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202025135 Feb 2026

Financial Statements Release

January–December 2025

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Financial Statements Release 2025:

The Best Year in Endomines' history – revenue increased by 59%, EBITDA by 182%

Financial Summary

The figures in parentheses refer to the corresponding period in 2024 unless otherwise stated.

H2-2025 in brief

The group's revenue was MEUR 24.0 (MEUR 15.6), comprising 100% of the revenue of Pampalo production segment
The group's EBITDA was MEUR 8.7 (MEUR 3.9), or 36% of revenue (25%)
The Pampalo production segment's EBITDA was MEUR 11.8 (MEUR 6.3), or 49% of the revenue (40%)
The group's operating result was MEUR 2.2 (MEUR 2.5)
The group's net result was MEUR 5.1 (MEUR 1.3)
Gold production in July–December increased by 7 % and was 242.5 kg (226.6 kg), or 7,797 ounces (7,285 ounces)

Fiscal year 2025 in brief

The group's revenue increased by 59% and was MEUR 45.5 (MEUR 28.7)
The group's EBITDA increased by 182% and was MEUR 16.3 (MEUR 5.8), or 36% of revenue (20%)
The Pampalo production segment's EBITDA was MEUR 21.8 (MEUR 10.3), or 48% of revenue (36%)
The group's operating result increased by 192% and was MEUR 7.6 (MEUR 2.6)
The group's net result increased by 2,346% and was MEUR 7.3 (MEUR 0.3)
Operational cash flow before investments was MEUR 13.1 (MEUR 6.1)
Earnings per share was 0.7 EUR/share (0.0 EUR/share)
Gold production from January to December 2025 increased by 16.3%. Production for the year 2025 was 517.2 kg (444.9 kg), or 16,630 ounces (14,304 ounces)
Endomines has agreed to sell three gold deposits located in the US state of Idaho to Yellowstone Mining Pty Ltd in Australia. The total debt-free price of the transaction is 20 million Australian dollars. The assets and liabilities included in the agreement have been classified as held for sale and valued at fair value according to IFRS 5 standard, resulting in a non-recurring loss of MEUR 3.9 recognized in the financial statements 2025

Key Figures

Key figures	Unit	1.7.–31.12.2025	1.7.–31.12.2024	1.1.–31.12.2025	1.1.–31.12.2024
Revenue	MEUR	24.0	15.6	45.5	28.7
Pampalo production revenue	MEUR	24.0	15.6	45.5	28.7
% of revenue	%	100%	100%	100%	100%
Operating expenses	MEUR	-15.4	-11.7	-29.3	-22.9
EBITDA	MEUR	8.7	3.9	16.3	5.8
Pampalo production EBITDA	MEUR	11.8	6.3	21.8	10.3
% of revenue	%	49%	40%	48%	36%
Depreciations and impairment losses	MEUR	-6.5	-1.4	-8.7	-3.2
Operating result	MEUR	2.2	2.5	7.6	2.6
Net result	MEUR	5.1	1.3	7.3	0.3
Net gearing ratio	%	17%	32%	17%	32%
Equity ratio	%	61%	54%	61%	54%
Earnings per share	EUR	0.4	0.1	0.7	0.0
Cash Cost in Pampalo, excl. investments	EUR/oz	1,563	1,252	1,432	1,281

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Guidance for the financial year 2026

We estimate gold production to increase by 10–20% compared to the reference period. In 2025, Endomines produced 16,630 ounces, or 517.2 kg of gold.

CEO's review

The year 2025 was extraordinary and, in many ways, a turning point both for the global economy and for Endomines. Geopolitical uncertainty and heightened tensions between major powers were strongly reflected in the commodities markets, particularly in the price of gold. The gold price rose from just over USD 2,600 per ounce at the beginning of the year to above USD 4,300 per ounce by year-end. The average price for the full year was USD 3,436 per ounce (comparison period: USD 2,402). The upward trend has continued in January 2026, with gold price repeatedly breaking new records and momentarily exceeding the level of USD 5,000 per ounce.

The best year in Endomines' history

High gold price and strong operational performance were clearly reflected in our 2025 results. This was the best year in Endomines' history.

Revenue increased by 59% to MEUR 45.5 (MEUR 28.7)
EBITDA grew by 182% to MEUR 16.3 million (MEUR 5.8), representing 36% of revenue (20%)
Net profit was MEUR 7.3 (MEUR 0.3), or 16% of revenue (1%)

The result includes approximately MEUR 6.5 in non-recurring costs related to U.S. operations, as well as approximately MEUR 4.1 in deferred tax assets. In addition, we strengthened the structure of our balance sheet, and our net gearing ratio reduced to 17% (32%). I am extremely satisfied with the overall outcome and the company's operational development.

Strategy execution progressed as planned

In 2025, we increased our gold production by 16.3% compared to 2024. We strengthened the foundations for future growth by acquiring the underground mining business of Power Mining Oy at Pampalo in the autumn. The acquisition is estimated to support the achievement of production growth targets well into the future.

In exploration, we achieved significant breakthroughs. The discovery of the Ukko gold deposit on the Southern Gold Line was the most significant achievement of the year, and results from Kartitsa on the Northern Gold Line were also highly encouraging. In addition, in early 2026 we submitted an application to the European Union for Strategic Project status for the Southern Gold Line tungsten, molybdenum and gold project. Our goal is to commence production in the area around 2030. The planned expansion would increase our gold production from the current 16,630 ounces to 70,000–100,000 ounces, while also enabling the production in Finland of tungsten, a critical raw material for the defense industry, and molybdenum, an important raw material for the steel industry.

Structural streamlining in the United States

In November 2025, we agreed on the sale of three deposits in Idaho. The transaction clarifies our strategy, lightens our cost structure and frees up resources for the development of the Karelian Gold Line. The majority of the U.S. operational costs were related to the assets that were sold. Following the transaction, we retain four deposits in the United States, two in Idaho and two in Montana. During negotiations, we identified particularly strong potential in the Montana assets: Kearsarge offers the possibility of a large-scale gold operation, and the nearby US Grant historical resource contains, in addition to gold, approximately 4.5 million ounces of silver. The recent sharp increase in silver prices significantly enhances the attractiveness of the US Grant deposit.

We have initiated an evaluation of strategic alternatives for the remaining U.S. assets, but our strategic focus remains clear — we are focusing on Finland.

Sustainability guides all our operations

Sustainability is a core part of Endomines' identity. We focus particularly on water management, people, and stakeholder cooperation. We want to ensure that our operations do not deteriorate water quality, and that we are a safe, fair and motivating workplace. We succeed only if we meet the expectations of the environment and our stakeholders and act as a role model for responsible mining.

I want us to build mining operations that every one of our employees can be proud of — while at the same time transforming the industry toward a more sustainable future.

New records expected in 2026

We are entering the new year from a strong starting position. We expect significant growth in 2026: our gold production is estimated to increase by 10–20% compared to 2025. We believe that the mining business acquisition completed last year will both strengthen our production reliability and improve our ability to plan operations with a longer-term perspective — thereby supporting our growth.

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As for gold price, we are entering the year from a historically high level, and the outlook for the year 2026 is exceptionally strong. In addition, the divestment of our U.S. assets simplified our structure and will improve our financial performance through lower costs.

Our exploration targets for 2026 are ambitious: in addition to productionrelated drilling, we aim for approximately 50,000 metres of drilling in total. This is more than double the amount Endomines has ever completed before. During the year, we also expect exploration results related to tungsten and molybdenum along the gold line. We look forward to seeing the full results of the 2026 drilling programme.

Thanks for our shared success – together toward the next phase

I would like to thank all our employees for their excellent work. At the same time, I thank our shareholders, partners and stakeholders for the commitment that has made our progress possible.

