (as grinding and flotation take place in slurry) and for preparing chemicals, and at the mines for drilling, pump seal water, and for washing and cleaning purposes. Domestic water is sourced from a drilled well located within the mining area.

In the mill's closed water circuit, free water from the tailings pond is continuously pumped from a central pontoon pump station to a clarification pond. From the clarification pond, water is pumped back to the mill for reuse as process water.

A portion of the water is discharged as an overflow to a secondary clarification pond and further to the infiltration field, from where the water flows via Riitaoja to the Sivakkojoki river and lake Hattujärvi. Overflow discharges are timed primarily for the spring and autumn high-flow seasons to keep environmental impacts as low as possible and to ensure that pond storage capacity remains sufficient during periods of heavy rainfall.

Water from several sources is directed to the tailings pond, including tailings slurry, mine dewatering water, seepage from waste rock and soil stockpile areas, surface runoff from operational areas, and treated sanitary wastewater. These waters are clarified in mine water settling basins before being pumped to the tailings pond.

Water that seeps through the dams and foundation structures of the tailings pond and clarification pond is collected in seepage ditches surrounding the ponds and routed to a collection basin, from which it is directed to the infiltration field. The quantity and quality of seepage water are monitored regularly.

If necessary, the mine has the capacity to enhance water treatment prior to discharge. Clarification can be improved by increasing retention time; aeration can support nitrogen removal; flocculants can be used to enhance the settling of suspended solids; and pH can be adjusted chemically as required.

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Rain and meltwater, domestic water
Mine and pit dewatering water
Mine water ponds
Pump
Tailings pond
Clarification pond
Seepage water collection pond
Post-clarification pond

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Water intake (m³)

Water intake	m³
Domestic water + mine and pit dewatering*	345,000
Total	345,000

Mine dewatering water does not constitute intentional water abstraction; it consists of surface water (rainfall and snowmelt) entering the mine as well as groundwater naturally discharged from the soil and bedrock.

Water consumption (m³)

Water consumption	m³
Pampalo domestic water + mine and pit water use	Data not reliably available; measurement will be improved in 2026
Process water use at the mill	547,000
Total	547,000

Water management development in 2025

In autumn 2025, a dedicated water management working group was established to define Endomines' water management operating principles and to specify how the sustainability program should be implemented through concrete development projects. The management team approved the water management operating principles and monitored the progress of the sustainability program monthly.

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Endomines' water management principles

Endomines is committed to responsible water management throughout the entire lifecycle of our operations, from exploration to closure and post closure. Our goal is to minimize our impacts on water bodies, protect aquatic ecosystems and support the condition of local waters. We aim to be a frontrunner in water management, working in collaboration with leading experts.

We commit to developing our water management based on the following principles:

Compliance with legislation and permit requirements: our operations meet all regulations and permit conditions related to water management.
Risk management and preparedness for exceptional situations: we identify water related risks and prepare proactively for exceptional conditions. We also consider the impacts of climate change, such as increased rainfall and periods of drought.
Clean discharge waters: we ensure that water discharged from our mining areas meets environmental standards and does not degrade the condition of water bodies or ecosystems.
Continuous water quality monitoring: we monitor the quality of our discharge waters in real time and respond to deviations.
Closed water circulation: we minimise the intake of raw water and recycle our process water as efficiently as possible.
Innovative solutions and expert cooperation: we develop new innovative technologies in collaboration with water management experts, research institutions and authorities.
Stakeholder engagement and consultation: we engage with local stakeholders, document feedback and take it into account in the development of our water management.
Ensuring competence and resources: we ensure that water management tasks are carried out safely and that employees receive the necessary training. We secure adequate resources for effective water management.
Transparency and responsibility: we publish our water management principles and results openly and ensure that stakeholders have access to essential information.
Continuous improvement: we regularly assess the state of our water management and update our water management plans accordingly.

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Concrete measures to improve water management in 2025

During autumn 2025, water management at the Pampalo site was strengthened by constructing new seepage ditches around the tailings area and building a new seepage collection pond. In late 2025, a new continuously operating monitoring well was installed to track seepage water quantity and quality. This system enables real-time automated monitoring of water acidity, flow rate, turbidity (suspended solids) and electrical conductivity (indicative of dissolved metals, especially sulfate and chloride). To support internal sampling and monitoring, a handheld field meter was also acquired.

Preliminary design work for a woodchip-based bioreactor for nitrogen removal began as part of the sustainability program. This natural, woodchip-driven process reduces nitrogen levels in water and helps minimize long-term nitrogen impacts on surrounding water bodies. Other emerging water treatment technologies, such as those for sulfate removal, were also evaluated.

Water discharges

Water discharged from the mining areas is monitored at several monitoring points. Water quality is monitored in accordance with the monitoring program approved by the environmental authority. An external certified sampler takes samples primarily on a quarterly basis, and the samples are analyzed in a certified laboratory. In addition, we take our own monthly water samples and send them for analysis to an external laboratory. Weekly samples are collected and analyzed in our on-site laboratory.

Obligatory monitoring related to mine water management is reported to the supervising authority, which in 2025 was the Centre for Economic Development, Transport and the Environment for North Karelia (ELY Centre) and, from the beginning of 2026, the new national Permitting and Supervisory Authority. Reporting is also carried out for any water-management-related exceptional events.

Recovery of Minerals from Process Water Using Alchemist Technology

In 2025, Endomines piloted Sofi Filtration's chemical-free Alchemist filtration system at the Pampalo concentrator to enhance mineral recovery from process water. The pilot demonstrated that the system could capture up to 99% of the fine gold concentrate particles present in filtrate water, improving both resource efficiency and water quality.

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Surface water monitoring

Discharged waters and seepage waters from the Pampalo area are subject to environmental permit limits, which are monitored at three official control points.

The monitoring results are presented in the Water discharge results 2025 of this report. In addition, monitoring results required under the environmental permits for Hosko and Ramepuro are reported.

In addition to load monitoring of mine water discharges, impact monitoring is conducted to assess the effects of mining operations on nearby water bodies. The samples are analyzed for a broad set of parameters, including water quality (e.g. pH, temperature, electrical conductivity, suspended solids), nutrient loading and metal concentrations. In the case of lake Hattujärvi, the chemical-biological status of the water is also monitored twice a year.

Hattujärvi monitoring

The ecological status of lake Hattujärvi has been classified as excellent (3rd Water Management Cycle), based on physical-chemical water quality and studies on phytoplankton, periphyton, aquatic plants, fish populations and littoral and profundal benthic fauna. The aquatic ecosystem, vegetation and ecological functioning remain close to natural conditions, and monitoring has shown no significant changes attributable to the Pampalo mine.

The lake's chemical status is classified as worse than good, as in many Finnish inland lakes, due to mercury and brominated organic compounds exceeding the environmental quality standards. Mercury enters water bodies through long-range atmospheric transport, air pollution and natural sources such as forested areas and runoff from peatlands.

Groundwater monitoring

Groundwater quality in the Pampalo mining area has been monitored at four groundwater monitoring wells since 2011. At the Rämepuro and Hosko mines, groundwater monitoring has been conducted since 2012.

In 2025, Endomines enhanced groundwater monitoring at Pampalo by installing 11 new groundwater wells during 2025. These wells allow for more detailed monitoring of groundwater impacts from the tailings area and other mine site activities (such as the waste rock storage area). Additional wells were also installed to monitor regional natural background concentrations. Groundwater modelling to be conducted in 2026 will provide more detailed information on groundwater impacts at the mine site.

Endomines' mining operations are not located within classified groundwater areas. The nearest classified groundwater areas have achieved their quantitative and chemical status objectives.

Water discharge results in 2025

Pampalo

In the Pampalo mine area, load monitoring is carried out both on the discharge ditch and on the waters being released. The water in the discharge ditch consists of seepage and rainwater flowing from the tailings pond and the clarification pond through seepage ditches. In 2025, the pH of the discharge ditch remained neutral to slightly alkaline throughout the year (pH 7.0–7.4). Total phosphorus concentrations corresponded to nutrient-rich waters, while nitrogen compound concentrations showed a declining trend over the course of the year. Metal concentrations were low or below the limit of quantification, and arsenic and nickel levels remained well below the permit limits. In 2025, new seepage ditches were constructed around the tailings pond to direct seepage water to a collection basin where it can be treated if necessary.

