Time is starting to run out for those hundreds of millions in investments. As I see it, these investments are aimed at reaching a production level or rate of around 70,000 ounces or more by 2030. Project planning for the facilities should be underway this year if they want to get them finished. I just haven’t heard of a single request for proposal (RFP) related to these plants yet.
There is only a so-called handful of people in Finland capable of, for example, designing a concentrator plant. For us, for instance, industrial engineering is already fully booked for practically the rest of the year. Furthermore, a need for 200–300 new experts in addition to the existing ones is on the horizon.
In my opinion, Kari Vyhtinen could elaborate a bit more on the current status of the planning.
Here are Atte’s comments on Endomines publishing its first mineral resource estimate for the Kartitsa deposit
Endomines published on Tuesday the first mineral resource estimate for the Kartitsa deposit, located in the northern part of the Karelian Gold Line. The published resource estimate is a promising start for the Northern Gold Line and reinforces our view of the area’s exploration potential, especially since the deposit has been drilled only limitedly at this stage. The reported 123,800-ounce inferred resource is in line with our previous expectations, and the announcement thus does not affect our view of the company.
Kari Vyhtinen speaks on the Stock Market Podcast: “How is Endomines going 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 intends to increase gold production by 10-20 percent and significantly increase exploration drilling. Endomines is planning investments of hundreds of millions of euros in the Karelian Gold Line, which would multiply production to as much as 100,000 ounces by 2030. Interest in gold is currently at record-high levels. What if it fades? CEO Kari Vyhtinen is interviewed by Mikko Jylhä. The podcast was produced in commercial collaboration with Endomines.
Here are Atte’s comments on when Endomines published its updated mineral resource estimate
Endomines released on Friday the updated ore reserve and mineral resource estimate for the Karelian Gold Line. The Gold Line’s total resources increased by 26% and rose to 619,600 ounces, which was in line with our previous estimate. The growth in resources came almost entirely from the definition of the Kartitsa resources, and the growth in the Pampalo and Hosko resources remained very moderate. As the resource update published now did not bring significant new news, it has no impact on our view of the company.
Below are Atte’s comments regarding this recent company release
Endomines announced on Wednesday that it has signed a non-binding letter of intent (LOI) with the Austrian Wolfram Bergbau und Hütten AG regarding tungsten cooperation. Although it is only a non-binding letter of intent, in our view, it strengthens the project’s credibility and supports the technical design of production processes in cooperation with a potential customer.
Endomines is holding a Capital Markets Day tomorrow, after which I will interview CEO Kari Vyhtinen. If you have any questions, please post them in the thread, and I will do my best to ask them.
What kind of ore deposits are tungsten and molybdenum concentrations associated with? Do they always occur hand-in-hand with gold, or are they also enriched separately without gold? What is the geology behind the occurrence of molybdenum and tungsten?
I’d be interested to hear why the company is guiding for 20,000 ounces of production, even though the concentrator’s nameplate is 26,000 ounces, and debottlenecking could open the way to 30,000 ounces of production. What are the key bottlenecks, and is production constrained by the mine or the concentrator at these gold prices? What is the target timeline for achieving 30,000 ounces?
At these gold prices, approximately €15-20 million in valuable cash flow is left on the table annually, so this is of interest, and I’d be pleased to hear comments.
Atte interviewed KariVyhtinen at the capital markets days
Topics:
00:00 Introduction
00:15 Key points of the CMD offering
01:16 Main risks to financial and strategic targets
02:29 Speed of project progress
03:24 Role of Pampalo mine
04:34 Allocation of exploration resources
05:46 Communicating drilling program results
06:43 Development of the Southern Gold Line project
07:49 Alive Mine concept
09:17 Investment in the Southern Gold Line
10:03 Location of the concentrator
11:32 Tungsten and molybdenum occurrences
13:03 Letter of intent for tungsten cooperation
Good question, this wasn’t actually covered in this video. But yes, the bottleneck for stronger production growth is, in my understanding, precisely mining production. As the company stated in its presentation today, the current capacity of the concentrator is 26,000 ounces. The primary goal is to fill this capacity with production from the Pampalo underground mine.
Here are Ate’s comments on Endomines’ Capital Markets Day
Endomines held its first-ever Capital Markets Day on Friday. The company published its current strategy for 2025–2029 last year and did not update its content or financial targets in connection with the Capital Markets Day. At this stage, we will monitor the progress of strategy implementation, and the CMD will not have an immediate impact on our forecasts or our view of the company. A recording of the company’s Capital Markets Day can be viewed here, and the company’s CEO also commented on the day’s events more concisely in a video interview.
This latest video by Jussi Halme is suitable for this thread, for example.
Remember: The figures and scenarios presented in the video are not investment recommendations. Always verify the figures yourself and remember the high risk associated with mining companies.
The beginning of 2026 has been exceptional in the precious metals market. In this video, we dive deep into the world of mining companies and analyze two of the most interesting small mining companies on the Helsinki Stock Exchange: Endomines and Sotkamo Silver.
How does the sharp volatility in gold and silver prices reflect in the share prices of these companies? Why does a mining stock act like a leveraged product or derivative of the metal price? We go through the latest figures, such as Endomines’ strategic move to take mining in-house and Sotkamo Silver’s impressive turnaround at the end of 2025.
The video covers, among other things:
Endomines: Pampalo production, the Karelian Gold Line (Karjalan kultalinja), and the journey towards the 100,000 ounce target. What is the theoretical bull scenario for 2030?
Sotkamo Silver: Silver’s dual role as an industrial and precious metal. How would a production target of 1.4 million ounces and a silver price of 75 dollars change the company’s value?
Macroeconomics: Geopolitics, interest rates, inflation, and the impact of oil prices on mining costs (Cash Cost & AISC).
Risks: Operational challenges, ore grades, and financing needs.
Is this a permanent upward cycle for precious metals or just a speculative spike? Watch the analysis and find out if I think these companies are great long-term investments or just trading stocks.
Endomines’ operational update appears stronger than Inderes’ expectations for the beginning of the year. The figures confirm the company’s full-year guidance, and it preliminarily seems that the 2026 targets will be exceeded based on the first quarter. The transition of underground mining operations to Power Mining has yielded expected results and the production reliability and growth promised by Vyyhtinen.
Here are Ate’s comments on the recent “production figures”
Last Thursday, Endomines released its January-March operational update. Production in the first quarter was 4,955 ounces (154.1 kg), which was roughly in line with our forecast of 4,805 ounces. Production increased by 10% compared to the reference period and by 31% compared to the previous quarter. The release does not cause significant changes to our forecasts, which we will review before the company’s first-quarter interim report.
Things are starting to happen in the gold market, and here is one peer for a price tag. A staggering purchase price, and there hasn’t been anything like it in Finland. Foreign investors are definitely interested… what about Finnish pension companies and their investments in Finnish mining companies?
What about the valuations of the company’s reserves, maybe the US and tungsten to start with? Then Agnico puts massive sums into a drilling project for those deposits, and they probably don’t even have production equipment yet. Below is a report on what justified such purchase prices. Word is that deposits are decreasing, and Finland probably has the best infrastructure, legislation, and a safe operating environment. Probably workforce as well now.
Here are Atte’s comments on the drilling results from Kartitsa published by Endomines
We consider the results encouraging, as the length-weighted average grades consistently exceed the grade levels of the Karelian Gold Line’s current gold reserves. The drilling program was modest in size, which is why we cannot yet draw far-reaching conclusions from the results. However, the Kartitsa deposit is very extensive, and in our view, there are excellent prerequisites for increasing reserves in the area.