We have achieved our initial targets, and our golden journey continues steadily forward toward the objective defined in our strategy.

Kari Vyhtinen CEO Endomines Finland Plc

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Market and operating environment

Changes in the gold price and the exchange rate of the US dollar (USD) have a direct impact on Endomines' revenue, financial performance, and cash flow, and their development is monitored closely. Uncertainty and significant gold purchases by central banks supported the gold price positively in 2025. In 2025, the average gold price was USD 3,426 per ounce (comparison period: USD 2,402 per ounce). In January 2026, the gold price exceeded USD 5,000 per ounce for the first time. Geopolitical uncertainty had a significant impact on market developments in 2025 and increased the unpredictability of the market environment. Currently, markets widely expect geopolitical uncertainty and central bank gold purchases to continue in 2026. Consequently, the outlook for the gold market is exceptionally strong, and the average gold price in 2026 is expected to be significantly higher than in 2025.

The development of the US dollar exchange rate has a significant effect on Endomines' financial result. Gold sales are conducted in US dollars, while the costs of production operations in Finland are incurred mainly in euros. In addition, changes in exchange rates affect the valuation of expenses and balance sheet items related to deposits located in the United States. The Company uses conservative price and currency assumptions in its internal planning and, as part of the financing package signed on 30 April 2025, has agreed on preparedness to enter into currency hedging arrangements. No hedges have been made during 2025.

The weakening of the US dollar against the euro had a negative impact on Endomines' result in 2025. In 2025, EUR 2.1 million of foreign exchange losses were recorded in financial items related to foreign exchange rate changes on short-term loans between the parent company and the US subsidiary. On 19 November 2025, Endomines announced that it would sell its three gold deposits located in Idaho, which is expected to reduce the impact of exchange rate fluctuations on the Company's result in the future.

Endomines' operations in Finland are regulated by mining and environmental legislation, which sets requirements for permitting processes, environmental protection, and mine aftercare and closure. Permitting processes may be lengthy, and stringent environmental requirements related to regulation may result in cost impacts over the life cycle of operations. In addition, the continuity of operations is influenced by the attitudes of local communities toward mining activities ("social license to operate"); open dialogue and cooperation with stakeholders support the acceptability of operations and help manage expectations directed at the Company. However, Finland provides a politically stable and predictable operating environment, which supports long-term mining operations.

The Company's cost environment is particularly affected by energy and taxation, both of which have a direct impact on EBITDA. In 2025, Endomines paid MEUR 0.3 in mining mineral tax and MEUR 0.04 in electricity tax. As of the beginning of 2026, the value-based royalty on metal ores will be increased, as a result of which the amount of mining mineral tax is expected to increase substantially and may rise to approximately EUR 2 million in 2026.

In connection with the approval of amendments to the Mining Mineral Tax Act, Parliament has required that the Government commence preparation of the hybrid model proposed by the Finnish Mining Association (Kaivosteollisuus ry), so that the model could be implemented as early as the beginning of 2027. Under the hybrid model, only part of the tax would burden EBITDA, while part would be recorded below operating profit. As of the beginning of 2026, the excise duty on electricity will increase to the higher tax category; however, the beneficiation of mining minerals will continue to fall under the lower electricity tax category II. Electricity consumption at the Pampalo concentrator is measured separately from other operations. The change is estimated to reduce the result for the 2026 financial year by approximately MEUR 0.2.

In connection with an acquisition completed in 2006, Endomines entered into a production-volume-based royalty agreement covering claims located in the Ilomantsi area and the Pampalo production area. The royalty obligation begins to materialize once the production threshold specified in the agreement is exceeded. The production threshold is expected to be exceeded during spring 2026. The royalty amounts to 1% of sales after the production threshold has been exceeded, and the maximum royalty liability is MEUR 1.5.

The exploration permit holder shall pay annual compensation, or exploration fee, to the owners of land included in the exploration area. In 2025 Endomines paid exploration fees approximately in total of MEUR 0.4 (MEUR 0.3).

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Financial development

Key figures	Unit	1.7.–31.12.2025	1.7.–31.12.2024	1.1.–31.12.2025	1.1.–31.12.2024
Revenue	MEUR	24.0	15.6	45.5	28.7
Pampalo production revenue	MEUR	24.0	15.6	45.5	28.7
% of revenue	%	100%	100%	100%	100%
Operating expenses	MEUR	-15.4	-11.7	-29.3	-22.9
EBITDA	MEUR	8.7	3.9	16.3	5.8
Pampalo production EBITDA	MEUR	11.8	6.3	21.8	10.3
% of revenue	%	49%	40%	48%	36%
Depreciations and impairment losses	MEUR	-6.5	-1.4	-8.7	-3.2
Operating result	MEUR	2.2	2.5	7.6	2.6
Net result	MEUR	5.1	1.3	7.3	0.3
Net gearing ratio	%	17%	32%	17%	32%
Equity ratio	%	61%	54%	61%	54%
Earnings per share	EUR	0.4	0.1	0.7	0.0
Cash Cost in Pampalo, excl. investments	EUR/oz	1,563	1,252	1,432	1,281

The group's revenue increased by 59% and was MEUR 45.5 (MEUR 28.7). 100% of the group's revenue consists of the revenue from the Pampalo production segment. The increase in revenue is a result of the increase of 16.3% in production volumes and the high market price of gold. The group's EBITDA increased by 182% and was MEUR 16.3 (MEUR 5.8). The EBITDA of the Pampalo production segment was MEUR 21.8 (MEUR 10.3), or 48% of the revenue (36%).

The group's operating result increased by 192% and was MEUR 7.6 (MEUR 2.6). The group's net result increased by 2,346% and was MEUR 7.3 (MEUR 0.3).

In November 2025, Endomines signed an agreement to sell three gold deposits in Idaho, USA. The assets and liabilities included in the agreement are classified as held for sale according to IFRS 5 standard, and a write-down of MEUR 3.9 has been booked in depreciations and impairment losses in profit and loss. The fair values by asset classes are presented in note 7 of the Financial Statements Release. Non-recurring advisory and legal fees and other costs relating to the sale amount to about MEUR 0.5. The result was also impacted by changes in the EUR/USD exchange rate, leading to foreign exchange losses of MEUR 2.1 (MEUR 0.3 MEUR) due to the translation of Endomines Idaho LLC's balance sheet items. In total, the non-recurring and translation related costs of USA operations and sale of the Idaho deposits amount to about MEUR 6.5.

Additionally, Endomines' result is burdened by non-recurring advisory and legal fees and transaction costs for the financing arrangement agreed on April 30, 2025, totalling approximately MEUR 0.3. In addition, non-recurring costs arose also from legal fees related to Power Mining Oy's business acquisition.

The amount of the mining mineral tax in the other operating costs in profit and loss is MEUR 0.3 (MEUR 0.3).

In 2025 Endomines paid exploration fees approximately in total of MEUR 0.4 (MEUR 0.3).

A deferred tax asset arising from previous years' losses has been recognized for the first time in the financial statements as of 31 December 2025. The effect of the change in group's net result is MEUR 4.1.

The Group's earnings per share increased to EUR 0.7 (EUR 0.0).

Pampalo production forms the basis of Endomines' business, and measures are being taken continuously to increase production levels. The acquisition of Power Mining Oy's Pampalo mining business, completed in September 2025, is expected to improve production reliability and achieve growth targets. The unit cost per ounce produced in 2025 (excluding investments) was EUR 1,432 per ounce (EUR 1,281 per ounce). The increase in unit cost was due to the extraction of lower gold grade ore in the open pit mine and the costs related to the takeover of the underground mining business. The costs related to the takeover were mainly allocated to 2025 and these costs are not expected to have a significant impact on the production costs in 2026.

