Endomines PAMPALO

Helsinki | Producer | Gold (with tungsten and molybdenum optionality)
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Updated: 14 Sep 2026 Base analysis: 6 Apr 2026

The news check keeps the assessment current.

General analysis — not personal advice.

NEUTRAL Partly clear

Consider waiting or scaling in a small position into/after the Q1 report depending on margins and cash flow.

Strong H1 figures and new tungsten results bolster the long-term case, yet the market’s focus on execution risks and capex keeps the signal at review.

Market sentiment Positive ↑
Trend: Improving

The market weighs record results and new critical minerals against short-term cost and expansion risks.

Risk assessment Medium
Dilution: Medium Future CAPEX may require additional funding
Jurisdiction: Low Finland/EU operations, stable regulatory regime
Execution: Medium Expansion and permitting require strong delivery

NEUTRAL is the call. Positive is the market mood. Medium risk means some things can go wrong.

Latest change
  • 14 Aug 2026 — Strong H1 figures published 13 August which broaden the revenue base via tungsten results.
About the company

Endomines is a Finnish gold producer operating Pampalo/Hosko and exploring along the Karelian Gold Line. After selling its US assets, the company is focused on Finland and pursuing a growth plan that also targets critical minerals (tungsten/molybdenum) on the Southern Gold Line.

Sector: Gold (with tungsten and molybdenum optionality)
Type: Producer
Next report (Q3)
5 Nov 2026
Catalysts
○
Q4 2026
Binding tungsten agreement Medium
◦
Date TBA
UKKO: strong drill results and maiden resource estimate
Bull case

Record results and new tungsten discoveries broaden the revenue base beyond gold at high metal prices.

Bear case

Cost inflation and large capital needs for expansion may pressure margins and require additional financing.

Why this signal

Strong H1 figures and new tungsten results bolster the long-term case, yet the market’s focus on execution risks and capex keeps the signal at review.

Recent news
  • Endomines has implemented 24-hour operations at the Pampalo processing plant, increasing capacity by approximately 20 percent without new investments. The company has also acquired Power Mining Oy’s Pampalo operations, expected to deliver cost savings of 90–120 EUR/oz from 2026. Several insider purchases have been reported and drilling results at Ukkolanvaara continue to show positive signs.

Key figures

Revenue
Q2 2026
EUR 16.2M
EBITDA
Q1 2026
EUR 8.8M
Net income
Q2 2026
EUR 3.3M
Gross margin
Q2 2026
48.5%
Shares outstanding
current
EUR 36.3M
EPS
Q2 2026
EUR 0.09
Exchange
Helsinki
Type
Producer
Sector
Gold (with tungsten and molybdenum optionality)
Endomines PAMPALO
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