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Endomines Interim / Quarterly Report 2026
3155_rns_2026-05-12_9a990d3c-afdd-4774-89e2-a728bb62f293.pdf
Interim / Quarterly Report
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ENDOMINES
12 May 2026
Quarterly Report
Q1 2026
ENDOMINES
Quarterly Report Q1 2026
Record first quarter: revenue grew by 77% and EBITDA was 47% of revenue
Financial summary
The figures in parentheses refer to the corresponding period in 2025, unless otherwise stated.
Q1 2026 in brief
- The Group revenue increased by 77.2% to MEUR 18.5 (MEUR 10.4)
- The Group EBITDA was MEUR 8.8 (MEUR 3.7), or 47.5% of revenue (35.2%)
- The Pampalo production segment EBITDA was MEUR 11.6 (MEUR 4.8), or 62.9% of revenue (45.6%)
- The Group operating result was MEUR 7.3 (MEUR 2.5), or 39.4% of revenue (24.0%)
- The Group net result was MEUR 7.1 (MEUR 1.4), or 38.3% of revenue (13.8%)
- Earnings per share (basic) EUR 0.6 per share (EUR 0.1 per share)
- Operating cash flow before investments was MEUR 8.7 (MEUR 1.5)
- Gold production in Q1 increased by 9.8% and was 4,955 ounces (4,513 ounces), or 154.1 kg (140.4 kg)
Key figures
| Key figures | Unit | Q1 2026 | Q1 2025 | Change, % | FY 2025 |
|---|---|---|---|---|---|
| Revenue and profitability | |||||
| Revenue | MEUR | 18.5 | 10.4 | 77.2% | 45.5 |
| Pampalo production revenue | MEUR | 18.5 | 10.4 | 77.2% | 45.5 |
| % of revenue | % | 100.0 | 100.0 | – | 100.0 |
| Operating expenses | MEUR | -9.7 | -6.8 | 43.9% | -29.3 |
| EBITDA | MEUR | 8.8 | 3.7 | 138.8% | 16.3 |
| % of revenue | % | 47.5 | 35.2 | – | 35.9 |
| Pampalo production EBITDA | MEUR | 11.6 | 4.8 | 144.3% | 21.8 |
| % of revenue | % | 62.9 | 45.6 | – | 47.8 |
| Depreciation and impairment losses | MEUR | -1.5 | -1.2 | 26.3% | -8.7 |
| Operating result | MEUR | 7.3 | 2.5 | 191.6% | 7.6 |
| % of revenue | % | 39.4 | 24.0 | – | 16.7 |
| Net result | MEUR | 7.1 | 1.4 | 389.9% | 7.3 |
| % of revenue | % | 38.3 | 13.8 | – | 16.1 |
| Earnings per share, basic | EUR | 0.6 | 0.1 | 343.0% | 0.7 |
| Balance sheet | |||||
| Net gearing | % | 6.8 | 35.5 | – | 17.4 |
| Equity ratio | % | 64.9 | 55.2 | – | 61.5 |
| Operational key figures | |||||
| Cash cost in Pampalo, excl. investments and change in inventory | EUR/ounce | -1,481 | -1,236 | 19.8% | -1,436 |
| Gold production | ounces | 4,955 | 4,513 | 9.8% | 16,630 |
ENDOMINES
Guidance for the financial year 2026
The company maintains its previous guidance and estimates that gold production will increase by 10–20% from the previous year. In 2025, Endomines produced 16,630 ounces, 517.2 kg of gold.
CEO's review
The result for Q1 was truly exceptional. We broke several records and reached significant strategic milestones. I would like to express my warmest thanks to the entire Endomines team for a brilliant job done. Our Golden Journey is progressing decisively toward our ambitious strategic goals.
During January-March, our revenue grew by an impressive 77.2% to MEUR 18.5. Our EBITDA margin increased to 47.5% of revenue. The operating result was MEUR 7.3, or 39.4% of revenue, which in absolute terms was close to the operating profit for the entire previous year. Net income also approached the full-year 2025 net result and totaled EUR 7.1 million, corresponding to 38.3% of revenue. Our business progressed excellently in all areas during the review period.
Revenue growth was boosted by the increase in production and the high price of gold. Safety is the absolute foundation of our operations, and its continuous development is a key part of our everyday work. For the review period, we achieved a production record without a single lost time accident. This reflects our long-term and systematic work for safety. The mining operations business acquisition completed last year is now concretely reflected in the increase in production volumes. The average price of gold during the review period was USD 4,879/ounce (USD 2,862 per ounce), which is an all-time high.
Geopolitical and economic uncertainty, as well as heightened tensions between the major powers, were strongly reflected in the gold price development. The beginning of the year has been exceptionally volatile. Price fluctuations have been particularly affected by changes in the interest rate outlook caused by the war in Iran and profit taking to cover the risks realised in other types of investments. Our view is that the fundamentals of the gold market have not changed, and they will continue to support the gold price in the second half of the year. In the short term, however, uncertainty in the Middle East region makes forecasting extremely challenging.
The implementation of our golden strategy is progressing with determination
In exploration, we launched the largest exploration campaign in Endomines history. In 2026, we will drill approximately 50,000 metres of pure exploration drilling which is almost 2.8 times more than in 2025. In March, we released the first gold resource of the Northern Gold Line, 124,000 ounces, and updated the company gold resources to a new record of 619,600 ounces of gold.
Following the release of the Kartitsa gold resources on the Northern Gold Line, we published new, very promising drilling results in the area. The new results further strengthen the potential of the region and create a solid basis for increasing the gold resources in the next update.
On the Southern Gold Line, exploration focused on the Ukko deposit area. We have been exploring this promising area for approximately one year, and Ukko will account for roughly half of the total 2026 drilling program. In addition, we will commence follow-up exploration in the Kuittila area during the second quarter of the year. Our objective is to bring both deposits into production as part of the production expansion project around 2030. The aim of the project is to increase our annual production volume to fivefold to 70,000–100,000 ounces, and to commence the production of tungsten and molybdenum.
In the production expansion project, we submitted the environmental impact assessment (EIA) program to the authorities in February 2026. Tungsten is included in the project and is one of the critical minerals of the European Union. In January, we applied for the strategic project status from the EU. In March, we announced a non-binding letter of intent with Wolfram Bergbau und Hütten AG related to tungsten. Tungsten prices have risen sharply in recent times, significantly increasing the metal's economic importance. The price of tungsten is currently as high as 300,000 USD per tonne. Our target is to reach annual tungsten production of approximately 1,000 tonnes around 2030.
Resources reallocated from the United States to support growth projects
In February, the sale of three gold deposits in Idaho was completed. The transaction lightens our cost structure and releases resources to support growth projects along the Karelian Gold Line. Following the transaction, our company continues to control four deposits in the United States, two in Idaho and two in Montana.
Investing in people and expertise
Endomines growth is built on expertise and safe operating culture. During the review period, we received the Most Inspiring Workplaces in Finland recognition awarded by Eezy Flow, and we strengthened our organisation with several successful recruitments. Our organisation is now ready for the next growth phase.
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ENDOMINES
We started the year strongly, achieved our key objectives and laid a solid foundation for success for the whole year 2026. We continue our Golden Journey with determination towards the next growth leap. Our goal is to build mining operations that every employee can be proud of and that, through example, guides the mining industry toward a more sustainable future.
A warm thank you for the valuable work – the Golden Journey continues
I would like to thank all our employees for their excellent work, which enabled us to achieve an exceptionally strong result for the review period. I would also like to thank our owners, partners and stakeholders for the support and commitment that has enabled our tremendous growth.
