Endomines Finland Oyj ($PAMPALO)

Good morning, everyone, and welcome to Endomine's Capital Markets Day 2026. My name is Anni Turpeinen. I'm the Chief Communications Officer here at Endomines, and I will be your host and moderator today. And it's really nice to see so many people present here in Helsinki and also a great group of people following us online. A warm welcome, everyone. And on behalf of the whole this very first Capital Markets Day of Endomines. This is a milestone moment for us and also a perfect time to open up where we are as a company. Endomines is in a very interesting phase right now. And today, we will give you a deeper look into what we do, where we are heading and the next steps in our golden growth journey. Before we start with the presentations, a few practical points. We have 2 presentation blocks today. And after each block, we will have a Q&A session. We encourage everyone to take part both here in the room and online. If you are following online, or ask your questions in English. Now I would like to introduce today's speakers who also form Endomines management team. Welcome. In the first [indiscernible], our Chief Operations Officer, [indiscernible]. And in the second part, we will have presentations from our Chief Sustainability Officer, Hanne Makela; as well as our Chief Development Officer, Sampo Hirvonen. We also have our CFO, [indiscernible], present here with us, and she is happy to answer your questions during the Q&A. This is our management team at the moment. But in April, our team will be strengthened with a new member. We are happy to welcome Chief Legal Officer, [indiscernible] to the Endomines management team. Warm welcome, Elenora. But today, in addition to our management team, we will have one external speaker, Petter Langenskiold from Evli, who is joining us a little bit later. And before we start, I would like to remind you that this presentation contains the disclaimer. And finally, I think we are ready to kick off. I hope you enjoy the Capital Markets Day. With that, I hand over to our CEO, Kari Vyhtinen.

Personally, I have just a little bit of background. I've been with the company now for years. And I joined the company due to 2 reasons. And one reason is that I truly believe in gold. But unfortunately, we live in a world where there is a lot of unstability geopolitical tensions and so on. And there is always a need for a safe haven like gold. The other main reason was that there is a true opportunity at the Carillion gold line to create something big. Like when -- back in '22, the company was very small. We have gone a long way but there is a lot more to come, and we are well on our way to make this great finish sustainable success story. This is a picture from the area that we operate, and it's a perfect area for mining. It's quite isolated in a way that there is a lot of forest and so on big forest companies, they actually own main portions of the land. However, there is good infrastructure. There is roads, there is electricity. There is a town 30 minutes away, bigger city, 1.5 hours away where there is actually commercial airport, also good train connection to Helsinki. So very easily accessible. And it's also for people, good place to live, and we have been very lucky in getting great employees who have made this possible. But if we start with 5 key points that we focus on. We want to grow the production each year. We have done it successfully now for 4 years but we will continue doing this. And this is one of the key points that we grow the production, so we grow the cash flow. And then the cash flow, we can actually invest into exploration the gold resource base. So the amount of gold that we know is in the ground and is available for production at later years. Then what is very unique situation is that we actually control the Karilian gold mine. It's an Archian Greenstone belt. Very similar to, for example, Kalgoorlie in Australia. But if you go -- if you travel to Australia, visit Kalgoorlie, there are tens of companies side by side, they fight for the space. It's same in [indiscernible] Canada. It's same in [indiscernible] in South Africa. It's same even in Finland, Lapland, like there are tens of companies. They each fight for the space. However, we control the Archian Greenstone belt. It's very unique and it gives us the opportunity to grow the resources for tens of years. Then also the global trends that support long-term gold upside. Lately, the world has been absolutely crazy like with the war in Iran. It's very difficult to predict what happens in a few weeks' time or in 2 months' time. However, in the long term, there are very -- the basic fundamentals are there, that there is a need for a safe haven like gold and that we believe will stay. Then Finland is a great place to be. It has been chosen to be #1 place by the Fraser Institute for mining investments. It's maybe not the fastest, but it's predictable and it's stable and if you work in a right way, you can actually do mining in Finland. That's the main point. As mentioned, we operate a Karelian gold line, approximately kilometers long [indiscernible] belt, and we control the belt. We have our production in a place called Pampalo. That's also our ticker in NASDAQ. And there, we have underground mine, open-pit mine, and then we have a production facility. So we actually produce a gold concentrate that we sell to Boliden. Then we perform exploration in 2 locations, the Southern gold line and the northern gold line, they are both approximately 20 kilometers away from Pampalo so fairly close. And in the Southern gold line, we actually -- we are permitting the area to take it to production around 2030, and that will increase our production level 70,000, 100,000 ounces per annum. And what is really important, there is also Tungsten [indiscernible] the southern gold line. So when that comes production, it will include gold [indiscernible] and tungsten being in a critical mineral in the European Union used in the defense industry in the world that we live today, very important mineral. We have achieved major turnaround. Very pleased about the turnaround that we have at it from '22 to '25. We have increased our revenue by more than 3x. The group EBITDA is 36% and the group EBIT, 17%. And I have to mention that '25, the average gold price was EUR 3,436. Currently, we are at 4,500 level. So even if everything else would remain the same, then this year will be better than last year. So we are really looking forward to '26. We had a record year in '25, but we expect '26 to be significantly better. The turnaround, it comes from 2 factors. It comes from increasing production. So we have almost doubled the production from '22 to '25 and this year, the guidance is the production volumes will grow by 10% to 20%. So the growth will continue, and we want to grow every year. And the second factor is the gold price and as mentioned currently, what is happening in Iran is affecting the market globally, like almost everything. And it's quite uncertain to say what will happen in in a few weeks' time, and especially what has affected gold price is the forecast for interest rate cuts that has changed a lot, and that has affected the gold price now. However, like when we talk with the investment banks, when we talk with the investors, when we talk with all the other stakeholders, everybody believes that the fundamentals are there. And on the long term, the gold price later this year, it is expected to go again, above 5,000. That's at least our forecast that next 3, 4 months, we will stay between 4,000 to 5,000. And then later this year, it will go above 5,000 again. So there are basic fundamentals that support the gold. There is the uncertainty. There is a lot of central bank buying like last year, China and Poland, especially then a lot of the nations, they want to reduce the dependency on the U.S. dollar, and that will continue and there is so much debt with the countries and so on, it's the economical situation is not good, and there is always a place for a safe haven like gold. Our strategy and executing our strategy. Our strategy has 5 key points: Pampalo production. It's the engine of our operations, and that's where we create the cash that we invest and we invested to exploration so that we can grow the gold resources. Also, the resources have value. Of course, the cash flow has value, but the resources have value. If we know that there is million sees on the ground that we can use later that has a significant value for the coming. Then the critical minerals. It is really important that more and more focus, we will place on the critical minerals. We just published published that we have signed a nonbinding LOI with Australian company, part of the SanfiGroup on the Tungsten. And that means that we will jointly develop a product, which is which is salable to the market, and Sambo will explain about it later on the development part. Then financial stability, extremely important. We want to separate us from 2 new mining companies that continuously raise money. We are financially stable. We have cash in the bank. We have a positive cash flow. We also have some credit facilities available. We have some loans that we haven't withdrawn so we are in a stable position and that's how we want to keep it also on the short term. Then sustainability, that's really back one of our business. We want to do things in the right way. And in Finland, it's a lot about -- on the environmental side, it's a lot about the water. That's critical. We want to have the water as clean as the water in the nature. And Hanne has a great presentation about it later today. So that's exciting. I'm really encouraged to listen that one also. Our long-term targets, we aim to increase the gold [indiscernible] to 1.5 million to 2 million ounces by end of 2030. It's currently at 620,000. So that means that it's approximately 3x of the current situation. then take the production to 70,000 to 100,000 ounces around 2030. And at the same time, Tungsten and molybdenum into the production. That means approximately 5x last year's production and then [indiscernible] production by 2035. And just a general overview, how do we get there, then the other presenters will explain it in more detail. But how do we plan to achieve our targets is that we have grown the resource. If you think about the resource target of 1.5 million to 2 million ounces, we have successfully grown the resources. We started exploration activities in '23, and it has increased by 21% and so from 200,000 to 620,000 ounces. And from the work that we have done last 3 years. We have calculated that when we drill 10,000 meters so the resource growth comes from the exploration drilling. So when we drill 10,000 meters, we get approximately 100,000 ounces of resource growth. So our plan to go from 620,000 to 1.5 million to 2 million ounces is simply the 120,000 meters of exploration drilling. Last year, we drilled 18,000 this year. We are making a record campaign ever, the highest campaign ever into mines, we are drilling 50,000 meters, which is significant even in world scale and a significant portion of all the exploration activities that will be done in Finland in '26. So it's going a strong start. We had excellent results last year, and now we are trialing 2.8x more. So we packed a lot of exciting results this year. And this large resource, when you know that there is gold in the ground, then you can plan the investment, how to grow the production. For example, if you have 1 million ounces as you can plan that let's take it to 100,000 ounces. You have 10 years production. And during those 10 years, you can actually do more exploration and build up the resource further. So our long-term view is that last year, we produced 6,630 ounces of gold. This year, we have given a guidance that the growth is 10% to 20%. We plan to steadily grow to the maximum capacity of the existing facilities, which is approximately 25,000, 26,000 ounces, maybe with some debottlenecking, we could get closer to EUR 30 million. And then when we take the Southern gold line into production, then we increase it to 70,000,000 ounces. And at the same time, we will build a separate facility for Tungsten and molybdenum. But that's not the end goal, like that's a step in our journey. And then 2, 3 years later, we plan to take the Northern gold line also late to upgrade the Southern gold line and so on, grow the company to be a significant gold producer in a world scale. Critical minerals. This is, as mentioned, this is part of the strategy, very important. This is something that we want to focus and especially tungsten used in the defense industry of the global tungsten is controlled by China as it is with many critical minerals, finance controlling 80% or 90% of the global supply and here, we are putting a lot of emphasizes on this to take this into production in 2030. And like mentioned, we signed the LOI with with the Austrian company, which is part of the Sandvik Group. So together, we are developing suitable tungsten product. We also launched the European Union strategic project status application in January we expect to get a decision this year. Even if we get a negative decision, we will go forward. So this is not something that affects the decision that are we going to produce tungsten or not. But if we do get this critical project status that helps with permitting and it helps with financing, it is going to be beneficial for the company. U.S.A. update. We have had 7 assets in the U.S., we sold 3. And now we still have 4 -- 2 of those are in Idaho and 2 are in Montana. With Idaho, our plans to divest the assets. There are no plans to develop the assets in Idaho. However, in Montana, it's quite interesting. There is 2 good assets. There is [indiscernible] that has very high gold grade, and it also has over 400 grams per tonne of silver. That's a very significant silver grade and there is a lot of exploration potential. There is existing mill, which needs to be repaired before commissioning, but still the facilities are there. And then 8 kilometers from the U.S. grant, there is a circa deposit, which has the potential to actually be a large volume gold production area. So it's significant. This is something that we see that we want to do some investigation, maybe some small drilling campaign to increase the value after that, we can evaluate if we want to divest or have a joint venture or something. This is not a Arcus area. The main focus is in Finland. However, it makes sense to actually develop the assets further before making decisions what to do. Thank you. Now I will invite our Chief Operation Officer, Ilkka Raty to the stage, talk about Pampalo.

