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Endomines Investor Presentation 2026
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ENDOMINES
20
25
Ore reserves and mineral resources
Ore reserves and mineral resources
ENDOMINES
As of December 31, 2025, the Pampalo mine and the surrounding Karelian Gold Line are estimated to contain 619,600 ounces of gold, representing an increase of 26% or 126,800 ounces compared to the 2024 resource estimate. The total resources of the Karelia Gold Line consist of 268,800 ounces from the Southern Gold Line, 123,600 ounces from Pampalo, 56,300 ounces from Hosko, and 170,900 ounces from other deposits.
Endomines' mineral resources have grown significantly during the year 2025, particularly due to successful drilling campaigns and subsequent resource estimate updates in Pampalo, Hosko, and Kartitsa. Ukkolanvaara was the main drilling target in 2025, but the resource estimate was not yet performed last year.
1 • ENDOMINES • ORE RESOURCES AND MINERAL RESOURCES
Ore Reserves of the Pampalo Mine
ENDOMINES
The updated ore reserve estimate for the Pampalo Mine (underground mine and open pit), as of December 31, 2025, includes total ore reserves of 644,000 tonnes with a grade of 2.29 g/t, containing 47,500 ounces. The ore reserves increased by 9.5% in tonnes and 1.9% in ounces compared to the previous year's estimate.
Ore Reserves and Mineral Resources of the Pampalo Underground Mine
The Pampalo Underground Mine has proven ore reserves of 330,000 tonnes with a grade of 2.37 g/t, containing 25,100 ounces of gold, and probable ore reserves of 170,000 tonnes with a grade of 3.21 g/t, containing 17,600 ounces of gold.
The majority of the increase in ore reserves comes from the underground drilling program carried out in 2025, which drilled a total of 123 drill holes with a total length of 11,328 meters in the planned mining area between levels 915 and 1035, as well as in the deeper extensions of the deposit. The result was several high-grade intersections which have now been included in the updated estimate.
The Pampalo deposit remains open at depth.
Ore Reserves and Mineral Resources of the Pampalo Open Pit
The updated ore reserve estimate for the Pampalo Open Pit includes probable ore reserves of 144,000 tonnes with a grade of 1.04 g/t, containing 4,800 ounces of gold. Additionally, the open pit has reported inferred mineral resources of 491,000 tonnes with a grade of 1.65 g/t, containing 26,100 ounces of gold.
The ore lenses to be mined in the Pampalo Open Pit remain open to the northwest and at depth.
3 ENDOMINES: ORE RESERVES AND MINERAL RESOURCES
Ore Reserves and Mineral Resources of the Hosko underground mine
ENDOMINES
The ore reserve estimate includes probable ore reserves of 77,000 tonnes with a grade of 3.09 g/t, containing 7,600 ounces of gold. The updated mineral resource estimate for Hosko includes indicated resources of 121,000 tonnes with a grade of 3.10 g/t, containing 12,000 ounces of gold, and inferred resources of 1,046,000 tonnes with a grade of 1.32 g/t, containing 44,300 ounces of gold. The total resources in the Hosko area increased by 3.9% in ounces compared to the previous estimate.
The Hosko deposit remains open at depth.
ENDOMINES • ORE RESERVES AND MINERAL RESOURCES
Mineral Resources of the Karelian Gold Line
Mineral Resources of Kartitsa
The Kartitsa deposit, located on the Northern Gold Line, was the main focus of resource definition drilling during 2025. The mineral resource estimate for Kartitsa includes inferred resources of 2,490,000 tonnes with a grade of 1.55 g/t, containing 123,800 ounces of gold. The deposit remains open at depth and to north and south.
Mineral Resources of Korvilansuo, Kuittila and Ramepuro
The Korvilansuo and Kuittila deposits, located on the Southern Gold Line, were the focus of exploration and definition drilling during 2024.
The mineral resource estimate for Korvilansuo includes inferred resources of 2,727,000 tonnes with a grade of 1.58 g/t, containing 138,000 ounces of gold.
The mineral resource estimate for Kuittila includes inferred resources of 2,211,000 tonnes with a grade of 1,37 g/t, containing 97,490 ounces of gold.