Kari Vyhtinen
CEO
Endomines Finland Plc
More information and webcast
For further information on the interim report, please contact President and CEO Kari Vyhtinen, +358 40 585 0050 and CFO Minna Karttunen, tel. +358 40 513 3225. A webcast for investors, analysts and media will be held on 12 May 2026 at 2:00 p.m. EEST. Participation in the event at: https://endomines.events.inderes.com/2026-q1/register. A recording of the webcast will be available later on the company website at https://endomines.com/en/for-investors/reports-and-presentations/.
ENDOMINES
Market and operating environment
Changes in the price of gold and the US dollar (USD) exchange rate have a direct impact on Endomines' revenue, financial performance and cash flow, and their development is actively monitored. The interest rate development also affects the price of gold. Interest rates started to rise in March.
In the first quarter, the average gold price was 4,879 USD/ounce, compared to 2,862 USD/ounce in the comparison period. In 2025, the price of gold averaged 3,426 USD/ounce. Geopolitical uncertainty continued during the first quarter and the market environment remained difficult to predict. The outlook on the gold market continues to be positive.
The development of the USD exchange rate has a significant impact on Endomines' financial results, as the sale of gold concentrate takes place in US dollars. However, the costs of production activities in Finland are mainly generated in euros. In addition, the valuation of costs and balance sheet items related to the U.S. deposits is affected by changes in the exchange rate. The company uses cautious price and currency assumptions in its internal planning and has agreed on readiness to make currency hedges as part of the financing package signed on 30 April 2025. No currency hedges were in place in the first quarter, but the company staggers the sale of dollars during the month, which distributes the exchange rate risk.
| Market data | Unit | Q1 2026 | Q1 2025 | Change, % | FY 2025 |
|---|---|---|---|---|---|
| Gold price, average | USD/ounce | 4,879 | 2,862 | 70.5% | 3,426 |
| EUR / USD, average rate | 1.17 | 1.05 | 11.4% | 1.13 | |
| EURIBOR 12 kk, average | % | 2.34 | 2.44 | – | 2.22 |
Endomines' operations in Finland are regulated by mining and environmental legislation, which sets requirements for permit processes, environmental protection, and the aftercare and closure of mines. Permit processes can be lengthy, and strict regulatory environmental requirements can impact costs during the life cycle of operations. In addition, the continuity of operations is affected by the stance of local communities towards mining ("social license to operate"); Open interaction and cooperation with stakeholders support the acceptability of operations and help to manage expectations related to operations. However, Finland offers a politically stable and predictable operating environment, which supports mining operations in the long term.
The company cost environment is particularly affected by energy and taxation, which have a direct impact on the company EBITDA. From the beginning of 2026, the value royalty on metal ores was increased, which is why the amount of the mining minerals tax is expected to increase substantially and may rise to approximately MEUR 2 in 2026. In Q1 2026, mining minerals tax of MEUR 0.5 (MEUR 0.1) and electricity tax of MEUR 0.09 (MEUR 0.01) were recorded. From the beginning of 2026, the excise duty on electricity rose to the higher tax bracket, but the enrichment of mining minerals is still included in the lower electricity tax bracket II. The electricity consumption of the Pampalo mill is measured separately from other operations. The electricity price also has a significant impact on the company production costs. The price paid by the company in Q1 2026 was 12.9 cents/kWh (6.8).
In connection with the acquisition in 2006, Endomines entered into a royalty agreement tied to production volumes, which covers the claims in the Ilomantsi area and the Pampalo production area. The royalty liability will start to run when the contractual production limit is exceeded. It is expected to be exceeded during the spring of 2026 but was not yet exceeded in the first quarter. The royalty amount is $1\%$ of sales after the production threshold is exceeded, and the maximum royalty liability is MEUR 1.5.
The holder of an exploration permit must pay annual mineral exploration compensation to the owners of the properties located in the exploration area. In the first quarter of the year, a total of approximately MEUR 0.1 was paid in compensation. In 2025, Endomines paid exploration compensation of approximately MEUR 0.4 in total.
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Financial performance
| Key figures | Unit | Q1 2026 | Q1 2025 | Change, % | FY 2025 |
|---|---|---|---|---|---|
| Revenue | MEUR | 18.5 | 10.4 | 77.2% | 45.5 |
| Pampalo production revenue | MEUR | 18.5 | 10.4 | 77.2% | 45.5 |
| % of revenue | % | 100.0 | 100.0 | – | 100.0 |
| Operating expenses | MEUR | -9.7 | -6.8 | 43.9% | -29.3 |
| EBITDA | MEUR | 8.8 | 3.7 | 138.8% | 16.3 |
| % of revenue | % | 47.5 | 35.2 | – | 35.9 |
| Pampalo production EBITDA | MEUR | 11.6 | 4.8 | 144.3% | 21.8 |
| % of revenue | % | 62.9 | 45.6 | – | 47.8 |
| Depreciation and impairment losses | MEUR | -1.5 | -1.2 | 26.3% | -8.7 |
| Operating result | MEUR | 7.3 | 2.5 | 191.6% | 7.6 |
| % of revenue | % | 39.4 | 24.0 | – | 16.7 |
| Net result | MEUR | 7.1 | 1.4 | 389.9% | 7.3 |
| % of revenue | % | 38.3 | 13.8 | – | 16.1 |
| Earnings per share, basic | EUR | 0.6 | 0.1 | 343.0% | 0.7 |
| Net gearing | % | 6.8 | 35.5 | – | 17.4 |
| Equity ratio | % | 64.9 | 55.2 | – | 61.5 |
Revenue and profitability
The Group revenue in the review period increased by 77.2% to MEUR 18.5 (MEUR 10.4). All of Group revenue is generated in the Pampalo Production segment. The increase in revenue was a result of a 9.8% increase in gold production volume and the high market price of gold which, during the review period, was on average 70.5% higher than in the comparison period. The Group EBITDA increased by 138.8% to MEUR 8.8 (MEUR 3.7). The EBITDA margin of Pampalo Production segment was MEUR 11.6 (MEUR 4.8), or 62.9% of revenue (45.6%).
The change in inventory of finished and unfinished products improved EBITDA by MEUR 1.4 (MEUR 0.2). In Q1, MEUR 6.4 (MEUR 5.0) was spent on materials, goods and services. Employee benefit expenses increased mainly due to the increase in the number of employees and amounted to MEUR 2.0 (MEUR 1.2). In other operating expenses, profitability was burdened by a total of approximately MEUR 1.1 in non-recurring costs. Of these, MEUR 0.9 was related to fees associated with the sale of three gold deposits in Idaho, USA, and other entries related to the closing of the transaction. The sale was agreed in November 2025 and completed during the review period. Other non-recurring items in other operating expenses totaled MEUR 0.2. The amount of the mining minerals tax in Q1 was MEUR 0.5 (MEUR 0.1). The mining minerals tax is recorded in other operating expenses.
The Group operating result increased by 191.6% to MEUR 7.3 (MEUR 2.5). Depreciation and impairment amounted to MEUR 1.5 (MEUR 1.2).
The Group net result increased by 389.9% to MEUR 7.1 (MEUR 1.4).
Net financial expenses totaled MEUR -0.3 (MEUR -1.1). Expenses were reduced by the change in the EUR/USD exchange rate, as a result of which Endomines Idaho LLC net foreign exchange gains due to the translation of balance sheet items were MEUR 0.2 (MEUR -0.5). Interest expenses on interest-bearing liabilities amounted to MEUR -0.5 (MEUR -0.5).
