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Endomines Finland Plc (NASDAQ: PAMPALO) reported a significant improvement in financial performance for the first nine months of 2026, with net profit more than doubling year-on-year to €13.8M, representing 29.3% of revenue, as higher gold prices and increased production supported earnings.
Revenue for the January-September period rose 42.3% to €47.0M, while EBITDA increased to €18.5M from €12.7M a year earlier. Operating profit climbed to €14.6M, and operating cash flow before investments improved to €17.1M from €8.4M.
Gold production during the nine-month period increased 5.5% to 13,546oz, while the average realised gold price surged 42.3% to US$4,552/oz.
During the third quarter, revenue increased 7.0% to €12.3M and net profit reached €3.4M. Gold production declined slightly to 3,854oz, which the company attributed to the processing of lower-grade ore as it prepared new mining areas for future production.
Kari Vyhtinen, CEO of Endomines Finland, commented: “The year 2026 will be a turning point for Endomines. The strong financial result achieved during the current year has enabled us to develop our business in several strategically important areas. In exploration, we are heading towards record results, our expansion projects are progressing according to plan, and in our sustainability work, we have moved from plans to concrete actions.”
The company highlighted continued progress across its Southern Gold Line project, where exploration drilling has focused on the Ukko deposit area. Endomines plans to publish its first mineral resource estimate for the area in early 2027 and believes the prospective gold-bearing trend could extend for up to 10km. By the end of September, the company had completed 41,620m of drilling towards its 2026 target of 50,000m.
Beyond gold, Endomines is also advancing exploration of tungsten and molybdenum deposits within the Southern Gold Line region. The company views critical minerals as a key component of its long-term growth strategy and is targeting annual gold production of 70,000oz to 100,000oz around 2030, when the Southern Gold Line is expected to enter production.
Following the reporting period, Endomines announced an updated gold concentrate sales agreement that will take effect on 1 January 2027 and run through to the end of 2032. The company expects the revised terms to improve net profit by approximately €1.7M to €2.3M in 2027 through greater operational flexibility and enhanced production optimisation.
Management maintained a positive outlook for the gold market, citing supportive long-term fundamentals and industry forecasts that suggest gold prices will remain strong in the coming years. The company also reported that its equity ratio strengthened to 67.8% by the end of September, up from 61.5% at the end of 2025, providing a solid foundation for its planned growth initiatives.
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