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The financial position of the group

At the end of December, the Group's cash and cash equivalents were MEUR 3.9 (MEUR 2.1). At the end of December, interest-bearing net liabilities were MEUR 9.9 (MEUR 13.2), net gearing was 17% (32%) and equity ratio was 61% (54%). The amount of interest-bearing net liabilities was affected by the conversion of convertible loans into shares.

Operating cash flow before investments was MEUR 13.1 (MEUR 6.1). The development was influenced by significantly higher net sales and operational efficiency compared to the comparison period.

Endomines invested a total of MEUR 18.3 in 2025, mainly in measures related to increasing production at Pampalo and Hosko and in ore exploration.

Financing arrangement

During the financial year, Endomines has agreed on a new long-term financing facility, consisting of a secured loan of up to MEUR 8.0, an overdraft facility of MEUR 3.0, and bank guarantee and financing facilities, the total amount of which is up to MEUR 1.0. The total amount of the financing facility is up to MEUR 12.0, of which the unused portion at the end of the financial year was MEUR 7.0.

On 31 December 2025, MEUR 5.0 of the secured loan related to the financing facility was drawn down. The principal of the loan is due for payment on 15 December 2028. The total interest on the loan consists of a margin and a 12-month Euribor rate. The total interest rate during the financial year has been 10%. The secured loan is subject to covenants, if the thresholds are exceeded, the lenders may demand immediate repayment of the loans. The covenants relate to the ratio of interest-bearing debt to operating cash flow and the equity ratio. Endomines has fulfilled the covenants related to financing during and at the end of the reporting period.

Convertible loans

January 22, 2025, Endomines agreed on a MEUR 2.3 convertible loan with the company's largest shareholders. The maturity of the convertible loans is 24 months, with an annual interest rate of 10%. Under the agreement, the convertible loans can be converted wholly or partially into the company's shares no earlier than 12 months from the date of the loan disbursement. The conversion price is fixed at €7.51 and is based on the average share closing price in December 2024, reduced by 5.5%.

During 2025, Endomines received conversion notifications related to convertible loans, based on which a total of EUR 9,894,115.05 was converted into new Endomines Finland Oyj shares. As a result of the conversion, 1,141,315 new Endomines Finland Oyj shares were registered and issued. The total number of Endomines shares and votes increased from 10,830,029 shares and votes to 11,971,344 shares and votes. After registration, the new shares represented approximately 9.5 percent of the company's total shares and votes.

The company has not had any other issues during the 2025 financial year.

Significant events after the end of the reporting period

On January 5, 2026 Endomines announced the operational update for January–December 2025. Gold production increased by 16.3% compared to 2024
On January 13, 2026 Endomines announced the appointment of Minna Karttunen as new Chief Financial Officer starting February 2, 2026
On January 16, 2026 Endomines announced that it had submitted an EU strategic project status application for the Southern Gold Line tungsten, molybdenum, and gold project
On January 23, 2026 Endomines announced the conversion of a convertible loan into shares. As a result of the conversion, 21,976 new shares of Endomines Finland Oyj will be registered and issued. The total number of Endomines shares and votes will increase from 11,971,344 shares and votes to 11,993,320 shares and votes. After registration, the new shares represent approximately 0.18 percent of the total number of shares and votes of the company
On January 27, 2026, Endomines announced the shareholders' nomination committee's proposals for the 2026 Annual General Meeting. The shareholders' nomination committee proposes the re-election of the current board members Jukka-Pekka Joensuu, Kyösti Kakkonen, Markus Ekberg, Eeva Ruokonen, and Jukka Jokela for a new term of office
On February 3, 2026 Endomines announced the conversion of a convertible loan into shares. As a result of the conversion, 14,650 new Endomines Finland Plc shares will be registered and issued. The total number of shares and votes in Endomines increases from 11,993,320 shares and votes to 12,007,970 shares and votes. After registration, the new shares correspond to approximately 0.12 per cent of the company's total number of shares and votes

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Sustainability

Endomines conducts its business with a focus on the key areas of its sustainability program. The updated program, released at the end of 2024, includes long-term sustainability goals along with supporting metrics, which progress is reported semi-annually. Based on a double-materiality analysis in accordance with the European Union's Corporate Sustainability Reporting Directive (CSRD), the main objectives and actions of the sustainability program focus on reducing climate and water impacts, supporting biodiversity, ensuring employee safety and wellbeing, maintaining trust of local communities and adhering to good governance practices. In 2025, Endomines refined its sustainability roadmap for the coming years and started the implementation of the renewed program.

Sustainability objectives, indicators, and performance

ENVIRONMENT

Climate

Endomines' long-term goal is to produce carbon-neutral gold on the Karelian Gold Line by 2035. Progress towards this goal is measured by the carbon dioxide emissions (Scope 1 and 2) generated per gold ounce. Key actions for achieving the objective include improving energy efficiency and shifting to renewable energy sources.

The 2025 emissions calculation was carried out in accordance with the widely used Greenhouse Gas Protocol (GHG Protocol), improving the coverage and accuracy of the calculation. Due to methodological updates, emissions data from previous years are not comparable with the 2025 calculations. The 2025 emissions calculations will serve as the baseline year for the climate transition plan to be prepared in 2026. The transition plan will define the actions needed to achieve long-term climate objectives. The company decided to switch to using 100% renewable electricity in Pampalo operations starting from early 2026.

CO2 emissions t/oz gold produced

tCO2e/oz	Scope 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 **

^*The previously reported emission‑intensity figures for the first and second quarters of 2025 have been recalculated using the GHG Protocol– compliant methodology. The methodological changes are described in detail in the 2025 Sustainability Report, which will be published in March 2026.

Water

Endomines' sustainability program sets the goal to ensure that discharged water is clean and does not degrade the condition or ecosystems of the receiving water bodies. Water impacts are minimized through efficient water treatment and by maintaining a closed loop for process water. This reduces the need to take in additional water from outside the mining area, decreasing the volume of water discharged as well as the load of harmful substances released into water bodies.

In 2025, the process-water recycling rate remained at the target level of 100%. Additionally, management of seepage water at the Pampalo tailings area was improved, and preliminary design work began for a biochip reactor intended for nitrogen removal.

Process water recycling rate (%)

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

Biodiversity

Endomines promotes biodiversity by considering nature values at all stages of operations, from exploration to mine closure. The objective is to maintain up-to-date closure plans for active mines and to continuously restore decommissioned areas to support biodiversity. In 2025, efforts focused on updating the closure plan for the Pampalo mine. Additionally, nature surveys were conducted as part of the environmental impact assessment (EIA) for the Southern Gold Line project. In 2026, the goal is to continue nature surveys and to further refine the target-setting and roadmap for advancing biodiversity efforts.

^**Due to the changes made to the calculation methodology, the 2024 emission data is not comparable with the 2025 calculations.

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PEOPLE

Occupational safety

Endomines aims for zero workplace accidents. Lost Time Incident (LTI) and Total Recordable Incident Frequency (TRIF) are continuously monitored, and employees are encouraged to report safety observations. All accidents and near misses are investigated, root causes are analyzed, and corrective actions are implemented.

In 2025, there were six workplace accidents across Endomines' operations, three of which led to absence. Five of the accidents involved contractor personnel and one involved a company employee. The frequency of accidents leading to absence was halved compared to the end of the previous year, reaching a level of 10.8. A total of 1,169 safety observations were recorded—an average of 12.7 observations per employee. Observation numbers increased by 72% from the previous year. The number and coverage of safety walks by supervisors also increased significantly.