The Group earnings per share (basic) increased to EUR 0.6 (EUR 0.1).
| Operational key figures | Unit | Q1 2026 | Q1 2025 | Change, % | FY 2025 |
|---|---|---|---|---|---|
| Cash cost in Pampalo excl. investments and change in inventory | EUR/ounce | -1,481 | -1,236 | 19.8% | -1,436 |
| Gold production | ounces | 4,955 | 4,513 | 9.8% | 16,630 |
Pampalo production forms the basis of Endomines' business, and measures are constantly being taken to increase production levels. In Q1, the unit cost (cash cost) per ounce produced (excluding investments and changes in inventory) was -1,481 EUR/oz (-1,236 EUR/oz), representing an increase of 19.8% compared to the corresponding period the year before. For the current year, the calculation method has been specified, and the change in ore inventory has been removed from the calculation. The increase in unit costs compared to previous year was particularly affected by the lower gold grade of the ore in the underground mine and the higher price of electricity.
ENDOMINES
Balance sheet, cash flow and financing
At the end of March, the balance sheet total was MEUR 100.2 (MEUR 77.5). The Group cash and cash equivalents totaled MEUR 9.4 (MEUR 1.7). Interest-bearing net debt amounted to MEUR 4.4 (MEUR 15.2). Gearing was 6.8% (35.5%) and equity ratio was 64.9% (55.2%). The amount of interest-bearing net debt was positively affected by the conversion of convertible loans into shares and the higher amount of cash and cash equivalents.
Cash flow from operations before investments was MEUR 8.7 (MEUR 1.5). Net cash flow from investing activities was MEUR -3.0 (MEUR -4.1), including the received first instalment of MEUR 1.9 for the sold deposits by Endomines Idaho LLC.
Convertible loans
During the first quarter, Endomines received conversion notices related to the convertible loans, based on which a total of EUR 956,767.11 was converted into new shares in Endomines Finland Plc. As a result of the conversions, 127,396 new shares in Endomines Finland Plc were registered and issued. The total number of shares and votes in Endomines increased from 11,971,344 shares and votes to 12,098,740 shares and votes. After registration, the new shares represented approximately 1.1 per cent of the total number of shares and votes in the company.
After the review period, on 27 April, the company received further notifications of the conversion of convertible loans into shares. This is detailed below in the section Significant events after the end of the reporting period.
Significant events after the end of the reporting period
On 2 April 2026, The Board of Directors of Endomines Finland Plc resolved, based on the authorisation granted by the Annual General Meeting of Shareholders 13 May 2025, on a directed share issue without consideration for payment of rewards in accordance with the terms and conditions of the Long-Term Incentive Plan 2025. A total maximum of 13,757 new shares in the company will, in deviation from the shareholders' pre-emptive subscription right, be issued without consideration to the participants entitled to the reward. The shares are subject to a two-year commitment period (lock-up). The new shares were entered into the Finnish Trade Register on 20 April 2026. Following the entry of the new shares into the Trade Register, the total number of shares in the company was 12,112,497. Trading in the new shares will be possible as of 1 January 2028, when the transfer restriction agreed will be expired.
On 23 April 2026, Endomines Finland Plc held its Annual General Meeting. The decisions of the meeting are explained in more detail in the Corporate Governance section of this Interim Report.
On 23 April 2026, The Board of Directors of Endomines Finland Plc resolved, based on the authorisation granted by the Annual General Meeting held on 23 April 2026, to carry out a free share issue as follows: in order to improve the liquidity of the company's share, shareholders were granted new shares free of charge in proportion to their existing holdings such that for each existing share, two (2) new shares were issued (a so-called share split). In addition, in the free share issue, new shares were issued free of charge to the Company itself corresponding to the treasury shares held by the company. Based on the number of shares outstanding as at the date of the decision on the issue, 23 April 2026, a total of 24,224,994 new shares were issued. The shares were allocated to shareholders who, on the record date of the share issue on 29 April 2026, were registered as shareholders in the company's shareholders' register maintained by Euroclear Finland Oy. The shares were registered with the Trade Register on 29 April, and trading in the new shares commenced on 30 April 2026.
On 27 April 2026, Endomines Finland Plc has received conversion notices related to convertible loans, based on which Wipunen Varainhallinta Oy will convert a total of 1,335,058.90 euros and Mariatorp Oy will convert a total of 1,335,058.90 euros into new shares of Endomines Finland Plc. Both parties converted three different convertible loans, the terms of which are identical between the companies.
A total of 1,011,449.32 euros will be converted with a conversion price of 3.36 euros. A total of 1,040,750.68 euros will be converted with a conversion price of 3.51 euros and a total of 617,917.81 euros will be converted with a conversion price of 8.00 euros. As a result of the exchange, a total of 674,068 new shares of Endomines Finland Oyj would be registered and issued. The total number of Endomines shares and votes would increase from 12,112,497 shares and votes to 12,786,565 shares and votes. However, Endomines Finland Oyj had a stock split in progress, which was implemented as a bonus share issue. These shares were registered on 29 April 2026. Therefore, when the shares issued through the conversion of the loans reported herein will be registered, the above-mentioned numbers of shares will be tripled according to the split ratio, meaning: a total of 2,022,204 shares will be registered, and the number of shares will increase (taking the split into account) to 38,359,695 shares. After the registrations, the new shares issued through conversion will represent approximately 5.27 percent of the total number of shares and votes of the company.
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ENDOMINES
Sustainability
In Endomines' operations, the focus areas of the sustainability programme are taken into account. The sustainability programme includes long-term sustainability targets and supporting indicators, the progress of which is reported semi-annually. The key objectives and measures of the sustainability programme, which is based on a double materiality assessment in accordance with the European Union's Corporate Sustainability Reporting Directive (CSRD), focus on reducing climate and water impacts, supporting biodiversity, personnel safety and well-being at work, maintaining the trust of the local community, and good governance.
ENVIRONMENT
Climate
Endomines long-term goal is to achieve fossile-free gold production on the Karelian Gold Line by 2035. Progress towards the target is measured by the carbon dioxide emissions (Scope 1 and 2) generated per ounce of gold produced. In the first quarter of 2026, the preparation of a climate change transition plan was launched. The plan defines the measures needed to achieve the long-term climate targets.
Water
The goal recorded in Endomines' sustainability program is to ensure that the water discharged into the environment is so clean that it does not weaken the surrounding water bodies or their ecosystems. To manage the water-related impacts, the company launched the updating of the water management plan and water balance for the Pampalo area at the beginning of 2026. A water balance based on continuous monitoring effectively supports the further development of water management and treatment.
Biodiversity
Endomines strives to promote biodiversity by taking nature values into account at all stages of operations, from exploration to mine closure. The aim is to maintain up-to-date closure plans for the operational areas and to continuously restore decommissioned areas to support biodiversity. In Q1, the focus of operations was on updating the closure plan of the Pampalo mine. In addition, roadmap work was launched to further develop nature-related activities.
PEOPLE
In Q1 2026, the Endomines Group employed an average of 84 people (53). At the end of March, the number of employees was 84 (53).
Occupational safety
Endomines' goal is zero occupational accidents. The incident frequency (LTIF and TRIF) is continuously monitored, and personnel are encouraged to report safety observations. All accidents and near misses are investigated, the root causes are analysed and the necessary corrective measures are taken.
In the first quarter of 2026, there were three occupational accidents in Endomines' operations, none of which resulted in absence. All accidents occurred to the company's own employees. A total of 434 safety observations were recorded in Q1.
Well-being at work
Endomines wants to be a pleasant workplace for its employees, where everyone can be themselves and develop their skills. Employee job satisfaction is measured annually, and measures are taken based on the results to promote employees' well-being at work and improve working conditions.
