Slides
Page 1
Strong Profitable Growth
Page 2
Why Endomines - Golden opportunity in Finland 2 Finland – Global leader in mining investment attractivenessFinland ranked #1 globally for mining investment – Fraser Institute 2025 Expanding Gold ResourcesGrowing gold resources strengthen value creation and enable long-term growth.Growing Gold ProductionEndomines is increasing gold production in Finland, with a clear path to sustained growth.Global trends support long-term gold upsideGold remains strong amid economic uncertainty and global tensions.Strategic control of the Karelian Gold LineEndomines controls over 40 km of the highly prospective Karelian Gold Line, unlocking significant exploration upside.
Page 3
Southern Gold LinePampaloNorthern Gold LineKarelian Gold LineA high-potential gold bearing greenstone belt in Finland•40 km long gold beltin Finland•Production facilitieslocated at Pampalo•Exploration focuseson the Southern and Northern Gold Lines Critical minerals opportunity: •Tungsten & molybdenumin the Southern Gold Line: EU Critical Minerals status application submitted•Expansion project on schedule to take the production to 70,000-100,000 ounces of gold per annum level•Similar geological features to other Archean greenstone belts, i.e., Kalgoorlie (Australia), Abitibi (Canada) and Witwatersrand (South Africa) KARELIAN GOLD LINE
Page 4
Highlights of Q2/H1-2026 4 GROWTH IN REVENUE•Revenue up 46% to 16.2 MEUR (11.1)GROWTH IN NET RESULT•Net result up297% to 3.3 MEUR (0.8)GROWTH IN GROUP EBITDA •EBITDA up 38% to 5.5 MEUR (4.0)Q2 H1GROWTH IN REVENUE•Revenue up61% to 34.7 MEUR (21.5)GROWTH IN GROUP EBITDA •EBITDA up 86% to 14.3 MEUR (7.7)GROWTH IN NET RESULT•Net result up356% to 10.4 MEUR (2.3)H1 2026 Strong operational cash flow 11.2 MEUR
Page 5
Production growth continued also in H1-2026 54,0005,0006,0007,0008,0009,00010,000 H1 2025 H2 2025 H1 2026 Gold production 2025-2026 (Oz) Acquisition of mining subcontractor in H2 2025 4,0006,0008,00010,00012,00014,00016,00018,0002022 2023 2024 2025 Pampalo gold production(oz)+16.3% compared to 2024+93%+9.7% comparedto H1 2025+24.2% comparedtoH2 2025
Page 6
Market development•Gold prices have historically tended to strengthen when the U.S. Federal Reserve begins cutting interest rates •Escalating tensions in Iran contributed to delaying market expectations for rate cuts, which led to a decline•Despite this short-term volatility, our view remains positive•This is supported by a range of consensus forecasts, which anticipate appreciation in gold prices through the end of 2026 Key Fundamental Drivers Supporting Gold•Continued global geopolitical uncertainty•Ongoing purchases by central banks•Efforts by BRICS nations to reduce their dependence on the U.S. dollar•Elevated levels of global debt, which continue to support demand for safe-haven assets such as gold Gold price development (USD/ounce)1,8002,3002,8003,3003,8004,3004,8005,3001/20243/20245/20247/20249/202411/20241/20253/20255/20257/20259/202511/20251/20263/20265/20267/20262024 2025 2026The average gold price in Q2’26 wasUSD 4,516 per oz
Page 7
Key Q2 developmentssupporting future gold production growth•New industry-leading drilling results from UKKO deposit reinforce future gold production growth•Received decision on EU and state funding (1.51 MEUR) to advance critical minerals project•Refinanced previous long-term financing package and nearly doubled its size to up to 21 million euros•First tungsten and molybdenum results from the Southern Gold Line demonstrate potential for future critical minerals production7 The Golden Journey accelerates beyond gold!
