If so….
….then things are looking good in Ilomantsi.
Or what to make of this?
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Here are Aapeli’s comments on how a good third of these convertible bond loans were converted into shares. 
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Here are Aapeli’s comments on Endomines’ announced additional results from the Ukko deposit.
The results published by the company focused on the previously unexplored southernmost zone of the Ukko deposit. The results covered only two drill holes, the concentrations of which were, in our view, low. However, due to the small sample size, drawing larger conclusions, for example, about the potential of the entire Ukkolanvaara area, is premature. At this stage, we will await the results of subsequent drilling campaigns, and the published results do not have an immediate impact on our positive view of the stock.
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Kari Vyhtinen was interviewed by Aapeli.
Topics:
00:00 Introduction
00:20 Sale of three gold deposits
01:14 Purchase price
01:54 Buyer
03:43 Risks related to the completion of the transaction
04:19 Payment arrangement
06:14 What will the money be used for?
06:57 Balance sheet value of US projects
07:57 Write-down risk for remaining Idaho properties
09:33 Interest in Idaho properties
11:15 What will be done with the remaining properties?
12:12 Planned measures in Montana
15:34 Development of the past quarter
16:51 Effects of Power Mining acquisition
19:18 Exploration results
22:53 Next drilling results
24:16 Reserve updates
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Vyrhinen’s smile was sometimes as wide as a Hangon keksi - that probably bodes well?
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Here are Aapeli’s comments on how Endomines is selling its three US projects.
Endomines announced on Wednesday that it is selling three of its gold deposits located in Idaho, USA, for a debt-free total price of 20 million Australian dollars. The payment of the purchase price consists of five installments spread over several years and includes options between cash and shares of the acquiring company. Overall, we believe the arrangement clarifies Endomines’ structure and is in line with the company’s strategy of focusing on its Finnish operations.
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Vyyhtisen Kai was presenting about his company at the Investor Days.
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This time, Endomines’ Communications Director Anni Turpeinen was there to talk about the company
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Here are Ate’s comments on Endomines’ new drilling results from the northern part of the Ukko deposit on the Karelian Gold Line.
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Good drill holes and more gold in sight; of course, it will take years to mine those candies. This is a good point to continue from! In Juice’s words: “Ilomantsi, Ilomantsi, joy joy joy joy!”
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And more gold from Karitsa. Now I’m already singing!
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These concentrations and intersections are now such that my interest has truly been piqued. Great work from Endomines’ geologists. If we get more of these, we can completely rewrite the ore reserve estimates.
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Here are Ate’s comments on Endomines’ exploration results from Kartitsa
Endomines announced drilling results on Monday from the Kartitsa area in the northern part of the Karelian Gold Line. The company reported the results of ten drill holes from a program launched in autumn 2025, and the results included the highest gold grades in the company’s history for that area. According to our calculations, the average grades of the intercepts were roughly in line with the grades of the currently defined gold resources along the Karelian Gold Line. The news confirms the exploration potential of the northern part of the Karelian Gold Line, to which we assign value in our sum-of-the-parts model. Endomines will publish the remaining results of the drilling program during the early part of the year.
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A good incentive to drill into rock in the wilderness of Ilomantsi.
Drill boy, drill! Now we drill and rock!
Kari seems to have some Santa duties coming up, or is he buying a new pier for the summer cottage?
Atte and Aapeli have written a new company report on Endomines.
Endomines’ Q4 production figures fell clearly short of our forecasts, as a result of which we have moderately lowered our production forecasts for the coming years in addition to 2025. We have also somewhat lowered the value of the US project portfolio in our sum-of-the-parts model due to the lower-than-expected sale price of the Idaho deposits. On the other hand, the strong price development of gold has continued, and our updated gold price forecasts support the company’s earnings growth in the coming years. In addition to the strong market, the company has achieved promising results in mineral exploration on the Southern Gold Line. Overall, the net impact of the changes on our sum-of-the-parts model was positive, leading us to raise our target price to EUR 32.0 (prev. 29.5) and reiterate our Add recommendation.
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Gold price is pumping. How high will this climb?
https://www.investing.com/news/commodities-news/can-gold-reach-new-highs-in-2026-4432898
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Here are Atte’s comments on Endomines submitting an application to the European Union for strategic project status for the Southern Gold Line tungsten, molybdenum, and gold project.
Endomines announced on Friday that it has submitted an application for EU strategic project status regarding the Southern Gold Line tungsten, molybdenum, and gold project. The news was expected and has no impact on our forecasts for the coming years, but the project supports the company’s long-term potential on the Karelian Gold Line.
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Does gold’s upward trend have an impact? I think it does, but it’s not showing in the report…
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Here is the only portfolio manager who understands the mechanics of precious metals, and the fund’s returns have reflected that. The voice of experience and understanding is clear.
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