A survey conducted in early 2026 showed that job satisfaction at Endomines has continued to develop in a positive direction. The PeoplePower Index, which measures employee engagement, was 76.3 (2025: 69.2), which corresponds to a rating of AA+ (Good+) on a scale from C to AAA. As a result, Endomines received the Finland's Most Inspiring Workplaces recognition for the first time. The score is significantly above the Finnish benchmark, and clear improvement compared to the previous year was seen in all measured areas.
Stakeholder engagement
Endomines' goal is to maintain and further strengthen the trust of the local community in the company's operations. The company strives to achieve this through open communication and regular interaction with key stakeholders. Local vitality and well-being are supported by employing local contractors, using local services, supporting local organisations and projects, and promoting recreational use of nature. In early 2026, a local cooperation group was launched in Ilomantsi, bringing together representatives of key stakeholder groups. In addition, the first Endomines News newsletter was published as an insert in the local newspapers.
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Corporate Governance
Governance
Endomines' goal is to ensure efficient, transparent and responsible operations, taking into consideration the needs and rights of stakeholders. The company maintains an up-to-date risk management plan and monitors its implementation in practice. The business operations comply with legislation and regulations related to mining operations and transparency in decision-making. The focus of the sustainability programme is on ensuring ethical operations and continuously rooting them in the operations. The company operations are guided by the Code of Conduct and the policies specifying it. To ensure ethical operations, the company maintains a Whistleblowing channel through which stakeholders can report incidents confidentially. In the first quarter, one notification was received. In 2025, four reports were received through the channel, which were processed according to a defined process.
Management Team
At the end of the review period, Endomines Finland Plc Management Team consisted of the following persons in addition to President and CEO Kari Vyhtinen: Minna Karttunen, 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. The new Chief Legal Officer Eleonora Skaffari-Väisänen started on 7 April 2026 and joined the Management Team at that time. Going forward, she will also act as the secretary to the Board.
Annual General Meeting 2026
Endomines Finland Plc Annual General Meeting was held as a hybrid meeting after the review period on 23 April 2026.
The General Meeting adopted the financial statements for the fiscal year 2025 and resolved that the net loss for the financial period, EUR -7,796,252.33, be transferred to retained earnings/loss account and no dividend be paid.
The General Meeting resolved to grant discharge from liability for the members of the Board of Directors and the CEO for the period 1 January 2025–31 December 2025.
The General Meeting resolved, in accordance with the Board's proposal, to adopt the remuneration report of the governing bodies. The resolution of the General Meeting is advisory.
The General Meeting resolved, in accordance with the proposal of the Shareholders' Nomination Committee, to confirm the number of members of the Board of Directors as five (5) and to re-elect the current members of the Board Jukka-Pekka Joensuu, Kyösti Kakkonen, Eeva Ruokonen, Markus Ekberg and Jukka Jokela as members of the Board of Directors. The General Meeting resolved, in accordance with the proposal of the Shareholders' Nomination Committee, that the elected members of the Board of Directors will be paid in line with the previous year's Board remuneration.
The General Meeting resolved, in accordance with the recommendation of the Audit Committee, to elect the audit firm KPMG Oy Ab as the auditor, which had announced that it will appoint Antti Kääräinen, Authorised Public Accountant, as the principal auditor. The auditor's fees will be paid according to the auditor's reasonable invoice approved by the company.
The General Meeting resolved, in accordance with the Board's proposal, to authorize the Board of Directors to decide on the acquisition of a maximum of 100,000 own shares in one or more installments. The amount corresponds to approximately 0.8% of all of the company's shares. The authorization is valid until the next Annual General Meeting, however no later than 30 June 2027, and to replace the authorisation granted by the Annual General Meeting on 13 May 2025 concerning the acquisition of the company's own shares.
The General Meeting resolved, in accordance with the Board's proposal, to authorize the Board of Directors to decide on a free share issue as follows: in order to improve the liquidity of the company's share, new shares be issued to the shareholders without payment in proportion to their existing shareholdings, so that two (2) new shares are issued for each existing share (a so-called split). In addition, in the free share issue, new shares will be issued without payment to the company itself in respect of the treasury shares held by the company.
Based on the number of shares on the date of the General Meeting, a total of 24,224,994 new shares will be issued, resulting the total number of shares to be 36,337,491 after the split. The shares were issued to shareholders who, on the record date of the share issue on 29 April 2026, were registered in the shareholder register maintained by Euroclear Finland Ltd.
The new shares conferred shareholder rights as of 29 April 2026, when they were registered with the Trade Register. Trading in the new shares commenced on 30 April 2026.
The Board of Directors that was elected in the General Meeting held its organizing meeting after the Annual General Meeting and elected from amongst its members Jukka-Pekka Joensuu as the Chair of the Board and Kyösti Kakkonen as the Vice Chair of the Board. Eeva Ruokonen was elected as the Chair and Jukka-Pekka Joensuu as a member of the ESG Committee; Jukka-Pekka Joensuu was elected as the Chair and Markus Ekberg as a member of the Audit Committee; and Markus Ekberg was elected as the Chair and Jukka Jokela as a member of the Technical and Safety Committee.
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Further information on the Annual General Meeting can be found at: https://endomines.com/en/for-investors/governance/annual-general-meeting-2026/
ENDOMINES
Financial tables
Consolidated income statement, IFRS
| MEUR | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Revenue | 18.5 | 10.4 | 45.5 |
| Other operating income | 0.0 | 0.0 | 0.1 |
| Change in the inventory of finished goods and work in progress | 1.4 | 0.2 | 0.0 |
| Materials, supplies, and external services | -6.4 | -5.0 | -18.7 |
| Employee benefit expenses | -2.0 | -1.2 | -6.1 |
| Other operating expenses | -2.8 | -0.8 | -4.5 |
| EBITDA | 8.8 | 3.7 | 16.3 |
| Depreciation and impairment losses | -1.5 | -1.2 | -8.7 |
| Operating result | 7.3 | 2.5 | 7.6 |
| Financial income | 0.6 | 0.1 | 0.7 |
| Financial expenses | -0.9 | -1.2 | -5.1 |
| Earnings before taxes | 7.0 | 1.4 | 3.2 |
| Taxes | 0.1 | 0.0 | 4.1 |
| Profit for the period | 7.1 | 1.4 | 7.3 |
| Profit for the period attributable to Shareholders of the parent company | 7.1 | 1.4 | 7.3 |
| Earnings per share, EUR (basic) | 0.6 | 0.1 | 0.7 |
| Earnings per share, EUR (diluted) | 0.5 | 0.2 | 0.6 |
Consolidated statement of comprehensive income, IFRS
| MEUR | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Profit for the period | 7.1 | 1.4 | 7.3 |
| Items that may be reclassified to profit or loss: | |||