The water discharged from the post-clarification pond through Riitaoja towards Lake Hattujärvi was nutrient-rich and saline. The pH values of the discharged water ranged from slightly alkaline to alkaline (pH 7.3–8.7). Metal concentrations in the discharge water were low or below the limit of quantification. The concentrations of suspended solids, nickel and arsenic, as well as the pH values, complied with the permit conditions.

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The discharge of clarified mine water toward Lietoja in spring 2025 was related to an exceptional situation during the flood season. The water contained high levels of suspended solids, and the pH indicated alkalinity. Total phosphorus concentrations correspond to extremely nutrient-rich waters. Nitrogen compounds and sulfate concentrations were elevated. The suspended solids concentration clearly exceeded the permit limit, while nickel and arsenic concentrations and the pH complied with the permit conditions. During the year, the pump transferring water from the mine water basins to the tailings pond was replaced with a more powerful one, which is expected to reduce the need for discharges toward Lietoja during future flood seasons.

The pumping of Lietojanlampi continued in spring 2025 in accordance with the agreement with the North Karelia ELY Centre. The volume of pumped water was small, but the limit value of 20 mg/l for suspended solids was exceeded. Based on its water quality, the water in Lietojanlampi is typical of Finnish surface waters influenced by humus, and no impacts from mining-affected waters can be detected in the pond. The Regional State Administrative Agency for Eastern Finland granted a permit for the drainage of Lietojanlampi in November 2025, although the permit is not yet legally binding. Pumping operations will cease once the pond has been fully drained.

Emission source	Water volume m³	Suspended solids	As mg/l	Ni mg/l
Emission Limit Values		20 mg/l	0,2 mg/l	0,5 mg/l
Discharge ditch	50 246	0.8	0.0009	0.007
Discharge water towards Riitaoja	81 294	6.0	0.005	0.006
Discharge water towards Lietoja	17 690	49.0	0.008	0.042
Drainage of Lietojanlampi into Lietoja	3150	55.3	0.008	0.042

Hosko

The concentrations measured in the discharge water from Hosko remained below the permit limits throughout 2025, with the exception of nickel. The nickel concentration exceeded the quarterly average limit during the final quarter of the year. The exceedance was caused by temporary technical challenges in adjusting the water pH due to cold weather conditions.

The pH of the discharged water varied between 4.1 and 9.1 during 2025. At the end of the year, we implemented corrective measures that brought the pH back to the target range. This will also support the control of nickel concentrations. In early 2026, a continuous automatic monitoring system was introduced to regulate the water pH. In addition, we now pre-treat the seepage waters from the waste rock area separately before directing them to the water treatment process.

Hosko, discharge water	Water volume m³	Suspended solids mg/l	As mg/l	Ni mg/l
Emission Limit Values		20 mg/l	0,2 mg/l	0,5 mg/l
Q1	6 306	6.60	0.0112	0.490
Q2	15 330	3.10	0.0067	0.473
Q3	6 755	5.20	0.0016	0.350
Q4	12 085	3.60	0.0294	1.533

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Râme puro

At the Râme puro satellite sit, where operations are currently suspended, statutory monitoring required by the environmental permit is carried out in accordance with the approved monitoring program. In 2025, the concentrations of arsenic, nickel, total nitrogen, sulfate and suspended solids in the water discharged from the area remained below the limit values set in the environmental permit and complied with all permit requirements. The pH of the discharge water fell below the permit-defined lower limit of 5.4 on one sampling occasion. Calcium hydroxide was used as needed throughout the year to adjust the pH.

Râme puro	Water volume m3	Suspended solids mg/l	Total N mg/l	SO4 mg/l	As mg/l	Ni mg/l
Emission Limit Values		30 mg/l	25 mg/l	1000 mg/l	0,5 mg/l	0,5 mg/l
Annual emission 2025	184 810	2.3	0.3	47	0.025	0.04

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Fisheries monitoring

In 2025, a joint fisheries monitoring program was carried out for Endomines' Ramepuro mine and Neova Oy's Iljansuo peat production area in Lake Ilajanjärvi and the Ilajanjoki river. The monitoring shows that the overall status of fish populations downstream of the Ramepuro mine and Iljansuo area remains stable, although natural characteristics of the environment—particularly high humus content and low pH—limit fish productivity and influence species composition.

Test fishing in lake Ilajanjärvi showed perch to be clearly the dominant species, accounting for 84% of the catch by number and 63% by biomass. The 2025 results indicate a normal population structure, with the 2024 year class being exceptionally strong. The proportion of cyprinids remained low, supporting the lake's ecological classification as good for a humic water body. Vendace—a species sensitive to water quality—was also recorded, further confirming the lake's good ecological condition.
Overall fish productivity in the lake is low relative to nutrient levels. The naturally high humus content and periodically low pH reduce spawning success and primary production, particularly for cyprinid species. These factors are inherent to the catchment, and the effects of mining and peat production are interlinked, making it impossible to separate their individual contributions.
Electric fishing in the Ilajanjoki river yielded no fish at any of the three sampling sites. This is consistent with observations from previous years, as the river's fish fauna has long been very sparse. In 2025, water temperatures were low, and lake-dwelling fish likely moved to deeper areas. Species typical of flowing waters, such as brown trout or bullhead, were not observed, indicating poor ecological status. Contributing factors likely include the catchment's natural acidity and humic load.
Mercury concentrations in perch remained mostly below EU limits: four out of five examined individuals were below the threshold, and one slightly exceeded it (0.54 mg/kg). The individual exceeding the limit was the largest in the sample, consistent with the known age- and size-dependency of mercury accumulation. Mercury levels are typically elevated in humic waters, but the values observed here are considered normal for the region's water bodies.

The 2025 monitoring confirms earlier findings: The fish population in lake Ilajanjärvi is healthy and the lake's ecological status is good, while the fisheries status of the Ilajanjoki river is poor and strongly influenced by the catchment's natural acidity and humus conditions. No deviations were observed that would indicate significant changes attributable to Endomines' operations.

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Other environmental monitoring

In addition to monitoring the impacts on water bodies, Endomines conducts operational monitoring specified by the environmental authority, covering—for example—the volume of ore and waste rock mined, the use of chemicals and waste generation. All monitoring results are submitted to the authority supervising the environmental permit, which in 2025 was the North Karelia ELY Centre (and, from the beginning of 2026, the new national Permitting and Supervisory Authority), as well as to the environmental authorities of the municipality of Ilomantsi. The results are reported as part of the annual reporting required under the environmental permit.

All measurements, sampling and analyses are carried out in accordance with relevant standards (CEN, ISO, SFS, or other equivalent national or international standards commonly in use) or using methods approved by the supervising authority.

In addition to statutory monitoring programs, Endomines conducts voluntary monitoring related to, for example, soil quality, waste areas, air quality, and noise and vibration.

Monitoring of the tailings area

During summer 2025, several sampling campaigns were carried out to study the properties and long-term behavior of the Pampalo tailings material, the quality of seepage waters and their environmental impacts, as well as the performance of the infiltration field.

Key findings:

The tailings material is not acid-generating. It contains a high amount of neutralizing minerals—especially carbonates such as calcite and dolomite—and only small amounts of acid-generating sulphides such as pyrite and pyrrhotite.

Covering of the ore stockpile

In autumn 2025, a new shelter was constructed over the interim ore stockpile at the Pampalo mine site to improve working conditions and site cleanliness. The structure significantly reduces dusting from the stockpile and supports Endomines' sustainability and occupational safety objectives. The project made extensive use of local companies for design, earthworks and steel structures.

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The infiltration field continues to provide treatment capacity, and metal concentrations in discharge waters are low.
Impacts from seepage waters are limited to the immediate vicinity of the tailings area.

Air quality monitoring

In 2025, voluntary air quality measurements were conducted near the Pampalo mine as part of impact monitoring. The measurements lasted for approximately one month and were carried out during normal mining operations.