Thanks, Kari. Good morning, everyone, and welcome also from my side. It's great to have you with us today. My name is Ilkka Raty, I'm Chief Operation Officer; and I will give you an overview of where we are with our coal production, what we have achieved so far and how we are continuing to build the business in a safe, efficient and sustainable way. Pampalo today. At the moment, we have 3 active production area, 2 of those located in Pampalo itself. We have one underground mine and one open pit. Debt of the underground mine is 100 meters at the moment. And 15 kilometers from Pampalo, we have a deposit called [indiscernible], it's also underground mine, and debt of that is 150 meters. There are a little bit differences between those deposits if we think about the grades. In [indiscernible] is somewhere between EUR 2.5 per tonne over [indiscernible] 1.55 grams per tonne. An annual production from Pampalo mine. So Hosco and Underground included it's 80%, 90% of the annual production, and Hosco includes 10%, 20% of the production annually. We have a Pampalo mill. So all of these or goes through that facility and maximum capacity of that is 26,000 ounces. And if we think the last year, the production was 16,000 the 630 ounces. So there are lots of potential to increase the production. Guidance for 2026 is 18,000 to 20,000 ounces. So expected increase is 20%. Like I mentioned that we have an open pit and underground mine also. So there are a little bit differences between those 2. So typical logic is that open pit generate cash flow faster in the early stage. The most accessible ore is extracted first. And later, the deeper and often higher grade parts are mined underground. That's the same logic we use in Hosco, we started in open pit mining, and then we went to the underground. And this kind of activity helps maximize the overall value of the deposit. So from an investor perspective, the key question is not which method is cheaper in absolute terms, but which one generates strongest net cash flow over the life of the project. And there are lots of activities before we get the ore to the -- from the ground to the earth to the surface. And of course, one priority is the safety. But in our case, it's also a value. Every people -- many people will say that safety is the priority number one. But like we know, priorities may change over the time, but values remain. So that's one of our value. Everything starts with the right planning. We do orebody modeling. So we are using geological data. You define the shape, the grade distribution and economic limits of the deposit. Then we have a main layout design. We access ramps, levels, stopes, ventilation races and haulage roots are also designed to access the ore body. After that, we select the mining method, the most suitable method is the long-haul stoping or cut and fill. This is chosen based on the geology and rock stability. After that production sequence. So the order and timing of mining areas are planned to optimize production and cash flow. After that, we do the drilling and blasting design. So we have a detailed drilling patterns and [indiscernible] those are prepared to ensure even truck breakage and safe operations. Infrastructure and safety planning goes along the side. So we are planning ventilation, ground support, transport logistics very safe system are integrated in the mine plan. And this planning pace ensures that mining operations can start with a clear safe and economically optimized pad to production. Okay. And here, you can see the picture from our money machine or maybe cold machine in this case. And this process is designed to turn mine ore into high-value call concentrate through a clear [indiscernible] and scalable flow sheet. It begins with the crushing where ore is processed through a share crusher with a capacity of approximately 120 tonnes per hour. The crushed ore size to 0 to 15 is then switch to temporary storage for ore. This ensure a steady and reliable feed to the plant. From there, the [indiscernible] to poll mill circuit, where water and steel grinding balls reduce it to a fine particle size, approximately 100, 120 microns. This is a critical step as it liberates the valuable minerals from a host rock and prepare the material for efficient downstream recovery. The ground ore is then classified in cyclones. Let's refine material is risk into the grid in circuit while the correct size [indiscernible] to the flotation. In the flotation cells, the valuable minerals are concentrated into marketable product stream. Finally, the concentrates is thicken and [indiscernible] to produce the finished coal concentrate. The product is then transferred to finished good storage, ready for shipment and to [indiscernible] to further refining. So this process creates a disciplined path from ore to concentrate, controlled crushing, precise grinding, efficient classification and proven flotation recovery. On supporting our reliable route to revenue. The pricing basis is average [indiscernible] month following the delivery month. On this slide, I want to highlight that environmental monitoring is core part of responsibility and compliant mining operations. Everything starts with the water. We closely monitor both process water and discharge water, including parameters, such a suspended solids and PH. This ensures that any impact on downstream water bodies [indiscernible] under control. At the same time, we track quarter [indiscernible] rate, which is important in both ways, environmentally and economically. For groundwater, we conduct regular sand from monitoring wells, and this allows us to detect any changes early changes early and access potential impact around the mine and processing plant. We have also noise and vibration on our key focus areas. Through continuous measurement, we ensure that our operations stay with permitting needs and minimize disturbances to surrounding communities. And in terms of air quality, we focus particularly on dust and particulate emissions. Alongside all of this, occupational health and safety is fully integrated into our approach. This means systematic incident reporting and proactive risk assessment. We aim not only to respond to issues but to prevent them. At the end of mine, we don't just plan how to mine we plan the entire life cycle from the beginning, including closure. Our Pampalo deposit demonstrates strong geological continuity supported by recent exploration. But long-term value is not only about we extract, it's about how we operate. We design our mines with closure and rehabilitation in mind from day 1 removing infrastructure, restoring land forms and returning the area a safe and sustainable state. Many former mine sites have been successfully rehabilitated and transformed in the lakes, natural habitats, tourist destination or community spaces. So proper mine closure planning ensures long-term environmental and economic value. Here you can see the Pampalo cost structure. This slide illustrates how we are actively improving Bumble cost structure with a clear focus on capital efficiency and scalability. The key message here is that we are systematically reducing our reliance on subcontractors. In 2024, subcontracting represent about 67% of our cost base. As we move into 2025. That comes down to 60%. And by 2026, we expected it to decrease further to below 50%, reducing subcontracting lowers variability in our cost base. improve margins over time and make the operations more scalable as production grows. Electricity and other costs remain relatively stable which support overall cost visibility. So in summary, we are not just growing production. We are systematically improving the quality of our cost base, making Pampalo more efficient more resilient and better positioned for long-term value creations. Here, you can see the cash cost and like you see that unfortunately, it increased a little bit in 2025. So increase was 11.2% -- 11.8% so it was EUR 1,432 per ounce. There are 2 main factors behind this. One is that because the coal price is higher it's easier for us to go to the areas where the grade is a little bit lower. For example, that if we have a stope where grade is 1 gram per tonne. And next to that is another stop 3 grams per tonne, we need to more work to get 1 ounce per cold. So that's one part why the cash cost is a little bit higher. And of course, we took over the underground mining business last year, and this was also one reason why CASCO's increase. If we think the strategy point of view, that was the right decision. I'm personally really happy that we do it. Now in Pampalo, we have only one management who takes control how we do the daily operations. People are more happy that there are not any contractors to think that the way we're going to invest. So we have only one management there, which is really nice. So this was good decision, and I'm really happy of my team who actually do the work. Cash cost is already at a good level now but I still see a lot of potential for improvement as we continue to optimize operations and capture additional efficiencies. There have been -- there have been quite a lot of news in the newspaper and maybe that how this new tax -- mining tax and electricity tax affected to the mining industry and background for this is that 2025, Finland decided to increase taxes on mind minerals. These changes took effect in January 1 and will raise, of course, cost of mining companies. Also changes in electricity tax station is one change for this year. And if you can look at the impact in our cases at the moment, is that big. So mining tax is estimated to be EUR 1.6 billion, EUR 2 million. And which share of Element is approximately EUR 0.5 million, EUR 0.6 million. And electricity taxes approximately affected impact is EUR 0.2 million. And it's worth mention that the mining task is reported in the income statement is operating costs above EBITDA. Pampalo going forward. This is something I am really happy to show to the people. I've been now working 2 years at Pampalo at Endomines, and it has been a great adventure. But at the same time, I have to remind that this is only a beginning. So I'm very sure and confident that there will be a lot of great venture coming. If you look at this compared to 2024, we increased 16.3%, and this year guidance is to increase 10%, 20%. So we are doing this step by step. 16,630 ounces was production 2025. Like I mentioned, the growth, and we steadily go towards 25,000 ounces. And like I mentioned earlier that 26 ounces is the [indiscernible] capacity. After that, we do ramp up. So 2030, the production will be somewhere between 70,000, 100,000 ounces. And also Tungsten and [indiscernible] enters to production. We still have a lot of unlocking full capacity at Pampalo. We have lots of small activities ongoing all the time. For example, maintenance development. We are reducing waste, true lean practices I've been working with lean 10 years now, and I think we are a little bit behind if we in the mining industry, now it's ongoing already. We are updating capacity about the limited machines approximately EUR 3 million in 2026-2027. Like I mentioned, we're reducing subcontracting all the time. And we have also targeted investment in equipment, infrastructure and process improvement. Also evaluation of new feed material including [indiscernible] ongoing. And I also like to mention that we are currently producing. We have a 4-shift pattern, which means that we have a shift. So we run our mill 8 days and then we have a 2-day shutdown. Maintenance [indiscernible] is to change the 24/7 production during the H2 2026. And pyramid allows us to production 450,000 tonnes per year. And last year, production was 265,000 tonnes. So in the mining industry, we operate as guests in the communities we are were. These are just projects -- these are not just project sites, they are people's home and culture. Being a guest carries responsibility, it means we approach every [indiscernible] with respect humidity and accountability. Just as guessed honors their host, we are committed to listening to local communities, respecting their rights and minimize our impact in their environment and way of life. We're working closely with local people. We have a [indiscernible] dialogue, and we have different events during the year. Open day at the mine. It's once per year. Then we have a neighborhood meetings called tupaillat, 3 or 4x per year. Then we have a stakeholder operation group actually started early this year. And then we have -- we're also sponsoring local sports teams, [indiscernible], nature recreation and regional vitality. So we have our open and transparent communication. That's the only way we can do operations. Thank you from my side, and I think Jani will [indiscernible] with exploration.

