Endomines reports significant increase in gold reserves at Pampalo

Endomines AB, stock exchange release 31 March 2022 at 14:00 CET

Endomines is pleased to announce a significant increase in gold reserves at its Pampalo mine in eastern Finland as of 31 December 2021.  An update of the reserves and the resources at the mine and in other deposits along the Karelian Gold Line in Finland has been carried out as well as updates of the gold and silver resources for the company’s gold projects in Idaho and Montana, USA.

Gold reserves and resources at the Pampalo mine and resources along the Karelian Gold Line in Finland

The Pampalo mine was re-started in 2021 after being on care and maintenance since 2018. The updated ore reserve estimate for the deep extension area of Pampalo has a proven ore reserve of 161,000 tonnes with a grade of 3.55 g/t gold for a total 18,400 ounces gold. The updated ore reserve represents a 23 % increase in tonnes and 49 % increase in ounces when compared to the ore reserve estimate at 31 December 2020.

The increase is due to the results of a drilling campaign completed in 2021. A total of 87 drill holes were drilled into the planned stoping area between the levels 755 and 815, and the results returned several spectacular high-grade intersections (press releases August 12, 2021 and November 18, 2021) that are incorporated into the present estimate. Most of the increase in tonnes and ounces is derived from a previously undrilled extension of the southern ore body.

An additional inferred mineral resource of 122,000 tonnes with a grade of 5.24 g/t gold for 20 600 ounces gold has been reported for the area directly below the ore reserves (Pampalo Deep). The mineral resource remained approximately the same as on 31 December 2020, since no drill holes were drilled into this area in 2021. The deposit remains open at depth and the company is planning to continue underground drilling in 2022.

There have been no changes in the reported mineral resources for other deposits along the Karelian Gold Line. An update and validation of the other mineral resource estimates is planned for 2022. The update will reflect increased geological understanding of the deposits and changes in the current market conditions.

The estimates for the Pampalo mine and the resources along the Karelian Gold Line in Finland have been prepared according to the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (Joint Ore Reserve Committee - JORC-code).

Gold resources in Idaho, USA

During 2021, Endomines continued work to improve its understanding of the Idaho gold projects that the Company acquired in February 2018. Endomines is working on further development of its Friday Underground mine and currently concentrating on an underground drilling program to better define the boundaries of the ore lodes and to confirm the continuity of the grades, as well as testing the mineralization at deeper levels. The results of this drilling will be used to complete a new mineral resource estimate in 2022.

The mineral resources currently quoted regarding the Deadwood, Rescue, and Kimberly exploration projects, are per definition historical and made before the introduction of today’s disclosure standards. Endomines cautions that while the presented historic resources for Kimberly, Rescue, and Deadwood appear to be in general accordance with those set out in NI 43-101 Sections 1.2 and 1.3, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources, and Endomines is not treating the historical estimates as current or reliable.

The mineral resources reported for the Friday Underground and Buffalo Gulch projects in Idaho, USA, are classified in accordance with standards defined by Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), “CIM Definition Standards - For Mineral Resources and Mineral Reserves”, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on May 10, 2014.

There have been no changes in the reported mineral resources for other deposits at the Idaho projects. An update and validation of mineral resource estimates is targeted for 2022. The update will reflect increased geological understanding of the deposits and changes in the current market conditions.

Gold and silver resources in Montana, USA

In October 2020 Endomines completed the purchase of the US Grant and Kearsarge gold projects in Montana, USA. The US Grant is a high-grade, underground gold and silver project with a historical resource totaling 165,700 ounces of gold and 4.47M ounces of silver contained in 346,000 tonnes of mineralized material. The US Grant mine has had gold and silver mined periodically between 1867 and 1984. The Kearsarge project is a high-grade, underground gold project with a historical resource totaling 380,700 ounces of gold contained in 4.1 million tonnes of mineralized material.

The addition of the US Grant and Kearsarge gold projects brings a historical total of 546,400 ounces of gold and 4.47 million ounces of silver with considerable potential for additional resources to be discovered through exploration of the district. An update and validation of the US Grant and Kearsarge mineral resource estimates is planned for 2022.

Endomines is not treating the US Grant and Kearsarge historic estimates as either a mineral resource or mineral reserve as defined in NI 43-101.

Table 1. Gold reserves and resources at Pampalo and the Karelian Gold Line in Finland:

Table 2. Gold resources in Idaho and Montana, USA

Table 3. Silver resources in Montana, USA

This ore reserve and mineral resource update has been reviewed and approved by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP, –standards. Jani Rautio is a full-time employee of Endomines.

For further information, please contact:

Kari Vyhtinen, CEO, kari.vyhtinen@endomines.com, +358 40 585 0050

Jani Rautio, Head of Geology, Finland, jani.rautio@endomines.com, +358 50 593 0812

This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact person set out above at 14:00 CET on 31 March 2022.

About Endomines

Endomines is a mining and exploration company with its primary focus on Au. The Company operates a Gold mine in Pampalo, has exploration activities along the Karelian Au Line in Eastern Finland and develops mining operations in Idaho, USA. Endomines aims to improve its long-term growth prospects by increasing its exploration activities and through acquisitions. Endomines aims to acquire deposits that are situated in stable jurisdictions and can be brought to production rapidly with limited investments.

The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).