Key findings:

No exceedances of daily limit values for particulate matter (PM₁₀ and PM₂·₅) were observed (Government Decree 79/2017). Metal concentrations measured at residential locations were low and below both limit and target values.
Short-term spikes in particulate concentrations were observed in hourly measurements. On the mine site, particulate levels were elevated particularly during weather conditions favorable to dust generation—such as dry air and moderate to strong winds. To reduce dust emissions, the ore stockpile was covered in autumn 2025.

Noise and vibration monitoring

Noise and vibration monitoring is also conducted in the Pampalo area on a voluntary basis or at the request of the supervising authority. The most recent noise monitoring campaign was carried out in 2024 at the mine site, a nearby recreational area and the closest residential property. Based on the measurements, mining operations at Pampalo do not cause significant noise impacts on the surrounding environment and do not exceed regulatory noise limits. No noise or vibration monitoring was conducted in 2025.

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Biodiversity

Biodiversity is a central component of Endomines' environmental responsibility. Mining activities inevitably alter land use and ecosystems, which is why we aim to identify, assess and manage biodiversity impacts throughout the entire lifecycle of our operations—from exploration to mine closure.

We work systematically to identify ecological impacts, minimize them, and support the development of habitats for local species. Biodiversity surveys are conducted as part of environmental impact assessments during the planning of new operations. In addition, we promote the restoration of areas taken out of use already during active mining. This is incorporated into operational planning and into the continuously updated closure plans for our mines.

In 2026, our objective is to develop a comprehensive plan for our nature-related work. The plan will further define our goals and the actions to be taken in the coming years.

Land use

Endomines operates in North Karelia along the Karelian Gold Line, a zone approximately 40 km long and 5 km wide within the municipality of Ilomantsi. Active mining operations are in Pampalo and Hosko, and previously in Ramepuro. Our processing plant is in Pampalo, where the gold concentrate is produced from the ore we mine. In addition to mining, the company conducts active exploration along the Karelian Gold Line.

Mining areas, exploration permits and exploration reservations in 2025:

Endomines' mining areas: 582 ha (2024: 549 ha)
Exploration permits: 11 437 ha (2024: 10 406 ha)
Exploration reservations: 7090 ha (2024: 7629 ha)
Open exploration permit applications: 27 797 ha (2024: 19 306 ha)
Area under new zoning (Southern Gold Line): 8424 ha (2024: 3877 ha)

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BIODIVERSITY

Our goal is to protect and enhance biodiversity.
We work systematically to identify the biodiversity impacts of our operations, to manage harmful effects and to improve habitats for species.
We aim to begin the restoration of areas taken out of use already during active mining operations.
In 2025:
We continued nature surveys as part of the Environmental Impact Assessment programme for the Southern Gold Line.
We initiated the update of the Pampalo area closure plan.

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Exploration reservation: A reservation allows preparatory planning for exploration before applying for an exploration permit. Any actual fieldwork affecting the terrain requires an exploration permit.

Exploration permit: A permit granting the right to investigate geological formations and assess the economic potential of a deposit. It does not grant the right to exploit the deposit; a separate mining permit is required for that.

Mining permit: A permit granting the right to extract minerals and conduct mining operations in a defined area. A mining permit is issued once an economically viable mineral deposit is confirmed. Additional permits—such as an environmental permit, water permit and mining safety permit—are also required.

Mining area: An area for which a mining permit has been granted and where mining operations may be conducted.

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Endomines' mining areas

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Endomines holds valid mining permits for the Pampalo, Hosko, Ramepuro, Muurinsuo and Kuivisto areas. Of these, only Pampalo and Hosko are currently in active operation. Ramepuro is in care-and-maintenance status, and the other areas have not been taken into use.

Area	Area (ha)	Operational status	Address	Coordinates / geolocation
Pampalo	329 (2024: 296 ha)	In operation, environmental permit valid	Pampalontie 11, FI-82967 Hattu	N=6991042.471, E=715557.639
Hosko	64 (no changes)	In operation, environmental permit valid	Kartitsantie 1, 81470 Naarva	N=7000577.993, E=710818.815
Ramepuro	61(no changes)	Care and maintenance, environmental permit valid	Hatuntie 347, 82967 Hattu	N=6981507.061, E=716395.451
Pampalo NW	61(no changes)	Not in operation
Kuivisto	43 (no changes)	Not in operation
Muurinsuo	24 (no changes)	Not in operation
TOTAL	582 (2024: 549 ha)

Ongoing permitting processes in the Pampalo mining area in 2025

Amendment to the Pampalo mine's environmental permit: tailings dam heightening. The application has been publicly announced, but the permit decision has been postponed to 2026.
Expansion of the Pampalo mining concession: enables deepening of the underground mine, which will also require an amendment to the environmental permit.
Water permit application: draining of Lietojanlampi. The permit has been granted but is not yet legally binding.

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Biologically sensitive areas and natural conditions

Endomines has no operations within Natura sites, nature reserves, areas designated for conservation, or in their immediate vicinity. The mining areas are also not located on classified groundwater areas.

The closest conservation area to the Pampalo mine is the Koitajoki Natura site, which includes the Koivusuo Strict Nature Reserve. The mine area is located to the west of the Natura site, at a minimum distance of approximately 1.2 kilometers. The closest sections of the Natura area are also part of the old-growth forest conservation program (Raiskionaho).
There is no hydrological connection between the Pampalo mine area and the nearest classified groundwater areas; therefore, the mine has no impact on them. The quantitative and chemical status objectives of the nearest groundwater areas have been achieved. Based on terrain map assessments, no springs are located within the Pampalo area.
During the 2025 field season, nature surveys were carried out in and around the Pampalo mining area. No flying squirrels or great crested newts were detected. In the breeding bird survey of the tailings pond area, nine bird species were observed breeding, foraging or resting, of which five were classified as species of interest.
The most significant nearby vegetation sites include two old-growth forest areas, naturally preserved sections of peatlands, and a natural brook. In addition, the protected plant species Platanthera bifolia (lesser butterfly-orchid) was recorded in the area.
Observations of threatened and near-threatened polypores, mosses and insects were made in the vicinity of the Pampalo mining area, as well as findings of the vulnerable species Dactylorhiza traunsteineri (narrow-leaved marsh orchid) and Antrodia infirma (a rare polypore species).

The Pampalo area is included as one of the alternatives in the Southern Gold Line development project, for which an environmental impact assessment (EIA) is currently underway. During the process, the potential impacts of the planned operations on identified nature values and the measures to mitigate adverse effects will be thoroughly assessed. The project's impacts on the Koitajoki Natura site will be evaluated as part of the EIA report.

Impacts of current operations on biodiversity or ecosystems are managed through monitoring required under the environmental permit and complemented by voluntary studies.

Closure planning and rehabilitation

The closure of mines in Finland is regulated by mining and environmental legislation, as well as EU guidelines. Closure is also guided by best practices, experience gained through studies and testing, and applicable quality and environmental standards. Our principle is that, once operations cease, mine areas are restored to a physically, chemically and biologically stable condition.

In line with our sustainability programme, closure measures are planned and implemented wherever possible already during active operations. In practice, this means that areas taken out of use at the mine site are rehabilitated and landscaped before mining activities in the area have fully ended.

In 2025, we initiated a comprehensive update of the closure plan for the Pampalo area. The plan examines, among other things, the long-term objectives and principles for mine closure, the decommissioning of mine structures and infrastructure, the closure of the open pit and underground mine, and the covering and stabilisation solutions for waste rock and tailings areas. The plan also assesses water management solutions for both the closure and post-closure phases, the restoration of soil and natural environments, landscaping work, and potential future land use. The plan further includes an evaluation of environmental and safety risks—such as acid mine drainage and geotechnical risks—along with closure cost estimates, financial guarantees, and the phasing, scheduling and arrangements for post-closure monitoring. The closure plan, partly based on calculated assessments, will be completed in spring 2026.

