A bit off-topic, but a story about gold…
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Quite a story related to gold and relevant for the company. In Finland, there is very little discussion about mining companies, even though we have massive mineral reserves. Bureaucracy with its permitting is too slow and the Bank of Finland sold off its gold… others are buying and the price is rising 
. What are the pension funds doing and where is the money being invested? Likely Nokia, Nordea, Neste, forest companies… have there been good returns in recent years?
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Here is Atte’s preview as Endomines releases its report for the second half of last year on Thursday, Feb 5. 
We expect the strong rise in gold prices to have compensated for the lower-than-expected production volumes at the end of the year and for the result to have improved clearly from the level of the comparison period. In the report, we will pay attention to, among other things, the 2026 outlook, which is further supported by the gold price having risen strongly since our last update. We consider the current year to be significant for the company’s investment story once again, with exploration activity being high. At the same time, development work on the Southern Gold Line continues, where success is key to enabling a step-change in production.
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Atte discussed Endomines’ H2 and outlook with CEO Kari Vyhtinen.
Topics:
00:00 Introduction
00:12 Summary of 2025
01:05 Guidance for 2026
01:51 Integration of Power Mining Oy
02:38 Increase in cash costs
03:17 Impact of the acquisition on the cost level
04:02 Exploration results
06:17 Investment in increasing exploration volume
08:02 Development of reserves
09:20 Southern Gold Line tungsten, molybdenum, and gold project
12:50 Size of the investment
13:17 Financing options
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Here is the company report on Endomines from Atte following H2
Endomines’ second-half result was expectedly strong, supported by tailwinds from the gold market. We have slightly lowered our production forecast for the current year, as our previous forecast was at the upper end of the 2026 production guidance range. Despite this, our overall forecasts for the current and future years increased due to the continued strength of the gold market. This year, Endomines aims to drill a total of 50,000 meters along the Gold Line, which we believe will enable the company to define a significant portion of its 1.5–2.0 million ounce resource target over the next two years. Following the forecast changes, the present value of Pampalo increases in our sum-of-the-parts model, and accordingly, we are raising our target price for the share to 33.0 euros (prev. 32.0 euros). The recommendation remains at the Accumulate level.
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Juho Toratti has conducted an analysis of Endomines.
The only slightly negative aspect of the earnings release was that the total gold production volume fell to the lower end of the company’s guidance. Endomines guided for 2025 production to be between 16,000 and 22,000 ounces, with production growth accelerating in the second half of the year. However, the actual production ended up at 16,630 ounces, and the production pace slowed down, especially during July–September.
According to Endomines, the reason for the slower-than-expected development was the significantly increased production volume in the early part of the year, as well as the takeover of the underground mining contractor’s operations, which took place in September. However, the estimate for production volumes was already available in early January, when Endomines published its operational update for the 2025 financial year. The information was therefore already in the market and priced into the stock. In light of these factors, it is somewhat strange that Endomines’ share price declined following the earnings report.
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