Inside Information: Endomines reports annual total resource estimate: Nearly half million ounces of gold on the Karelian Gold Line, gold resources increased by 59 %
Endomines Finland Plc – inside information – 17.3.2025, at 11:00
Inside Information: Endomines reports annual total resource estimate: Nearly half million ounces of gold on the Karelian Gold Line, gold resources increased by 59 %
Endomines announces its 2025 total gold reserve and resource estimate. The annually published total resource estimate includes all deposits owned by Endomines.
As of December 31, 2024, the Pampalo mine and the surrounding Karelian Gold Line are estimated to contain 492,800 ounces of gold, representing an increase of 59 % or 182,500 ounces compared to the 2024 resource estimate. The total resource of the Karelian Gold Line consists of 268,000 ounces of Southern Gold Line, 122,700 from Pampalo, 54,200 from Hosko and 47,100 from other deposits. This year's reported mineral resources also include ore reserves; previously, mineral resources were reported without ore reserves. In the previous update, ore reserves were 32 200 ounces.
Endomines' mineral resources have grown significantly during the year 2024, particularly due to successful drilling campaigns and subsequent resource estimate updates in Pampalo, Hosko, Korvilansuo, and Kuittila. There have been no changes in the reported mineral resources for the deposits in the US.
"Our golden journey is progressing according to plan. The gold resources of the Karelian Gold Line have already grown to nearly half million ounces. The goal of exploration is to enable gold production to increase to 70,000–100,000 ounces approximately in the year 2030. The significant growth in gold resources supports this goal. Through additional research, we also succeeded in converting Pampalo's resources into ore reserves, which increased by 44.7 % in ounces. The gold reserves of Pampalo's production support our gold production growth targets in the coming years. We are in a very interesting phase where the measures of the strategy renewed in 2022 are producing recurring, visible results," commented the company's CEO Kari Vyhtinen.
Total Ore Reserves of the Pampalo Mine
The updated ore reserve estimate for the Pampalo Mine (underground mine and open pit), as of December 31, 2024, includes total ore reserves of 588 000 tonnes with a grade of of 2.46 g/t, containing 46,600 ounces. The ore reserves increased by 68.5 % in tonnes and 44.7 % in ounces compared to the previous year's estimate.
Ore Reserves and Mineral Resources of the Pampalo Underground Mine
The Pampalo Underground Mine has proven ore reserves of 274,000 tonnes with a grade of 2.95 g/t, containing 26,000 ounces of gold, and probable ore reserves of 129,000 tonnes with a grade of 3.56 g/t, containing 14,800 ounces of gold.
The majority of the increase in ore reserves comes from the underground drilling program carried out in 2024, which drilled a total of 47 drill holes with a total length of 4,872 meters in the planned mining area between levels 875 and 955, as well as in the deeper extensions of the deposit. The result was several high-grade intersections (Published 26.2.2025), which have now been included in the updated estimate.
In addition to the ore reserves, the Pampalo deposit has reported inferred mineral resources of 183,000 tonnes with a grade of 5.44 g/t, containing 32,000 ounces of gold. These resources are located below the reported ore reserves. The Pampalo deposit remains open at depth, and we plan to continue underground drilling in the area in 2025.
Ore Reserves and Mineral Resources of the Pampalo Open Pit
The updated ore reserve estimate for the Pampalo Open Pit includes probable ore reserves of 185,000 tonnes with a grade of 0.98 g/t, containing 5,800 ounces of gold. Additionally, the open pit has reported inferred mineral resources of 488,000 tonnes with a grade of 1.52 g/t, containing 23,800 ounces of gold.
The ore lenses mined in the Pampalo Open Pit remain open to the northwest and at depth. We plan to carry out a drilling program in these areas in 2025.
Mineral Resources of the Karelian Gold Line
The Korvilansuo and Kuittila deposits, located on the Southern Gold Line, were the focus of exploration and definition drilling during 2024, and high-grade intersections were reported from both. These intersections are included in the updated mineral resource estimates.
The updated mineral resource estimate for Korvilansuo includes inferred resources of 2,727,000 tonnes with a grade of 1.58 g/t, containing 138,000 ounces of gold. The resources increased by 107 % in ounces compared to the previous estimate (Published 7.3.2025). The updated mineral resource estimate for Kuittila includes inferred resources of 2,211,000 tonnes with a grade of 1,37 g/t, containing 97,490 ounces of gold. The resources increased by 98 % in ounces compared to the previous estimate (Published 17.2.2025).