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Management of environmental impacts of ore exploration

Responsible exploration begins well before any drilling equipment enters the field. Planning avoids sensitive areas from the outset. No permits are applied for in nature conservation areas, and activities near Natura 2000 sites are avoided whenever possible. In peatland areas, work is scheduled for winter, allowing drilling to take place on snow cover, leaving only minimal traces in the terrain.
Exploration permitting is managed through Tukes, during which experts from the national Permitting and Supervisory Authority assess the environmental and nature values of the area. These assessments guide permit decisions. Landowners also have an opportunity to express their views during the permitting process.
In field operations, responsibility means clean work practices, strict oversight and clear operating principles. Drilling is the most intensive stage of exploration, and particular attention is paid to its environmental impacts. All drilling contractors working for Endomines are committed to leaving no litter in the field, and any felled trees are collected into neat piles. Damage to trees is documented, and landowners are compensated according to predefined criteria. Drill cuttings are collected and transported to the Pampalo mine for handling as extractive waste. Every drill hole is properly sealed after drilling is completed.
Drilling rigs always carry oil-spill response equipment, and the equipment and safety measures are checked during regular weekly inspections. These inspections include verifying the availability and condition of spill-response materials, personal protective equipment, and first-aid readiness.
Drilling water is sourced from existing drill holes or ditches whenever possible, and water is not taken from natural springs or other sensitive water bodies. Water lines may run for several hundred meters if necessary to avoid the most sensitive sites.
Technological solutions support responsible exploration by reducing the need for field movement. In addition to traditional till sampling, Endomines uses lightweight shovel-based soil sampling and the innovative ionic leaching method, which provides highly sensitive analytical data with minimal environmental footprint.
Drone surveys have replaced part of the earlier field measurements, and geophysical surveys are increasingly conducted using existing drill holes. The aim is to further reduce the need for drilling in the future through data-driven geological modelling.

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Southern Gold Line development project

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Southern Gold Line development project

Endomines is planning new mining operations in the Southern Gold Line area. Active exploration is currently underway, along with habitat and species surveys, groundwater and surface water monitoring, and benthic fauna studies conducted as part of the Environmental Impact Assessment (EIA) process. The EIA programme for the project was submitted to the Permitting and Supervisory Authority in February 2026. The zoning process will also progress during spring 2026.

Project area expansion

Due to exploration discoveries made in 2025, the project area has expanded beyond what was previously reported. The area subject to zoning has increased from 3,877 hectares to 8,424 hectares. The expanded area includes the villages of Lehtovaara, Naurisvaara, Kuittila, Leppärinne, the western part of Koivuvaara, Raiskio, Ukkolanvaara, Korentovaara and Välivaara, and is located in a region where Endomines already holds the Muurinsuo mining area as well as several valid exploration permits. The broader project boundary enables a more comprehensive assessment of environmental and land-use impacts. This helps align mining activities with other local uses such as housing, recreation, forestry and nature conservation. Although the zoning area is extensive, the final mining area will be significantly more limited.

In addition to gold, the goal is to mine tungsten and molybdenum

The ore to be mined contains primarily gold, but also tungsten and molybdenum. Based on current mineral resources, the total planned extraction is approximately 46 million tonnes of ore and 86 million tonnes of waste rock. The estimated annual mining rate during operations is 1.5–3 million tonnes of gold ore, plus approximately 1 million tonnes of tungsten–molybdenum ore.

Ore processing would be carried out either by expanding the existing Pampalo mill or by constructing a new concentrator in the Southern Gold Line area. The resulting concentrates would include gold, tungsten, molybdenum and iron concentrates. Tailings would be deposited in new tailings storage areas built near the mill. An additional tailings facility is also planned for Pampalo to ensure continuity of existing operations.

Six development alternatives

The EIA process evaluates six alternatives that differ in the placement of the concentrator and tailings facilities. The alternatives include expanding the Pampalo mill, constructing a new concentrator at different deposit locations, and transporting ore either by truck or by conveyor. Final technical solutions for mineral processing will be refined based on process tests conducted in 2026. Water management is central to both mining and processing operations. Most water generated at the mine sites would be recycled as process water, and excess water would be treated before discharge. The potential receiving water bodies for treated discharge are Lake Ilajanjärvi and Lake Nuorajärvi, both of which could also serve as sources of raw water. The objective is to ensure that water discharged from the mine is clean enough not to adversely affect surrounding water bodies.

Environmental impacts will be carefully assessed

In the second phase of the EIA, an Environmental Impact Assessment report will be prepared based on the EIA program, stakeholder comments and the extensive studies conducted. The report will present the project's environmental impacts, their significance, a comparison of the alternatives and measures to mitigate adverse effects.

Assessment work will focus on impacts considered significant or potentially significant, including effects on soil and bedrock, groundwater, surface waters, traffic, people, recreation and living conditions, and land use. Other potential impacts will be identified through studies, stakeholder meetings, consultations and expert evaluations. The assessment will be based on existing data and on project-specific studies conducted during the EIA process.

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No conservation areas within the project area

There are no Natura 2000 areas or nature conservation areas within the Southern Gold Line project area, nor in its immediate vicinity. The nearest is the Valkeajärvi ridge area, located approximately 4 km to the northwest, protected under the Habitats Directive. To the southwest, about 4.5 km from the project area, lies the Puohtiinsuo Natura area, also protected under the Habitats Directive. Valkeajärvi is part of the national esker conservation program, and Puohtiinsuo is part of the mire conservation program. Protection has been implemented through private and state conservation areas.

Adjacent to the southern boundary of the project area lies the Ölkönaho and Olkkola nature reserves on both sides of Ölkönpuro stream. Approximately 300 metres east of the project area is the Levälammi nature reserve. Between the project area and the Valkeajärvi Natura site, about 1.3 km from the project boundary, is the Kaitalammi HELMI conservation site, part of the mire conservation program extension.

To the west of the project area, across Hatuntie, is the Rahesuo nature reserve, which is also listed as a regionally valuable bird area (MAALI: Rahesuo–Ilajansuo–Valkeasuo), due to its importance as a gathering, moulting and breeding site for bean goose and various waders.

No conservation areas lie along the planned alignments of the process water pipelines or ore transport routes. There are also no nationally valuable geological formations, such as moraine formations, boulder fields or coastal deposits, within or near the project area. The only nearby geologically valuable site marked in the North Karelia regional plan (2040) is the Kaidanlammi esker area (ge-1 designation), located just northwest of the project boundary.

The impacts on conservation areas are assessed in the EIA report as an expert evaluation based on project modelling, other impact assessments, and the nature values of the protected areas.

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Nature surveys conducted in 2025

In the Southern Gold Line mining project area, extensive habitat and species surveys were carried out in 2024 and 2025 as part of the EIA procedure and the partial master planning process. The surveys covered, among other things, birds, mammals, amphibians, bats, various insect species, as well as vegetation and habitat types. The field surveys were conducted by AFRY Finland Oy and Albus Luontopalvelut Oy.

Key findings from species surveys

Otter, flying squirrel and great crested newt: No observations were made, and there are no previous concentrated records from the area.
Bats: Two common species - northern bat (Eptesicus nilssonii) and Daubenton's bat (Myotis daubentonii)-were observed. No significant breeding, resting or foraging areas were identified.
Birds: A total of 49 bird species were recorded, 25 of which are of conservation interest. The bird community mainly comprises typical forest species. No particularly valuable bird habitats were identified, and no capercaillie lekking sites were found within the project area.
Insects: Two dragonfly species strictly protected under the Habitats Directive and two diving beetle species were observed in the ponds located within the area.

Vegetation and habitat types

Forests in the area are primarily commercial forests, with mature and young pine-dominated stands being common.
The project area contains only limited spruce- or deciduous-dominated forests, natural forests, or nutrient-rich habitats.
The area includes extensive undisturbed peatlands and naturally preserved small water bodies.

In the nature surveys, natural small water bodies protected under the Water Act (Chapter 2, Section 11) (class 1), several extensive and natural peatland complexes (class 2), and other biodiversity-supporting sites (class 3) were identified and delineated. These include, among others, vulnerable habitat types such as cotton-grass bogs, dwarf-shrub bogs and sedge fens.

Based on the conducted surveys, the project area consists largely of commercial forests and drainage-modified peatlands whose biodiversity values are mostly typical. The most valuable sites are the natural small water bodies and the undrained open peatlands. Species of conservation interest were observed particularly among bird species; however, no key species-specific core areas or ecological nodes requiring special additional measures at this planning stage were identified. The most significant biodiversity value in the area is the habitat of strictly protected dragonfly and diving beetle species.

