Endomines Finland more than doubled its net profit for January-September to EUR13.8 million, the company reported when it released results on November 5. Revenue rose to EUR47 million as the miner continued exploration at the Southern Gold Line and Ukko area.
Nine-month results
Revenue increased 42.3% from EUR33 million a year earlier, while net profit rose from EUR5.4 million to EUR13.8 million. Earnings before interest, tax, depreciation and amortisation reached EUR18.5 million, up from EUR12.7 million.
Gold production grew 5.5% to 13,546 ounces over the nine months, contributing positively to sales. However, the average realised gold price also rose 42.3%, meaning the earnings increase did not reflect production growth alone.
Stronger operating cash flow improved Endomines’ ability to fund exploration from internal operations.
Drilling and production ambitions
Endomines had completed 41,620 metres of drilling by the end of September, against its 2026 target of 50,000 metres. Exploration has focused on the Southern Gold Line and the Ukko area.
The company expects to publish an initial mineral resource estimate for Ukko in early 2027. It is also assessing whether the Southern Gold Line mineralised corridor could support a materially larger production base later in the decade.
Endomines’ longer-term objective is annual gold output of 70,000-100,000 ounces around 2030 through planned development of the Southern Gold Line. The target is a management ambition, not an approved production forecast, and depends on mineral resources, permitting, mining investment and operating performance.
Critical minerals and concentrate sales
Exploration has expanded beyond gold to include tungsten and molybdenum, metals used in demanding engineering applications such as special alloys and high-performance equipment. Endomines has investigated ore-sorting and beneficiation routes, but its critical-minerals programme has not established a commercial production schedule.
A renewed concentrate sales agreement with Boliden is due to take effect in January 2027 and supports the marketing of Endomines’ products. The company expects the agreement to increase its 2027 net profit by around EUR1.7 million-EUR2.3 million.
The Southern Gold Line’s economic viability as a multi-metal operation depends on drilling and processing study results. Resource definition at Ukko, metals recovery tests and permitting progress will affect how much of the identified mineral potential can be converted into sustainable output beyond Endomines’ existing gold mine.
