What on earth do you mean by tailgating (peesi)? The forecasts indicate that reserves will grow - was there anything in this announcement that deviated from those forecasts?
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Endomines Finland Plc – Inside Information – July 3, 2026, at 9:40 AM
Inside Information: Endomines Finland Plc’s operational update January–June 2026: Gold production reached record levels in the first half of the year
Gold production at Pampalo increased by 9.7 percent in January–June 2026 compared to the corresponding period in 2025. In April–June, gold production grew by 9.7 percent compared to the 2025 reference period, totaling 147.3 kg and 4,737 ounces. The production volume for January–June is the highest half-year production volume since the restart of production in December 2021.
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During the first half of the year, production was 301.5 kg (274.7 kg) or 9,692 oz (8,832 oz).
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In the full year 2025, Endomines produced 517.20 kg (equivalent to 16,630 ounces) of gold.
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Here are Kassu’s comments on Endomines’ Q2 production. 
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Behind a paywall, but the article mentions Endomines.
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Most people in Ilomantsi are struggling because they can’t find buyers for their properties…
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Usually, mining companies pay a very good price for those houses left within the mining area. Rather than a burden, it has been a real jackpot for homeowners when the company has wanted to buy out their house and plot. You can buy a new house nearby for a bargain price and then hope that one gets bought out too.
I can’t read it because of the paywall, but I wonder if it was written with a specific agenda.
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I was considering buying a winterized cabin in the area a while back. I could have used it myself and just waited until the company hires 200 new employees who will be looking for a house or cabin in the area. Prices won’t go down there; they will go up. An individual shack might suffer from some environmental damage if that were to happen. I’m not downplaying it, but you can’t draw a comprehensive conclusion based on isolated cases.
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The tone of the writing is one of concern, which is naturally human—worrying about what will happen to us and nature when one is not familiar with the mining industry, and when the media highlights failures more often than successes. Fortunately, there is Kari, that “Kartsa” Vyhtinen, who comments well in the article on how nature can be preserved and potential harms compensated for. Work and nature are what pay off, not idleness. Don’t you agree?
"The mine expansion would be a huge deal for Ilomantsi. Endomines estimates that the project will directly employ 400–600 people and indirectly around 800–1,200. In Ilomantsi, a town of just over 4,000 residents, there are about 1,300 jobs.
‘It could completely change the vitality of the region,’ says Vyhtinen."
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Endomines mentioned.
Could the Helsinki Stock Exchange gold mining company Endomines end up in the portfolio?
“Endomines is an extremely high-quality producer. The team has done an incredibly great job, and I couldn’t take my hat off any higher.”
Completely agree. Gone are the days of the messes from previous years. Well done Kari and the rest of the Endomines team. Hats off! Keep up the good work, and hopefully we’ll hear more about the ram (Volf Rami) during H2.
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Atte has published a comprehensive report on Endomines, which, like other comprehensive reports, is available for everyone to read—meaning there are no paywalls.
Thanks to strong operational performance and a favorable gold price trend, Endomines has transformed from a turnaround case into a growth company in recent years. We forecast the Pampalo production cluster to move toward full capacity in the coming years, and we also expect the company to achieve its reserve targets during the current strategy period. In our view, the share price cannot be justified by current production or reserves; instead, the valuation relies heavily on the progress of the Southern Gold Line project according to plan. Considering the uncertainties related to the project as well as the massive investments, we believe the risk-adjusted return expectation remains too low. As a result of forecast changes and updated parameters in our valuation model, we are lowering our target price to EUR 8.60 (previously EUR 11.00). Our recommendation remains at ‘reduce’.
Excerpts from the report:
Future investment partially self-funding
We expect Endomines to continue its investments in exploration and the development of the Karelian Gold Line in the coming years as well. In addition, we forecast the company to invest in Pampalo production to increase production volumes in line with our forecasts. Despite the investments, we estimate that the company’s operating cash flow will remain clearly positive throughout the entire forecast period. The strong earnings level and cash flow we forecast will also strengthen balance sheet ratios. We estimate the company’s equity ratio will rise to 83 percent by 2029, and with continued strong cash generation, the balance sheet will remain firmly in a net cash position. Despite the strong cash flow, we believe the company will require significant external financing to cover the planned investment of approximately EUR 200 million for the Southern Gold Line.