All habitat and species surveys will continue in 2026 in the areas that have not previously been included in the survey coverage.

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Extractive waste: resource use, circular economy and waste management

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Extractive waste: resource use, circular economy and waste management

Extractive waste is generated as a by-product of mining activities and may contain various minerals and substances that require proper handling to protect the environment. The key types of extractive waste are waste rock and tailings. At Pampalo, both are predominantly non-acid-forming, meaning they do not naturally produce environmentally harmful acidic drainage. Nevertheless, their storage, handling and potential utilization require careful planning and monitoring to prevent environmental impacts and to ensure long-term safety. The management of extractive waste is directly linked to the sustainable use of resources, the implementation of circular economy principles and the proper treatment of waste, making it an essential part of responsible mining operations.

To date, waste rock has been utilized on the mine site for road maintenance, for supporting embankments in dam structures, and for backfilling and supporting underground excavations. Tailings have been used for constructing tailings dam raises. We are studying the long-term properties of tailings and their potential use in cemented backfill or in rehabilitation activities. We are also participating in projects exploring the "end-of-waste" status of extractive waste and the opportunities it could provide for the use of these materials outside the mine area

Mining waste

The regulation of extractive waste is based on the EU Extractive Waste Directive, which establishes the procedures, requirements and guidelines for managing such waste. In Finland, the directive has been implemented through several national laws, particularly the Environmental Protection Act and the Earth Materials Act. Other key legislation includes the Waste Act and the Rescue Act, as well as government decrees on environmental protection, waste, extractive waste and the extraction of earth materials. The construction and monitoring of extractive waste facilities are further regulated by the Dam Safety Act.

Amount of mining waste (2025)

Waste rock

At Pampalo, a total of 660,938 tonnes of waste rock was excavated, of which 122,842 tonnes were used as underground backfill, 22,707 tonnes as aggregate for road maintenance, and 6,897 tonnes for the support embankment of the tailings dam raise. A total of 508,492 tonnes of waste rock was deposited in the waste rock storage area.

At Hosko, 49,450 tonnes of waste rock was excavated, all of which was deposited in the waste rock storage area to await future utilization.

At the company level, the waste rock utilization rate was 21% (2024: 13%).

Tailings

A total of 255,689 tonnes of tailings generated in the processing plant were directed to the tailings storage facility. In 2025, 47,244 tonnes of tailings were used in the construction of the dam raise. The tailings utilization rate at the Pampalo mine site was 18% (2024: 13%).

Soil materials

In addition to tailings and waste rock, 227,596 tonnes of soil material were generated at Pampalo during overburden removal. These materials were stockpiled in the overburden storage area for later use, for example as growth substrate in landscaping activities.

Waste rock utilization 2025

Waste rock to waste areas, 79%
Utilised, 21%

Tailings utilization 2025

To tailings area 82%
Tailings used for dam raise 18%

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Other waste generated at the mine sites and their sources

Waste generated in mining areas, t

In addition to extractive waste, mining operations generate several other waste streams, most of which are sorted already at the mine site. Recyclable metal waste is generated from temporary underground support structures, particularly bolting and other reinforcement elements. Additional metal waste arises from maintenance and dismantling activities, such as removed cables, machinery and equipment components. All metal waste is collected separately and sent for recycling.

Wood waste is produced, for example, from transport pallets and temporary structures. Plastic and cardboard waste mainly originate from warehouse operations, including packaging materials for purchased supplies and chemicals, as well as bulk bags and chemical containers. It is also generated from water pipes and hoses used for mine dewatering, ventilation ducts, and pipelines in the tailings area when they are replaced. These waste streams are sorted and directed to material recovery.

Combustible mixed waste consists of materials that cannot be directly separated and recycled, such as contaminated wood, cardboard, or other unsorted waste from the mining area—for example, construction waste containing multiple materials. This waste is sent for sorting at the Eastern Finland crushing facility, where non-recyclable fractions are directed to energy recovery and the remaining parts are utilized as material.

Hazardous waste is generated primarily from maintenance and servicing activities. This category includes waste oils and used lubricants, along with oily filters, hoses and related materials. Small quantities of hazardous waste are also produced in laboratory operations. Hazardous waste is collected separately, stored appropriately, and delivered to authorised treatment facilities. At the waste treatment plant, some hazardous waste can be further recovered either as material or for energy production.

Hazardous waste distribution, % 2025

Recycling and reuse 55,4
Final disposal 40,3
Incineration for energy recovery 4,3

Waste management plan

In 2025, we updated and refined the waste management plan required under the Mining Waste Decree (Government Decree 190/2013) for the Pampalo site, specifically in relation to the raising and expansion of the tailings storage facility. The adequacy and relevance of the waste management plan are continuously reviewed throughout mining operations, and it is updated whenever necessary to reflect operational changes.

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People

ENDOMINES

PAMPALO · FINLAND

Working at Endomines

Endomines aims to build a safe, equitable and supportive workplace where every employee can return home healthy at the end of the day, be themselves, and develop their skills over the long term. This work is guided by our values as well as our occupational safety and HR policies, which are implemented systematically through annual plans and our sustainability roadmap.

At the core of our safety work is the zero-accident principle, which is monitored monthly through recorded safety observations, near-miss incidents and accident frequency rates. Employee experience and engagement are strengthened through annual employee surveys, development discussions and harmonized HR processes, all designed to ensure wellbeing, competence development and fair working conditions for everyone.

Our employees in 2025 (including U.S. operations)

Vuoden 2025 lopussa Endominesilla työskenteli yhteensä At the end of 2025, Endomines employed 84 people (2024: 54), of whom 51 were salaried employees and 33 were hourly workers. Of the total personnel, 80 were based in Finland (2024: 49) and 4 in the USA (2024: 6).

The average number of employees in 2025 was 69. Of these, 65 (94%) were permanent and 4 (6%) fixed-term employees. In addition to permanent staff, 16 employees had employment contracts that began and ended during the year, most of them summer workers.

The turnover rate of permanent staff in 2025 was 17%.

Diversity and equality

At the end of 2025:

16% of Endomines employees were female (2024: 20%) and 84% were male (2024: 80%). There is no gender-based pay gap: equal pay is provided for equal work at the same level of responsibility.
Years of service:
Less than 4 years: 71 employees (85%) (2024: 90%)
More than 4 years: 13 employees (15%) (2024: 10%)
Age distribution:
20–29 years: 13%
30–39 years: 30%
40–49 years: 30%
50+ years: 27%
20–29 years
30–39 years
40–49 years
50+ years

- Women 16%
- Men 84%

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PERSONNEL

Our goal is that every Endomines employee can return home healthy after each workday.
We continuously improve our safety practices with a zero accident target.
We strive to ensure that Endomines is a workplace where everyone feels welcome, can be themselves and can develop their skills.

In 2025:

Our LTI frequency halved to 10.8* (Pampalo) and 10.1 (Group). We had a total of three lost time injuries.
In the spring 2025 measurement, our employee engagement level — the PeoplePower Index — rose to A+.
*Lost time injuries per million working hours. Includes both Endomines employees and contractors.

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Collective agreements coverage

Endomines complies with the applicable collective agreements, which cover all personnel in Finland except those employed under executive contracts. The overall collective agreement coverage is 87%. The Group Management Team (7 people in total) and U.S. personnel (4 people) fall outside the scope of collective agreements.

Training and development

In 2025, our goal was for every Endomines employee to have a development discussion with their supervisor. In addition, employees took part in job-specific qualification trainings and targeted trainings required for various roles and tasks. Reliable data on total training hours is not available and therefore training hours for 2025 are not reported. In 2026, we will develop more systematic tracking of training hours.

Our values

Safety: The safety of every Endomines employee is our top priority. We do not compromise on this under any circumstances.

Humanity: At Endomines, everyone is free to be themselves. We foster a relaxed and inspiring atmosphere where everyone feels good, and where supporting and helping colleagues is part of everyday life. We want every Endomines employee to have the opportunity to influence the content and organization of their work.

Openness: We value openness both within the company and in our communications with external stakeholders. We believe that successful communication and active feedback promote business success.