LTI and TRIF (rolling 12 months)

		Q1	Q2			Q3		Q4
	LTI	TRIF	LTI	TRIF	LTI	TRIF	LTI	TRIF
2025	16.96	21.21	20.7	24.9	19.8	31.7	10.8	21.56
2024	29.8	35.2	31.5	34.37	12.81	17.07	21.30	29.90

LTI (Lost Time Incident Frequency) = Lost-time incidents per 1,000,000 working hours. Includes own staff and contractors. TRIF (Total Recordable Incident Frequency) = All recordable incidents per 1,000,000 working hours. Includes own staff and contractors.

During the year, work-risk assessments and work instructions were updated to reflect current operations and safety requirements. Safety culture improved in a positive direction, as confirmed by an external consultant assessment. The safety theme for 2025 was chemical safety. Related activities included training, instruction updates, revised risk assessments, and practical improvements to the safe handling of chemicals. Rescue drills were conducted in the Pampalo underground mine in May and November, simulating hazardous situations and practicing coordination and communication during emergencies. The company's occupational safety committee met quarterly. Additional safety-development meetings were held with key contractors working at the mine site.

Employee well-being

Endomines strives to be a desirable workplace where everyone can be themselves and develop their skills. Employee satisfaction is measured annually, with actions taken to enhance well-being and improve working conditions.

The survey conducted in early 2025 showed positive progress in employee satisfaction at Endomines. Clear improvements were noted across all measured areas compared to the previous year, especially in employer image as well as in the management and operational culture. Areas for development included enhancing inter-departmental collaboration, frontline management, and working conditions. To address these, internal communication has been intensified and diversified, leadership training has been initiated, and better tools and equipment have been procured.

Stakeholder co-operation

Endomines aims to maintain and further strengthen the trust of local communities in its operations. The company seeks to achieve this through open communication and regular engagement with key stakeholders. Local welfare is supported by hiring local personnel, using local services, supporting local entities and projects, and promoting recreational use of nature. In 2025, Endomines' purchases from companies operating in North Karelia totaled approximately MEUR 7.4 (incl. VAT). The company supported local well-being and nature-recreation projects with approximately EUR 23,000.

Information and discussion events were organized in April and September 2025 at the Lehtovaara community center, where the company shared updates on current operations and progress on the Southern Gold Line development project. In August 2025, an open-house event was held in Pampalo, giving local residents the opportunity to learn about operations on-site. The company also continued active communication online through its website and social media channels. In early 2026, a new local cooperation group will be launched, bringing together representatives from key stakeholder groups.

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Governance

Corporate governance

Endomines' goal is to ensure efficient, transparent, and responsible operations, considering the needs and rights of stakeholders. The company maintains an up-to-date risk management plan and oversees its practical implementation. Business operations comply with mining legislation and regulations, with transparency in decision-making. The focus of the sustainability program is to ensure ethical conduct and its continual integration into the business. The company's operations are guided by a Code of Conduct and related policies. To ensure ethical behavior, a Whistleblowing channel is maintained, allowing stakeholders to make confidential reports. In 2025, four reports were received through the channel and processed according to the defined procedure.

Personnel

Endomines had 84 (54) employees at the end of December 2025.

Management team

At the end of the reporting period, the management team of Endomines Finland Plc consisted of CEO Kari Vyhtinen and the following persons: Minni Lempinen, Chief Financial Officer; Ilkka Räty, Chief Operations Officer; Sampo Hirvonen, Chief Development Officer; Jani Rautio, Chief Technical Officer; Hanne Mäkelä, Chief Sustainability Officer; and Anni Turpeinen, Chief Communications Officer.

Annual General Meeting 2025

The Annual General Meeting of Endomines Finland Plc was held as a hybrid meeting on 13 May 2025 in Helsinki, Finland.

The AGM approved the financial statements for the financial period 1.1.2024–31.12.2024, granted discharge to the members of the Board of Directors and the CEO for the financial period and for the preparation of the financial statements, and approved the remuneration report of the company's bodies.

The AGM decided, as proposed by the Board of Directors, that the loss for the financial period 1.1.2024–31.12.2024 will be added to the retained earnings and that no dividend will be paid.

In accordance with the Board's proposal, the AGM decided that the number of Board members shall be five. The members of the Board of Directors are Jukka-Pekka Joensuu, Chair of the Board; Kyösti Kakkonen, Vice Chair of the Board; Markus Ekberg, Member of the Board; Eeva Ruokonen, Member of the Board and Jukka Jokela, Member of the Board. The term of office of the Board of Directors runs until the end of the Annual General Meeting in 2026. The Annual General Meeting approved the proposals regarding the Board's remuneration.

The Annual General Meeting authorized the Board of Directors to decide on the acquisition of the company's own shares, the issuance of new shares, and the issuance of stock options and other special rights entitled to shares.

KPMG Oy Ab was elected as the auditing firm, which has announced that it will appoint APA Antti Kääriäinen as the principal responsible auditor. It was decided to pay the auditor a fee based on an invoice approved by the company.

More information about the Annual General Meeting can be found at https://endomines.com/en/for-investors/governance/general-meeting/

Further information and webcast

For further information regarding the financial statements, please contact CEO Kari Vyhtinen, tel. +358 40 585 0050 and CFO Minna Karttunen, tel. +358 40 513 3225. An English‑language business review webcast for investors, analysts and media will be held on 5 February 2026 at 14:00 EET. You can join the event at: https://endomines.events.inderes.com/h2-2025/register. A recording of the webcast will later be available on the company's website at https://endomines.com/en/for-investors/reports-and-presentations/.

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Financial Tables

Consolidated income statement, IFRS

MEUR	1.7.–31.12. 2025	1.7.–31.12. 2024	1.1.–31.12. 2025	1.1.–31.12. 2024
Revenue	24.0	15.6	45.5	28.7
Other operating income	0.0	0.0	0.1	0.0
Change in the inventory of finished goods and work in progress	-0.2	-0.2	0.0	-0.1
Materials, supplies, and external services	-9.1	-7.6	-18.7	-15.1
Employee benefit expenses	-3.4	-2.4	-6.1	-4.6
Other operating expenses	-2.7	-1.7	-4.5	-3.1
EBITDA	8.7	3.9	16.3	5.8
Depreciation and impairment losses	-6.5	-1.4	-8.7	-3.2
Operating result	2.2	2.5	7.6	2.6
Financial income	0.5	0.9	0.7	1.4
Financial expenses	-1.8	-2.1	-5.1	-3.7
Earnings before taxes	0.9	1.4	3.2	0.4
Taxes	4.1	-0.1	4.1	-0.0
Profit for the period	5.1	1.3	7.3	0.3
Profit for the period attributable to
Shareholders of the parent company	5.1	1.3	7.3	0.3
Earnings per share, EUR	0.4	0.1	0.7	0.0
Diluted earnings per share, EUR	0.4	0.1	0.6	0.0
CONSOLIDATED STATEMENT OF COMPREHENSIVE	1.7.–31.12.	1.7.–31.12.	1.1.–31.12.	1.1.–31.12.
INCOME	2025	2024	2025	2024
Profit for the period Items that may be reclassified to profit or loss:	5.1	1.3	7.3	0.3

Exchange rate differences on translation of foreign unit	0.0	0.6	-2.2	1.2
Other comprehensive income for the period after taxes	0.0	0.6	-2.2	1.2
Total comprehensive income for the period	5.1	1.9	5.2	1.6
Total comprehensive income attributable to
Shareholders of the parent company	5.1	1.9	5.2	1.6

{11}------------------------------------------------

Consolidated balance sheet, IFRS

MEUR	31.12.2025	31.12.2024
ASSETS
Non-current assets
Intangible assets
Mineral resource exploration and evaluation expenses	30.6	38.6
Other intangible assets	1.3	1.6
Property, plant, and equipment
Pampalo mine	19.2	13.6
Hosko mine	3.3	1.8
Land and water areas	0.3	0.5
Buildings and structures	2.5	6.4
Machinery and equipment	5.4	6.6
Other tangible assets	0.6	0.1
Other non-current assets	0.9	0.9
Deferred tax assets	4.3	–
Total non-current assets	68.4	70.1
Current assets
Inventories	1.1	0.4
Accounts receivable	7.7	3.1
Other receivables	0.0	0.0
Accrued receivables	0.2	0.1
Cash in hand and at banks	3.9	2.1
Total current assets	13.0	5.7
Assets held for sale	10.9	–
Total assets	92.3	75.8