Significant uncertainty remains regarding the company’s value drivers. In terms of Endomines’ potential, the gold price is the most important parameter, to which our sum-of-the-parts model is also quite sensitive. Changes in the gold price affect not only the profitability of the company’s production but also the feasibility of projects under development and planned exploration investments. We see the exploration and development of the Southern and Northern Gold Lines as Endomines’ main value drivers for the coming years. Developing a relatively early-stage mining project involves many uncertainties, the most significant of which relate to the project’s schedule, the permitting process, the scale of the investment, financing, and the project’s operational parameters (including production capacity and cost profile). It is still difficult to take a definitive stance on the project’s ultimate potential and exact schedule, and, for example, the gold price trend toward the end of the decade will have a major impact on this, in addition to the operational parameters. Overall, there is still a long way to go to reach the scenario, and it contains many question marks (including the financing of a significant investment) that require patience and risk tolerance from investors.
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Now the drill has struck gold! Impressive grades, good heavens!
I wonder what the late Juice would sing about this?
“The results obtained so far from Ukkolanvaara rank among the best in the industry even on an international scale, and they are unique even along the Karelian Gold Line. The results of our drilling programs have confirmed our understanding of the size, continuity, and quality of the UKKO deposit. The significant thickness of the deposit and the mineralization located close to the surface make it highly interesting as a development project and a potential future production site. The first gold resource estimate, to be published within the next 5–7 months, will bring concrete visibility to the scale of the deposit,” commented the company’s CEO Kari Vyhtinen.
Ukkolanvaara is Endomines’ most important exploration target
The UKKO deposit, discovered in 2025, has been the primary focus area for Endomines’ exploration. The drilling programs implemented since the discovery have systematically improved the company’s understanding of the deposit’s scale, geometry, and geological characteristics.
Endomines is directing the majority of its 2026 drilling, geophysical surveys, and geological mapping to the area. Simultaneously, the company is evaluating various development options for potential future mining operations.
During 2026, a total of 70 holes have been drilled in Ukkolanvaara, with a combined length of 16,499 meters. Drilling is still ongoing, and analysis results are still expected from 20 drill holes.
Endomines aims to have the first mineral resource estimate for Ukkolanvaara completed by the end of 2026 or the beginning of 2027.
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Now things got real, 
Atte was visiting the Karelian Gold Line in the spirit of Madventures
Topics:
(00:00) Intro
(00:39) Interview with CEO Kari Vyhtinen
(09:44) Interview with Production Manager Ilkka Räty
(18:56) Interview with Technical Director Jani Rautio
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Here are Thomas’s comments on Endomines’ release of drilling results from the Ukkolanvaara Ukko deposit
The latest drilling results have increased the known strike length of the deposit to 650 meters, and the results show that the thick gold mineralization continues both along the strike and at depth. These impressive results support the maiden resource estimate expected around the turn of the year.
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Gold is rallying to a new rise! Kullan hinnassa isoin pomppu puoleen vuoteen | Kauppalehti .
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It’s great that we can go to Pampalo to chat about the mine’s affairs!
And open house events as a follow-up, that’s fantastic! Good job, Kari and the mining team!
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Here are Inderes’ (Ate’s) pre-comments ahead of Endomines’ Q2 results report this Thursday
We expect the company’s revenue and earnings to have grown significantly year-on-year, supported by a record-high gold price and increased production. The company has already released its Q2 production figures, which were in line with our expectations, so our focus in the report will be particularly on cost development. In addition, we look forward to hearing comments on the progress of the company’s development-stage projects.
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Interesting research results on tungsten Sisäpiiritieto: Endominesin tutkimustulokset tukevat puolustusteollisuudelle kriittisen volframin jatkokehitystä - Inderes
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Great news, absolutely great! Eput are gone, but tungsten is back.
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Here are Ate’s preliminary comments regarding Endomines’ reported results for tungsten and molybdenum
On Tuesday, Endomines released results from tungsten and molybdenum drilling and ore sorting tests in the Kuittila area of the Southern Gold Line. We consider these results an expected step forward in the company’s goal of producing critical minerals alongside gold. In our view, the reported concentrations are modest, which highlights the importance of successful pre-concentration for the project’s economic viability. The news does not cause any changes to our forecasts or our view of the company.
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Well, that was another middle-of-the-road preliminary comment - “all talk,” but no new or bold i n s i g h t from the eastern front. Yada yada tadaada. Just like that.
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