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From the CEO

After changes, we are confident about focusing on growth

In 2022, we revised Endomines’ strategy, and the new strategy focuses on gold exploration and production in Finland. In the United States, we are promoting deposits through the partnership model and will not invest there significantly in the near future. In connection with the revised strategy, we also determined our key operational goals for 2023–2025.

During 2022, we created an ESG programme based on a materiality analysis. The programme will strongly guide our operations.

In the revised strategy, production at Pampalo lays the foundation for business operations. The ramp-up of production at Pampalo progressed as planned during the year. We started gold deliveries in January, and our revenue increased in each quarter, compared with the previous quarter. In August, we opened the nearby East open pit to support production at Pampalo.

In December 2022, we transferred the company’s domicile to Finland, and now we can proudly say that we are a Finnish company. We are investing in Finland, and especially in Pampalo, because our vision is to make the Karelian gold line one of the world’s most significant and most sustainable gold production areas. In addition, the transfer of the company’s domicile to Finland simplifies its structure and reduces its administrative costs and number of employees. The initial public offering (IPO) in connection with the transfer of domicile was an important step in creating the company’s foundation.

However, we believe that the changes were a necessary step towards profitable growth in Endomines’ operations. During the year, we created a foundation for the company for future growth and operational efficiency.


We are confident about 2023

We expect the production of gold to increase by 35–55% at Pampalo from 2022. We expect our financial profitability to improve considerably as a result of energy price projections, operational efficiency measures and a higher production level at Pampalo.

On the other hand, the recent development of the price of gold and the short-term outlook are strong and thereby support the outlook for 2023.  

Exploration at the Karelian gold line is an important part of our future operations

We started exploration drilling in the Karelian gold line area in late 2022. We strongly believe in the potential of the area, and our goal is to identify a major deposit of more than a million ounces by the end of 2025. A major deposit may enable higher levels of production, above the current medium-term target levels. 

Kari Vyhtinen

CEO, Endomines Finland Plc