{12}------------------------------------------------

MEUR	31.12.2025	31.12.2024
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent company
Share capital	53.3	53.3
Other invested capital	131.5	121.6
Translation differences	0.9	3.1
Retained earnings	-136.4	-137.1
Profit for the period	7.3	0.3
Total equity attributable to shareholders of the parent company	56.7	41.2
Total equity	56.7	41.2
Non-current liabilities
Deferred tax liabilities	–	0.1
Financial liabilities	12.0	8.4
Provisions	6.8	7.5
Total non-current liabilities	19.8	16.0
Current liabilities
Financial liabilities	1.7	6.9
Accounts payable	6.2	6.9
Other liabilities	4.1	1.1
Accrued liabilities	3.8	3.6
Total current liabilities	15.8	18.6
Liabilities related to assets held for sale	0.9	–
Total liabilities	36.5	34.6
Total equity and liabilities	92.3	75.8

{13}------------------------------------------------

Consolidated cash flow statement, IFRS

MEUR	1.1.–31.12.2025	1.1.–31.12.2024
Cash flows from operating activities
Result for the period	7.3	0.3
Adjustments to profit for the period:
Financial income and expenses	6.1	1.5
Depreciation and impairment losses	8.7	3.2
Unrealised exchange rate differences on intra-group items	-2.1	0.5
Taxes and other adjustments	-4.1	0.1
Cash flow from operating activities before the change in working capital	15.9	5.5
Change in current non-interest-bearing receivables	-4.9	-1.4
Change in inventories	-0.8	0.1
Change in current non-interest-bearing liabilities	3.4	2.1
Change in working capital	-2.2	0.7
Cash flow from operating activities before financials items	13.8	6.2
Interest income	0.0	0.0
Interest expenses	-0.7	-0.1
Financial items	-0.7	-0.1
Paid taxes	0.0	0.0
NET CASH FLOW FROM OPERATING ACTIVITIES	13.1	6.2
Financial assets used for investments
Investments in intangible assets	-4.3	-3.8
Investments in property, plant, and equipment	-13.2	-6.5
Business acquisitions	-0.9	–
Transfers of tangible and intangible assets	–	0.1
NET CASH FLOW FROM INVESTING ACTIVITIES	-18.3	-10.2
Cash flow before cash flows from financing activities	-5.2	-4.0
Financial assets used for financing
Loan drawdowns	7.4	5.0
Loan repayments	-0.3	-0.1
Repayment of lease liabilities	-0.0	-0.0
NET CASH FLOW FROM FINANCING ACTIVITIES	7.0	4.9
Translation differences in financial assets	-0.0	-0.0
CHANGE IN FINANCIAL ASSETS	1.8	0.9
Financial assets at the beginning of the period	2.1	1.2
Financial assets at the end of the period	3.9	2.1

{14}------------------------------------------------

Consolidated statement of changes in equity, IFRS

MEUR	Share capital	Other invested capital	Treasury shares	Translation differences	Retained earnings	Total equity
Equity 1.1.2025	53.3	121.6	0.0	3.1	-136.8	41.2
Comprehensive income for the period
Profit for the period	–	–	–	–	7.3	7.3
Other comprehensive income for the period	–	–	–	-2.2	–	-2.2
Total comprehensive income for the period	–	–	–	-2.2	7.3	5.2
Transactions with shareholders
Conversion of convertible loans into shares	–	9.9	–	–	–	9.9
Equity component separated from the convertible loan	–	–	–	–	0,3	0,3
Share-based payments	–	–	–	–	0.2	0.2
Total transactions with shareholders	–	9.9	–	–	0.4	10.3
Equity 31.12.2025	53.3	131.5	0.0	0.9	-129.0	56.7

MEUR	Share capital	Other invested capital	Treasury shares	Translation differences	Retained earnings	Total equity
Equity 1.1.2024	53.3	114.3	-0.1	1.8	-137.1	32.3
Comprehensive income for the period
Profit for the period	–	–	–	–	0.3	0.3
Other comprehensive income for the period	–	–	–	1.2	–	1.2
Total comprehensive income for the period	–	–	–	1.2	0.3	1.6
Transactions with shareholders
Conversion of convertible loans into shares	–	7.4	–	–	–	7.4
Disposal of treasury shares	–	-	0.0	–	0.0	0.0
Total transactions with shareholders	–	7.4	0.0	–	0.0	7.4
Equity 31.12.2024	53.3	121.6	0.0	3.1	-136.8	41.2

{15}------------------------------------------------

Key figures, IFRS

	1.7.– 31.12.2025	1.7.– 31.12.2024	1.1.– 31.12.2025	1.1.– 31.12.2024
Net result	5,1	1.3	7.3	0.3
The weighted average number of shares for calculating earnings per share	11,441,328	9,907,805	11,191,252	9,851,879
Earnings per share, EUR	0.4	0.1	0.7	0.0
Diluted weighted average number of shares	12,660,755	10,736,214	12,251,265	10,707,841
Diluted earnings per share, EUR*	0.4	0.1	0.6	0.0
The number of shares outstanding at the end of the period	11,965,914	10,824,599	11,965,914	10,824,599

	1.1.–31.12.2025	1.1.–31.12.2024
Interest-bearing net liabilities	9.9	13.2
Net gearing ratio, %	17 %	32 %
Equity ratio, %	61 %	54 %

Calculation formulas for alternative key figures

Interest-bearing net liabilities = interest-bearing liabilities – liquid cash assets

EBITDA = operating result + depreciations and impairment losses

EBITDA % = 100 x EBITDA / revenue

Operating result = revenue + other operating income + change in the inventory of finished goods and work in progress – materials, Supplies, and external services – expenses arising from employee benefits – other operating expenses – depreciations and impairment losses

Operating result % = 100 x operating result / revenue

Net gearing ratio-% = 100 x (interest-bearing liabilities – liquid cash assets) / equity

Equity ratio-% = 100 x equity / (adjusted balance sheet total – advance payments based on work performed)

Cash Cost in Pampalo, excl. investments = (Pampalo production segment materials, supplies, and external services + Pampalo production segment expenses arising from employee benefits + Pampalo production segment other operating expenses) / gold production in ounces during reporting period

^*According to the IAS 33 Earnings per share standard, the result adjusted for the dilution effect must not strengthen the earnings per share for the presented period

{16}------------------------------------------------

Notes to the Financial Statements Release

1. Accounting principles

The company prepares its consolidated financial statements in accordance with the international financial reporting standards (IFRS) approved by the EU. The financial statements release for period 1 January 2025 – 31 December 2025 has been prepared in accordance with the IAS 34 Interim Financial Reporting standard, and the financial statement release mainly follows the same accounting principles as the financial statements 31 December 2024. Changes in accounting estimates are disclosed in the following paragraph. The figures presented in the release are unaudited.

The financial statements release is presented in millions of euros unless otherwise stated. All figures presented are rounded and thus the sum of individual figures may differ from the sum presented.

2. Changes in accounting estimates

In June 2025, the board of Endomines approved an updated long-term production plan for its existing mines. Due to the updated estimates in the long-term production plan, the economic life of the Pampalo mine changed. According to the updated management estimate, the economic life of the Pampalo mine is now expected to extend until the end of 2034 instead of the previous estimate of the end of 2032. Endomines updated the depreciation plan for the Pampalo mine starting from 1 January 2025, non-retroactively, in accordance with the longterm production plan. These changes affected the amount of depreciation recorded for the period from 1 January to 30 June 2025, reducing it by MEUR 0.2.