The Hosko deposit on the Northern Gold Line was the focus of definition drilling during 2024. The updated mineral resource estimate for Hosko includes indicated resources of 98,000 tonnes with a grade of 3.08 g/t, containing 9,700 ounces of gold, and inferred resources of 945,000 tonnes with a grade of 1.46 g/t, containing 44,500 ounces of gold. The total resources in the Hosko area increased by 49 % in ounces compared to the previous estimate.
The mineral resources of the Rämepuro satellite mine were updated in 2023. The mineral resource estimate for Rämepuro includes measured resources of 23,000 tonnes with a grade of 2.66 g/t, containing 1,900 ounces of gold, indicated mineral resources of 412,000 tonnes with a grade of 1.53 g/t, containing 20,200 ounces of gold, and inferred mineral resources of 381,000 tonnes with a grade of 1.35 g/t, containing 16,500 ounces of gold. The Rämepuro satellite mine is currently not in operation.
The ore reserve and mineral resource estimates for the Pampalo Mine and the Karelian Gold Line have been prepared in accordance with the Australian Code for Reporting of Mineral Resources and Ore Reserves, JORC 2012 (Joint Ore Reserve Committee).
Mineral Resources of Gold Deposits in the United States
Endomines owns the rights to seven gold deposits in the United States. Five of the deposits are located in Idaho and two in Montana. In 2024, there were no changes to the reported mineral resources of these deposits.
In Idaho, the mineral resources of the Friday Mine and Buffalo Gulch deposit are classified according to the standards of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). The mineral resources for the Deadwood, Rescue, and Kimberly exploration projects are classified as historical, as they were determined before the current standards came into effect.
In Montana, the US Grant Mine has defined gold resources of 165,700 ounces and silver resources of 4.47 million ounces in 346,000 tonnes of mineralized rock. The Kearsarge deposit has total resources of 380,700 ounces of gold in 4.1 million tonnes of mineralized rock. The mineral resources for the US Grant and Kearsarge deposits are also classified as historical, as they were determined before the current standards came into effect.
The US Grant and Kearsarge deposits contribute 546,400 ounces of gold and 4.47 million ounces of silver to Endomines' historical resources. Additionally, they offer significant potential for discovering additional resources in the area through exploration.
Table 1. Gold reserves and resources at Pampalo and the Karelian Gold Line, Finland
| Ore reserves - Karelian Gold Line (status Dec 31 2024) | |||||||
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by | |
| Pampalo - Underground | 274,000 | 2.95 | 26,000 | 808 | Proven | Endomines | (1) |
| Pampalo - Underground | 129,000 | 3.56 | 14,800 | 459 | Probable | Endomines | (1) |
| Pampalo - Open pit | 185,000 | 0.98 | 5,800 | 181 | Probable | Endomines | (2) |
| Pampalo Reserves total | 588,000 | 2.46 | 46,600 | 1,449 | |||
| Grand total | 588,000 | 2.46 | 46,600 | 1,449 | |||
| Mineral resources are inclusive of Ore reserves. | |||||||
| Mineral Resources – Karelian Gold Line, Finland (status Dec 31 2024) | |||||||
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by | |
| Pampalo Resources | |||||||
| Pampalo - Underground | 231,000 | 3.69 | 27,300 | 851 | Measured | Endomines | (3) |
| Pampalo - Underground | 109,000 | 4.45 | 15,600 | 485 | Indicated | Endomines | (3) |
| Measured + Indicated Total | 340,000 | 3.93 | 42,900 | 1,336 | M+I | ||