Honesty and fair practices: We are a flat, agile, and non-bureaucratic organization. We are guided by fair practices, respect for colleagues, and collaboration towards common goals. We always help colleagues in need.

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Occupational safety

We are committed to active, systematic and supervisor-led safety management, as well as the continuous improvement of our safety culture. Our goal is to ensure that every employee can return home healthy and well at the end of the workday. Our target is zero workplace accidents.

We apply up-to-date Golden Rules that define the prerequisites for safe working practices across all company operations. These rules form the foundation of our work and are an essential part of onboarding for every new employee. We also follow the company's health and safety policy, approved by senior management, which guides our safety principles and safety management practices.

As part of developing our safety management, we have defined key safety indicators. These include the Lost time Incident Frequency (LTIF), Total Recordable Incident Frequency (TRIF), the number of safety trainings and inspections, and the number of overdue safety observations.

Accident frequency halved

Accident frequency (LTIF and TRIF) is continuously monitored, and personnel are encouraged to report safety observations. All accidents and near-miss situations are investigated, root causes analyzed and corrective actions implemented.

In 2025, a total of six workplace accidents occurred in Endomines' operations (2024: 5), of which three (2024: 6) resulted in lost time. Five accidents involved contractor employees, and one involved an Endomines employee. The frequency of lost-time incidents was halved compared to the end of the previous year—reaching 10.8 in Pampalo operations (2024: 21.3) and 10.1 company-wide (2024: 19.7). No fatal accidents occurred in Endomines' operations.

Endomines Group LTIF

LTIF (Lost Time Incident Frequency) = Lost-time injuries per 1,000,000 working hours. Includes both Endomines employees and contractors

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Accident frequency, LTIF and TRIF (rolling 12 months), Pampalo production

	Q1		Q2		Q3		Q4
	LTIF	TRIF	LTIF	TRIF	LTIF	TRIF	LTIF	TRIF
2025	17.00	21.20	20.70	24.90	19.80	31.70	10.80	21.60
2024	29.80	35.20	31.50	34.40	12.80	17.10	21.30	29.90

Accident frequency, LTIF and TRIF (rolling 12 months), Group (including U.S. operations)

	Q1		Q2		Q3		Q4
	LTIF	TRIF	LTIF	TRIF	LTIF	TRIF	LTIF	TRIF
2025	15.60	19.90	19.10	23.30	18.30	30.20	10.10	20.90
2024	26.40	33.80	24.40	32.80	11.80	15.60	19.70	29.20

LTIF (Lost Time Incident Frequency) = Lost-time injuries per 1,000,000 working hours. Includes both Endomines employees and contractors.

TRIF (Total Recordable Incident Frequency) = All recordable incidents per 1,000,000 working hours. Includes both Endomines employees and contractors.

Number of safety observations increased by 72%

To prevent accidents and hazardous situations, we report safety observations and deviations using the electronic Falcony tool. Safety observation and reporting is a shared responsibility for everyone working in the production area. All safety deviations are examined together with the individuals involved and their supervisors. Root causes are analyzed, corrective and preventive actions are defined, and the implementation of these actions is followed up. Once the investigation is completed, supervisors review the deviation and its root causes with employees and contractors.

In 2025, a total of 1,169 safety observations were reported in Endomines' Finnish operations, which corresponds to an average of 12.7 observations per employee.* The number of observations increased by 72% compared to the previous year. The number and coverage of supervisor-led safety walks also increased significantly.

*The calculation includes all employees who recorded observations in our electronic system during the year.

Safety development in 2025

During the year, job risk assessments and work instructions were updated to better reflect current operations and safety requirements. Safety culture improved positively, as confirmed by an assessment conducted by an external consultancy. In the annual employee survey, all safety-related categories (occupational safety, wellbeing and safety culture) were rated higher than in the previous year.

The 2025 safety theme was chemical safety. Trainings were organized, instructions and risk assessments were updated, and practical improvements were completed to enhance the safe handling of chemicals.

In the underground mine at Pampalo, rescue drills were carried out in May and November. These exercises simulated hazardous situations and practiced coordination and communication in crisis conditions across the production area. The company's Occupational Safety Committee met quarterly, and additional safety-related meetings were held with key contractors working at the mine.

Throughout the year, we organized regular safety trainings attended by both our own employees and contractor personnel. These trainings enhance workers' safety awareness and competence, while ensuring their skills keep pace with evolving safety challenges in a changing work environment. In 2025, the total number of safety training hours (including induction, safety briefings and evacuation drills) amounted to approximately 500 hours (2024: 143). Endomines invested around EUR 220,000 in safety improvements during the year.

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Employee wellbeing

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Endomines aims to be a workplace where employees feel comfortable being themselves and have the opportunity to develop their skills. Employee satisfaction is measured annually, and actions are taken based on the results to promote wellbeing and improve working conditions.

In 2025, we developed a company-wide HR policy, which was approved by the Board in the autumn. The policy defines the principles guiding how we lead and develop our personnel. We are committed to fairness and equity, and our goal is to have a skilled and engaged workforce with opportunities for training and career development within the company. The HR policy is supplemented, when necessary, with more detailed guidelines and practices.

Engagement and job satisfaction

We want to focus on the aspects that our employees value most. To support this, we conduct an extensive annual employee survey in Finland. In 2025, we carried out a wellbeing survey for the second time with an external service provider, enabling comparisons with the 2024 results and with a national benchmark group.

The survey assessed, among other things, work motivation, employer image, team leadership, leadership culture, working conditions and organizational culture. It also included a dedicated wellbeing and safety section.

The early-2025 results showed that employee satisfaction at Endomines had developed positively.

The PeoplePower index measuring employee engagement was 69.2 (2024: 64.8), corresponding to level A+ on a scale from C to AAA. This result is close to the Finnish general benchmark composed of comparable companies (69.9).
Clear improvements were observed across all measured areas, particularly in employer image and leadership and organisational culture. The engagement and dedication indices rose to levels higher than those of the benchmark group.
Development areas identified included enhancing cross-departmental cooperation, strengthening team leadership and improving working conditions. To address these, we have intensified and diversified internal communication, launched supervisor training and acquired improved tools and equipment.

Survey results were reviewed by the Management Team and the Board, as well as with personnel through staff briefings and joint workshops. Department-specific results were discussed with each team under the lead of the respective supervisor to identify areas for improvement. In June, we organized Endomines Days for all Finland-based employees, during which we jointly developed proposals for addressing the most significant development needs.

PeoplePower-index

Rating A+

(2024: 64,8)

Research

Personnel study 2025

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Occupational wellbeing and health

Employee wellbeing is a fundamental pillar of our operations. We encourage our personnel to take care of themselves both physically and mentally, and we provide them with a range of wellbeing benefits, including sports, culture and wellness allowances, as well as a bicycle benefit. We apply an Early Intervention Model aimed at identifying early signs of declining physical or mental work ability so that appropriate measures can be taken in time to support the employee.

We provide comprehensive occupational health care services, which include regular health examinations and necessary follow-up. Our personnel are covered by private occupational health services and a work ability insurance policy. This insurance ensures immediate access to general practitioners and specialists within private healthcare providers across Finland. It also covers diagnostics, treatments and surgeries within the private sector. In addition, we closely collaborate with occupational health professionals to improve ergonomics across all operations.

Wellbeing development in 2025

The company's incentive-based share scheme and production bonus system were maintained unchanged.
Employee benefits were further improved by introducing an additional wellness benefit.
At the beginning of 2025, a lunch service pilot was launched at Pampalo and continued due to positive feedback. Employees are offered the opportunity to enjoy a high-quality, employer-subsidized daily lunch.
Internal communication was strengthened, and new practices were introduced to improve cross-departmental collaboration.
Personal protective equipment (PPE) was further upgraded and expanded.
Employee ergonomics were enhanced by acquiring, as needed, electrically adjustable desks and workstations, improved chairs and anti-fatigue mats, as well as providing equipment for break-time exercise in work areas.
The company-owned gym was further upgraded and diversified.

Labor and human rights

As part of its Code of Conduct, Endomines is committed to respecting and upholding labor and human rights, and we require the same commitment from our partners. These rights include, for example, freedom of association, equal remuneration, and zero tolerance for forced labor, child labor and discrimination.