3. Implementation of new and revised accounting standards

Endomines have applied the amendments and annual improvements to the IFRS accounting standards that came into effect on 1 January 2025. The amendments and annual improvements to the standards have not had a significant impact on the reported figures.

4. Disaggregation of revenue

External revenue by timing of revenue recognition

At a point in time	1.7.–31.12.2025	1.7.–31.12.2024	1.1.–31.12.2025	1.1.–31.12.2024
Pampalo production	24.0	15.6	45.5	28.7
Karelian gold line	0.0	0.0	0.0	0.0
USA operations	0.0	0.0	0.0	0.0
Unallocated items	0.0	0.0	0.0	0.0
Group total	24.0	15.6	45.5	28.7

External revenue by market region

Revenue	1.7.–31.12.2025	1.7.–31.12.2024	1.1.–31.12.2025	1.1.–31.12.2024
Finland	24.0	15.6	45.5	28.7
USA	0.0	0.0	0.0	0.0
Revenue total	24.0	15.6	0.0	28.7

{17}------------------------------------------------

5. Segment information

Pampalo production

Gold production	1.7.–31.12.2025	1.7.–31.12.2024	1.1.–31.12.2025	1.1.–31.12.2024
Gold production, kg	242.5	226.6	517.2	444.9
Gold production, oz	7,797	7,285	16,630	14,304

Group total

Gold production	1.7.–31.12.2025	1.7.–31.12.2024	1.1.–31.12.2025	1.1.–31.12.2024
Gold production, kg	242.5	226.6	517.2	444.9
Gold production, oz	7,797	7,285	16,630	14,304

1.7.–31.12.2025	Pampalo production	Karelian gold line	USA operations	Unallocated items	Group total
Sales outside the group	24.0	0.0	0.0	0.0	24.0
Sales to other segments	0.0	0.0	0.0	0.0	0.0
Total revenue	24.0	0.0	0.0	0.0	24.0
Change in the inventory of finished goods and work in progress	-0.2	0.0	0.0	0.0	-0.2
Materials, supplies, and external services	-8.9	-0.1	0.0	-0.1	-9.1
Expenses of employee benefits	-2.0	-0.5	-0.2	-0.8	-3.4
Other operating expenses	-1.3	-0.1	-0.4	-0.9	-2.7
EBITDA	11.7	-0.7	-0.6	-1.7	8.7
EBITDA %	49%	–	–	–	36%
Depreciation	-1.9	0.0	-4.1	-0.5	-6.5
Operating result	9.8	-0.7	-4.7	-2.2	2.2
Operating result %	4%	–	–	–	9%

1.7.–31.12.2024	Pampalo production	Karelian gold line	USA operations	Unallocated items	Group total
Sales outside the group	15.6	0.0	0.0	0.0	15.6
Sales to other segments	0.0	0.0	0.0	0.0	0.0
Total revenue	15.6	0.0	0.0	0.0	15.6
Change in the inventory of finished goods and work in progress	-0.2	0.0	0.0	0.0	-0.2
Materials, supplies, and external services	-7.5	0.0	-0.1	0.0	-7.6
Expenses of employee benefits	-1.2	-0.3	-0.2	-0.7	-2.4
Other operating expenses	-0.5	-0.1	-0.1	-0.9	-1.6
EBITDA	6.3	-0.5	-0.4	-1.5	3.9
EBITDA %	40%	–	–	–	25%
Depreciation before the change	-0.8	0.0	-0.4	-0.2	-1.4
Reallocation of depreciation to segments*	-0.1	0.0	0.0	0.1	–
Depreciation after the change	-0.8	0.0	-0.4	-0.2	-1.4
Operating result before the change	5.5	-0.5	-0.8	-1.8	2.5
Operating result % before the change	35%	–	–	–	16%
Impact of the reallocation of depreciation	-0.1	0.0	0.0	0.1	–
Operating result after the change	5.5	-0.5	-0.8	-1.7	2.5
Operating result % after the change	35%	–	–	–	16%

{18}------------------------------------------------

1.1.–31.12.2025	Pampalo production	Karelian gold line	USA operations	Unallocated items	Group total
Sales outside the group	45.5	0.0	0.0	0.0	45.5
Sales to other segments	0.0	0.0	0.0	0.0	0.0
Total revenue	45.5	0.0	0.0	0.0	45.5
Change in the inventory of finished goods and work in progress	0.0	0.0	0.0	0.0	0.0
Materials, supplies, and external services	-18.4	-0.1	-0.1	-0.1	-18.7
Expenses of employee benefits	-3.4	-0.9	-0.4	-1.4	-6.1
Other operating expenses	-1.9	-0.2	-0.8	-1.6	-4.4
EBITDA	21.8	-1.2	-1.2	-3.0	16.3
EBITDA %	48%	–	–	–	36%
Depreciation	-3.2	0.0	-4.5	-1.0	-8.7
Operating result	18.6	-1.2	-5.7	-4.0	7.6
Operating result %	41%	–	–	–	17%

1.1.–31.12.2024	Pampalo production	Karelian gold line	USA operations	Unallocated items	Group total
Sales outside the group	28.7	0.0	0.0	0.0	28.7
Sales to other segments	0.0	0.0	0.0	0.0	0.0
Total revenue	28.7	0.0	0.0	0.0	28.7
Change in the inventory of finished goods and work in progress	-0.1	0.0	0.0	0.0	-0.1
Materials, supplies, and external services	-14.9	-0.1	-0.1	0.0	-15.1
Expenses of employee benefits	-2.4	-0.7	-0.4	-1.2	-4.6
Other operating expenses	-1.0	-0.1	-0.3	-1.6	-3.0
EBITDA	10.3	-0.9	-0.7	-2.8	5.8
EBITDA %	36%	–	–	–	20%
Depreciation before the change	-1.8	0.0	-0.8	-0.6	-3.2
Reallocation of depreciation to segments*	-0.2	0.0	–	0.3	–
Depreciation after the change	-2.1	0.0	-0.8	-0.3	-3.2
Operating result before the change	8.5	-0.9	-1.6	-3.4	2.6
Operating result % before the change	30 %	–	–	–	9 %
Impact of the reallocation of depreciation	-0.2	0.0	–	0.3	–
Operating result after the change	8.3	-1.0	-1.6	-3.1	2.6
Operating result % after the change	29%	–	–	–	9%

^* During the reporting period, the allocation of depreciation to segments was refined, and part of the depreciation previously presented under unallocated items was reallocated to the Pampalo production and Karelian gold line segments. Comparative period figures have been adjusted accordingly.

{19}------------------------------------------------

6. Business acquisitions

On 1 September 2025, Endomines Oy acquired the Pampalo operations of Power Mining Oy, an underground mining service provider. Power Mining Oy provides rock construction services for mining and infrastructure projects. The company has been a mining construction partner at Endomines' Pampalo underground mine since 2021. The acquired operations employed about 30 people, all of whom worked at the Pampalo mine.

With the transfer of operations, a majority of the employees of Power Mining Oy working at the Pampalo mine transitioned to Endomines' employment. The transaction included the machinery and equipment necessary for underground mining as well as an inventory. The purchase price will be paid in three approximately equal instalments: the first MEUR 0.9 on the completion Date, the second by 31 March 2026, and the third by 30 September 2026.