Thank you. Thank you, Ilkka, that was very interesting. Okay. I'm Jani Rautio, Chief Technical Officer, [indiscernible] by training, and I've been in the mining now 25 years and 13 years with Endomines. Qualified person defined by the [indiscernible]. And then -- so we're going to talk about exploration. I'm my responsibility is separation in the company. And then we have a huge area where we are doing exploration and we have a team team that I'm managing. So what is Karelian Gold Line? It is a 40 to 50 kilometers long [indiscernible] Archean greenstone belt located in Eastern Finland. And we have production facilities in Pampalo, in the center there. We are doing exploration in Southern gold line and in the northern gold line. There are choices similarities, the other gold mineralized are key and greenstone belts in the world like [indiscernible] area in Australia, Ability belt in Canada and with the strength area in South Africa. And all are significant core production areas. So we have similar rocks than in these famous production areas. And it is often asked, so how we know that it's called potential in the Karelian gold line and also -- it's wondered why we show this can estimate something that is not known, estimating the unknown. So it is actually quite simple. We are comparing areas. So in the world, there are better studied areas, similar greenstone belts, similar gold deposits and about the same geology, same wedge, same length of Greenstone belts, but they are better studied so they have been in production, for example, 100 years, and they are much better known than is our Greenstone belt in Eastern Finland. So then we just compare and then we create our own estimate about the potential that way. And I think the potential in Karelian Goldline is very good. And in the next slide, you will understand why. So we believe that there's going to be several mines in this area, and that's what we are aiming at. So how we do exploration in Finland. There are multiple stages, but we usually always start with geophysics. So that's the fast way to get a lot of information from a large area. And like there, we had a drone survey around [indiscernible], and that just took some days to complete and then you will have kind of a basic knowledge about the bedrock. And then the next stage is Solar chemistry, where we take a small sample, and we assay that for gold and for the other elements. And then we cover a large area and we try to recognize potential areas for gold and then also outlining the areas where we want to concentrate and then next phase is outcrop mapping. In Finland, it's about 3% of the bedrock that is outcropped but it's very important for Georges. So we will map all those known out crops and then we will record the rock type minerals and structures. And then from that, we try to figure out what geology in the area is. And then of course, we are combining that information with geophysics and care chemistry. And then we already know quite well where we should concentrate with the exploration and this is still quite cheap. These 31st ones. So that kind of low-cost expiration. But then when we go to base of deal sampling, it's also referred of a BOT or bot sampling. So there, we drill a vertical [indiscernible] to the surface of the bedrock and then just above the bedrock, we will take a small sample about 300 grams of [indiscernible] and that we assay for gold and also for other elements. And that represents the petro close by. And if you know what was the movement of the last year, you just follow that up and usually it is within 50 meters the sample, the [indiscernible]. So that is a tool that this is exploration tool that is developed in Finland. And it's especially for the glaciated Terrance. And it's very good tool and some big discoveries also in Finland made with the help of this exploration method. And then when we have some anomaly in Chile, and we know that there is a cold probably in the bedrock close by, then we will bring the drill rig and that's the most expensive part of exploration diamond drilling. So it's more than EUR 100 per meter when you are drilling this kind of a diamond core. In the center picture here, you can see dual core. So this is kind of a sample that comes out when we are doing drilling. And the drill holes are normally about 70 to 600 meters deep in the bedrock, it will go with some angle like 45 or 60-degree angle to the petro and then you can cover quite a lot with just a single hole. And then [indiscernible] will lock the core report Geology and Mineral structures from the [indiscernible] and then when they are done, then they will mark the sampling intervals so we are sampling that drill core in 1-meter PCs. So first, we will cut it. And then the other half will stay in the core box and the other half is then to the laboratory. And then it will take some weeks for laboratory to say that core. And then when we have all the results from the drilling, then the final stage of exploration is the resource estimate. And there, we are estimating how much we have gold in the ground. And this is exploration pipeline. This is describing how exploration project is going from that early stage to our producing mine. So you start exploration by deciding what are you exploring? Like in our case, it's cold, so we know that we want to find gold. And then you choose area that is called potential or potential for that metal that you are looking for. For us, of course, it's Karelian Gold Line, Archean Greenstone Belt, and they are very well known for the gold potential. So at this early stage, you do geophysics so care chemistry outcrop mapping, base of till sampling and you just collect a lot of data. And then you collect all the big amount of data and combine it. And with the help of that data, you define drill targets something that you want to test with diamond drilling. And when you have created your drilling targets. So there we have a few ones there, but usually, you need tens or actually, this is kind of pipeline that there is all the time coming new targets and they test them and then they move forward in this pipeline. So in that stage where we have the real target, we drill this [indiscernible] and that's the stage where you do discovery. So if there is something in the bedrock, you will find it most likely at that stage. And then if you do discovery, then it moves forward and the next is delineation drilling. Then you map out the size of the deposit and then create and try to understand what's the size, and then after that, you will move to deferred resource. Then it's the resource that is defined by this [indiscernible]. So there are certain rules that we have to follow industrial rules when you do your resource estimate that you have to follow. And at the moment, we have Northern gold line over there. Just a couple of weeks ago, we published [indiscernible] and that was the first resource estimate for [indiscernible]. And then when you have this first resource estimate on, most likely you will drill it better. you will increase your drilling density and then put more holes infill drilling and then get more reliable estimate. So you're upgrading the resource. And now at the moment, we have Southern cold line at that state that we are doing already in freely. And then the next step after that, well, of course, immediately, when you have the inferred resource, you start doing technical studies that includes monologic tests processing and then also you are thinking about already and designing the mining, how you going to mine the deposit that is in the ground. And also then you consider also the economic of the project. And then also the permitting will start at that stage because it will take years. But when you have done enough technical studies and you are quite certain that it's a good project, then the next step is doing feasibility study. And that's a study that shows that if the economic is viable or not. But yes -- but then if it's viable, then of course, you can depend then all reserve when you have all the information, and you can move that okay, so we can mine this economically, and then you can announce or reserve. And then it goes to production. But the exploration doesn't stop there when it's in production then you still do near my exploration and try to find more resources and extend [indiscernible]. So to do all this exhibition, you need to have a good team that is driven by these discoveries. And we have [indiscernible] and 2 geotechnicians in the team, and that team is supported by a number of [indiscernible] that are highly experienced in geophysics, geology and/or geology. And very often, it's difficult to describe to people how good team we have. But at the end of last year, there was a [indiscernible] Mining and Exploration conference. And there, we received this Agnico Eagle Award for our exploration efforts during the past few years. So there are all of happy faces there at the conference because that was quite unique that you will actually get to word when you are doing a lot of work, but then if you get something from your colleagues, so we always wish that a lot. But of course, we have these discoveries that we have made. So we know that we are doing right things. So then we go to recent exploration results. So this is the [indiscernible] situation that we have there at the moment. We are controlling the whole greenstone belt there in the Ilomantsi area. So we have plenty of areas and exploration is just taking a very small portion of all that but we also think about the future that want to keep this whole greenstone belt, our -- under our permits so we can continue this exploration also in the coming years. So altogether, we have [indiscernible] hectares of valid exploration permits. That means that inside that area, we can drill and do this tier sampling and this slightly heavier exploration. And then we have also 32,000 hectares of exploration permits applied that are in the process, but they are not valid yet. And then we still hit reservations, 935 hectares. And those are kind of reservations that means that you will own the mineral rights, but you are not allowed to do exploration yet. And we are the main owner of exploration rights in the area. We started this more regional expansion 3 years ago, 2023, and we had a discovery every year since then. So we started 2023. And there, we were drilling in the Kuittila area. That's almost the southernmost point of the [indiscernible]. And we got very nice intercept, 18 meters creating 5 grams per tonne and also silver 173 grams per tonne. So that was very significant discovery and got a lot of attention. And then next year 2024, we were drilling in the northern part of the Karilian gold line, actually, the northernmost end there, where you can see the spot and there we were drilling this Kartitsa area. That was an unexplored area practically and explore. So some a little bit exploration was done, but practically, it was almost untouched. So nobody had done any exploration in the area. And in the area where we were drilling, so the closest historical drill hole was 5 kilometers away. So there was absolutely no information that what's up there. And then we drilled this 30 meters grading 2.76 grams per tonne in the area where that was not known that days, actually gold in the area. So that was very good hit. And then next year or actually last year, we discovered this [indiscernible] deposit that also a lot of attention. So there, the first whole 30 meters grading 3.28 so that was also a very good intercept and got a lot of attention. And for those who are not very familiar with these drill intercepts because we are putting out a lot of drill intercepts all the time, every month, there is a release coming out and saying that we have -- what we have done in the exploration. And then we are announcing these intercepts. But there is a rule of thumb in the industry that we use. So we multiply grade by the length of the intercept like there is 18 meters creating 5 grams [indiscernible] and you will get 90 and what we are aiming always is to get this 100-gram meters. And that's something that people think as a world-class intercept. It's excellent intercept and then the company will get a lot of attention, and people are very curious what's going on when you can get that 100-gram meters. So that's what we are always aiming and that's like proving that the deposit is very good. But even 50, 50 is enough to have very good deposit and all our discoveries are at least at 50% and that already tells you that there is potential in that especially that deposit. But even 8-gram meters is enough to make mining. Like in Pampalo, we have 4-meter white tunnel. And if we go into ore body, so just 2 grams will give you that 8-gram meters. So that's enough for mining. But when you're doing exploration, you like to see a little bit higher numbers and and of course, these are more or less discovery holes. So of course, when you start actually drilling it, you will understand it better and then you will get better intercepts, but we have been very lucky just with the first drill hole. Okay. So this is the discovery that we made in the North, Cartica. So we started there already 2023, we did till sampling and then we see the outcrops in the area, and we try to understand what is charging the area but then we recognized the structure in the geophysics. This is a magnetic image that you can see there on the left-hand side. And then there's all the drilling that we have completed this far. So it was a brand-new discovery. So there was nothing known in the area and the closest historical hole was 5 kilometers away. And then in the center picture, you can see that there is called all this yellow color is cold. So we were very impressed with that discovery. And now just a few weeks ago, we put out a resource resource estimate. And we have their invertor source 2.5 million tons, creating 1.6 gram per tonne gold, totaling 124,000 ounces gold. So it's already significant. And we were just drilling the Northern part of the deposit. So it's about 300, 400 meters long portion here that the resource covers. And then this year, we have continued the resource drilling towards south, but that was not included the resource estimate yet. So there's plenty of room to grow it to watch out, that is very obvious, but also it's open to us north. And then, of course, a depth to -- then more recent discovery. It's the UCO discovery. That's in the southern part of the Karilian gold line. There was a lot banded iron formation that we knew that might be hosting some gold deposits. There are a lot of examples from the world that there are significant coal deposits related to these banded iron formations and but it was so large area that we didn't know where to start and so on. So altogether, this is about 8 kilometers long and more than 5 kilometers wide area where we have this iron formation and they are known to be very good traps for gold when these are forming these are deposits. And so we knew that that's very interesting, and that was sitting in the middle of the Karilian gold line. So we knew that there are structures going notes out there, very close by and this could be something big. So first year 2 years ago in the summer, that was 2024. We did outcrop mapping, so we visited all the outcrops in the area. So cheese hammering samples there and making the description about the geology and structures. And from each outcrop, we really took a sample and immediately, we noticed that most of the samples were mineralized. So there was a little bit cold in almost. Well, the majority of the samples had some gold. We could see that, okay. So this whole thing is probably called mineralized. And then the best result was -- I think it was 2 grams per ton gold, just taking from the outcrop and then last year, about a year ago, that was April 2025, when we took a drill rig there and drilled the first hole ever to that structure. And we drilled under that outcrop that had 2 grams. And that is in that market here as a discovery area about center there, there's the [indiscernible] drill hole, the first drill hole in the area. And with that, we intercept it immediately like 100 meters of gold mineralized pros. And there were 3 significant -- 1 significant intercept just in that one will hold. And the best of those was that 30 meters creating 3.28, and that gives you more -- that was already 100-gram meters just that one intercept there. So we knew immediately, okay. Now we have hit the thing, and this is going to be big. And now we have been then doing some scouting holes to the southern part also, and we have already published that there is also called hits in the South. But you have to always concentrate to something. And now we are starting that Northern enter, where we have the [indiscernible] hole, and then we are -- at the moment, we are doing resource tilling there. So we are defining how big is the northern but there that where we know that there is a lot of gold. And even at the moment, there are 2 rigs and they are doing this resource dealing there. So we will get a lot of meters in a short time, and we are aiming to complete the first resource estimate for this [indiscernible] this year. So it will be very interesting. And then we have kilometers and kilometers of that structure still to study. And then I can also mention about the geophysics. So it's really helping us so this being color here is marking everything that is conductive. And we believe that, that conductive rock is where also gold is then sitting. So that's what we are using in exploration. And then the plug and white image there as a background, is a magnetic layer. So this is a [indiscernible] means that it's very magnetic. So there's magnetite mineral layers in the rock, and it's very magnetic. This is a geological cross section of that same deposit. So this is from west to east, and we are looking towards north. And then the UCOI drill hole, the first discovery hole was here. So we have mineralization coming all the way to the surface. So it's right there at the surface, the best mineralization there. And so this is a [indiscernible] section. So blue marks, the sedimentary rocks. And then our blue marks this fine grade settlements that are together with iron formation and that Craig color marks the iron formation that we are mostly interested in -- but already in this section, you can see that it's mineralized all the way to the bottom and the best minimization there seems to be like from the surface to 200-meter debt. So there is already a very interesting area there, just close to the surface. And these are on formation-related deposits are known that they are very continuous. So if you find something, so it's just -- it continues and it's possible to follow it. And then, of course, we are working on a greenstone belt, and it's always possible to find also the other metals than gold. And in this case, there is a lot of tungsten and molutinum in the southern part of this greenstone belt. And when we are doing this deal sampling, we are as saying all together like 4 elements, and we have asset also Tungsten and molten from the area. And we know that there is a lot of these metals in the southern part of the Karilian good line. But we have studied or explore only for gold this far. So we have been concentrating the gold. And we haven't really done anything on this Tungsten and [indiscernible] earlier. And we have defined the [indiscernible] deposit there. So there's a lot of drilling from those still holes. So we have assay Tungsten and Molteno. And we know already quite well how much there is banks [indiscernible] sitting next to this [indiscernible]. So there are different parts like Gold is on the other side and then tungsten and ruthenium there beside cold. So they are not occurring in the same rock. But if you are like doing open pit, so you still have to mine everything around the gold deposit. But we have also a lot of potential in the bedrock. And now this year, we are aiming to do also Tungsten and [indiscernible] exploration, just going after the -- these are 2 anomalies. So that describes usually the petro below and it's very nice anomaly there that we are planning to study more carefully this summer. And there is a ton light at the center here. So there's 5 kilometer while tonalite intrusion. And this tungsten is just sitting at the edge of that large tonalite intrusion. And in this picture, you can see [indiscernible] is the mineral that is carrying this tungsten metal and it's reflective in the UV light [indiscernible] easily spot it from the drill core when we looked at [indiscernible]. Okay. Looking ahead, so why are we doing exploration -- of course, resource growth in long-term growth. So if we want to grow, we need resources. So that's the reason why we need exploration. And in this chart, it describes our total ounces there at the Karilian gold line. So the latest update was just some -- a few weeks ago, and we had 619,000 ounces already defined in the resources like 2020 to '21 and '22, we were just concentrating to Pampalo mine and trying to replace everything that was mined during the year. So they invoice just to replace that amount and we didn't do much exploration. But really, in 2023, we started this exploration and we started to drill some serious meters Around Pampalomineand along this Korean gold line, like 12,000 meters, 21,000 meters 18,000 meters. And now this year, we are planning to drill 50,000 meters which is already a very significant amount of exploration drilling. And you can see that this really works. So with these kind of meters, we can grow the resource and more than 200% increase in 3 years. Okay. So then exploration focus areas in 2026 so we are increasing the amount of exploration drilling to 50,000 meters per year. And then we are demonstrating the large-scale potential of the [indiscernible] project with completion of the first resource estimate. And then there's the Tungsten and molybdenum potential in the southern gold line and perform exploration drilling near Quidel to follow areas with high coal potential. And then we are also restarting Pampalo in mine exploration. It's already started there. Okay. Thank you.