| Pampalo - Underground | 347,000 | 3.76 | 41,900 | 1,305 | Inferred | Endomines | (3) |
| Pampalo - Underground Total | 687,000 | 3.84 | 84,800 | 2,641 | |||
| Pampalo - Open pit | 157,000 | 1.15 | 5,800 | 181 | Indicated | Endomines | (4) |
| Measured + Indicated Total | 157,000 | 1.15 | 5,800 | 181 | M+I | ||
| Pampalo - Open pit | 488,000 | 1.52 | 23,800 | 742 | Inferred | Endomines | (4) |
| Pampalo - Open pit Total | 645,000 | 1.43 | 29,600 | 922 | |||
| Pampalo NW - Open pit | 29,000 | 2.45 | 2,300 | 71 | Indicated | Endomines | (5) |
| Measured + Indicated Total | 29,000 | 2.45 | 2,300 | 71 | M+I | ||
| Pampalo NW - Open pit | 103,000 | 1.80 | 6,000 | 185 | Inferred | Endomines | (5) |
| Pampalo NW - Open pit Total | 132,000 | 1.94 | 8,300 | 256 | |||
| Pampalo Total | 1,464,000 | 2.61 | 122,700 | 3,820 | |||
| Southern Gold Line Resources | |||||||
| Muurinsuo | 354,000 | 1.94 | 22,100 | 687 | Indicated | Endomines | (6) |
| Measured + Indicated Total | 354,000 | 1.94 | 22,100 | 687 | M+I | ||
| Muurinsuo | 231,000 | 1.40 | 10,400 | 323 | Inferred | Endomines | (6) |
| Korvilansuo | 2,727,000 | 1.58 | 138,800 | 4,309 | Inferred | AFRY Finland | (7) |
| Kuittila | 2,211,000 | 1.37 | 97,500 | 3,029 | Inferred | AFRY Finland | (8) |
| Inferred Total | 5,169,000 | 1.48 | 246,700 | 7,661 | Inferred | ||
| SGL Total | 5,523,000 | 1.51 | 268,800 | 8,348 | |||
| Other Karelian Gold Line Resources | |||||||
| Hosko | 98,000 | 3.08 | 9,700 | 302 | Indicated | Endomines | (9) |
| Measured + Indicated Total | 98,000 | 3.08 | 9,700 | 302 | M+I | ||
| Hosko | 945,000 | 1.46 | 44,500 | 1,382 | Inferred | Endomines | (9) |
| Hosko Total | 1,043,000 | 1.61 | 54,200 | 1,684 | |||
| Rämepuro | 23,000 | 2.66 | 1,900 | 61 | Measured | GeoUkko Oy | (10) |
| Rämepuro | 412,000 | 1.53 | 20,200 | 630 | Indicated | GeoUkko Oy | (10) |
| Measured + Indicated Total | 435,000 | 1.59 | 22,100 | 692 | M+I | ||
| Rämepuro | 381,000 | 1.35 | 16,500 | 514 | Inferred | GeoUkko Oy | (10) |
| Rämepuro Total | 816,000 | 1.48 | 38,600 | 1,206 | |||
| Kuivisto East | 37,000 | 3.20 | 3,800 | 118 | Indicated | MAPTEK | (11) |
| Measured + Indicated Total | 37,000 | 3.20 | 3,800 | 118 | M+I | ||
| Kuivisto East | 145,000 | 1.00 | 4,700 | 145 | Inferred | MAPTEK | (11) |
| Kuivisto East Total | 182,000 | 1.45 | 8,500 | 263 | |||
| Other KGL Total | 2,041,000 | 1.55 | 101,300 | 3,153 | |||
| KGL Grand Total | 9,028,000 | 1.70 | 492,800 | 15,321 | |||
| Ore reserves and mineral resources estimated according the 2012 JORC-code edition, all figures independently rounded. | |||||||
(1) The underground ore reserve estimate is based on stope and development designs; cut-off grade 1.2 g/t Au; waste rock dilution 10-30 %; ore loss in stoping 5%, drifting not modelled separately
(2) The open pit ore reserve estimate based on pit optimization studies and stope designs; cut-off grade 0.5 g/t; wasterock dilution 15 %
(3) Underground mineral resources; Deep: Cut-off 1.2 g/t; top cut 10-20 g/t gold varying between lodes. D-zone: Cut-off 0.5 g/t; top cut 10 g/t gold
(4) Open pit mineral resources; Cut-off 0.5 g/t; top cut 7 g/t gold. Mineral resources, below open pit: Cut-off 0,8 g/t; top cut 7 g/t gold
(5) Mineral resources; cut-off 0,5 g/t; top cut 10 g/t gold
(6) Mineral resources; cut-off 0,5 g/t, top cut 10 g/t gold
(7) Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au and constrained by an optimised pit shell. 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. Exchange rate used: USD/EUR 0.94. High gold assays were capped at 14 g/t Au. The mineral resource estimate has an effective date of March 7th, 2025.
