Endomines Finland Plc reports new, high-grade drill results at 1050 meters level, from the Pampalo gold mine

Endomines Finland Plc, Stock Exchange Release 3.1.2023, 14.00 EET.

Endomines Finland Oyj reports that is has intersected high grade gold at the 1050 m level in the Pampalo gold mine. An underground exploration drill hole (T-1827) was drilled as a part of the fall 2022 drilling campaign to confirm the continuation of the deposit to the depth. The drill hole T-1827 intersected 6.0 m grading 9.2 g/t gold and it proves that the mineralized zone continues at least 235 vertical meters downwards from the current production area, between the 755 m and 815 m mine levels. The deposit remains open at depth.

Highlights:

Drill hole T-1827: 6m@9.2 g/t gold, including 0.9m@36.4 g/t gold

"I am pleased to report that the drilling results that shows the continuity of gold mineralisation at the Pampalo underground mine look good. This drilling intersected a very high-grade gold mineralisation 230–240 meters below the current operating area. It confirms our understanding that mineralisation continues to depths that we have not yet been able to investigate. It is possible that this level will form the basis of our production in 5–7 years. The main observation is that the gold was exactly where we thought it would be, and the grades were very high. This is a good basis from which to continue implementing our strategy. I would like to thank our professional team for a great job." comments Kari Vyhtinen, the CEO of Endomines.

In December 2022 Endomines completed a 4509 m underground drilling campaign in Pampalo mainly to prepare the area between the 875 m and 815 m mine levels for mining. The drill core from the campaign is currently being geologically logged and assayed for gold. The remaining results are expected to be released during Q1 2023.

The drill hole T-1827 verifies the continuation of the gold mineralized structure downwards but more drilling is needed to determine the economic viability of mining the area. The next underground drilling campaign is planned for spring 2023.

The most interesting new drill intersections from underground drilling are presented in the figure below and complete drill results area presented in Table 1.

Figure 1 - Location of the T-1827 drill hole at Pampalo, Finland

Table 1 - Diamond core drilling results 2022 from Pampalo underground mine at Karelian Gold Line, Finland

Note: Coordinates are in local Mine Grid. A lower cut-off of 1.0 g/tonne Au has been used for all intervals. No topcut applied.

True widths are not yet determined.

Drilling technical

All underground drilling has been carried out by Comadev Oy, using BQTK tubes, resulting in core of 40.7 mm in diameter. Drill hole locations, start azimuths and -dips have been surveyed by using mine survey equipment. Downhole survey of bearing and dip deviations have been done by using Reflex Gyro survey tool. All core has been oriented with Reflex ACT equipment.

Assay and QA/QC procedures

The drill cores have been logged by Endomines own personnel. The preparation and assaying of the underground drillings core samples have been carried out at Endomines laboratory in Pampalo, Finland or at the CRS Minlab Oy in Kempele, Finland. The sample procedure used at the laboratory was MPC's PAL1000 PULVERISE AND LEACH machine with AAS finishing. The used sample size was 500 g of crushed core.

Normal QA/QC (Quality Assurance/Quality Control) procedures have been adhered to on all the samples, with standards, blanks and duplicates routinely submitted as part of the sampling program. The quality of sample preparation, security integrity and chemical assays was equal to, or exceeded, current industrial standards and the requirements of the JORC-code.

Competent Person

This statement has been controlled 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.

Endomines Finland Plc

Further information:

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

Jani Rautio, Head Geologist, jani.rautio@endomines.com, +358 50 593 0812

Endomines

Endomines is a mining and exploration company with its primary focus on gold. Endomines is engaged in mining operations at the Pampalo mine in Ilomantsi, and in exploration activities along the Karelian Gold Line in Eastern Finland. Endomines also owns rights to several gold deposits in Idaho and Montana, US, where Endomines aims to continue the development work through partnership agreements. The shares trade on Nasdaq Helsinki (PAMPALO).

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