Okay. Thank you, Kari, Jani and Ilkka for the presentation. And please don't go away, Jani. We have a question-and-answer session right now. Please come to the stage Illla and Kari as well. I think we have about 15 minutes for the questions. Let's start with the questions in the audience here, and then we move on to the online questions.

What is the current management view on the life of mine of the current production zones in Pampa and Cosco?

So how we do it is that because it's a organic deposit, so it continues well to the lower level. So each year, we drill drill so that we have approximately 4 years of production. And then when we mine 1 year, we get to the lower levels. We drill again to a little bit lower so that we don't consume the resource. So we are not planning to drill, for example, 10 years of reserves, which release year, it's just a cost factor because when you go to the lower levels, it's easier to drill when you are closer to the deposit. So it's time we go a little bit lower [indiscernible] but we expect the life of mine to be long. And it's the same in Hosko, we are continuously drilling with Hosko, have a little bit less information, but we are drilling this year more and sort of we know the continuation to the to the lower levels, right? if you want to add some.

Yes. Yes, it's something there that you just go step by step to lower levels.

Speaking of costs, how will the lower share of subcontracting in OpEx affect the cash cost this year and also going forward?

I can answer. But I think like Ilkka mentioned that when we took over the business of the mining subcontractor, there were some extraordinary costs related to the takeover -- it was -- as mentioned, it was -- we had challenges during the Q4 to get it done, and there were some extraordinary costs However, in the long term, we see that, that's the way to have a more efficient production and lower the cost level. Currently, the main focus is on the volume. And then we can we can fine-tune the cost level. We would expect that it sort of steadies out now this year.

Yes. And of course, I would like to say that we have quite a lot of seasonal work. And when I first time saw those numbers, I was thinking that what's going on, that's why we are using so many contracting. But when I deep dive on those numbers, I realize that we have a lot of seasonal work we are doing bigger maintenance. We are doing we are doing laboratory analysis dam constructions, bigger construction. So those are seasonal work, and there is not any reason to hire an own employees on those activities.

Then on [indiscernible], what kind of volume could that deposit bring to the production and on what kind of schedule?

We have a permit for -- it's for 50,000 tonnes. So it's a fairly small volume, but we also have a plan that we will investigate if we apply for bigger permit, but that will naturally take a little bit of time not to probably 3 years to get it. But we have a permit that we could mine like 50,000 tonnes of the ore now.

Okay. Then on exploration, what are the current most interesting areas in terms of exploration in addition to the current known deposits in southern and northern gold line?

Well, of course, it's other drilling even at the moment and then there's [indiscernible] in the southern coat line. So there is [indiscernible] and they are located in the Southern gold line area. And then in the North, we have [indiscernible] and that's also very promising. So we have 3 main targets at the moment that we have areas where we are going to concentrate.

But do you have other deposits kind of earlier in the pipeline?