Page 8
8 We aim to lead in responsible and sustainable mining Endomines’sSustainability Program BIODIVERSITY•Ongoing restoration of sites•Identifying natural values and develop habitatsPERSONNEL•Safe and pleasant place to work•Developing safety practices with the goal of zero accidentsCOMMUNITY•Trust of the local community•Supporting local vitality and recreational use of nature GOVERNANCE•Ethical practices•Everyone knows how to act within our companyWATER•Clean discharge waters•Investing in innovative technologies and collaborate with expertsCLIMATE•Carbon-free gold production at the Karelian Gold Line by 2035•Carbon neutral across the entire value chain by 2035
Page 9
EXPLORATION
Page 10
0100,000200,000300,000400,000500,000600,0002021 2022 2023 2024 2025 Karelian Gold Line ResourcesResource growth enables long-term growth 10Exploration started+211% in three yearsEndomines exploration successfully delivered meaningful resource growth for three consecutive years.•12,800 m drilled in 2023•21,600 m drilled in 2024•18,100 m drilled in 2025•52,500 m in total during 2023-2025•50,000 m planned for 2026•H1’26: ~27 000 m Ounces of goldNext update Q1 2027
Page 11
Southern Gold Line is the main area in 2026-2027•New Ukko discovery has changed plans for 2026-2027•The exploration results support long-term growth and production potential•Southern Gold Line is in permitting phase to be in production around 203011 We are building a pathway toward a significant growth step around 2030 Southern Gold LinePampaloNorthernGold Line
Page 12
BIF-hosted gold deposit•Located 15 km south of Pampalo•Discovered in April 2025; the extent and continuity have been investigated •Iron formations provide favorable geochemical conditions for gold enrichment•World-class gold deposits are associated with similar geological formations•Electromagnetic conductor anomalies were tested in late 2025 •Resource drilling is underway in the northern part in 2026First gold resource to be defined in late 2026 or early 2027 Southern Gold Line: The Ukko deposit 12 ~7 kmDiscoveryareaOur goal in H2 is to connect the two northernmost areas and double the length of Ukko The known strike length over 650 m
Page 13
Southern Gold Line: The Ukko deposit 13 ~7 kmDiscoveryareaHigh grade gold with wide intersectionsHighlights of the drilling campaigns•UKKO-001 intersected 30.95 m @ 3.28 g/t gold •Including 9.35 m @ 7.08 g/t gold •UKKO-068 intersected 49.35 m @ 2.10 g/t gold•Including 3.70 m @ 4.37 g/t gold •Including 2.30 m @ 4.80 g/t gold •Including 5.80 m @ 4.37 g/t gold •UKKO-058 intersected47.95 m @ 1.98 g/t gold •Including 4.30 m @ 3.99 g/t gold•Including 13.75 m @ 4.02 g/t gold •Including5.45 m @ 8.55 g/t gold
Page 14
EXECUTING OUR STRATEGY
Page 15
Strategic long-term targets•1.5–2.0 million oz gold resourcedefinedon the Karelian Gold Line by the end of 2030•Annual gold production level of 70,000-100,000 ounces around 2030•Tungsten and molybdenum production at Karelian Gold Line around 2030•Fossil Free gold production by 203515
Page 16
0100,000200,000300,000400,000500,000600,000 2020 2021 2022 2023 2024 2025 Karelian Gold Line ResourcesResource growth enables long-term growth 16 Exploration started+211% from 2022 to 2025Next update Q1 2027
Page 17
Step-by-step growth in gold resource 172025 2026–2029 2030Gold resource stands at 619,600 ounces120,000 metres of exploration drilling18,000 metres in 202550,000 metres in 20262027–2029 to be definedTarget level 1.5–2.0 Moz gold resource Target to define tungsten and molybdenum resourcesIt is estimated that every 10,000 m of pure exploration drilling results in 100,000 oz resource growth 2026 program will be the largest in the company’s history
Page 18
Step-by-step production growth in gold and critical minerals 1820252026–2029 2030 2032 onwards16,630 oz producedSteady growth toward ~25,000 oz by 2029Ramp-up to 70,000–100,000 oz Tungsten and molybdenum enteringproductionFurther growth by bringing new areas into production •Southern Gold Line phase II to approximately 150,000 ounces•Northern Gold Line around 2032-203310–20% growth2026 Southern Gold Line entering production
Page 19
Southern Gold Line development planIncludes four deposits which are permitted together as base of till samples indicate that some parts could be connected Southern Gold Line will boost production to: •70,000–100,000 oz gold per annum•Tungsten and molybdenum included10-15 kmUkkolanvaaraKorvilansuoKuittilaPampaloSouthern Gold Line KARELIAN GOLD LINE2024Nature surveys and studiesQ2 2026Environmental impact assessment (EIA) program lodged in Feb 20262027PFS completed EIA report and environmental permit application lodgedQ4 2028Environmental permit decisionFinancing negotiations completed2029–2030Building and commissioningMuurinsuo20 km
Page 20
Southern Gold Line – Tungsten and Molybdenum also in production around 2030Kuittila has potential to become a significant supplier of tungsten and molybdenum •Latest drilling results confirm potential•Wide mineralisation with tungsten and molybdenum•Test results indicate that sorting works well•Grade increased by 3.1 times•Received approximately 1.5 MEUR decision on funding to advance critical minerals project•Endomines and Wolfram Bergbau und Hütten AG signed non-binding Letter of Intent (LOI)•Metallurgical testwork continues to ensure a sellable product20050,000100,000150,000200,000250,000300,000350,000Jul.24Aug.24Sep.24Oct.24Nov.24Dec.24Jan.25Feb.25Mar.25Apr.25May.25Jun.25Jul.25Aug.25Sep.25Oct.25Nov.25Dec.25Jan.26Feb.26Mar.26Apr.26May.26Jun.26Jul.26Tungsten price USD per tonne WO3Monthly prices represent industry-used market averages / estimated monthly averages, compiled from reference price series and time-series charts published by Fastmarkets, Shanghai Metals Market (SMM), and Business Analytiq. Individual contract prices may differ from these.