| Exchange rate differences on translation of foreign unit | 0.2 | -0.8 | -2.2 |
| Other comprehensive income for the period after taxes | 0.2 | -0.8 | -2.2 |
| Total comprehensive income for the period | 7.3 | 0.7 | 5.2 |
| Total comprehensive income attributable to Shareholders of the parent company | 7.3 | 0.7 | 5.2 |
ENDOMINES
Consolidated balance sheet, IFRS
| MEUR | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Mineral resource exploration and evaluation expenses | 32.9 | 37.9 | 30.6 |
| Other intangible assets | 1.2 | 1.5 | 1.3 |
| Property, plant, and equipment | |||
| Pampalo mine | 21.0 | 14.8 | 19.2 |
| Hosko mine | 3.6 | 2.2 | 3.3 |
| Land and water areas | 0.3 | 0.5 | 0.3 |
| Buildings and structures | 3.1 | 6.1 | 2.5 |
| Machinery and equipment | 6.7 | 6.3 | 5.4 |
| Other tangible assets | 0.0 | 0.1 | 0.6 |
| Other non-current assets | 8.9 | 1.0 | 0.9 |
| Deferred tax assets | 4.3 | - | 4.3 |
| Total non-current assets | 81.9 | 70.4 | 68.4 |
| Current assets | |||
| Inventories | 2.6 | 0.5 | 1.1 |
| Accounts receivable | 5.9 | 4.6 | 7.7 |
| Other receivables | 0.0 | 0.3 | 0.0 |
| Accrued receivables | 0.3 | 0.0 | 0.2 |
| Cash in hand and at banks | 9.4 | 1.7 | 3.9 |
| Total current assets | 18.3 | 7.0 | 13.0 |
| Assets held for sale | - | - | 10.9 |
| Total assets | 100.2 | 77.5 | 92.3 |
ENDOMINES
| MEUR | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity attributable to shareholders of the parent company | |||
| Share capital | 53.3 | 53.3 | 53.3 |
| Other invested capital | 132.5 | 122.5 | 131.5 |
| Translation differences | 1.2 | 2.3 | 0.9 |
| Retained earnings | -129.0 | -136.8 | -136.4 |
| Profit for the period | 7.1 | 1.4 | 7.3 |
| Total equity attributable to shareholders of the parent company | 65.1 | 42.7 | 56.7 |
| Total equity | 65.1 | 42.7 | 56.7 |
| Non-current liabilities | |||
| Deferred tax liabilities | – | 0.1 | – |
| Financial liabilities | 10.4 | 10.7 | 12.0 |
| Provisions | 6.9 | 7.6 | 6.8 |
| Total non-current liabilities | 17.3 | 18.4 | 18.9 |
| Current liabilities | |||
| Financial liabilities | 3.5 | 6.1 | 1.7 |
| Accounts payable | 7.3 | 5.9 | 6.2 |
| Other liabilities | 2.8 | 1.1 | 4.1 |
| Accrued liabilities | 4.3 | 3.2 | 3.8 |
| Total current liabilities | 17.9 | 16.4 | 15.8 |
| Liabilities related to assets held for sale | – | – | 0.9 |
| Total liabilities | 35.1 | 34.7 | 35.5 |
| Total equity and liabilities | 100.2 | 77.5 | 92.3 |
ENDOMINES
Consolidated cash flow statement, IFRS
| MEUR | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Result for the period | 7.1 | 1.4 | 7.3 |
| Adjustments to result for the period: | |||
| Financial income and expenses | 0.1 | 1.6 | 6.1 |
| Depreciation and impairment losses | 1.5 | 1.2 | 8.7 |
| Unrealised exchange rate differences on intra-group items | 0.5 | -0.5 | -2.1 |
| Taxes and other adjustments | 0.3 | 0.0 | -4.1 |
| Cash flow from operating activities before change in working capital | 9.4 | 3.7 | 15.9 |
| Change in current non-interest-bearing receivables | 1.5 | -1.6 | -4.9 |
| Change in inventories | -1.5 | -0.1 | -0.8 |
| Change in current non-interest-bearing liabilities | -0.5 | -0.3 | 3.4 |
| Change in working capital | -0.5 | -2.0 | -2.2 |
| Cash flow from operating activities before financials items | 8.9 | 1.7 | 13.8 |
| Interest income | 0.0 | 0.0 | 0.0 |
| Interest expenses | -0.1 | -0.2 | -0.7 |
| Financial items | -0.1 | -0.2 | -0.7 |
| Paid taxes | -0.0 | 0.0 | 0.0 |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 8.7 | 1.5 | 13.1 |
| Financial assets used for investments | |||
| Investments in intangible assets | -2.0 | -0.4 | -4.3 |
| Investments in property, plant, and equipment | -3.0 | -3.7 | -13.2 |
| Business acquisitions | - | - | -0.9 |
| Disposals of tangible and intangible assets | 1.9 | - | - |
| NET CASH FLOW FROM INVESTING ACTIVITIES | -3.0 | -4.1 | -18.3 |
| Cash flow before cash flows from financing activities | 5.7 | -2.6 | -5.2 |
| Financial assets used for financing | |||
| Loan drawdowns | 0.0 | 2.3 | 7.4 |
| Loan repayments | -0.0 | -0.1 | -0.3 |
| Repayment of lease liabilities | -0.1 | -0.0 | -0.0 |
| NET CASH FLOW FROM FINANCING ACTIVITIES | -0.1 | 2.2 | 7.0 |
| Translation differences in financial assets | 0.0 | -0.0 | -0.0 |
| CHANGE IN FINANCIAL ASSETS | 5.6 | -0.4 | 1.8 |
| Financial assets at the beginning of the period | 3.9 | 2.1 | 2.1 |
| Financial assets at the end of the period | 9.4 | 1.7 | 3.9 |
ENDOMINES
Consolidated statement of changes in equity, IFRS
| MEUR | Share capital | Other invested capital | Treasury shares | Translation differences | Retained earnings | Total equity |
|---|---|---|---|---|---|---|
| Equity 1 Jan 2026 | 53.3 | 131.5 | 0.0 | 0.9 | -129.0 | 56.7 |
| Comprehensive income for the period | ||||||
| Profit for the period | – | – | – | – | 7.1 | 7.1 |
| Other comprehensive income for the period | – | – | – | 0.2 | – | 0.2 |
| Total comprehensive income for the period | – | – | – | 0.2 | 7.1 | 7.3 |
| Transactions with shareholders | ||||||
| Conversion of convertible loans into shares | – | 1.0 | – | – | – | 1.0 |
| Equity component separated from the convertible loan | – | – | – | – | 0.1 | 0.1 |
| Share-based payments | – | – | – | – | -0.0 | -0.0 |
| Total transactions with shareholders | – | 1.0 | – | – | 0.1 | 1.0 |
| Equity 31 Mar 2026 | 53.3 | 132.5 | 0.0 | 1.2 | -121.9 | 65.1 |
| MEUR | Share capital | Other invested capital | Treasury shares | Translation differences | Retained earnings | Total equity |
| --- | --- | --- | --- | --- | --- | --- |
| Equity 1 Jan 2025 | 53.3 | 121.6 | 0.0 | 3.1 | -136.8 | 41.2 |
| Comprehensive income for the period | ||||||
| Profit for the period | – | – | – | – | 1.4 | 1.4 |
| Other comprehensive income for the period | – | – | – | -0.8 | – | -0.8 |
| Total comprehensive income for the period | – | – | – | -0.8 | 1.4 | 0.7 |
| Transactions with shareholders | ||||||
| Conversion of convertible loans into shares | 0.8 | – | – | – | 0.8 | |
| Equity component separated from the convertible loan | – | – | – | – | – | – |
| Share-based payments | – | – | – | – | – | – |
| Total transactions with shareholders | – | 0.8 | – | – | – | 0.8 |
| Equity 31 Mar 2025 | 53.3 | 122.4 | 0.0 | 2.3 | -135.3 | 42.7 |
| MEUR | Share capital | Other invested capital | Treasury shares | Translation differences | Retained earnings | Total equity |
| --- | --- | --- | --- | --- | --- | --- |
| Equity 1 Jan 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 Dec 2025 | 53.3 | 131.5 | 0.0 | 0.9 | -129.0 | 56.7 |
ENDOMINES
Key figures, IFRS
| Q1 2026 | Q1 2025 | FY 2025 | |
|---|---|---|---|
| Net result | 7.1 | 1.4 | 7.3 |
| The weighted average number of shares for calculating earnings per share | 12,032,526 | 10,880,648 | 11,191,252 |
| Basic earnings per share, EUR | 0.6 | 0.1 | 0.7 |
| Diluted weighted average number of shares | 13,523,103 | 11,764,466 | 12,251,265 |
| Diluted earnings per share, EUR* | 0.5 | 0.2 | 0.0 |
| The number of shares outstanding at the end of the period | 12,098,740 | 10,928,936 | 11,971,344 |
| Interest-bearing net liabilities | 4.4 | 15.2 | 9.9 |
| Net gearing ratio, % | 6.8 % | 35.5 % | 17.4 % |
| Equity ratio, % | 64.9 % | 55.2 % | 61.5 % |
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 and changes in inventory = (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
ENDOMINES
Notes to the Interim Report
1. Accounting principles
The company prepares its consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU. The interim report Q1 2026 has been prepared in accordance with IAS 34 accounting standard (Interim Financial Reporting), and the interim report has applied the same accounting principles as the financial statements on 31 December 2025. The figures presented in the Interim Report are unaudited.