The mineral resources of the Ramepuro satellite mine were updated in 2023. The mineral resource estimate for Ramepuro includes measured resources of 23,000 tonnes with a grade of 2.66 g/t, containing 1,900 ounces of gold, indicated mineral resources of 412,000 tonnes with a grade of 1.53 g/t, containing 20,200 ounces of gold, and inferred mineral resources of 381,000 tonnes with a grade of 1.35 g/t, containing 16,500 ounces of gold. The Ramepuro satellite mine is currently not in operation.
ENDOMINES • ORE RESERVES AND MINERAL RESOURCES
ENDOMINES
The ore reserve and mineral resource estimates for the Pampalo Mine and the Karelian Gold Line have been prepared in accordance with the Australian Code for Reporting of Mineral Resources and Ore Reserves, JORC 2012 (Joint Ore Reserve Committee).
Ore reserves - Karelian Gold Line (status Dec 31 2025)
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by |
|---|---|---|---|---|---|---|
| Pampalo - Underground | 330,000 | 2.37 | 25,100 | 782 | Proven | Endomines (1) |
| Pampalo - Underground | 170,000 | 3.21 | 17,600 | 545 | Probable | Endomines (1) |
| Pampalo - Open pit | 144,000 | 1.04 | 4,800 | 150 | Probable | Endomines (2) |
| Pampalo Reserves total | 644,000 | 2.29 | 47,500 | 1,477 | ||
| Hosko - Underground | 77,000 | 3.09 | 7,600 | 238 | Probable | Endomines (3) |
| Grand total | 721,000 | 2.38 | 55,100 | 1,715 |
Mineral resources are inclusive of Ore reserves.
6 ENDOMINES • ORE RESERVES AND MINERAL RESOURCES
ENDOMINES
Mineral Resources – Karelian Gold Line, Finland (status Dec 31 2025)
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by |
|---|---|---|---|---|---|---|
| Pampalo Resources | ||||||
| Pampalo - Underground | 275,000 | 2.85 | 25,200 | 784 | Measured | Endomines (4) |
| Pampalo - Underground | 143,000 | 3.81 | 17,600 | 545 | Indicated | Endomines (4) |
| Measured + Indicated Total | 418,000 | 3.18 | 42,800 | 1,328 | M+I | |
| Pampalo - Underground | 317,000 | 4.08 | 41,600 | 1,295 | Inferred | Endomines (4) |
| Pampalo - Underground Total | 735,000 | 3.57 | 84,400 | 2,623 | ||
| Pampalo - Open pit | 126,000 | 1.19 | 4,800 | 150 | Indicated | Endomines (5) |
| Measured + Indicated Total | 126,000 | 1.19 | 4,800 | 150 | M+I | |
| Pampalo - Open pit | 491,000 | 1.65 | 26,100 | 810 | Inferred | Endomines (5) |
| Pampalo - Open pit Total | 617,000 | 1.56 | 30,900 | 960 | ||
| Pampalo NW - Open pit | 29,000 | 2.45 | 2,300 | 71 | Indicated | Endomines (6) |
| Measured + Indicated Total | 29,000 | 2.45 | 2,300 | 71 | M+I | |
| Pampalo NW - Open pit | 103,000 | 1.80 | 6,000 | 185 | Inferred | Endomines (6) |
| Pampalo NW - Open pit Total | 132,000 | 1.94 | 8,300 | 256 | ||
| Pampalo Total | 1,484,000 | 2.59 | 123,600 | 3,840 | ||
| Southern Gold Line Resources | ||||||
| Muurinsuo | 354,000 | 1.94 | 22,100 | 687 | Indicated | Endomines (7) |
| Measured + Indicated Total | 354,000 | 1.94 | 22,100 | 687 | M+I | |
| Muurinsuo | 231,000 | 1.40 | 10,400 | 323 | Inferred | Endomines (7) |
| Korvilansuo | 2,727,000 | 1.58 | 138,800 | 4,309 | Inferred | AFRY Finland (8) |
| Kuittila | 2,211,000 | 1.37 | 97,500 | 3,029 | Inferred | AFRY Finland (9) |