Yes, yes. As I mentioned, we have had like tens of projects and there's all the time, new projects coming to the pipeline. And so -- we know that there's code all along that 40, 50-kilometer long structure. So -- but it's just -- you have to concentrate to something because you can do everything at once so there is plenty of exploration potential. Like [indiscernible], it's just a deposit that is being mined at near the surface, but it still continues. And there are all of these known deposits already that nobody has really look at what's happening at depth and Northern South of those. So -- but as I said, we have to choose where to concentrate them and we will get the best result that way.

And lastly from me, will you keep the kind of drilling volume at 50,000 meters from now on every year?

We plan to increase it. Of course, that's the goal that next year will be bigger than this year, hopefully. And -- but let's see how it goes. Like even if -- it's like what Jani was showing, I was talking myself that last 3 years, we have drilled just a little bit over 50,000. Now we will do it in 3 years total. Now we will do it in 1 year. So it's very exciting. But still, there are so many good targets that we could investigate. So it would be nice to have even higher volume. But it depends on the cash flow because we are we are financing everything from the cash flow.

Actually, additional question to that, will the spot price kind of gold spot price affect drilling volumes. Will the drilling volume this year be 50,000 at the current spot levels?

Yes. Yes.

Is there any other questions in the audience? If not, we will move on to the questions from the chat. Let's continue with exploring. What is the current level of expected cost per drilled meter when exploring?

Okay. That's -- yes, so there are different elements in that what you calculate there. So one portion goes to drill contractor and then you have to cut the core in the 2 halves with the diamond sale and then you assay gold and also the other elements that's very expensive. So -- but I would estimate that we are about EUR 120 per meter as we are drilling at the moment. So that's about the cost that, that includes everything.

Okay. Are you carrying out exploration with your own resources? Or are you looking for industry partners?

Well, let's maybe for Kari to answer.

Well, our goal has been that -- like we -- I think that's a really competitive advantage to it yourself. Of course, there is some limit that at some stage, maybe you could -- we could think about a partner. But I think [indiscernible] in '23, like then there was the option that to have a partner and then do sort of joint exploration. But usually, what happens then is that you form a joint venture, you study exploration the next year units funding and then the other partner provides the funding. And after a few years, you don't own any more of this -- much of this joint so -- our goal has been to do it ourselves so that we own everything 100% because that creates the most shareholder value. That's our [indiscernible] because we have drilled like 10,000 meters, we get 100,000 ounces, 100,000 ounces. It's worth a lot of money. It's a lot more than the investment that we make. So we want to own everything. That's current view. On the long term, maybe we review that if we want to have a partner.

What about the exploration areas? Do you have other areas in mind and the surrounding areas of Pampalo?

Well, of course, it's the whole Karilian gold line where we are doing exploration. So it's about 20 kilometers north of Pampalo and also 20 kilometers, south of Pampalo, that's what we are concentrating. And then we have also some areas the west of Pampalo so there's actually other branch of this crested where we have very early stage projects, and we are now doing some test also there. So that's totally unknown what we're going to find there. But yes, that's where we are concentrating. Finland and [indiscernible].

Then let's move on to the production. And this question is about Pampa employees. How many people do you employ in the bumper production plant?

Totally Endomines has 74 people and in Pampalo 64 is the headcount.

You are planning to hire a great amount of people in the coming years. Is it challenging to recruit new personnel? And what type of skills and competencies will be needed now and in the future?

Well, I have to say that it's getting easier every time. And I think because everybody knows more and more of what Endomines is doing. That's one part. And I have to say that this year, for example, we did this personal survey with easy group, and we got this the most inspiring workplace award. So I think those kind of awards help us to increase our head count in the future. What kind of expertise we need. Geology is, of course, the one mining engineering operators and yes, many different kind of expertise.

What about Pampalo cost structure? Why is the share of suppliers increasing quite significantly this year?

There, I think there are 2 reasons. Of course, one is that when we are increasing our production, we need more supplies for that. So that's one reason of increase. And second one is that last year contractor was taking care of some of the supplies. So those prices were included in their contract, and now we can separate those from from the bills, yes.

Okay. Then let's move back to the exploration and exploration of Tungsten. Have you defined the size or magnitude of tungsten formation, how significant can the amount be?

Yes. So there is good potential that we know that the Tungsten and [indiscernible] in the ground. And this far, we have concentrated only to drill that coal deposit in the area, and it was kind of a side product that came out from that. And we noticed that that we have very interesting drilling deep of tungsten and molten and -- but then we also realize that we don't have enough till holes to create a resource. So we cannot yet do the official a resource estimate and come up with the great [indiscernible] so on. But the potential is great. And yes, [indiscernible] early figures you probably want to say. But yes, it's there, but it's too early to say exact grades, but it's big.

Do you want to add something?

I think [indiscernible] some information but we plan to -- our design is based on producing 1,000 tonnes per annum. It's quite significant.

This is [indiscernible] for you. You mentioned that you could perhaps debottleneck the plant and get to thousand ounces per year, but are these options to expand further there? Is there additional exploration upside?

Well, there is -- yes, definitely, the exploration upside. And then it's -- well, of course, there are limits with the current Pampalo mill. So we can increase a certain amount. But after a set end point, we need other plant and now that's what we are like drilling for at the moment at the Southern gold line, as I explained. So that's the area where we are defining resources. And yes, there would be then another planned in the southern gold line and then that's where we have also potential.

Then we have time for one question. And this is about our location in the Eastern Finland. You are located very close to Russian border and planning a big investment there. Are you not worried about the ratios in the current geopolitical environment I think this is for Kari.

Yes, we are not worried about Russia in current geopolitical environment Finland is part of the NATO and it's -- I think also in Finland, we are -- generally, we are not worried about the Russians.

I think those were the questions for now, and we will have another Q&A session at the end of the event, and then you will have another chance to ask questions. Now it's time for a little break, 15 minutes, and we will get back to 11:45. Thank you. [Break]

Hello. Welcome back from the break. Now is the second part of today's Capital Markets Day. We have 3 presentations ahead of us, and then we will have the final Q&A session where you're going to ask your questions to all of the presenters. First, our Chief Sustainability Officer, Hanne Makela who will talk about our sustainability journey now and especially in the future. And then our Chief Development Officer, Sampo Hirvonen will continue with an overview of our development project on the Southern gold line. And with that, Hanne, please welcome to the stage.