The Interim Report is presented in millions of euros, unless otherwise stated. All figures presented are rounded, in which case the sum of individual figures may differ from the sum figure.
2. Adoption of new and revised standards
Endomines has applied the revisions and annual improvements to the IFRS accounting standards, which came into effect on 1 January 2026. Revisions to standards and annual improvements have not had a significant impact on the reported figures.
IFRS 18 – Presentation of Financial Statements and Disclosures in Financial Statements -standard must be applied in financial years beginning on or after 1 January 2027. IFRS 18 replaces the standard IAS 1 Presentation of Financial Statements and will have an impact on the presentation of financial statements, but not the principles of recognition or measurement. Endomines is currently assessing the effects of the standard on the structure of the Group income statement, cash flow statement, and the notes related to management-defined performance measures.
3. Breakdown of turnover
External turnover by revenue recognition date
| At a point in time | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Pampalo production | 18.5 | 10.4 | 45.5 |
| Karelian gold line | – | – | – |
| USA operations | – | – | – |
| Unallocated items | – | – | – |
| Group total | 18.5 | 10.4 | 45.5 |
External revenue by market region
| Revenue | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Finland | 18.5 | 10.4 | 45.5 |
| USA | – | – | – |
| Revenue total | 18.5 | 10.4 | 45.5 |
4. Segment information
Pampalo production
| Gold production | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Gold production, kg | 154.1 | 140.4 | 517.2 |
| Gold production, oz | 4,955 | 4,513 | 16,630 |
Group total
| Gold production | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Gold production, kg | 154.1 | 140.4 | 517.2 |
| Gold production, oz | 4,955 | 4,513 | 16,630 |
ENDOMINES
| Q1 2026 | Pampalo production | Karelian gold line | USA operations | Unallocated items | Group total |
|---|---|---|---|---|---|
| Sales outside the group | 18.5 | – | – | 0.0 | 18.5 |
| Sales to other segments | – | – | – | – | – |
| Total revenue | 18.5 | – | – | 0.0 | 18.5 |
| Change in the inventory of finished goods and work in progress | 1.4 | – | – | – | 1.4 |
| Materials, supplies, and external services | -6.3 | -0.0 | -0.0 | -0.1 | -6.4 |
| Employee benefit expenses | -1.2 | -0.3 | -0.1 | -0.4 | -2.0 |
| Other operating expenses | -0.8 | -0.1 | -0.9 | -0.9 | -2.7 |
| EBITDA | 11.6 | -0.4 | -1.0 | -1.4 | 8.8 |
| EBITDA % | 62.9% | – | – | – | 47.5% |
| Depreciation and impairment losses | -1.1 | -0.0 | – | -0.3 | -1.5 |
| Operating result | 10.5 | -0.4 | -1.0 | -1.7 | 7.3 |
| Operating result % | 56.7% | – | – | – | 39.4% |
| Q1 2025 | Pampalo production | Karelian gold line | USA operations | Unallocated items | Group total |
| --- | --- | --- | --- | --- | --- |
| Sales outside the group | 10.4 | – | – | 0.0 | 10.4 |
| Sales to other segments | – | – | – | – | – |
| Total revenue | 10.4 | – | – | 0.0 | 10.4 |
| Change in the inventory of finished goods and work in progress | 0.2 | – | – | – | 0.2 |
| Materials, supplies, and external services | -4.9 | -0.0 | -0.0 | -0.0 | -5.0 |
| Employee benefit expenses | -0.6 | -0.2 | -0.1 | -0.3 | -1.2 |
| Other operating expenses | -0.3 | -0.0 | -0.1 | -0.4 | -0.8 |
| EBITDA | 4.8 | -0.2 | -0.2 | -0.7 | 3.7 |
| EBITDA % | 45.6% | – | – | – | 35.2% |
| Depreciation and impairment losses | -0.7 | -0.0 | -0.2 | -0.3 | -1.2 |
| Operating result | 4.1 | -0.2 | -0.4 | -1.0 | 2.5 |
| Operating result % | 38.8% | – | – | – | 24.0% |
| FY 2025 | Pampalo production | Karelian gold line | USA operations | Unallocated items | Group total |
| --- | --- | --- | --- | --- | --- |
| Sales outside the group | 45.5 | – | – | -0.0 | 45.5 |
| Sales to other segments | – | – | – | – | – |
| Total revenue | 45.5 | – | – | -0.0 | 45.5 |
| Change in the inventory of finished goods and work in progress | 0.0 | – | – | – | 0.0 |
| Materials, supplies, and external services | -18.4 | -0.1 | -0.1 | -0.1 | -18.7 |
| Employee benefit expenses | -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 % | 47.8% | – | – | – | 35.9% |
| Depreciation and impairment losses | -3.2 | -0.0 | -4.5 | -1.0 | -8.7 |
| Operating result | 18.6 | -1.2 | -5.7 | -4.0 | 7.6 |
| Operating result % | 40.7% | – | – | – | 16.7% |
18
ENDOMINES
- Business acquisitions
There were no business acquisitions during the review period or the comparison period.
- Disposals of assets
The sale of the assets classified as held for sale in the financial statements on 31 December 2025 has been completed during the review period.
In November 2025, Endomines Idaho LLC, a subsidiary of Endomines Finland Plc, signed a sales agreement for three gold deposits in the US state of Idaho to the Australian company Yellowstone Mining Pty Ltd. The total debt-free price of the deal is AUD 20 million. The purchase price will be paid in five instalments, the first of which, 3.5 MAUD, was paid on the closing date and the remaining four instalments will be paid within five years of the closing date. For the third and fourth instalments, Endomines also has the option to choose payment in Elk ListCo shares instead of cash.
The instances sold are called Friday, Buffalo Gulch and Deadwood. The transaction also includes the machinery and equipment of the deposits. Endomines' Idaho-based personnel were mainly transferred to Elki on the closing date of the transaction. Endomines had classified the assets to be sold and related liabilities as held for sale in accordance with IFRS 5 requirements in the financial statements on 31 December 2025 and recognised them at fair value less costs related to the sale, and an impairment loss of MEUR 3.9 on valuation has been recognised in the results of the USA operations segment in the financial statements on 31 December 2025.