Values of acquired assets and liabilities at the time of acquisition	Fair values
Property, plant and equipment	2.0
Inventories	0.9
Total assets	2.9

Other liabilities	0.1
Total liabilities	0.1
Fair value of acquired net assets	2.8

Consideration transferred	0.9
Fair value of contingent consideration	2.0
Fair value of acquired net assets	-2.8
Goodwill	0.0

Cash flows of the acquisition
Consideration, paid in cash	-0.9
Net cash flow on acquisition	-0.9

7. Assets held for sale

Endomines Finland Plc, through its wholly owned subsidiary of Endomines Idaho, LLC, has signed an agreement on 19 November 2025 to sell three gold deposits located in the state of Idaho, USA, to Australian company Yellowstone Mining Pty Ltd. The total debt-free purchase price is 20 million Australian dollars (AUD). Purchase price is agreed to be paid in five instalments, of which the first one, MAUD 3.5 on the completion date of the transaction and the rest within 5 years of the completion. For the third and fourth instalments, Endomines has the option to choose payment in the form of shares in Elk ListCo instead of cash.

The deposits being sold are named Friday, Buffalo Gulch, and Deadwood (the "Deposits"). The transaction also includes machinery and equipment in connection with the Deposits. Endomines has classified the assets to be sold as assets held for sale according to IFRS 5, and valued them at fair value less costs to sell. The impairment loss of MEUR 3.9 is presented as part of the result of USA operations segment. The final amount of the loss will be determined based on the balance sheet and exchange rates on the Completion Date.

Most of Endomines' personnel currently working in Idaho will transfer to Elk upon completion of the transaction. The completion of the transaction is subject to customary conditions and the finalisation of Elk's financing arrangements. The sale is estimated to be completed by the end of first quarter of 2026.

Assets classified as held for sale	Book values
Other intangible assets	6.7
Land and water areas	0.2
Buildings and structures	2.5
Machinery and equipment	1.5
Other non-current receivables	0.1
Total	10.9

{20}------------------------------------------------

Liabilities related to assets held for sale	Book values
Deferred tax liabilities	0.1
Provisions	0.8
Total	0.9

8. Share-based payments

In January 2025, the Board of Directors approved a performance-based share program for its key employees for the years 2025–2027. Performance-based share program consists of a one-year earning period and a two-year commitment period. Bonus is granted in Endomines shares including taxes and tax-related payments. The criteria for earning the bonus are employment condition and the total return on the share. The starting level of the share price is 10.50 euros, and the maximum level is 21.00 euros. The fair value of the share bonus program has been determined by simulating the stock price with a Black-Scholes-Merton valuation model. The earning period of the program ended on 31 December 2025, and the share bonus is paid after the end of the earning period in April 2026. A total of 22 employees were included in the program at the grant date, and 19 at the end of financial year.

Performance-based share program
Grant date	21.1.2025
Maximum number of bonus shares	32,500
Fair value of the share at the grant date, EUR	8.90
Earning criteria	Total return of the share, employment
Number of employees 31.12.2025	19

The impact of the share-based payments on the reporting period's result has been 0.0 MEUR, and the total cost during its effective period is estimated to be MEUR 0.5.

9. Financial income and expenses

Financial income and expenses	1.1.–31.12.2025	1.1.–31.12.2024
Exchange rate gains	0.7	1.4
Other financial income	0.0	0.0
Total financial income	0.7	1.4
Exchange rate losses	-2.4	-1.0
Interest expenses on interest-bearing liabilities	-2.1	-2.1
Interest expenses on leases	0.0	0.0
Interest expenses on restoration costs	-0.2	-0.5
Other financial expenses	-0.4	-0.1
Total financial expenses	-5.1	-3.7
Net financial expenses	-4.4	-2.2

The foreign exchange rate differences of MEUR -2.2 (MEUR 1.2) on the intra-group loan to Endomines Idaho LLC, treated as a net investment in a foreign unit, have been recognized in other comprehensive income.

{21}------------------------------------------------

10. Intangible and tangible assets

Changes in Intangible Assets	31.12.2025	31.12.2024
Acquisition Cost
At the beginning of the period	58.9	52.6
Additions	4.3	3.8
Disposals	–	0.0
Classified as held for sale	-21.8	–
Exchange rate differences	-4.9	2.5
At the end of the period	36.6	58.9
Accumulated depreciation and impairment
At the beginning of the period	-18.7	-17.6
Depreciation	-0.4	-0.2
Other changes	–	0.0
Impairment	-2.4	0.0
Classified as held for sale	15.1	–
Exchange rate differences	1.7	-0.9
At the end of the period	-4.7	-18.7
Book value	31.9	40.2

Changes in Tangible Assets	31.12.2025	31.12.2024
Acquisition Cost
At the beginning of the period	87.4	74.3
Additions	13.2	12.1
Disposals	–	-0.1
Classified as held for sale	-17.0	–
Exchange rate differences	-2.2	1.1
At the end of the period	81.4	87.4
Accumulated depreciation and impairment
At the beginning of the period	-58.4	-54.7
Depreciation	-4.5	-3.0
Other changes	–	0.0
Impairment	-1.4	0.0
Classified as held for sale	12.9	–
Exchange rate differences	1.4	-0.7
At the end of the period	-50.0	-58.4
Book value	31.4	29.0

{22}------------------------------------------------

ENDOMINES

11. Income taxes

The income taxes for the financial year include temporary differences related to previous years' losses of group entities, environmental restoration provisions, lease liabilities. and associated fixed assets. Deferred tax assets and liabilities are presented net in the balance sheet. Changes in deferred tax assets and liabilities are presented in the tables below.

Changes in deferred tax assets 2025	1.1.2025	Recognized in the income statement	31.12.2025
Environmental restoration provisions	1.1	-0.2	0.9
Leases	0.0	0.0	0.0
Previous years' losses	_	4.1	4.1
Other temporary differences	0.0	0.2	0.2
Deferred tax assets in the balance sheet	1.1	4.1	5.2

Changes in deferred tax assets 2024	1.1.2024	Recognized in the income statement	31.12.2024
Environmental restoration provisions	0.3	0.8	1.1
Leases	0.0	0.0	0.0
Other temporary differences	0.1	0.0	0.0
Deferred tax assets in the balance sheet	0.4	0.7	1.1

Deferred tax assets are recognized to the extent that it is expected that future taxable income will be available against which they can be utilized.

Changes in deferred tax liabilities 2025	1.1.2025	Recognized in the income statement	31.12.2025
Environmental restoration provisions	1.1	-0.1	1.0
Leases	0.0	0.0	0.0
Other temporary differences	0.0	0.0	0.0
Deferred tax liabilities in the balance sheet	1.2	-0.1	1.0

Changes in deferred tax liabilities 2024	1.1.2024	Recognized in the income statement	31.12.2024
Environmental restoration provisions	0.3	0.8	1.1
Leases	0.0	0.0	0.0
Other temporary differences	0.1	0.0	0.0
Deferred tax liabilities in the balance sheet	0.4	0.8	1.2

Endomines has not recognized deferred tax assets for temporary differences as per the table below.

Non recorded deferred tax assets	31.12.2025		31.12.2024
	Expiry year	Gross amount	Tax effect	Expiry year	Gross amount	Tax effect
Tax losses	_	-	-	2025–2033	34.1	6.8
Environmental restoration provisions	do not expire	3.1	0.6	do not expire	2.2	0.5
Leases	do not expire	0.0	0.0	do not expire	0.0	0.0
Other temporary differences	do not expire	1.2	0.2	do not expire	2.4	0.5
Total		4.3	0.9		38.7	7.8

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12. Financial assets and liabilities

Current financial assets	31.12.2025	31.12.2024
Accounts receivable and other receivables	7.9	3.2
Cash in hand and at banks	3.9	2.1
Total financial assets recognized at amortized cost	11.8	5.3
Total financial assets	11.8	5.3
Financial liabilities
Non-current financial liabilities
Convertible loans	7.0	8.3
Loans from financial institutions	4.9	–
Lease liabilities	0.1	0.0
Other loans	0.1	0.0
Total non-current financial liabilities recognized at amortized cost	12.0	8.4
Current financial liabilities
Convertible loans	1.6	6.6
Other financial liabilities	0.0	0.3
Lease liabilities	0.1	0.0
Accounts payable and other liabilities	6.2	6.9
Total current financial liabilities recognized at amortized cost	7.9	13.9
Total financial liabilities	19.9	22.2

The carrying amounts of financial assets and liabilities measured at amortized cost materially correspond to their fair value, as the effect of discounting is not significant considering the maturity and the interest rate level at the reporting date.