Thank you, Anni. Good day, everyone, and welcome back also on my behalf. My name is Hanne Makela, and I'm Endomines'' first Chief Sustainability Officer. I've been working for the company since last May and I'm very happy to give you through our sustainability journey from today into tomorrow. Like Kari mentioned before, sustainability is the backbone for all our operations. And as I see it, the only way forward. Sustainability is an integral part of Endomines strategy, guiding both our current operations and future growth. For us, sustainability is an essential part of our risk management, but it's also a source of trust and the foundation for future competitive advantage. By identifying and addressing environmental and safety-related risks proactively, we aim to reduce business disruptions, incidents and reputational damage. And by integrating the management of sustainability issues into our strategy and daily operations, we also strengthened our ability to add to changing conditions and also the evolving environment. operating environment. We also believe that transparent, measurable and well communicated actions build lasting trust among our stakeholders and the continued license to operate. And the way, sustainability is extremely important for the company. We have defined an ambitious sustainability program which is based on so-called double materiality assessment, a term probably known to most of us already. These are the topics that are most material for our business, both from impact and financial perspectives. Where do we focus on? We focus on reducing our impact on climate change, water resources and biodiversity as well as improving safety and well-being of our people. And of course, we focus on continuing trust on our local community. From a governance point of view, it is essential that everyone at the company knows what is expected from them. This is the only way that we can succeed. Our sustainability program is progressing well. On climate, we have a clear emissions baseline, and we are preparing our transition plan towards net 0. In Water Management, we already recycle all process waters in Pambalo, which, of course, reduces our discharges to the environment. We focused on improving real-time monitoring of our waters and mapping of new water treatment solution. such as wood chip-based bioreactor for nitrogen removal. That's something that we are planning on. Our biodiversity work has started. We have done the baseline assessments, giving us a solid foundation for future actions. And we have also worked on updating the Pampalo site closure plan. And as Ilkka already mentioned before, we are planning closure well ahead. [indiscernible] people, safety has improved significantly. As you can see, the lost time incident frequency has halved since last year and also the engagement of our people is on a good level and Ilkka already revealed that into 2026. The results have even improved from what you can see here. So we are improving on year-to-year on our engagement employee engagement, which, of course, makes me very, very happy. In the community, our local impact is visible through active engagement and supporting local businesses. All of this, what you can see here, we don't have time to go through the sustainability results in detail, but all of it is summarized in our newly published sustainability report, which can be found on our website. So please feel free to take a look at it. As we look ahead, the role of sustainability continues to grow in importance, business models built merely on minimizing harm will not meet the expectations of the future. We are entering a regenerative era. Regenerate business model goes beyond reducing negative impacts. It actively creates conditions for nature and people to thrive, generating net positive outcomes rather than simply doing less hard. What does this mean for the mining industry? Regenerative mining is the natural next step beyond sustainable mining. In the new era, meeting regulatory requirements and minimizing harm are no longer enough to ensure the acceptability and long-term success of operations. Mining is increasingly understood as a holistic system where environmental impacts social acceptance and economic viability are deeply interconnected. Instead of focusing only on reducing negative impacts, regenerative mining aims to restore ecosystems. That means, for example, improving biodiversity and water quality from what is on the baseline. Strengthen or strengthen communities, for example, providing jobs and infrastructure and supporting local livelihoods and build long-term resilience. For us, it means, for example, enabling circular material flows and also climate resilient operations. The overarching goal is renewal and also leaving a positive legacy for future generations. So this is the way we want to do our business in the future. Our response to this change is a live mine. This is a living model for regenerating mining built on continuous listening and responding to nature, water systems and community signals. It frames the mine as an active perspective part of its environment not a static industrial site, but a living system that adapts learns and evolves as the nature itself rather than trying to control the environment, a liven operations with the needs of local ecosystems and the people who depend on them. This is what we are going to do in the future, how we are going to do our business. In the Allied mine model, the mine interacts in Symbiosis with natural systems, water, energy, materials and bioriverst. It operates intelligently guided by real-time data that helps anticipate and manage risks. The mine becomes seamlessly integrated into the local community, creating value for people, communities and society at large. So this is regenerating mining. To succeed in the future, we must recognize that it is the nature. That's what the boundaries for our choices. If we exceed Nature's limits, our solutions simply cannot remain viable in the long term. This means that our operations must be planned and executed in ways that avoid degrading ecosystems and instead support their resilience. This is what we meant to accomplish in our new mining operations in the Southern gold line. This is our goal. In the next few slides, I will look more closely at the different natural systems that guide. And after my part of the presentation, my colleagues Sampo Hirvonen will present concrete examples of actions and practices, how we are going to bring this thinking into life when moving forward with the [indiscernible] Goldline operations. Clean what like has been mentioned many times here by my colleagues. They are extremely important to us since we are proud of our clean waters and especially in the North Karelia region where our home is -- that is why water balance is the single most critical factor for our operations, both in the short and long term. Our goal is that mining does not degrade groundwater also this water and at best supports the recovery of acetic ecosystems, quite ambitious goal. But this is the core element of the life mine model and requires, of course, a deep understanding of the state of the existing water go systems as well as the qualities of mine and process waters and effective solutions, effective innovative solutions for water treatment. Energy use is one of the largest sources of both emissions and operating costs in mining. We are moving step-by-step towards a fossil-free adaptive energy system that responds to changing environmental and operational needs. We designed our energy solutions with regional reliability and resilience in mind. This supports both our climate goals and also local communities. Mining waste such as waste rock and tailings is the largest physical footprint of a mining operation. Our focus is to reduce waste at the source and we do it through effective mine planning, of course, and with better material recovery. Our goal is to treat waste as a resource, not just something to dispose of. This approach supports the Allied mine model by reducing our footprint and strengthening long-term environmental resilience during and after active mining operations. And of course, mining affects biodiversity in water systems, landscapes and species. We work hard to identify protect and restore key nature areas. And we also do this together with our local stakeholders. Our aim is to move from no net loss towards net positive impact which is an ambitious goal. In the life mine model, rehabilitation actions start already during the mine's life cycle, not only at closure so this is the way we want to do our business in regards to biodivers. Now I'll move to data because without data, none of the things I've described so far are possible. Our daily operations based on continuous monitoring, measurements and real-time information. This is the foundation for both risk management and for learning how to operate more sustainably. In practice, data gives us insight. It helps us see changes, for example, in water or tailings management and process or safety deviations before they become risks. This enables us to plan further ahead, adjust operations proactively and continuously improve our performance. This is also central to a live mine model -- the mine sense is what is happening, interprets those signals and adapt according. So data is the key. Real-time data helps us manage chemical and process safety proactively, and continuous monitoring allows us to detect deviations early and prevent incidents before they occur. With better insights, we can use chemicals as needed, ensure stable controlled conditions. And of course, this approach improves reliability, reduces environmental load and helps us operate in a consistent and predictable way, transparency and credible data from the basis of trust among our stakeholders. Reliable information also enables better decision-making also for us and our stakeholders by translating, for example, complex environmental data into clear and understandable formats, we support learning foresight and open dialogue. We engage with people. we listen to their concerns and develop our operations based on the feedback we receive. And this all leads to social acceptance, which is ultimately what enables us to operate and the foundation of our long-term future, local communities, our working environment and level of transparency, all shape how the operation is perceived and trusted. Without trust, there is no social license to operate and without well-being people in the mine and in the surrounding communities, there is no sustainable operations. This is why social acceptance guides our vision for tomorrow. It is important that the mining strengthens the long-term vitality of the region where we operate and the people who depend on it. And it forms the ethical backbone of our operations. And because without thriving communities and safe, supportive work environment, mining has no real legitimacy. We must take care of our people. We must work for the benefit of local communities and in practice, this means, for example, meaningful sustainable employment and local investments for the future. When you put all this together, the environment, the community and the people, you start to see the full picture of what life minus all about. Let me now show you a brief video that captures this vision so we've taken our first step on our journey toward regentity, but the full potential can only be reached through partnerships and shared commitment. This is why we invite the entire mining industry, along with academics and experts to join us we want to lead the way, but the real change happens together. Thank you for your attention. Hopefully, you find this live mine thinking as inspirational as I do. But now let's move on to the concrete development steps. So Sampo, the stage is yours.

Thank you, and good day to everybody. My name is Sampo Hirvonen. I'm Chief Development Officer in Endomines. My background is engineer. I have started in Endomines in 2012. Next, we will look how we grow to the next level. We are decided -- the new products and facilities estimated the beginning in 2030. There's 4 potential locations under assessment and environment that will impact the assessment process. And we are scaling cold production to 70,000 to 100,000 ounces and products, they are high-value, premium concentrate or responsibly refire called DOR. Also in the area, there is [indiscernible] as additional drivers, we have a signed letter of intent with [indiscernible]. And it helps for us to development. For example, the process and mining, how we work with Tungsten for example. We are utilizing the most advanced and best available environmental technologies. We are keeping the eastern border by brand. The investment will provide work opportunities and tax revenue for loan line. We are growing step by step. As Ilkka sold earlier, the growth comes from Pampalo. From here, '26 to '29, we are working in [indiscernible] about in 25 ounces level by 29%. But in Southern Goldline, we are entering production to 70,000 to 100,000 ounces and also the Tungsten amlodenum production will begin there. Later, we have other projects in Norton Gold Line and 32 onwards, they are estimated at the beginning. There are some parameters for growth. The future production flows. In Pampalo is estimated the production level is 25,000 ounces and in Southern Goldline 45, 000 to 75,000 ounce. Resources growth are estimated to over 600,000 ounces gold in area by 28, enabling a minimum 10 years per production. In Tungsten and molybdenum, this moment, production is designed for 1 million tonnes speed to sorting. An estimated production range for 10 is approximately 1,000 tonnes per annum. For molybdenum, it's about 600 tonnes per concentrate of tonnes per annum. In Southern Goldline, we decide that growth will come in 2 phases. So there is first phase, 1.5 million tonnes of gold ore and output will be estimated 60,000 to 65,000 ounces of gold with great 1.5 grams per tonne. In second phase, we upgrade plants to 3 million tonnes per year, and output will be 130 ounces of gold with 1.5 grams per tonne grade. In permitting, both phases are used. Also, additional for this production, there is still pumpleproduction supporting in total on [indiscernible] Here, we have a time schedule how we advance -- our plan includes 4 deposits in South and Goldline, which are permitted together. And there is a lot of indicates base of the samples that some parts could be connected. And Southern Goldline will boost production to 70,000 to 100,000 tons gold per annum. And also, the Tungsten and [indiscernible] included in plants. We started in 2024 nature surveys and studies. And also, we started preparing environmental impact assessment program preparing. We launched program in this February to authorities 2027 we are estimated to complete prefer disability study and also environmental impact assessment report and permit are estimated that application can be launched during in first half. We are expecting that we received environmental per decision in second half and after that, we can advance in finance and negotiations. 29-30, building and commission are designed. In Resources, we grow step-by-step also. As earlier mentioned, that we have now a little bit over EUR 638 million on sales results. This year will be significant for us in exploration, the drilling in Southern gold line are estimated 40,000 meters. And those results is estimated in UCO later this year. And also in '28, investment decision based on targeted at 6.8 million on results in Southern Gold Line. And also, we are targeted to define tungsten and molybdenum resources. In 2030, Endomines target level is 15 million to 2 million ounces called resource in total, which 50% of that in Southern Goldline. So the drilling program is very historical for us. As Jani mentioned earlier that [indiscernible], there is very potential area in base of deal samples in that [indiscernible]. It can become the significant supplier of tungsten 55% of global supply. This gives us opportunity to strengthen access to European industrial partnership and funding. It's assessing lability for European Union critical raw materials producers status. We have ongoing design work to define an efficient and scalable production concept. It's very interesting. For example, we have there some kind of sorting basis, for example, to increase that head grade as earlier in time line, there was something that we have done, but I will explain here a little bit the details. In '24, we started environmental surveys carried out in Southern Goldline, 25 vegetation and habitat survey conducted in Pampalo along the Southern Goldline. And also, they will continue in this year in new areas. In compressive scope, survives cover broad brands, species, apitades, environmental indicators across the project area. We are creating a monitoring network. Approximately, there is about 70 groundwater monitoring wells planned to the project area. It includes also the surface and groundwater modeling, then it can be initiated. For infrastructure and technical studies, or logistics or will be transported either by truck or conveyor. Power Infrastructure local utility provider will build a 100-kilowatt power line for the area. The project area doesn't include Natura 2000 sites or nature reserve areas. How we do all this in practice? First, we take care of weather ways. We aim to combine traditional technologies with a digital water balance and forecasting models as well as nature-based treatment solutions such as conducted to wetlands and bioreactors. In [indiscernible] sign, we design how we can reduce external orders in coming to mine site, for example. And that way, we can make a closed water [indiscernible] reduce fresh water intake. For example, in Energy & Emissions in practice, we aim to address our mining processes and aim to natural emission. We aim to use waste needs and hybrid solutions such as sun batteries, technology for energy production and storage. We aim the development of energy systems with [indiscernible] of the entire surrounding region mine. For that, for example, in that case, the conveyor system for oral logistics. Materials and site streams in practice, we aim to enhance mining efficiency through distorting and improve the recovery of minerals. We aim to utilize waste rock and tailings on side and offside applications. We place material safely into underground backfill and explore transition to dry stacking of tailings. There is plenty of good reasons to look up, for example, dry stacking. For example, the footprint, rehabilitation. You can you need so much water, for example, on that way. So dam structures are much more simple, no risk risks for the dance, for example on that way, we can also you that processive rehabilitations for waste rock areas, and also for the tailings areas when there is a dry stacking, for example, in practice. And the my closure and rehabilitation measures are planned before the operation start. We aim progressive rehabilitation supporting biodiversity through the earlier habitat restoration. We work with local stakeholders to Interfile project to restore the most important side. That's our aim. Chemical and process safety and openness data. If you don't have data, you don't know anything. We minimize the environmental impact indemnifying the critical risk points, enabling proactive monitoring and rapid response of any deviations. For example, if we do a digital twin, then we can see many other things on other way than normal in nature. We aim to make the key impacts visible in an accessible format people and places in practice, we built a safe working environment that supports well-being in current development. We meet the people face and face and involve them in decision-making. The mine brings jobs. That's why we use local people, local suppliers local services, infrastructure. And there, the skills are passed on from the generation from [indiscernible].