The final sales result was determined by the balance sheet and exchange rates on the closing date and was MEUR -0.4. The purchase price, calculated using the EUR/USD exchange rate on the closing date, was MEUR 11.0. The cash payment received at the time of closing was MEUR 1.9, and the remaining purchase price has been discounted to its present value based on the payment dates of the purchase price installments. The discount rate used in calculating the present values of future cash flows reflects management's assessment of the moderate risk associated with the receivable from the purchase price. The future purchase price installments are also subject to AUD/USD and USD/EUR exchange rate risks.
| Values of sold assets and liabilities at the time of sale | Fair values |
|---|---|
| Intangible assets | 6.7 |
| Property, plant and equipment | 4.1 |
| Inventories | 0.1 |
| Total assets | 10.9 |
| Deferred tax liabilities | 0.1 |
| Provisions | 0.8 |
| Total liabilities | 0.9 |
| Fair value of sold net assets | 10.0 |
| Consideration transferred | 1.9 |
| Fair value of contingent consideration | 7.8 |
| Fair value of sold net assets | 10.0 |
| Sale result | -0.4 |
| Cash flows of the disposal | |
| Consideration, paid in cash | 1.9 |
| Net cash flow on disposal | 1.9 |
ENDOMINES
7. Share-based payments
In January 2025, the Board of Directors of Endomines approved a Performance Share Plan for its key employees for the period 2025–2027. The Performance Share Plan consists of a one-year performance period and a two-year restriction period. The reward will be granted in Endomines’ shares, including taxes and tax-related charges. The earning criteria for the share-based reward are the employment condition and the total return of the share. The starting level of the share price is EUR 10.50, and the maximum level is EUR 21.00. The fair value of the share-based incentive plan has been determined using the Black-Scholes-Merton valuation model. The performance period of the plan ended on 31 December 2025, and the share rewards will be paid in April 2026. At the start of the program, 22 people were covered by the program, and at the end of the review period, 17 people were covered by the program.
| Performance-based share bonus plan 2025–2027 | |
|---|---|
| Grant date | 21 January 2025 |
| Maximum number of bonus shares | 31,700 |
| Fair value of the share at the grant date, EUR | 8.90 |
| Expected volatility, EUR | 41.37 |
| Risk-free interest rate, % | 2.42 |
| Expected dividend yield, EUR | 0.0 |
| Performance criteria | Total return of the share, employment |
| Fair value at the time grant date, EUR | 0.91 |
| Number of personnel 31 March 2025 | 17 |
The impact of the sake-reward plan on the result for the financial year has been MEUR 0.0, and the total cost during the effective period is estimated to be MEUR 0.4.
8. Financial income and expenses
| Financial income and expenses | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Exchange rate gains | 0.6 | 0.1 | 0.7 |
| Other financial income | 0.0 | 0.0 | 0.0 |
| Total financial income | 0.6 | 0.1 | 0.7 |
| Exchange rate losses | -0.4 | -0.6 | -2.4 |
| Interest expenses on interest-bearing liabilities | -0.5 | -0.5 | -2.1 |
| Interest expenses on leases | -0.0 | -0.0 | -0.0 |
| Interest expenses on restoration costs | -0.0 | -0.1 | -0.2 |
| Other financial expenses | -0.0 | -0.0 | -0.4 |
| Total financial expenses | -0.9 | -1.2 | -5.1 |
| Net financial expenses | -0.3 | -1.1 | -4.4 |
The exchange rate difference of MEUR -0.3 (MEUR -0.8) on the intra-group loan of Endomines Idaho LLC, which is treated as a net investment in a foreign entity, has been recognised in other comprehensive income.
ENDOMINES
- Intangible assets and Property, plant and equipment
| Changes in Intangible Assets | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| Acquisition Cost | |||
| At the beginning of the period | 36.6 | 58.9 | 58.9 |
| Additions | 2.0 | 0.4 | 4.3 |
| Disposals | – | – | – |
| Classified as held for sale | – | – | -21.8 |
| Exchange rate differences | 0.3 | -1.7 | -4.9 |
| At the end of the period | 38.9 | 57.7 | 36.6 |
| Accumulated depreciation and impairment | |||
| At the beginning of the period | -4.7 | -18.7 | -18.7 |
| Depreciation | -0.1 | -0.1 | -0.4 |
| Impairment | – | – | -2.4 |
| Classified as held for sale | – | – | 15.1 |
| Exchange rate differences | – | 0.6 | 1.7 |
| At the end of the period | -4.8 | -18.2 | -4.7 |
| Book value | 34.1 | 39.4 | 31.9 |
| Changes in Property, plant and equipment | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| --- | --- | --- | --- |
| Acquisition Cost | |||
| At the beginning of the period | 81.4 | 87.4 | 87.4 |
| Additions | 5.2 | 2.4 | 13.2 |
| Disposals and transfers | -0.5 | – | – |
| Classified as held for sale | – | – | -17.0 |
| Exchange rate differences | – | -0.7 | -2.2 |
| At the end of the period | 86.1 | 89.0 | 81.4 |
| Accumulated depreciation and impairment | |||
| At the beginning of the period | 50.0 | -58.4 | -58.4 |
| Depreciation | -1.4 | -1.1 | -4.5 |
| Impairment | – | – | -1.4 |
| Classified as held for sale | – | – | 12.9 |
| Exchange rate differences | – | 0.5 | 1.4 |
| At the end of the period | -51.4 | -59.0 | -50.0 |
| Book value | 34.7 | 30.0 | 31.4 |
ENDOMINES
10. 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.
| Deferred tax assets Q1 2026 | 1 Jan 2026 | Through income statement | Translation differences | Through equity | Held for sale | 31 Mar 2026 |
|---|---|---|---|---|---|---|
| Environmental restoration provisions | 0.9 | -0.0 | – | – | – | 0.9 |
| Lease agreements | 0.0 | 0.2 | – | – | – | 0.2 |
| Confirmed losses | 4.1 | 4.1 | ||||
| Other temporary differences | 0.2 | 0.1 | – | -0.0 | – | 0.2 |
| Netted against deferred tax liabilities | -1.0 | -0.2 | – | – | – | -1.2 |
| Deferred tax assets total | 4.3 | 0.0 | – | -0.0 | – | 4.3 |
| Deferred tax liabilities Q1 2026 | 1 Jan 2026 | Through income statement | Translation differences | Through equity | Held for sale | 31 Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Environmental restoration provisions | 0.9 | – | -0.0 | – | – | 1.1 |
| Lease agreements | 0.0 | – | – | – | – | 0.0 |
| Other temporary differences | 0.2 | -0.0 | – | – | – | 0.0 |
| Netted against deferred tax assets | -1.0 | -0.2 | – | 0.1 | – | -1.1 |
| Deferred tax liabilities total | – | -0.1 | – | 0.1 | – | – |
| Deferred tax assets Q1 2025 | 1 Jan 2025 | Through income statement | Translation differences | Through equity | Held for sale | 31 Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Environmental restoration provisions | 1.1 | – | – | – | – | 1.1 |
| Lease agreements | 0.0 | – | – | – | – | 0.0 |
| Other temporary differences | 0.0 | – | – | – | – | 0.0 |
| Netted against deferred tax liabilities | -1.1 | – | – | – | – | -1.1 |
| Deferred tax assets total | – | – | – | – | – | – |
| Deferred tax liabilities Q1 2025 | 1 Jan 2025 | Through income statement | Translation differences | Through equity | Held for sale | 31 Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Environmental restoration provisions | 1.1 | – | -0.0 | – | – | 1.1 |
| Lease agreements | 0.0 | – | – | – | – | 0.0 |
| Other temporary differences | 0.0 | – | – | – | – | 0.0 |
| Netted against deferred tax assets | -1.1 | – | – | – | – | -1.1 |
| Deferred tax liabilities total | 0.1 | – | -0.0 | – | – | 0.1 |
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| Deferred tax assets FY 2025 | 1 Jan 2025 | Through income statement | Translation differences | Through equity | Held for sale | 31 Dec 2025 |
|---|---|---|---|---|---|---|
| Environmental restoration provisions | 1.1 | -0.2 | – | – | – | 0.9 |
| Lease agreements | 0.0 | 0.0 | – | – | – | 0.0 |
| Confirmed losses | – | 4.1 | – | – | – | 4.1 |
| Other temporary differences | 0.0 | -0.0 | – | 0.1 | – | 0.2 |
| Netted against deferred tax liabilities | -1.1 | 0.1 | – | – | – | -1.0 |
| Deferred tax assets total | – | 4.1 | – | 0.1 | – | 4.3 |
| Deferred tax liabilities FY 2025 | 1 Jan 2025 | Through income statement | Translation differences | Through equity | Held for sale | 31 Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Environmental restoration provisions | 1.1 | -0.2 | -0.0 | – | -0.1 | 0.9 |
| Lease agreements | 0.0 | 0.0 | – | – | – | 0.0 |
| Other temporary differences | 0.0 | -0.0 | – | – | – | 0.2 |
| Netted against deferred tax assets | -1.1 | 0.1 | – | – | – | -1.0 |
| Deferred tax liabilities total | 0.1 | -0.0 | -0.0 | – | -0.1 | – |
Deferred tax assets have been recognised up to the amount against which probable taxable income is estimated to accrue in the future.