| Inferred Total | 5,169,000 | 1.48 | 246,700 | 7,661 | Inferred | |
| SGL Total | 5,523,000 | 1.51 | 268,800 | 8,348 |
ENDOMINES • ORE RESERVES AND MINERAL RESOURCES
ENDOMINES
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by |
|---|---|---|---|---|---|---|
| Other Karelian Gold Line Resources | ||||||
| Hosko | 121,000 | 3.10 | 12,000 | 375 | Indicated | Endomines (10) |
| Measured + Indicated Total | 121,000 | 3.10 | 12,000 | 375 | M+I | |
| Hosko | 1,046,000 | 1.32 | 44,300 | 1,380 | Inferred | Endomines (10) |
| Hosko Total | 1,167,000 | 1.50 | 56,300 | 1,755 | ||
| Kartitsa | 2,490,000 | 1.55 | 123,800 | 3,860 | Inferred | Geovista AB (11) |
| Kartitsa Total | 2,490,000 | 1.55 | 123,800 | 3,860 | ||
| Rämepuro | 23,000 | 2.66 | 1,900 | 61 | Measured | GeoUkko Oy (12) |
| Rämepuro | 412,000 | 1.53 | 20,200 | 630 | Indicated | GeoUkko Oy (12) |
| Measured + Indicated Total | 435,000 | 1.59 | 22,100 | 692 | M+I | |
| Rämepuro | 381,000 | 1.35 | 16,500 | 514 | Inferred | GeoUkko Oy (12) |
| Rämepuro Total | 816,000 | 1.48 | 38,600 | 1,206 | ||
| Kuivisto East | 37,000 | 3.20 | 3,800 | 118 | Indicated | MAPTEK (13) |
| Measured + Indicated Total | 37,000 | 3.20 | 3,800 | 118 | M+I | |
| Kuivisto East | 145,000 | 1.00 | 4,700 | 145 | Inferred | MAPTEK (13) |
| Kuivisto East Total | 182,000 | 1.45 | 8,500 | 263 | ||
| Other KGL Total | 4,655,000 | 1.52 | 227,200 | 7,084 | ||
| KGL Grand Total | 11,662,000 | 1.65 | 619,600 | 19,272 |
Ore reserves and mineral resources estimated according the 2012 JORC-code edition, all figures independently rounded.
8 ENDOMINES • ORE RESERVES AND MINERAL RESOURCES
ENDOMINES
(1) The underground ore reserve estimate is based on stope and development designs; cut-off grade 1.2-1.5 g/t Au; waste rock dilution 10-30%; ore loss in stoping 5%; drifting not modelled separately
(2) The open pit ore reserve estimate based on pit optimization studies and stope designs; wasterock dilution 15%; ore loss 5%
(3) The underground ore reserve estimate is based on stope and development designs; nominal cut-off grade 0.5 g/t Au; waste rock dilution 30%; ore loss in stoping 5%
(4) Underground mineral resources; Deep: Cut-off 1.2-1.5 g/t; top cut 10-20 g/t gold varying between lodes. D-zone: Cut-off 0.5 g/t; top cut 10 g/t gold.
(5) Open pit mineral resources; wireframes constructed at a nominal 0.50 g/t Au cut-off grade. The influence of high grade values restricted in interpolations.
(6) Mineral resources; cut-off 0,5 g/t; top cut 10 g/t gold
(7) Mineral resources; cut-off 0,5 g/t, top cut 10 g/t gold
(8) Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au and constrained by an optimised pit shell. Following economical and operational parameters were used in open-pit optimization and break-even cut-off calculations: Assumed gold price of US$ 2,050/oz, Metallurgical recovery for gold 85%, opex costs were used from Pampalo process plant and from similar sized open pit and underground operations. Exchange rate used: USD/EUR 0.94. High gold assays were capped at 14 g/t Au. The mineral resource estimate has an effective date of March 7th, 2025.
