Endomines Finland Plc - inside information - 17.2.2025 at 13:45 EET
Inside Information: Endomines reports updated Mineral Resource estimate for Kuittila, Southern Gold Line - Resource increased by 98 %
Endomines reports the results of an updated mineral resource estimate for Kuittila deposit, located in the southern part of the Karelian Gold Line. According to the estimate Kuittila has potential total mineral resources of 2,211,000 kt with a grade of 1.37 g/t Au, containing a total of 97,490 ounces of gold. The resource estimate indicates that the gold resources at Kuittila have increased by 98 % compared to the 2024 estimate. In 2024, the resources estimate for Kuittila was 49 170 ounces. The new resource estimate includes the results from the diamond drilling completed in 2024.
According to the resource estimate, the tonnage of gold-bearing material near the surface within the optimized open-pit model increased by 190 %. This supports Endomines's plan to develop open-pit mines in the Kuittila area due to their lower costs. In conjunction with the resource estimate, the company also identified significant potential for expanding the deposit to the west and south, as the south-westernmost drill hole KT-072 intersected 10.90 meters with a grade of 2.20 g/t gold (Released 19/12/2024).
"The excellent results of mineral exploration continue. In the update, our gold resources nearly doubled, and in the last two updates, we have increased our resources from the level of 23 000 ounces by a total of up to 324 %. In addition to gold, Kuittila contains EU-defined critical minerals, such as tungsten, as well as molybdenum. The update for Kuittila raises the total resources of the Southern Gold Line to approximately 200 000 ounces, and we still have the resource update from Korvilansuo forthcoming. Our plan is to bring the Southern Gold Line into production around 2030, thereby increasing our annual production level around to 70,000-100,000 ounces. At today's market price, this would mean a revenue level of approximately 160-230 million euros. The Southern Gold Line will remain a focus area for mineral exploration, along with Kartitsa in the Northern Gold Line and the newly discovered Ukkolanvaara, also in 2025," commented the company's CEO Kari Vyhtinen.
The mineral resource estimate was independently prepared by AFRY Finland Oy in accordance with the JORC reporting standard with an effective date of 17 February 2025. The mineral resource Estimate for Kuittila is presented in Table 1.
Table 1: JORC Mineral Resource Estimate for Kuittila
| Kuittila | ||||
| Resource | Tonnes | Au | Material Content | |
| Class | (t) | (g/t) | k troy oz | |
| Open Pit | Inferred | 1,656,000 | 1.24 | 65.96 |
| Underground | Inferred | 555,000 | 1.77 | 31.53 |
| Total inferred mineral resource | 2,211,000 | 1.37 | 97.49 |
Mineral Resource Information
(1) The mineral resource estimate has an effective date of February 17th, 2025.
(2) Mineral resources do not have demonstrated economic viability.
(3) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (4) High gold assays were capped at 19 g/t Au.
(5) Exchange rate used: USD/EUR 0.94.
(6) Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au and constrained by an optimised pit shell
(7) Underground mineral resources are reported at a cut-off grade of 0.8 g/t Au.
(8) Following economical and operational parameters were used in open-pit optimization and break-even cut-off calculations: Assumed gold price of US$ 2,050/oz, Metallurgical recovery for gold 85%, opex costs were used from Pampalo process plant and from similar sized open pit and underground operations.
(9) A bulk density value of 2.74t/m³ was assigned to all materials (ore and waste).
(10) Endomines is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
The Ordinary Kriging ("OK") method algorithm for grade interpolation was used for the Kuittila Mineral Resource using experimental variogram models created for Au. Samples within the wireframes were composited to 1.0 m interval. The estimate is based on a block size of 5 m (X) by 5 m (Y) by 5m (Z), with minimum sub-block size of 1m (X) by 1m (y) 0.5m (Z). The block model is rotated 47 degrees around Z-axis to match the general strike of the main trend of the main mineralised veins.
The resource estimate has been verified by a Qualified Person
The information in this release that relates to Mineral Resources is based on information compiled by Mr. Ville-Matti Seppä, EurGeol, of AFRY Finland Oy and by Mr. Eemeli Rantala, P.Geo, of AFRY Norway As. Mr. Seppä and Mr. Rantala have sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves". Mr. Seppä and Mr. Rantala have reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr. Seppä or Mr. Rantala own no shares in Endomines Oy.
This statement has been controlled by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP-standards. Jani Rautio is a full-time employee of Endomines and owns 2,000 shares in Endomines.
Further information:
Kari Vyhtinen?
CEO?
kari.vyhtinen@endomines.com?
+358 40 585 0050?
Jani Rautio?
Chief Geologist?
jani.rautio@endomines.com?
+358 50 593 0812?
?
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.?
The Karelian Gold Line is 40 kilometers long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. Endomines controls extensively exploration rights across the Karelian Gold Line.