Endomines values and recognizes the contributions and individual strengths of all employees regardless of gender, origin, skin color, age, religion, sexual orientation, marital status, disability, union affiliation or any other personal characteristic.

Equality, non-discrimination and fairness are essential principles in all personnel matters, including recruitment, remuneration and career development. Our recruitment and career progression decisions are based solely on competence and performance.

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We do not tolerate harassment, bullying, threats or discrimination in any form. No one may be discriminated against on the basis of age, origin, nationality, language, religion, beliefs, political activity, union involvement, family status, state of health, disability, sexual orientation or any other personal reason. Discrimination is prohibited whether it is based on the individual themselves or an assumption or fact relating to someone else. In addition to direct and indirect discrimination, harassment, denial of reasonable accommodations and instructions or orders to discriminate are also considered discrimination. No one may be treated unfavorably because they have participated in investigating a discrimination case or taken action to ensure equality. We do not accept any threatening or disruptive behavior towards anyone inside or outside the company, for any reason.

We encourage everyone who observes discriminatory, harassing or bullying behavior to report it in accordance with Endomines' internal reporting procedures—either to their supervisor, HR, the executive management team, or through the confidential whistleblowing channel. The reporting process is described in more detail in the Governance section of this report (page 47).

We are committed to providing training and taking proactive measures to ensure that employees have the necessary skills and knowledge to prevent workplace harassment, discrimination and bullying.

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Our stakeholders: Endomines as part of the community

Our stakeholder engagement aims to build trust and transparency between Endomines and our stakeholders. We strive to create a positive impact on the residents and communities in the areas where we operate. Collaboration and open dialogue help us understand and address the needs and expectations of our stakeholders.

As one of the few major private-sector employers in the Ilomantsi region, we recognize that our decisions can significantly affect not only our employees but also the surrounding communities and service providers. We aim to be active and visible member of the local community.

The objectives of our local engagement are to:

Ensure continuous and open dialogue with different stakeholder groups
Collaborate with local partners and organizations
Support local communities and strengthen regional vitality

In 2025, we defined the principles guiding our stakeholder engagement, which we now apply in our interactions with stakeholders. These principles were approved by the Management Team in autumn 2025.

Our principle is to hire locally, buy locally and support locally

Wherever possible, we work with local partners and subcontractors. Likewise, we aim to hire local employees and provide training to strengthen skills and employment opportunities in the region where we operate.

In 2025:

Our purchases from companies operating in North Karelia totaled EUR 7.4 million, of which EUR 2.2 million came from companies based in Ilomantsi (incl. VAT).
We had 162 suppliers from North Karelia, 55 of which were located in Ilomantsi.
We employed 73 people at Pampalo at year-end and hired 14 summer employees.
Of those working at Pampalo, 23% lived in Ilomantsi and 64% in North Karelia at the end of 2025.

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COMMUNITY

Our goal is to strengthen the trust of the local community in us.
We communicate clearly and transparently about our operations.
We maintain regular contact with our neighbors and other stakeholders.
We make use of the feedback we receive to improve our operations.
We support local vitality and the recreational use of nature.

In 2025:

We organized two community evenings and an Open Doors Day at the Pampalo mine.
We purchased local services worth €7.4 million and employed 73 people in Pampalo.

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Dialogue and communication

We maintain regular contact with our neighbours and key stakeholders, listen actively and take their views into account as we plan and develop our operations.

In 2025, we continued hosting community evenings (tupailta) for residents living near the mine area. The sessions held in May and September served as low-threshold information and discussion events, where we shared updates about Endomines and provided an opportunity for participants to ask questions or raise concerns and development ideas.
We organised an Open Day at the Pampalo mine in August, which attracted nearly 200 visitors.
To further strengthen stakeholder engagement, we continued regular communication through our website and social media channels. Starting in 2026, we will publish the Endomines News supplement twice a year in collaboration with the local newspaper Pogostan Sanomat.
At the beginning of 2026, we introduced an easy-to-use feedback form on our website. All feedback is reviewed according to a defined process and used to support the continuous improvement of our operations.
From early 2026 onwards, we also decided to establish a stakeholder cooperation group. The group will include local village associations, hunting and fishing clubs, representatives from the Ilomantsi municipality, key authorities and landowners, as well as NGOs and organizations supporting regional development, business, tourism and education.

Supporting local initiatives

We aim to strengthen local wellbeing by supporting community projects, associations and youth activities. We also consider residents' wishes and help improve opportunities for nature recreation in our surroundings.

In 2025, we contributed approximately EUR 23,000 to various initiatives in Ilomantsi and Joensuu, including:

Hattuvaara beach – maintaining local recreational facilities
Lehtovaara village hall – strengthening community activities
MLL family summer events – supporting important events for families
Joensuu Swimming Club – advancing youth sports and hobbies
Ilomantsi junior firefighters and junior baseball teams – supporting safety and sports activities
FC Pogosta – promoting the joy of sports locally
Traffic safety initiatives – improving children's safety in Ilomantsi
Hertta Carelia – supporting North Karelian women affected by breast cancer
Main partnership with Joensuu Maila baseball team – highlighting regional sports culture and supporting young athletes

Endomines helping make the “Maan povi” charity jewelry a reality

In late 2025, Hertta Carelia ry, Kultakeskus and Endomines launched the Maan povi jewelry design competition, aimed at creating a gold piece symbolizing comfort and encouragement for women living with breast cancer. Leading Finnish goldsmiths and jewelry designers were invited to participate. The winning design, created by goldsmith Assi Arnimaa-Leinonen, draws inspiration from the network-like structure of fungal mycelium—a beautiful metaphor for human support networks.

The piece, crafted using gold donated by Endomines, will be handed over to the Hertta Carelia association in spring 2026. The association will, in turn, gift the jewelry to a North Karelian woman who is affected by or recovering from breast cancer.

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Endomines' stakeholder engagement principles

Endomines engages with neighbours and other stakeholders openly, attentively and respectfully. Our goal is to build trust, support local vitality and develop our operations together with our key stakeholders. We believe that good cooperation is based on continuous dialogue, transparency and shared goals. We regularly assess our stakeholder engagement and improve our practices based on the feedback we receive.

| Active communication
We maintain regular contact with our neighbors, authorities, civil society organizations and other key stakeholders. | Responsive dialogue
We listen to our stakeholders and take their perspectives into account in the planning and development of our operations. | Supporting local vitality
We prioritise local services and suppliers whenever technically and economically feasible. We recruit locally whenever possible and offer training to strengthen local competence and employment. |
| --- | --- | --- |
| Continuous feedback collection
We collect feedback from stakeholders through multiple channels, document the feedback we receive and follow up on the actions taken based on it.en pohjalta tehtyjä toimenpiteitä. | Promoting local wellbeing and nature based recreation
We support local wellbeing by contributing to community initiatives, local associations and youth activities. We take local preferences into account and develop opportunities for nature based recreation in our surrounding areas. | Clear, accessible and transparent communication
We communicate about our operations clearly and openly — including in situations where we face challenges. |

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Good governance

Endomines adheres to good corporate governance in accordance with the legislation applicable to Finnish listed companies, our Articles of Association and the Finnish Corporate Governance Code for listed companies. We follow these principles and practices to ensure that our operations are effective, transparent and responsible, and that the needs and rights of our stakeholders are taken into account.

The key guidelines for responsible conduct are compiled in our Code of Conduct, which forms part of the company's induction program. During 2026, we will expand the Code with practical examples and develop a digital onboarding program, which will be rolled out across the organization and to key contractors in line with our sustainability program.

Governance, risk management and operating policies

The governance of Endomines is divided between the General Meeting, the Board of Directors and the CEO. The shareholders exercise the highest decision-making authority at the General Meeting, where the members of the Board of Directors and the auditor are appointed. The Board approves the company's strategy and oversees its implementation. To support its work, the Board has established three committees: the Audit Committee, the ESG Committee, and the Technical and Safety Committee. The Board conducts an annual self-assessment of its activities and working practices. It also assesses the independence of its members from the company and its significant shareholders annually or as needed. The Board consists of five members, one of whom is a woman.

