We Are Focused on Growth

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.

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