Endomines operates two producing gold mines—Pampalo and Hosko—along the Karelian Gold Line (KGL) in eastern Finland, part of the Ilomantsi greenstone belt. Between 2022 and 2025, gold production has nearly doubled, with an expected output of 19koz this year. The company is targeting annual production of between 70 and 100koz around 2030 with the integration of a new Southern Hub. We see fair value at €28.8 per share and see catalysts to drive future share price appreciation.