(8) Open pit mineral resources are reported at a cut-off grade of 0.3 g/t Au and constrained by an optimised pit shell. Underground mineral resources are reported at a cut-off grade of 0.8 g/t Au. 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. Exchange rate used: USD/EUR 0.94. High gold assays were capped at 19 g/t Au. The mineral resource estimate has an effective date of February 17th, 2025.
(9) Mineral resources; cut off 0,5 g/t; top cut 10g/t (low grade domain) or 50 g/t gold (high grade domain)
(10) Mineral resources; cut-off 0,5 g/t, top cut 40 g/t gold. The estimate has an effective date of December 11, 2023. Mineral resource validated by Endomines.
(11) Mineral resources; cut-off 0,5 g/t top cut 20 g/t gold
Troy ounce = 31.1034768 g
Table 2. Gold resources in Idaho and Montana, USA
| Mineral Resources – Idaho/Montana, USA (status Dec 31 2024) | |||||||
| Deposit | Tonnes | Grade Au g/t | Oz | kg | Classification | Prepared by | |
| Friday Resources | |||||||
| Measured | 245,000 | 6.88 | 54,200 | 1,686 | Measured | Hard Rock Consulting | (1,2) |
| Indicated | 217,000 | 6.16 | 43,000 | 1,337 | Indicated | Hard Rock Consulting | (1,2) |
| Measured + Indicated | 462,000 | 6.54 | 97,200 | 3,023 | M+I | Hard Rock Consulting | (1,2) |
| Inferred | 296,000 | 4.91 | 46,700 | 1,453 | Inferred | Hard Rock Consulting | |
| Buffalo Gulch Resources | |||||||
| Measured | 3,515,000 | 0.57 | 64,800 | 2,016 | Measured | Hard Rock Consulting | (1,3,4) |
| Indicated | 3,230,000 | 0.48 | 49,900 | 1,552 | Indicated | Hard Rock Consulting | (1,3,4) |
| Measured + Indicated | 6,745,000 | 0.53 | 114,700 | 3,568 | M+I | Hard Rock Consulting | (1,3,4) |
| Inferred | 2,128,000 | 0.38 | 25,700 | 799 | Inferred | Hard Rock Consulting | (1,3,4) |
| Historic Resources | |||||||
| Rescue | 67,000 | 21.35 | 45,980 | 1,430 | Historic | Kimberly Mines, (2004) | (5) |
| Kimberly | 261,000 | 19.18 | 160,930 | 5,005 | Historic | Laczay, (2010) | (5) |
| Deadwood | 2,375,000 | 0.77 | 58,601 | 1,823 | Historic | BEMA Gold Corporation, (1989) | (5) |
| US Grant | 346,000 | 14.89 | 165,700 | 5,152 | Historic | McLeod, (1990) | (5) |
| Kearsarge | 4,100,000 | 2.98 | 381,000 | 12,218 | Historic | Transatlantic Mining, (2019) | (5) |
| Historic Total | 7,149,000 | 3.58 | 812,211 | 25,628 | (5) | ||
(1) Measured, Indicated and Inferred mineral classifications are assigned according to CIM Definition Standards. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability and there is no guarantee that mineral resources will be converted to mineral reserves. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
(2) The mineral resource estimate was prepared by HRC based on data and information available as of March 1, 2016. The Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 3.4 g/t Au based on the estimated operating costs, recoveries, and a $1,300/oz gold price.
(3) The mineral resource estimate was prepared by HRC based on data and information available as of December 10, 2017. The Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 0.14 g/t Au based on the estimated operating costs, recoveries, and a $1,300/oz gold price.
Table 3. Silver resources in Montana, USA
| Silver Mineral Resources – Montana, USA (status Dec 31 2024) | |||||||
| Deposit | Tonnes | Grade Ag g/t | Oz | kg | Classification | Prepared by | |
| US Grant | 346,000 | 402 | 4,470,000 | 139,033 | Historic | McLeod, (1990) | (1) |
| Historic Total | 346,000 | 402 | 4,470,000 | 139,033 | |||
(1) Endomines notes that while the historic resources presented appear to be in general accordance with those set out in NI 43-101 Sections 1.2 and 1.3, Endomines is not treating the historical estimate as current.
This ore reserve and mineral resource update has been reviewed and approved 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.