PAMPALONasdaq HelsinkiGoldIFRS · EUR

Endomines Finland Oyj

Endomines Finland Oyj is a mining company primarily engaged in gold exploration and production. The company operates through its subsidiaries, including Endomines Oy and Kalvinit Oy in Finland, and Endomines Idaho LLC in the United States. Endomines is listed on the Nasdaq Helsinki stock exchange and focuses on increasing its gold reserves through ambitious exploration activities. The company is committed to responsible mining practices and aims to enhance its operational efficiency and financial performance through strategic asset sales and exploration efforts.

Revenue45.5m EUR
+58.5 %y/y
Operating profit (EBIT)7.6m EUR
+192.3 %y/y
EBIT margin16.7%
+7.6 ppy/y
Net income7.3m EUR
+2,333.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-400,000-300,000-200,000-100,0000100,000m EUR2021: 0.00 m EUR2021: EBIT -25 m EUR20212022: 14 m EUR2022: EBIT -15 m EUR20222023: 20 m EUR2023: EBIT -313,204 m EUR20232024: 29 m EUR2024: EBIT 2.6 m EUR20242025: 46 m EUR2025: EBIT 7.6 m EUR2025467.6
RevenueOperating profit (EBIT)

Business

Share of revenue
Gold Production70 %

Includes underground and open-pit mining operations for gold.

Gold Concentrate Sales20 %

Sales of gold concentrate primarily to Boliden Commercial AB.

Mineral Exploration10 %

Exploration activities for gold, tungsten, and molybdenum.

Customers

Endomines primarily serves industrial clients in the gold market, with its main customer being Boliden Commercial AB, which accounts for 99% of its gold concentrate sales. The company's customer base is highly concentrated, focusing on large-scale buyers who require consistent and reliable gold supply. Endomines' strategic focus on expanding its mineral reserves aims to attract additional industrial clients interested in tungsten and molybdenum. The company also engages with stakeholders and partners to ensure sustainable and ethical mining practices.

Industrial Gold Buyers

Purchase gold concentrate for further processing and resale.

Mineral Exploration Partners

Engage in joint exploration for tungsten and molybdenum.

Strategy

Endomines' strategic priorities include expanding its gold reserves through significant investments in exploration, particularly targeting a drilling level of 50,000 meters. The company aims to enhance its financial performance by optimizing its asset portfolio, including the sale of US assets. Endomines is also focused on sustainable and ethical mining practices, maintaining transparency and stakeholder engagement. The company plans to explore additional mineral opportunities, such as tungsten and molybdenum, to diversify its resource base.

Expand Gold ReservesMedium term

To increase production capacity and market share.

Optimize Asset PortfolioShort term

To improve financial performance and operational efficiency.

Geography

Q4/2025

Endomines operates primarily in Finland and the United States, with its headquarters located in Espoo, Finland. The company manages mining operations in Finland through Endomines Oy and Kalvinit Oy, and in the USA through Endomines Idaho LLC. The strategic sale of US assets has streamlined operations and improved financial performance. Endomines is listed on the Nasdaq Helsinki, indicating its strong presence in the Nordic financial markets.

Finland100 %

Risks

Endomines faces several risks, including market risks related to gold price fluctuations and currency exchange rates, particularly EUR/USD. The company is also exposed to financial risks such as interest rate changes and liquidity challenges. Exploration activities carry inherent uncertainties and require significant investment, which may not always yield positive results. Regulatory compliance and obtaining necessary permits for mining operations are critical to maintaining business continuity. Additionally, the company's concentrated customer base poses a risk if there are disruptions in sales to major clients like Boliden Commercial AB.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Gold Price Fluctuations1Currency Exchange Rate Risk2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Gold Price FluctuationsImpact: CriticalLikelihood: Low

    Affects revenue and profitability due to market volatility.

  2. Currency Exchange Rate RiskImpact: HighLikelihood: Low

    Impacts cash flow and financial stability due to EUR/USD exposure.

Accounting

Judgemental items
Revenue Recognition

Timing and method affect reported revenue.

Impact: high

Depreciation Schedule

Changes in mine life affect depreciation expenses.

Impact: medium

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026