Inside Information, profit warning: Endomines Finland Oyj lowers its 2024 gold production guidance: Gold production is expected to increase by 8–15 % compared to 2023
Endomines Finland Plc – Inside information – 27/11/2024, at 14:00 EET
Inside Information, profit warning: Endomines Finland Oyj lowers its 2024 gold production guidance: Gold production is expected to increase by 8–15 % compared to 2023
Finnish mining and exploration company Endomines Finland Oyj updates its production guidance for the year 2024. The company now expects the gold production volume to increase by 8–15 % compared to the 2023 production volume. At the beginning of the year, the company had estimated a gold production increase by 15–35 % compared to the previous year.
The company updated the open pit mine plan at Pampalo during Autumn 2024 to reflect the current higher price of gold. The updated mining plan has a higher amount of gold to be mined in total creating a solid base for 2025 gold production. The implementation of the new plan has been slower than estimated due to defects in the production equipment. The lower production level is also due to the rock mechanical challenges encountered at the underground mine at the end of the year, which have temporarily slowed down production. The above-mentioned issues have affected production during October-November 2024.
“The slower growth in production volume is due to the production challenges we faced at the end of the year, which have temporarily slowed down our operations. Our production will still clearly increase from the year 2023 and the high gold price will support our operations. We see the challenges encountered as an unfortunate bump on our road towards future production levels. Additionally, the construction of Hosko underground mine is progressing as planned, and we believe Hosko mine will be an important part of next year’s production. Our vision for the future is to increase our production volumes each year compared to the previous year, and we are not making any changes to this vision. We will continue our work towards the annual production level of 20,000 ounces of gold, and then upwards,” states the company’s CEO Kari Vyhtinen.
Further information:
Kari Vyhtinen
CEO, Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewelry and electronics industries and create value by turning natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com.