Endomines has not recognised deferred tax assets for temporary differences as shown in the table below.
| Unrecorded deferred tax assets | 31 Mar 2026 | ||
|---|---|---|---|
| Expiration year | Gross amount | Tax effect | |
| Tax losses | – | – | – |
| Environmental restoration provisions | Does not expire | 2.6 | 0.5 |
| Lease agreements | Does not expire | 0.0 | 0.0 |
| Other temporary differences | Does not expire | 1.2 | 0.2 |
| Total | 3.8 | 0.8 | |
| Unrecorded deferred tax assets | 31 Mar 2025 | ||
| --- | --- | --- | --- |
| Expiration year | Gross amount | Tax effect | |
| Tax losses | 2025–2033 | 34.1 | 6.8 |
| Environmental restoration provisions | Does not expire | 2.2 | 0.5 |
| Lease agreements | Does not expire | 0.0 | 0.0 |
| Other temporary differences | Does not expire | 2.4 | 0.5 |
| Total | 38.7 | 7.8 | |
| Unrecorded deferred tax assets | 31 Dec 2025 | ||
| --- | --- | --- | --- |
| Expiration year | Gross amount | Tax effect | |
| Tax losses | – | – | – |
| Environmental restoration provisions | Does not expire | 3.1 | 0.6 |
| Lease agreements | Does not expire | 0.0 | 0.0 |
| Other temporary differences | Does not expire | 1.2 | 0.2 |
| Total | 4.3 | 0.9 |
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11. Financial assets and liabilities
| Current financial assets | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| Accounts receivable and other receivables | 6.2 | 4.8 | 7.9 |
| Cash in hand and at banks | 9.4 | 1.7 | 3.9 |
| Total financial assets recognized at amortized cost | 15.7 | 6.5 | 11.8 |
| Total financial assets | 15.7 | 6.5 | 11.8 |
| Financial liabilities | |||
| Non-current financial liabilities | |||
| Convertible loans | 4.8 | 10.7 | 7.0 |
| Loans from financial institutions | 4.9 | 0.0 | 4.9 |
| Lease liabilities | 0.7 | 0.0 | 0.1 |
| Other loans | 0.1 | 0.0 | 0.1 |
| Total non-current financial liabilities recognized at amortized cost | 10.4 | 10.7 | 12.0 |
| Current financial liabilities | |||
| Convertible loans | 3.0 | 5.8 | 1.6 |
| Other financial liabilities | 0.0 | 0.2 | 0.0 |
| Lease liabilities | 0.4 | 0.0 | 0.1 |
| Accounts payable and other liabilities | 7.3 | 6.0 | 6.2 |
| Total current financial liabilities recognized at amortized cost | 10.7 | 12.0 | 7.9 |
| Total financial liabilities | 21.1 | 22.8 | 19.9 |
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.
12. Convertible loans
| 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 | |
|---|---|---|---|
| Convertible loans, non-IFRS adjusted principle | 8.0 | 16.6 | 8.9 |
| IFRS adjustments | -0.2 | -0.1 | -0.2 |
| Convertible loans, IFRS adjusted principle | 7.8 | 16.5 | 8.6 |
| Accrued interest of convertible loans | 2.5 | 2.6 | 2.3 |
| Total | 10.3 | 19.1 | 10.9 |
13. Contingent liabilities
Endomines has two active royalty agreements related to claims in Ilomantsi area. In 1996, Endomines entered 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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14. 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 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. Foreign exchange risk arises from transaction risk related to contractual items and translation risk related to the conversion of the foreign subsidiary's data into euros. At the end reporting period, 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. No currency hedging arrangements were made in the first quarter, but the company spreads out its dollar sales over the course of the month, which helps to distribute exchange rate risk. 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 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 counterparties for cash assets are Pohjois-Karjalan Osuuspankki and Nordea bank in Finland and a PlainsCapital Bank in the United States.
Over the past year, the group has had one customer, Boliden Commercial AB. 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 April 2025, Endomines entered into an agreement for a broader long-term financing arrangement of up to MEUR 12.0, 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 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 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 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,
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permit decisions may include financial guarantees that can impact the company financial position and available financial resources. The 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 trading
Endomines Finland Plc shares are listed on the main list of the Helsinki Stock Exchange under the ticker PAMPALO. On 31 March 2026, the total number of shares in Endomines was 12,098,740 and the share capital was MEUR 53.3. At the end of the financial year, Endomines held 5,430 treasury shares, corresponding to approximately 0.04% of the total number of shares and voting rights. Endomines has one class of shares. During the reporting period, the weighted average number of shares was 12,032,526.
Share price development on Nasdaq Helsinki
| EUR | Q1 2026 |
|---|---|
| Opening price | 28.05 |
| Closing price | 27.25 |
| Highest price | 36.90 |
| Lowest price | 25.15 |
| Weighted average price | 30.01 |
10 largest shareholders on 31 March 2026
| Name | Shares | % of shares and votes |
|---|---|---|
| Joensuun Kauppa Ja Kone Oy | 2,552,664 | 21.10 |
| Mariatorp Oy | 1,618,387 | 13.38 |
| Wipunen Varainhallinta Oy | 1,618,387 | 13.38 |
| Clearstream Banking S.A. | 526,765 | 4.35 |
| K22 Finance Oy | 508,544 | 4.20 |
| Kakkonen Kari Heikki Ilmari | 323,220 | 2.67 |
| Taloustieto Incrementum Oy | 297,103 | 2.46 |
| Hietamoor Oy | 293,703 | 2.43 |
| Skandinaviska Enskilda Banken AB (publ) | 283,116 | 2.34 |
| Eyemaker's Finland Oy | 259,511 | 2.15 |
After the review period, the Board of Directors of Endomines Finland Plc resolved on the Annual General Meeting on 23 April 2026 on a share issue without payment as follows: In order to improve the liquidity of the company's shares, new shares were issued to the shareholders without payment in proportion to their holdings so that two (2) new shares were issued for each existing share (split).
Based on the number of shares on the date of the Annual General Meeting, 24,224,994 new shares were issued, bringing the total number of shares after the split to 36,337,491. The new shares were registered with the Trade Register on 29 April 2026 and trading in the new shares commenced on 30 April 2026.