Thank you, Hanne, and Sampo. Now it's time to move on to today's final presentation. We are pleased to be joined by a [indiscernible] portfolio manager from Evli. And Petter is going to give us an interesting presentation about the insights of the cold market at the moment. Petter, please, welcome to the stage.

Thank you very much. Okay. Hello. Thank you for your invitation here. So a portfolio manager since a long time. And one of the mutual funds that I manage is a precious metals equities fund founded 10 years ago. So -- and investing in gold and silver mines globally exactly like Endomines. But there are lots of gold and silver mines out there. Gold and silver mining eventually is or at least it is at leas very important by the end of the day where the price of the metal that they mine how would develop. And in this case, it's predominantly gold. This is a huge topic, a super interesting topic, and I'm not sure if -- I've tried to keep this rather short. It's it's very easy to take detours and start talking about different things. And so much is happening in the world currently. But let's try to keep this forecast. I will start an example, this country, Finland got its first currency in 1864 and the value of that currency was very clearly defined. You see here, it was tied to silver. And it then changed rather then became another [indiscernible] standard, I think. But anyway, is best not the point here. Now let's move 152 years further in time to this today and ask ourselves what would have happened if we would have saved some of those first currencies of Finland. We could have chosen 2 ways of saving them either as a note -- bank notes or as the amount of silver that every note was entitled to. And here you see, if we would have a 1,000 of those marks, we would have EUR 1.60, half of cap of coffee left if we would have saved it a silver, we would have roughly EUR 10,000. This is exactly what gold and that or silver doesn't matter. The huge difference between the end value of the silver savings and the bank note saving savings was not because -- it's not because there would have been a massive increase in the purchasing power of silver. It's a fully 100% a consequence of a debasement of the currency or a disproportionate increase in money supply. And this -- the value of precious metals mainly gold has been something that you have been able throughout time to find a broad enough consensus, that gold has an intrinsic value. And very importantly, an independent value. Furthermore, gold has super physical properties for this purpose, not the least that is very durable. So you can say your goal forever basically. That's a great difficulty of obtaining a as our host now and everybody knows, it's not something you do very easily. And also the rather small and predictable yearly growth of the stock of gold. These are all properties that are very good for money. And throughout times, as we know, gold has been the basis for money or actually a real goal naturally says that gold is money. But anyway, this is the reason behind Gold has always had and still has, in fact, although it's not that visible, a very important role in monetary systems. But the actual task of gold in monitoring systems is to discipline or make the growth in money supply more difficult. If money is tied to gold, basically, if you would see that you need to mine more gold in order to print more money. However, at least in there, this is something you could equally well or at least quite well achieved without goal. You would need gold or silver for this disciplinary effect for the growth in money supply. And in fact, at least since 1971, which is the starting point of the system that we're living in currently, we have had currencies that are not at least directly tied to any metallic standard. And 2 of these rules. So you could replace the role of gold in monetary systems with a set of rules and principles, governing the growth in money supply, basically. And among those rules, these 2 would for certain, be very crucial or are very crucial. And in fact, our rules and principles that we have or should have currently. So you should not be able to monitor refinance your own government. I mean, print money and financial government debt. That is the #1 rule partly the same thing, but also a rule that would help a lot if you would put a minimum of the Central Bank solvency because the Central Bank is the one that issues the cars. Okay. You would come a long way with these 2 restrictions, in my opinion. Well, but rules change. And these are rules that we basically have had in place since after the war and also since after -- since the beginning of '17 when -- after the Bretton Woods system. These rules, if you compare these rules with other rules that let's say, or let's say, promises that the government give. This is the easiest to break. It is 100x easier. It's super much easier to print some money is much easier than to break a promise to I mean to your voters or to old people or hospitals or education or anything like that. So -- but this has now since the -- we can divide the era after the war in 2 or I do it at least in 2 areas. We have one from [indiscernible] we did not monetary finance our own government, all but we have done indirectly, but still -- and then we have another area which started after the financial crisis and is still ongoing when we started to indirectly help the government to carry its expenses and its debt. And this is -- what has happened is rather matic, this is the Federal Reserve balance sheet for 100-year graph. And on the right-hand side, you see since -- this is, in fact, the starting point is the inception is the Fed was founded in 1913, if I remember correctly. So this is the whole history of it. What we should pay attention to here are 2 things: the uncontrollable growth and the point where we stop right here. In December, last year, the Fed decided to stop its attempt to shrink its balance sheet because basically the market couldn't absorb the consequences anymore. And this is done -- if you go back and draw a line here, at the point which is above the historical free peak in the middle of the war -- so -- the root of the problem, we have not increased the money supply or the monetary base, in fact, the okay, without the reason. The real problem is the massively the massive government debt. And the problem to carry, finance and absorb the ever-growing amount of government debt in the U.S. and here. equally well here in the euro area. So the crucial question is, in fact, easy question is that is this debt manageable without help without money printing help or without help from the Central Bank. A way of looking at this is that this is a 65-year graph of the long U.S. Treasury yield U.S. is currently paying 3 -- roughly 3% on average of its almost EUR 40 trillion government debt here. If you divide 1.2 trillion with the outstanding government debt, it gives you 3%. This is the highest ever relation -- this is the highest relation ever relative to GDP, despite the fact that the interest rate that they are paying is historically quite low. So the message here is that if they would pay on average -- if they would pay the median level in the history of the 10-year yield on their own government debt, the sum would be EUR 2.2 trillion interest rate yearly, which is basically if that would happen over the night, it's not manageable. It's too -- it's simply too much. So the very big question, at least as far as I can see it as I feel, is that have we lost at least a rather big amount of our capacity to defend the value of money. And defending the value of money is to have room to hike interest rates and to decrease the money supply. Okay. We have basically 2 percentage points room to fight inflation or remember, the last inflation wave in the '70s, they hike the Fed funds rates to 20%. That is, of course, quite impossible nowadays. What comes to money supply, we've seen that they already stopped in December. So if you are not able to hike interest rates and you are not able to cut the money supply, then it doesn't matter if your Central Bank is institutionally independent. In fact, it is very dependent on the government finances or fiscal dominance as the saying goes. Okay. The less capacity we have left, the higher the price of gold. And the capacity appears to be smaller than in living memory. All the money printing has led to a -- can be seen in the balance sheets of the central banks. So this is the consolidated balance sheet of the Eurosystem. Eurosystem is ECB plus the national central banks of the euro area. The by far largest asset in the Central Bank of our balance sheet and basically all others in the world is our -- government debt are claims held on yourself. Central banks might be institutionally apart, but they are to 100% the same economic entity as the government. And EUR 4 trillions out of 6 EUR trillions, this was under EUR 1 trillion before all of this started. So this is the most important asset in the guarantor of the value of money balance sheet. But -- and this has been like this already -- this position has been here already for 15 years. But the real question is what is the value of a claim that you have on yourself, at least in a situation when this becomes permanent. Well, one would be tempted to say 0 because it's not possible to owe to yourself. So let's put this at 0 and ask our -- then if we put this at 0, the equity or the capital of our central banking systems will be roughly EUR 3 billion negative. Then we ask ourselves, how could we restore that capital, let's say, to 0. If you are running a government debt to GDP of over 100%, you cannot -- you don't have the money to recapitalize it yourself. You have -- but what you can do is particularly in the European case, you could increase -- a higher price of gold would solve it. Let's go back. So you see -- you might or you might not know that the Euro area is the by far largest owner of physical gold in the world, clearly larger than the States. U.S. is the largest single country, but we as a group or Euro area as a group is larger and the sum is 10,600 tonnes. U.S. is 8,000 tonnes, 8,100 tonnes. And the market value currently of that is 1.3. So this is creeping up. In fact, quite interesting, we already have a rather large gold portion. Gold is backing viewed this way currently, gold is 1 divided by 6 -- sorry, euro is backed by 1 divided by 6 of gold in a way. But if as one could view this as valueless, then the situation -- then it's basically the only asset left. This is not an issue which is on the table, so to say. But what is very, very important here for is that there should not be a new wave of QE. It will be quite different from the one from the first one when we went from 0 to EUR 3 trillion. But when we go from EUR 3 trillion to EUR 10 trillion, it's nothing entire else. So that's one point. And then finally, the nominal price of gold has, as we know, all known, made several new all-time highs during the last 1 or 2 years. A lot has happened. Another way of looking at it, this is one of the things that we tend to -- we relate the value of gold. Here, we are looking at the value of the U.S. gold reserve. So U.S. holds 261 million ounces of gold or 8,100 tonnes of gold. They used to hold -- they had -- during these times, they had almost 3x more but then they lost 2/3 until Nixon stopped the gold bleeding with the [indiscernible] Woods decision. But anyway, gold price has quadrupled in 10 years or something. But the value of the U.S. gold reserve is half of its 100-year average of the monetary base. So the increase in the monetary base has still been many, many fold. I don't know where this would be going. Rating gold in the U.S. like this to different variables, you can argue for a gold price of anything between $2,000 and $75,000. So it's a little bit what you pick. But now these are -- there is one big set of -- one big topic missing here now, and that is, of course, everything that has happened in the States after the new administration, which directly or indirectly has to be with the status of the dollar as a global reserve currency. Dollar and gold are, of course, fighting pair, so to say. But that is such a big issue that it's quite difficult to define what is, in fact, about. It's very difficult to see that you would ever find a replacing reserve currency, anything else than the dollar. Hard to see that it would be the pound or euro or the yen or whatever or the renminbi. But of course, if the -- if USD would run into, let's say, serious troubles of some sort, which I personally don't think and I don't see it. But if it would, there would, of course, be no upper limit for gold. because gold is basically the only -- is the strongest reserve alternative, a trend which we have seen somewhat, but that -- so I think that is a question that everybody can think of, and it's quite difficult to get grip of. Okay. I think that was it. Thank you.

