Gold calls. Where can one buy Pampalo bars?
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Aapeli and Tomi discussed Endomines. 
Topics:
00:00 Introduction
00:20 Eventful start to the year
01:57 Potentially the largest deposit in the gold line found in Ukkolanvaara
05:23 Gold’s position as a safe haven has been emphasized during uncertain times
09:04 Spring financing agreement a significant breakthrough
11:05 Significant dilution risk still present in convertible bonds
12:59 Forecasts for the coming years
16:35 Biggest risks
19:02 Share valuation
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No gold for Endomines, but silver when comparing Hesuli’s EBIT margins!
Hesuli’s top-10 EBIT margins, excluding the financial sector:
2025E
tecnotree 35.5%
endomines 30.8%
orion 27.7%
nexstim 27.1%
#QtGroup 26.6%
revenio 26.3%
#AlmaMedia 24.6%
fsecure 23.3%
elisa 23.1%
lemonsoft 23.0%
Source: @Inderes
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The train is chugging along…the gold train, that is.
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More scent of gold…
…Endomines Finland Plc – insider information, 29.8.2025, at 15.45
Insider Information: Promising results from Ukkolanvaara drilling campaign, bedrock outcrop samples and electromagnetic measurements
Endomines has earlier this year published promising results from Ukkolanvaara bedrock outcrop samples and drillings. The company now reports the results of drillings carried out during June, as well as results from new outcrop samples and electromagnetic measurements.
The results show that with the help of bedrock outcrop samples and electromagnetic measurements, it is possible to efficiently target exploration activities. Furthermore, the results indicate Ukkolanvaara’s exceptionally high gold potential.
"The obtained exploration results show that gold occurs in the Ukkolanvaara area in connection with an iron formation. We have also verified that the area’s iron formation is enormous in size. In addition, the results show a clear connection between electrical conductivity and the high gold content of bedrock outcrop samples and drilling results. We see the gold potential of the Ukko deposit as exceptionally high and now understand the structure of the deposit significantly better,” comments the company’s CEO Kari Vyhtinen.
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Here are Aapeli’s comments on the exploration results.
The results published by the company confirmed the interpretation of the Ukko deposit presented in connection with its H1 results, which, in our view, was also the most essential takeaway from the results. The company also commented that it understands the structure of the deposit better based on the results, which allows for more effective targeting of exploration efforts. However, the new drilling results now published were, as a whole, below the area’s previous results, but we do not see any changes in the area’s significant potential as the drill holes were partly targeted outside the updated assumptions for the deposit.*
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Isossa kuvassa haisee……kulta. Why UBS just raised its gold forecast again as the precious metal hovers near record high
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CEO @Kari_Vyhtinen was presenting his company as an investment at the Stock Investor’s Week.
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Big news from the Karelian Gold Line!!
Endomines’ CEO Kari Vyhtinen spoke yesterday at the Falco investor evening. He spoke for a total of 2 hours, as there were so many questions!
What stood out from the presentation was that Kari was still quite bullish regarding the development of gold prices. According to him, Trump’s policies and central bank purchases have driven it upwards this year. He doesn’t believe we will see a decrease in gold prices during Trump’s term. At the current gold price, the company’s margins are quite wide.
Vyhtinen stated that the drilling results from Ukkolanvaara have been very promising. The potential gold deposits are enormous. Gold is associated with iron, which makes it easier to find. The company rushed to make reservations for the area as soon as the deposits were found.
The company has acquired a small contractor, which will slightly reduce costs in the future.
The company’s goals seem ambitious, but Vyhtinen’s steps to achieve them appeared credible. The problem with growing operations reportedly will not be financing. It is readily available. To secure financing, the company can sell gold under contract at a lower price to a specific party.
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How does the government’s proposal to raise the mining tax affect the plans, which has been under consultation, and at least FMG has requested in its statement that the processing be suspended? The government seems to be unanimously behind it, and the state’s coffers are in dire need of money. Mining tax is levied on metal ores, such as nickel, zinc, and gold, according to their taxable value. The government plans to raise the tax from 0.6 percent to 2.5 percent. The taxation of industrial minerals, on the other hand, is based on quantity. Currently, the tax is 0.20 euros per ton. If the government’s proposal is realized, it would triple to 0.60 euros per ton.
In addition to the mining tax increase, mining operations would be returned to the general electricity tax category. This would increase the electricity tax for the mining industry 45-fold compared to the current level.
According to FMG, at least Terrafame’s future would be at stake, and Keliber’s management has stated that if the proposal passes, it will make opening the mine difficult, if not prevent it altogether. The price of gold is likely to remain high during Trump’s tenure and with the global situation being what it is, but the mining sector is long-term.
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Hardly affects much? The price of gold has risen by tens of percent. Last week, it rose almost as much as that tax increase.
In the mining sector, a few are trying a Fazer-like bluff to make the tax change fall through. Ridiculous…
Even though I have Endoa and Sosia (shares), it’s only good that mining companies are taxed. Especially foreign ones. They are currently mining here almost for free.
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So I’ve understood from the press that in Finland, mining operations are not burdened by costs as they are in other European countries.
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| Date | Company | Notifier | Type | Course | Volume | Total |
|---|---|---|---|---|---|---|
| 17.09. | Endomines Finland | Kyösti Kakkonen | Transfer | 28.75 EUR | 170,000 | 4,887,500 EUR |
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Who bought a substantial pot of 170,000? The ownership base is growing, shoulders are widening.
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Big picture / off-topic: gold keeps rising!
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A bit off-topic, but… still climbing… gold is climbing there! What kind of impact does this have on Endomines’ operations? About a year ago, the dollar price of gold / ounce was around 2800 and now 3800 > 4000?
“…gold is shifting from a crisis insurance to a strategic core component in wealth management. The question is no longer whether the price will reach $4,000, but what happens after that…”.
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Aapeli’s latest report.
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I interviewed CEO Kari Vyhtinen yesterday.
Here’s the report:
“Trump’s policies benefit Endomines”
- New giant deposit found in Ukkolanvaara
- Rapid turnaround into a profitable growth company
- Now more than ever is the time to invest in growth
- “We’d rather drill Ukko than pay off loans”
- Despite good development, risks remain
- Valuation seems tight
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Here are Aapeli’s comments on Hosko’s summer drilling program.
The company announced on Wednesday the results of the drilling program carried out in Hosko during the summer of 2025. The program included a total of 31 drill holes, with a total length of 3030 meters. The company’s goal with the drilling program was to supplement information from the planned underground production area and to test for gold potential at greater depths. The results confirmed the company’s understanding of the area’s geology, which will enable it to target its activities to the right areas. More detailed results of the drilling program can be read here.
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It’s certainly madness not to pay off those expensive working capital loans. Growth investments, sure. But with these gold prices, money is coming in so fast that we can’t possibly make investments at that pace. Permit processes, etc., take a long time anyway. And if a situation arises where more money is needed, it’s nothing but raising it through an offering. But greed knows no bounds; that’s the obstacle to paying them off, nothing else. This will certainly leave a stain on those involved, nothing can be done about it.
In addition, the difficulties in selling those US mines are concerning. If those deals are shaken hands on, not even by telling investment fairy tales could they avoid paying off those expensive loans. It’s reasonable to suspect that this is the obstacle to their sale.
It seems it’s also the management’s legal obligation to replace the company’s expensive financing solutions with more affordable ones if possible. Now it’s certainly possible if there’s a will.
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