13. Convertible loans

	31.12.2025	31.12.2024
Convertible loans, non-IFRS adjusted principle	8.9	15.1
IFRS adjustments	-0.2	-0.2
Convertible loans, IFRS adjusted principle	8.6	14.9
Accrued interest of convertible loans	2.3	2.3
Total	10.9	17.3

14. Contingent liabilities

Endomines has two active royalty agreements related to claims in Ilomantsi area. Endomines entered in 1996 into a royalty agreement which becomes effective once mining operations start. The royalty agreement, signed in 1996, concerns the claims located in the municipality of Ilomantsi and covers Hosko production area. The maximum royalty liability under the agreement is MEUR 2.5. During the financial year 2025. the realized royalty payment amounted to MEUR 0.0, and the remaining maximum royalty liability is MEUR 2.5.

As a result of a business acquisition. Endomines entered into a royalty agreement tied to production volumes in 2006. This agreement covers claims located in the Ilomantsi area. as well as Pampalo production area. The royalty liability begins to materialize once the production threshold specified in the agreement is exceeded. The production threshold has not been exceeded during the financial year, but it is expected to during the financial year 2026. The maximum royalty liability under the agreement is MEUR 1.5.

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15. The most significant risks and risk management

The group is exposed to various financial risks through its operations, including market risk (comprising currency risk and price risk), credit and counterparty risk, liquidity risk, and cash flow risk.

Market risk

The demand for produced gold in international markets affects the group's profitability. Endomines has a long-term sales agreement with Boliden Commercial AB. The agreement covers the entire sales of Endomines' Pampalo production.

Currency risk

The group operates internationally and is exposed to foreign exchange risks related to the EUR/USD exchange rate. All production invoicing is denominated in USD, while production costs and intra-group financing are denominated in both EUR and USD. Based on the sensitivity analysis conducted for sales, the EUR/USD exchange rate would have to weaken by more than 30% from its current level before it would have a significant impact on the company's cash flow. Foreign exchange risk arises from transaction risk related to contractual items and translation risk related to the conversion of the foreign subsidiary's financial statements into euros. At the end of December 2025, no foreign exchange hedging agreements were in place. However, as part of the financing arrangement agreed on 30 April 2025, Endomines has agreed to the option of entering into such arrangements. The intra-group foreign currency-denominated loan between Endomines Finland Plc and Endomines Idaho LLC is considered a net investment in a foreign entity.

Interest rate risk

Interest rate risk refers to the uncertainty in earnings, the balance sheet, and cash flow caused by changes in interest rates. During the reporting period, Endomines entered into a floating-rate financing agreement, which exposes the company to cash flow risk due to changes in loan interest rates. The reference rate for the financial institution loans is the 12-month Euribor. According to management's assessment, the interest rate risk is not considered significant.

Price risk

The group is exposed to price risk primarily through fluctuations in the price of gold. The price of gold is determined daily by the LBMA (London Bullion Market Association). The Company's exposure to price fluctuations can be partially mitigated through gold price hedging agreements. As of the end of the reporting period, no hedging agreements were in place. The selection of counterparties for financial instruments has been based on management's assessment of their reliability.

Credit risk

Credit and counterparty risk refers to the risk that a counterparty to a transaction is unable to fulfil its obligations, thereby causing a loss to Endomines. In Endomines' case, credit and counterparty risk is primarily influenced by cash assets and credit exposures related to customers, including outstanding receivables and contractual transactions. To mitigate this risk, Endomines only engages with counterparties that have a high credit rating. The Group's counterparties for cash assets are Pohjois-Karjalan Osuuspankki and Nordea bank in Finland and a PlainsCapital Bank in the United States.

Over the past two years, the group has had only two customers: Boliden Commercial AB for flotation concentrate and K.A. Rasmussen AS for gravimetric concentrate. Management has no reason to expect credit losses due to counterparty insolvency. Based on management's judgment, Endomines has not recognized any expected credit losses. The payment terms for trade receivables are as follows: the provisional invoice is due on the 20th calendar day of the month following the delivery month, and the final invoice is due five business days after the invoice is issued.

Liquidity risk

The company regularly assesses and monitors the adequacy of its liquidity. The evaluation of financing needs is based on an annual budget, a monthly updated financial forecast, a production forecast, and up-to-date cash flow planning. In January 2025, Endomines entered into a financing arrangement with its current owners for a total amount of up to MEUR 2.3 to cover preparatory work related to its strategy and other business needs. In April 2025, Endomines also entered into an agreement for a broader long-term financing arrangement of up to 12 million euros, with the purpose to enable growth-oriented activities during the period from 2025 to 2026. According to management's estimate, the anticipated financing need for the financial year 2026 will be covered by the financing agreements in place as at the reporting date and by internal operating cash flows from Pampalo.

Capital management

The group's capital management objective is to ensure the normal operating conditions for the business, maintain an optimal capital structure, and minimize the cost of capital. The capital structure is primarily influenced by directing investments and the amount of working capital tied up in the business. The group's capital structure is monitored, among other things, through the net debt-to-equity ratio, which is calculated by dividing net interest-bearing debt by equity.

Environment and permits

The company's operations are dependent on exploration, mining, and environmental permits, as well as other licenses and rights. Delays in obtaining permits, or possible negative permit decisions, may affect the implementation of production plans and long-term goals. In addition, permit decisions may include financial guarantees that can impact the company's financial position and available financial resources. The

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operations are subject to environmental risks and requirements, which are appropriately considered. Endomines has an up-to-date environmental restoration plan, and the preparation of permits involves the use of the industry's best experts.

Exploration

In line with Endomines' strategy, significant annual investments are made in exploration to increase gold reserves. Exploration is inherently uncertain and involves financial risk-taking. Exploration activities depend on permits and rights. Endomines' experienced experts, together with the exploration steering group and the management team, plan annual exploration activities to achieve these goals.

Shares and exchange

The shares of Endomines Finland Plc are listed on the main list of Nasdaq Helsinki with the ticker PAMPALO. On 31 December 2025, the total number of Endomines' shares was 11,971,344 and the share capital was MEUR 53.3. At the end of the financial year. Endomines held 5,430 of its own shares. which corresponds to approximately 0.05 % of the number of shares and the total number of votes. Endomines has one share class. During the financial year, the weighted average number of shares was 11,191,251.

Share price development in Nasdaq Helsinki

EUR	1.1.–31.12.2025
Opening price	8.50
Closing price	28.05
Highest price	38.40
Lowest price	8.26
Weighted average price	21.30

10 largest shareholders on 31.12.2025

Name	Shares	% of shares and votes
Joensuun Kauppa Ja Kone Oy	2,534,552	21.17
Mariatorp Oy	1,618,387	13.52
Wipunen Varainhallinta Oy	1,618,387	13.52
K22 Finance Oy	480,615	4.01
Kakkonen Kari Heikki Ilmari	316,566	2.64
Taloustieto Incrementum Oy	296,683	2.48
Hietamoor Oy	265,744	2.22
Eyemaker's Finland Oy	259,611	2.17
Elo Keskinäinen Työeläkevakuutusyhtiö	240,000	2.00
Vakuutusosakeyhtiö Henki-Fennia	239,000	2.00