Okay. Thank you, Peter, for excellent and insightful presentation. Now we are ready for final Q&A session. I want to invite all the presenters to the stage. And let's start with the questions in the audience again.

Atte from Inderes again. Regarding the letter of intent that you agreed upon, how closely will you work with the potential offtaker regarding the development of Southern Goldline?

We plan to work very closely, especially on the technical side so that we have because when we have done some preliminary testing and we want to sort of produce a product that is sellable in all conditions. So that's something that we want to work closely to get more technical knowledge as the partner, they have their own mine and they have also processing facilities. So we can gain a lot of knowledge from the partner that how the process should be run. And then, of course, the goal there is even it's not -- this is nonbinding and there is no -- the goal anyway is that at the end, we would form a partnership with the offtake.

Yes. How many years you think it will take you from going to 1.5 million tonnes to 3.0 million tonnes in the Southern Gold line regarding the output.

That hasn't been -- we haven't estimated that. That sort of depends how -- what kind of results [indiscernible] brings to the table with the drilling and how much we drill next year and so on. But as fast as possible, like if we have a sufficient resource then as fast as possible.

And then will you be able to finance the Southern Gold line with only a pre-feasibility study? Or do you think that you will need a definitive feasibility study to finance that project?

Yes, we need a definite feasibility study. I think here, this is not a common way we have done it in a way that we have really focused on the -- to get the resources up. And then also for this permitting, we need to know like as we have a lot of -- we have very large areas where we have indications of gold in the base of till. So we need to do a lot also this scouting drilling just to know where are the boundaries and also where we can place the factories and all the infrastructure so that we don't place it on top of the gold deposit as usually happens with the investments. And therefore, the resource will come with a little bit of a delay, and then we need the resource to do the feasibility. So therefore, we will start it next year. Otherwise, we would have started it this year.

And finally, in what phase of pre-feasibility study are you currently?

We are currently in a phase that we are doing test work with Metal. So they are our partner on the design process design. And then we have several test phases going on with the sidetrack and with the different rock types or types. And then we are designing the facilities. But -- and so we have some preliminary CapEx figures, but we want to define those further. And then what's still sort of missing is the sort of the mining CapEx side. That's something that we need to do. But we are still -- because we are operating only 20 kilometers away from the Southern Gold Line. So we know sort of -- we have a really good feeling that what is feasible and what is not and what is the cost level. But those are internal studies. So when you look for financing, then it's not sufficient.

What are the current preliminary estimates for the CapEx? And how will the Tungsten part play on that?

It has been now estimated on approximately EUR 200 million, and it's not including the tungsten and molybdenum, and those are somewhere -- that's something that we still need to define. We haven't -- we don't have even the preliminary estimate. We have Metso working on that part now.

Do we have another questions in the audience? Maybe not -- let's move on to the questions from the chat. First question is about Alive Mine. You introduced the Alive Mine concept as a regenerative mining model. This is an ambitious and forward-looking vision, but how do you measure regenerative impact in practice? What are the concrete KPIs that will tell investors whether Alive Mine is delivering results versus remaining aspirational?

Yes. Thank you for the question. This is an excellent question, and I was hoping that we would be able to present to you our comprehensive measurement model already today, but it's not ready yet. We want to do it really thoroughly. So next time we are here in the CMD, we will be happy to present to you a comprehensive model where you can follow up on our progress and also see how we are currently based against the target state. So yes, please stay tuned. It will follow, but we are not quite ready yet. But to be quite honest, I'm excited about it. But so far -- and currently, we still follow the current sustainability program, but it will be much wider contacts and also easy to follow where we stand.

Let's stay with the sustainability. Mining operations rely heavily on diesel-powered underground equipment, hauling trucks and heating. What is the current share of fossil fuels in your energy mix? And what specific technologies, battery electric vehicles, electrification, are you planning to deploy?

Okay. I can answer some parts of that, and then I rely on my colleagues on some parts. But anyway, so regarding the electricity mix from the beginning of this year, we have transferred fully into green energy. So we are -- our energy is fully on hydrogen from hydrogen, how to say it. So no, no, no hydropower electricity. Sorry for that. But anyway, and of course, like our mill is run on electricity and also some of the mine equipment is run on electricity, but only a small part currently. So Ilkka, maybe you can elaborate on that.

Yes. So it's like you said that at the moment, we are using lots of diesel when we haulage the ore to the surface. And of course, we are using electricity when we do the ping and putting net to the ground support, but we have to do the change step by step to get the CapEx portfolio in a good level.

During the first quarter, we have had quite deep discussions with the production -- between production and the sustainability team, we have discussed different options as part of our climate transition plan. So we are listing concrete examples of concrete projects on how to move towards net zero. So we are working on the transition plan, and there will be concrete steps to be taken in the current operations. And of course, when looking forward into the Southern Gold Line and the development projects, there, the electrification is the key. So perhaps [indiscernible], do you want to add something on that?

Yes, we have been contacted to mining equipment suppliers that we have very high-level targets for future that how you can help us. And there is a lot of solutions for that on this time. And as we go on forward this project work goes on and equipment will develop in a lot of in that time. And for example, a mine or excavation with conveyor is one solution for that.

Okay. Next question is about Southern Gold. And actually, the CapEx, which we already discussed. But how much more do you think you will need to spend to implement all the environmentally friendly processes versus a more traditional setting? And can you give examples of these technologies involved? Kari, do you want to take that?

Yes. I think we are -- we have a rough estimate that it will be somewhere between EUR 20 million to EUR 30 million. That's -- but there are also benefits like if you think about this, like what Sampo was describing about dry stacking, for example, like if you compare traditional mining processes, there is very high CapEx on the flotation sand area. And this can be minimized with the dry stacking and that also decreases the -- if you think about the financial side, then it decreases the financial bond, the environmental bond requirements significantly and especially if you do the restoration activities continuously, so you don't wait to the finish when you start doing it, that really helps with the financing side.

And what about the project? How confident are you that you can keep the planned time line, which is quite tight? What can cause delays?

It's an ambitious time line. We are aware, we are confident we can keep it. I think there are parts that are not fully in our control, which is on the permitting side. So that's something that that we have identified as a risk, like we don't see it as a long big risk in a way that if there is a small delay, I don't think it changes the -- we don't believe it changes the big picture. If it's 2030 or 2031, it doesn't change the picture. And then we are also applying for this critical project status from the European Union. So that really helps also if that -- if we get the status, of course, it's not -- it hasn't been decided. So we will see. But if we get it, it has -- there is a sort of guaranteed time line of 2 years to get the permit from the application phase. And -- but I think the best way to get it done quickly is to really do a world-class application. I think that's how it works in Finland. So if you do like a world-class application, you get the permit.

And the next question is about the Pampola life mine. Will cash costs increase as you expand the mine deeper? And if so, by how much?

Well, I have to say that it won't increase. It will be the same or even lower level that it is now.

Okay. Then we have a couple of questions to Peter. Do you think -- or where do you see the gold prices at the end of the year?

I don't know. Higher than now.

Okay. Good. Do you think we will get back to the gold standard?

No. I don't think so. But I think you cannot rule out that gold will be at some point in time, the last resort of the lender of last resort themselves. That is -- I don't think they would like to return to it, but they might need help from it to restore their own finances. I'm speaking about the central banking systems.

Okay. That was the last question. And I think our Capital Markets Day is going to end. But before we end, Kari Vyhtinen will wrap up the presentations. And on my behalf, on our behalf, we want to thank you all for attending, and we hope that you have enjoyed this event. And I also want to remind you that there will be a replay of this event available on our website later today. And thank you again. And Kari, the stage is yours again.

Thank you. Just a short closing remarks. All right. So if we summarize today what you have heard and summarize Endomines, we had a record year last year. However, this year, we expect to be significantly better. And there is many reasons for that. The production is expected to grow 10% to 20% this year, and we have a solid plan how to do it. We have acquired our underground subcontractor, for example, as Ilkka explained. So it's in our control now. It used to be -- there was a subcontractor with a different vision. We had a strong vision to grow. our subcontractor didn't really have the same vision. So we decided to acquire the business last year, and now it's in our control. We have it in -- it's a very solid foundation. Then the cash flow that we make, we will invest in exploration, and it's the largest ever, almost same amount of exploration drilling than during the last 3 years combined. So it's a very significant amount. And if you have been following the company closely, we have had, during the last 3 years, a lot of excellent results. So we expect to get a lot of exciting results this year and future tells what kind of results. Then we have a new streamlined structure in the U.S. We sold the 3 assets, and those were the assets with the highest operation cost. So this year, we are entering the year with lower cost structure. The global trends, they support the gold market. Of course, there is -- now the world is in a very uncertain phase. And during the coming weeks and maybe 2, 3 months, it's very difficult to see where the world is heading. However, the basic fundamentals are there, and we believe anyway that the gold will support and continue to grow later this year. Then the Southern Gold Line development project is moving to the next phase. We have launched the environmental impact assessment program, and now it's going to the report phase and permit phase. And the guidance, as mentioned, is 10% to 20% growth. Then one of the new things is the alive mine, what Hanne was explaining, and this is really the way that we see that the industry is changing. And it's an ambitious target that what we say that we want to change the industry, like that's the goal really that we want to change the industry because we see that now there has been a change in the global atmosphere that there is more and more countries that realize that they need metals. like otherwise, it just doesn't work in earth if you don't have the metals. And now it's becoming more and more crucial to have the metals in your country as Finnish President Stupp has also emphasized in the newspapers and so on. But to make this really competitive is the through sustainability that we understand that the nature brings the limits on the actions that we do. We have AI. We have data that we control the processes. We don't just report what happened yesterday or last week. We are optimizing the processes continuously. And then we have the social license from the people that live close by, and that's the way. And of course, with mining, you leave a hole in the ground, but that should be the effect on the environmental side. We should do positive items and really also change the industry. So this is a new phase, and it happens together. So as [indiscernible] said, we invite everybody to join the journey, join the golden journey. Thank you very much from my behalf, and I hope you enjoyed the presentations, and thank you all the presenters, and thank you, Anni, for organizing, and thank you, technical team.