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 results announcement was that total gold production remained at the lower end of the company’s guidance. Endomines guided that 2025 production would be 16,000–22,000 ounces and that production would grow faster in the second half of the year. However, actual production amounted to 16,630 ounces, and the pace of production slowed, especially in July–September.
According to Endomines, the reasons for the slower-than-expected development were the significantly increased production volume at the beginning of the year and the takeover of the underground mining contractor’s operations, which occurred in September. However, the estimate for production volumes was already provided 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 share. In light of these factors, it is somewhat strange that Endomines’ share price declined following the earnings report.
IR-ikkuna is a channel for SalkunRakentaja and Sijoittaja.fi’s corporate partners for background and analytical articles, as well as other interesting investor information. The article is part of a commercial collaboration with the company. The article does not contain investment recommendations.
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Evli notes that H2 fell slightly short of expectations; it felt revenue was okay, but was disappointed that EBITDA was weaker due to higher costs.
However, Evli expects gold and production growth to support this year’s potential “earnings leap”.
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“We have struck a real gold vein in Kartitsa. The results enable the definition of the first gold reserve in the area and raise the significance of the Northern Gold Line to a new level,” says Endomines CEO Kari Vyhtinen.
And the price of gold is still hovering around 5000 USD / oz. These are not bad combinations at all, right?
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A new gold vein has been found and production planning will likely commence… results from the Ukkolanvaara deposits and drilling is going full tilt.
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Here are Atte’s comments on Endomines releasing the remaining exploration results for Kartitsa
On Thursday, Endomines published the remaining results of the Kartitsa drilling program launched in the fall of 2025. The results confirm a continuous gold zone approximately 1,500 meters long in the area. The results support the company’s goal to increase the mineral resources of the Karelian Gold Line, and the first resource estimate for Kartitsa is expected as early as March in the company’s updated resource estimate.
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There is hardly anything new in these analyst “comments” that isn’t already in the company’s releases > what benefit do these provide to investors?
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Thanks for the feedback! Development suggestions are always welcome. Yesterday’s update indeed confirmed the impression of Kartitsa’s potential gained in the December update. As I noted in the comment, the results are encouraging for resource formation, but from the perspective of potential production, the deposit is still a long way off. At this stage, however, attention turns to the March resource update, where we expect the company to be able to increase its resources to the 600,000–800,000 ounce range.
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One benefit of these comments is that you don’t always remember, for instance, what the analysis firm has included in its forecasts and what it hasn’t. If these are left uncommented, you have to try and recall them yourself. Personally, I’m happy to read a comment on every release, even if there’s nothing earth-shattering to report.
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Here are Atte’s comments on Endomines publishing the results of the Pampalo drilling program.
Endomines published drilling results from the Pampalo underground gold mine on Thursday. The results confirm the continuation of the deposit below current production levels and support the underground mine’s production potential also in the longer term. According to our view, the company still has sufficient reserves at the current production level, which is why we expect the levels drilled now to enter production closer to the 2030s.
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This is essential and crucial for productivity that such an extensive deposit is still within reach of the existing infrastructure! And the findings from the wider area mapping also guarantee continuity very far into the future! The general global situation is certainly keeping gold prices at a good level. To me, this seems like a very strong equation 
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Here are Atte’s comments on how the company has finalized the sale of three gold deposits located in Idaho.
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How much cold hard cash did the deals bring into the coffers?
If I am indeed interpreting those numerous payment installments of the deal correctly, 3.5 million Australian dollars will be paid today on the closing date. At the current exchange rate, that makes about 2.1 million in euros.
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@m_jylha’s Pörssipodi featured Endomines CEO Kari Vyyhtinen as a guest
How does Endomines intend to achieve its ambitious goals, CEO Kari Vyhtinen?
Last year was the best in the history of gold mining company Endomines. This year, the company plans to increase gold production by 10–20 percent and significantly increase exploration-related drilling. Endomines is planning investments of hundreds of millions of euros for the Karelian Gold Line, which would multiply production up to 100,000 ounces in 2030. Interest in gold is currently at a record-high level. What if it fades? The interviewee is CEO Kari Vyhtinen, who met with Mikko Jylhä. The podcast was produced in commercial collaboration with Endomines.
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The US and Israel attacked Iran > impact on the safe haven, gold? Are we heading toward $6000 / ounce or blowing right past it?
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