13.10.2022

Endomines has defined mid-term operational targets to support implementation of the new strategy

Press release (PDF)

Endomines AB, stock exchange release 13th October 2022 at 15:00 CET

 

 

During spring and early summer Endomines updated its long-term strategy. Strategy is based on below principles:

 

          Active exploration at Karelian Gold Line to define a deposit with more than 1 Moz of gold resources

          Pampalo production offers the foundation for the business

          Active development of other known Karelian Gold Line deposits to increase production at Pampalo

          Partnership approach for the USA operations to gain more local operational knowledge and local financing

          ESG activities guide the general development of the company

 

Implementation of the new strategy has started during Autumn 2022 by commencing exploration at Karelian Gold Line and by starting production from the East open pit. Advisory team has been selected for the USA partnership negotiations. The company has also further developed the ESG program

 

Key area for the strategy work has been to define medium-term operational targets. Today the Board of Directors of Endomines has approved medium-term operational targets presented below:

 

          Over 1 million oz gold mineralization defined on the Karelian Gold Line by the end of 2025

          Annual gold production level of 20,000 oz at Pampalo by the end of 2024

          Operational efficiency and profitability are at a good level compared to peer companies

          Partnership agreement for the USA operations agreed by the end of 2023

          Among the leading mining companies in the field of ESG

 

” I am very pleased how the Endomines team has committed to implement our new strategy. We are proceeding according to plan in all operational fronts, and we are completing ESG actions according to the schedule defined. Our new medium-term operational targets create a foundation for future operational prioritisation and clarify targeted time schedule of each strategic focus area, “says CEO Kari Vyhtinen.

 

For further information, please contact:

Kari Vyhtinen, CEO, kari.vyhtinen@endomines.com, +358 40 585 0050

 

This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact person set out above at 15:00 CET on 13 October 2022.

 

About Endomines

Endomines is a mining and exploration company with its primary focus on Au. The Company operates a Gold mine in Pampalo, has exploration activities along the Karelian Au Line in Eastern Finland and develops mining operations in Idaho, USA. Endomines aims to improve its long-term growth prospects by increasing its exploration activities and through acquisitions. Endomines aims to acquire deposits that are situated in stable jurisdictions and can be brought to production rapidly with limited investments.

The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).