Inside Information: Endomines reports a new resource estimate of gold on the Karelian Gold Line, gold resources increased by 26 %
Endomines Finland Plc – inside information – 13.3.2026, at 12:30
Inside Information: Endomines reports a new resource estimate of gold on the Karelian Gold Line, gold resources increased by 26 %
Endomines announces its 2026 total ore reserve and mineral resource estimate. The annually published estimate includes all deposits owned by 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 2025 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. Currently the resource definition drilling is on the way, and the first resource estimate for Ukkolanvaara is expected later this year.
“Our Golden Journey is progressing as planned. We launched active exploration in 2023, and since then we have more than tripled our gold resources. Our strategic objective is to increase the gold resources of the Karelia Gold Line to 1.5–2.0 million ounces by the end of 2030. To achieve this, we will ramp up our exploration activities to record levels in 2026. We plan to drill approximately 50,000 metres, a significant increase compared to about 18,000 metres in 2025. This year, we will also define the first gold resource for the Ukko deposit,” says the company’s CEO Kari Vyhtinen.
“The purpose of growing our gold resources is to enable an increase in annual gold production to 70,000–100,000 ounces around 2030. I look forward to seeing the results our record-breaking year will deliver,” Vyhtinen continues.
Total Ore Reserves of the Pampalo Mine
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 (Published 12.8.2025 and 19.2.2026), which have now been included in the updated estimate.
The Pampalo deposit remains open at depth, and we plan to continue underground drilling in the area in 2026. In addition, the objective is to launch underground studies that support exploration in the vicinity of the mine’s upper levels.
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. We plan to carry out a drilling program in these areas in 2026.
Ore Reserves and Mineral Resources of the Hosko underground mine
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, and we plan to continue underground drilling in the area in 2026.
Mineral Resources of the Karelian Gold Line
The Kartitsa deposit, located on the Northern Gold Line, was the main focus of resource definition drilling during 2025. The first mineral resource estimate for Kartitsa was published on 10.3.2026.
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. It is expected that significant resources increase can be achieved by additional drilling.
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).
Mineral Resources of Gold Deposits in the United States
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 (release 25.2.2026). 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.
Updated gold resources tables
Table 1. Gold reserves and resources at Pampalo and the Karelian Gold Line, Finland
| 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. | |||||||
| 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 | |||
| 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. | |||||||
(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; nomial 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
Table 2. Gold resources in Idaho and Montana, USA
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.
Table 3. Silver resources in Montana, USA
| 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.
This ore reserve and mineral resource update has been reviewed and approved by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP, –standards. Jani Rautio is a full-time employee of Endomines and owns 2 000 shares in Endomines.
Further information:
Kari Vyhtinen
CEO
kari.vyhtinen@endomines.com
+358 40 585 0050
Jani Rautio
Chief Technical Officer
jani.rautio@endomines.com
+358 50 593 0812
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.
The Karelian Gold Line is 40 kilometers long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. Endomines controls extensively exploration rights across the Karelian Gold Line.