Inside Information: Endomines Finland Oyj has agreed on a new long-term financing arrangement valued at up to 12 million euros
Endomines Finland Plc – Inside information – 30, April 2025 at 13:30 EEST
Inside Information: Endomines Finland Oyj has agreed on a new long-term financing arrangement valued at up to 12 million euros
Endomines Finland Plc (“Endomines” or the “Company”), in accordance with its previously announced plan on 13 January 2025, has signed an agreement with LocalTapiola, a Finnish Pension Insurance Company and Pohjois-Karjalan Osuuspankki for a new long-term financing arrangement, up to a maximum size of EUR 12 million. The agreement includes a secured loan of up to EUR 8 million, with the principal amount due on December 15, 2028. In addition, the Company has agreed with Pohjois-Karjalan Osuuspankki on an account limit of EUR 3 million and bank guarantee and financing limits totalling a maximum of EUR 1 million.
This financing complements Endomines' previous financing arrangements made through convertible bonds with the Company's largest shareholders.
“We have achieved a significant change in both our operations and financial results over the past two years. Endomines has entered a new phase where we focus on significantly increasing domestic and responsible gold production. Our goal is to raise annual gold production from over 14,300 ounces last year to 70,000–100,000 ounces by around 2030," says the company's CEO Kari Vyhtinen.
"Our exploration activities have yielded excellent results, and we will continue them actively in the future. The growth in gold resources resulting from exploration allows us to increase our production. Additionally, our goal is to explore the production of tungsten, a critical mineral listed by the European Union, and molybdenum in conjunction with the expansion of our operations. The newly signed financing arrangement provides long-term security for the company's operations and enables us to achieve our goals. We operate in a very strong gold market, and therefore the flexibility of the financing arrangement is an important element for us. In accordance with our sustainability program, we always prioritize local, responsibly operating partners, so transitioning to Pohjois-Karjalan Osuuspankki as a customer is particularly important for us. I am very pleased with the agreed financing package and our new financing partners," Vyhtinen continues.
Further information:
Kari Vyhtinen
CEO
Endomines Finland Oyj
kari.vyhtinen@endomines.com
+358 40 585 0050
Minni Lempinen
CFO
Endomines Finland Oyj
minni.lempinen@endomines.com
+358 40 769 3483
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.