(9) Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au and constrained by an optimised pit shell. Underground mineral resources are reported at a cut-off grade of 0.8 g/t Au. Following economical and operational parameters were used in open-pit optimization and break-even cut-off calculations: Assumed gold price of US$ 2,050/oz, Metallurgical recovery for gold 85%, opex costs were used from Pampalo process plant and from similar sized open pit and underground operations. Exchange rate used: USD/EUR 0.94. High gold assays were capped at 19 g/t Au. The mineral resource estimate has an effective date of February 17th, 2025.
(10) Mineral resources; wireframes constructed at a nominal 0.50 g/t Au cut-off grade. The influence of high grade values were restricted in interpolations.
(11) Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au and constrained by an optimised pit shell. Underground mineral resources are reported at a cut-off grade of 0.7 g/t Au. Assumed gold price of US$ 3,400/oz, Metallurgical recovery for gold 85%, opex costs were used from Pampalo process plant and from similar sized open pit and underground operations. The mineral resource estimate has an effective date of March 10th, 2026.
(12) Mineral resources; cut-off 0,5 g/t, top cut 40 g/t gold. The estimate has an effective date of December 11, 2023. Mineral resource validated by Endomines.
(13) Mineral resources; cut-off 0,5 g/t top cut 20 g/t gold
Troy ounce = 31.1034768 g
ENDOMINES • ORE RESERVES AND MINERAL RESOURCES
Mineral Resources of Gold Deposits in the United States ENDOMINES
Endomines owns the rights to four gold deposits in the United States. Two of the deposits are located in Idaho and two in Montana. Early 2026 the company sold three gold deposits in Idaho: Friday, Buffalo Gulch and Deadwood. In 2025, there were no changes to the reported mineral resources of the remaining four deposits – Kimberly, Rescue, Kearsarge, and US Grant.
In Montana, the US Grant Mine has defined gold resources of 165,700 ounces and silver resources of 4.47 million ounces in 346,000 tonnes of mineralized rock. The Kearsarge deposit has total resources of 380,700 ounces of gold in 4.1 million tonnes of mineralized rock. The mineral resources for the US Grant and Kearsarge deposits are classified as historical, as they were defined before the currently applicable standards.
The US Grant and Kearsarge deposits contribute 546,400 ounces of gold and 4.47 million ounces of silver to Endomines’ historical resources. Additionally, they offer significant potential for discovering additional resources in the area through exploration.
Mineral Resources – Idaho/Montana, USA (status Dec 31 2025)
| Deposit | Tonnes | Grade
Au g/t | Oz | kg | Classification | Prepared by |
| --- | --- | --- | --- | --- | --- | --- |
| Rescue | 67,000 | 21.35 | 45,980 | 1,430 | Historic | Kimberly Mines, (2004) (1) |
| Kimberly | 261,000 | 19.18 | 160,930 | 5,005 | Historic | Laczay, (2010) (1) |
| US Grant | 346,000 | 14.89 | 165,700 | 5,152 | Historic | McLeod, (1990) (1) |
| Kearsarge | 4,100,000 | 2.98 | 381,000 | 12,218 | Historic | Transatlantic Mining, (2019) (1) |
| Historic Total | 4,774,000 | 4.99 | 753,610 | 23,806 | | |
(1) Endomines caution that while the historic resources presented appear to be in general accordance with those set out in NI 43-101 Sections 1.2 and 1.3, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, and Endomines is not treating the historical estimate as current nor reliable.
Troy ounce = 31.103
Silver Mineral Resources – Montana, USA (status Dec 31 2025)
| Deposit | Tonnes | Grade
Ag g/t | Oz | kg | Classification | Prepared by |
| --- | --- | --- | --- | --- | --- | --- |
| US Grant | 346,000 | 402 | 4,470,000 | 139,033 | Historic | McLeod, (1990) (1) |
| Historic Total | 346,000 | 402 | 4,470,000 | 139,033 | | |
(1) Endomines caution that while the historic resources presented appear to be in general accordance with those set out in NI 43-101 Sections 1.2 and 1.3, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, and Endomines is not treating the historical estimate as current nor reliable
10 ENDOMINES • ORE RESERVES AND MINERAL RESOURCES
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