Endomines' business operations and the implementation of its strategic and operational objectives are led by the CEO, supported by the Management Team. The CEO is responsible for executing the goals, plans, decisions and

targets set by the Board. The CEO is also responsible for ensuring that the company's accounting complies with legislation and that the financial administration is reliable. In 2025, the Management Team had seven members, three of whom were women.

The Board of Directors has a clear role and responsibility in overseeing the company's management, making strategic decisions and ensuring ethical and lawful conduct. Based on preparatory work by the ESG Committee, the Board monitors the actions set out in the company's sustainability program, the achievement of sustainability targets and related reporting, and makes decisions and strategic guidelines accordingly.

Endomines maintains an up-to-date risk management framework to ensure that risks are properly identified, prevented and managed. Risk management and internal control are based on the Finnish Companies Act, the Articles of Association, the Finnish Corporate Governance Code and the company's internal plans. ESG-related risks are integrated into the overall risk management process and assessed using the same criteria as other business risks. The company has a low risk tolerance regarding environmental and safety matters. More detailed information on risk management is available on our website:

https://endomines.com/en/for-investors/governance/risk-management/

Endomines' operating policies guide our daily work. They harmonise rules and procedures and ensure that our operations are always compliant with applicable requirements. The operating policies are available on our website. https://endomines.com/en/for-investors/governance/.

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GOOD GOVERNANCE

We promote and maintain ethical business practices across our organisation.
We ensure that every Endomines employee knows how we are expected to act.
In 2025:
ESG risks were addressed as part of the company's overall risk management.
Four reports were received through the whistleblowing channel and processed through the defined, confidential procedure.

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·SUSTAINABILITY REPORT

Guidance	Decision-making body	Public (Yes/No)
Governance Principles	Board of Directors	Yes, except for Appendix 1
Diversity Principles	Board of Directors	Yes
Remuneration Policy	Board of Directors	Yes
Principles for Related Party Transactions	Board of Directors	No
Disclosure Policy	Board of Directors	No
Insider Policy	Board of Directors	No, the practices are described on pages
Code of Conduct	Board of Directors	Yes
Supplier Code of Conduct	Board of Directors	No
Environmental Policy	Board of Directors	No
Occupational Health and Safety Policy	Board of Directors	No
HR Policy	Board of Directors	No

The company's Board of Directors reviews all operating policies annually and assesses necessary updates based on proposals prepared by the ESG Committee. In 2025, the Board reviewed and updated the policies guiding Endomines' operations.

Policies guiding the implementation of the sustainability program

Endomines' Code of Conduct forms the foundation of our responsible business practices. It defines the principles and behaviours related to all key themes of our sustainability program—environmental responsibility, social responsibility and good governance.

To support environmental management, we have defined an Environmental Policy, which outlines our commitment to reducing environmental impacts and continuously improving our performance. This policy is further detailed in our Water management principles, presented on page 35 of this report.
Our Health and Safety Policy guides our work towards the goal of zero accidents. Occupational health and safety are actively developed, using up-to-date knowledge and best practices. The

overarching policy is supported by a range of practical instructions and by the Golden Rules of Safety, which apply to every person working or visiting any Endomines production site.

The HR Policy, approved in 2025, has been supplemented with more detailed guidelines—such as updated travel instructions.
For stakeholder engagement, specific Stakeholder engagement principles have been defined and are presented on page 44 of this report.

Endomines maintains a zero-tolerance approach to bribery and corruption. We do not accept bribery, unethical advantages or misconduct in any form. No Endomines employee or business partner may act—directly or indirectly—in a way that could be interpreted as giving or receiving bribes, facilitation payments, incentives, rewards or any other inappropriate benefits, whether for personal or company gain. Further guidance is available in our Code of Conduct.

Whistleblowing process

We are committed to acting responsibly and in full compliance with ethical standards, laws and regulations.

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Transparency and early identification of concerns are essential to ensuring that potential issues can be addressed as soon as possible. For this reason, we encourage our employees, partners and other stakeholders to report any suspected misconduct or unethical behaviour. Such reports help us prevent or correct violations, address shortcomings and further strengthen our risk management and corporate culture.

Reports can be made via our electronic whistleblowing channel or directly to the relevant manager or responsible person. Employees are encouraged to raise workplace concerns primarily with their supervisor, HR or employee representative. If anonymity is preferred, our whistleblowing channel also allows confidential reporting.

The whistleblowing channel, operated by an independent third party and available on our website, is intended solely for reporting suspected misconduct. All reports are handled in strict confidence according to a defined process. The reporting system allows the notifier to follow the progress of the case within the secure platform.

When a report is received, we acknowledge it and initiate an independent assessment. The process follows a clear sequence, and the notifier receives updates within the timelines required by law. The system is designed to ensure that no reporter faces negative consequences for raising concerns.

In 2025, a total of four reports were submitted through the whistleblowing channel. All were handled according to our confidential process. Based on these reports, we implemented clarifications to selected safety-related guidelines where appropriate.

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VSME index

	Section of the report	Additional information
B1 Basis for Preparing the Report	3
C1 Strategy: Business Model and Sustainability	4
B2 / C2 Practices, Policies and Future Initiatives Toward More Sustainable Operations / Description of Practices, Policies and Upcoming Initiatives Toward a More Sustainable Economy	5-7, 46-47
B3 Energy and Greenhouse Gas Emissions	10-13
C3 Greenhouse Gas Reduction Targets and Transition Plan	Will be prepared in 2026
C4 Climate Risks	12
B4 Air, Water and Soil Pollution	18-21, 23
B5 Biodiversity	24-27
B6 Water	14-17
B7 Resource Use, Circular Economy and Waste Management	34-35
B8 General Characteristics of the Workforce	37-38
B9 Health and Safety	39-40
B10 Remuneration, Collective Agreements and Training	37-38
B11 Fines and Sanctions Related to Corruption and Bribery	No incidents
C5 Additional Information on Own Workforce	-
C6 Additional Information on Own Workforce: Human Rights Policies and Processes	41-42
C7 Severe Negative Human Rights Impacts	No incidents
C8 Revenues from Certain Activities and Their Exclusion from EU Benchmarks	N/A
C9 Gender Diversity in Governance Bodies	46

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Endomines — Environmental & Social Information 2026

3155_rns_2026-03-26_f615f546-71b2-466d-b9b2-a3afdf96fc39.pdf

Contents

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Key figures 2025

Sustainability reporting for 2025

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Sustainability as part of Endomines' strategy

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Sustainability program

Sustainability management

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Sustainability management at Endomines

BOARD OF DIRECTORS

ESG COMMITTEE

TECHNICAL AND SAFETY COMMITTEE

CHIEF EXECUTIVE OFFICER

CHIEF SUSTAINABILITY OFFICER

MANAGEMENT TEAM

SUSTAINABILITY WORKING GROUPS

EMPLOYEES

Policies and operating principles

Sustainability progress in 2025

CLIMATE

PERSONNEL

GOOD GOVERNANCE

WATER

COMMUNITY

BIODIVERSITY

Sustainability progress in 2025

Environment

Climate: Energy and emissions

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CLIMATE

Energy consumption

Greenhouse gas emissions

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Climate risks

Greenhouse gas emissions 2025

Water: Water use and management of water impacts

WATER

Pampalo water intake and use

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Endomines' water management principles

Concrete measures to improve water management in 2025

Water discharges

Recovery of Minerals from Process Water Using Alchemist Technology

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Surface water monitoring

Hattujärvi monitoring

Groundwater monitoring

Water discharge results in 2025

Pampalo

Hosko

Râme puro

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Fisheries monitoring

Other environmental monitoring

Monitoring of the tailings area

Key findings:

Covering of the ore stockpile

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Air quality monitoring

Key findings:

Noise and vibration monitoring

Biodiversity

Land use

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BIODIVERSITY

Endomines' mining areas

Biologically sensitive areas and natural conditions

Closure planning and rehabilitation

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Management of environmental impacts of ore exploration

Southern Gold Line development project

Southern Gold Line development project

Project area expansion

In addition to gold, the goal is to mine tungsten and molybdenum

Six development alternatives

Endomines Environmental & Social Information 2026