Page 21
Outlook for 2026: Growth is on track 21 Southern Gold Line development project to the next phase with gold and tungstenAdvancing to EIA report submission in early 2027 and the prefeasibility phaseLargest exploration program in company’s historyGrowing the gold resource through a 50,000 m drilling program 23,700 m completed during January-June Gold Production expected to growOur guidance: gold production to increase by 10-20% in 2026Global trends support the gold marketBasic fundamentals support high gold price levels in the long termNew streamlined structure in the USAThree Idaho assets divested in Q1 2026. Evaluating strategic options to unlock value from promising Montana assetsOrganisation is positioned for the next growth leap
Page 22
Thank you!
Page 23
APPENDICES
Page 24
Share and Ownership
Page 25
Share price development and largest owners 25 Share price, last 24 months17 August 20261 month: +9.6%24 month: +216%EURName Shareholding1 Joensuun Kauppa Ja Kone Oy* 19.96%2 Wipunen Varainhallinta Oy 15.29%3 Mariatorp Oy 15.29%4 K22 Finance Oy* 4.00%5 Clearstream Banking S.A. 3.96%6 Kakkonen Kari** 2.48%7 Taloustieto Incrementum Oy 2.33%8 Hietamoor Oy** 2.23%9 Eyemaker's Finland Oy 1.98%10 Elo Mutual Pension Insurance Co 1.88%Others 30.60%TOTAL 100.00%of which nominee registered 7.31%* and ** controlled by the same shareholder Largest shareholders31 July 2026
Page 26
Financial Information
Page 27
H1 revenue 34.7 MEUR, growth of 61%, y-o-y 27 Group Revenue (MEUR) 2022-2026Quarterly Group Revenue (MEUR) Q2’25-Q2’26 Q2 2026 16.2 MEUR growth 46%, y-o-y515253545552022 2023 2024 2025 H1 202605101520Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
Page 28
Group H1 EBITDA 14.3 MEUR, +86%, y-o-y41.2% margin 28 Group EBITDA (MEUR) 2022-2026Quarterly Group EBITDA (MEUR) 2025-2026 Q2 2026 5.5 MEUR 34% of revenue0246810Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26-10-5051015202022 2023 2024 2025 H1 2026
Page 29
H1 cash cost: 1,588 EUR/oz+23.6%, y-o-yCash cost in Pampalo, excl. investments and change in inventory & Average Gold price, (EUR / oz) •Particularly affected by higher use of open pit ore (lower gold grade) during May•Electricity price in Q2’26 increased 35.6% y-o-yNote: For the current year, the calculation method has been specified, and the change in ore inventory has been removed from the calculation1,5881,2851,4364,0242,8073,03405001,0001,5002,0002,5003,0003,5004,0004,5005,000H1 26 H1 25 2025Cash Cost (EUR/oz)Average gold price (EUR/oz)
Page 30
Balance Sheet and Cash Flow improved on all indicators from YE 202531 Dec 2531 Mar 2630 Jun 26Key Figures92.3100.2102.4Total of Balance Sheet, MEUR3.99.44.8Cash and equivalents, MEUR13.713.912.0Interest-bearing debt, MEUR9.94.47.1Interest-bearing net debt, MEUR17.4%6.8%10.1%Net gearing, %61.5%64.9%69.2%Equity ratio, %FY 2025H1Q2CASH FLOW, MEUR13.111.22.5Net operating cash flow -18.3-10.0-7.0Net cash flow from investing7.0-0.3-0.1Net Cash flow from financing
Page 31
ContactKari Vyhtinen, CEOKari.Vyhtinen@endomines.com+358 40 585 0050Minna Karttunen, CFOMinna.Karttunen@endomines.com+358 40 513 3225