Endomines Finland Plc – Inside information – 29/10/ 2026, at 12:30 EET
Inside Information: Endomines identifies two new gold zones north of the UKKO deposit
Endomines Finland Plc has identified two new gold-mineralized zones in the vicinity of the UKKO deposit at Ukkolanvaara. The discoveries are located north of the main deposit and significantly expand the mineralized area.
The northernmost zone is located approximately 1.7 kilometres north of the UKKO main deposit. The first drill hole completed in the area (UKKO-142) intersected an exceptionally strong gold mineralization, returning 31.75 metres at 3.06 g/t gold. Subsequent drill holes have confirmed the continuity of the mineralization over a strike length of approximately 200 metres. The down-dip extension of the zone is considered one of the most important targets for further exploration.
In addition, a new near-surface gold zone was discovered approximately 450 metres north of the main deposit. Drill holes completed in the area (UKKO-113 and UKKO-115) intersected thick, gold-bearing iron formation. Gold grades in this area were lower, but still significant. The strike length of this zone is preliminarily estimated at approximately 350 metres.
Key results from the latest drilling at Ukkolanvaara
- Drill hole UKKO-142 intersected 31.75 m @ 3.06 g/t gold from 21.80 m
- including 0.85 m @ 7.66 g/t gold from 25.80 m
- including 3.80 m @ 6.20 g/t gold from 30.25 m
- including 0.80 m @ 14.20 g/t gold from 33.25 m
- including 1.05 m @ 7.71 g/t gold from 44.10 m
- including 2.00 m @ 8.10 g/t gold from 48.30 m
- Drill hole UKKO-113 intersected 26.60 m @ 0.80 g/t gold from 23.30 m
- including 1.00 m @ 2.59 g/t gold from 32.80 m
- including 1.00 m @ 2.44 g/t gold from 43.20 m
- including 0.95 m @ 3.63 g/t gold from 47.20 m
- including 0.90 m @ 2.72 g/t gold from 49.00 m
“Ukkolanvaara continues to grow with each new discovery. The new result achieved in the northern area ranks among the most significant drill intersections at Ukkolanvaara to date. The gold-prospective area has now expanded to nearly 10 kilometres in length. Through systematic drilling, we are defining the boundaries of the mineralized system and building the foundation for a future mineral resource estimate and mine planning. Our objective is to commence production at Ukkolanvaara around 2030 as part of our plan to increase annual gold production to 70,000-100,000 ounces,” comments the company's CEO, Kari Vyhtinen.
Significant drill intersections from the new Ukkolanvaara drilling program are presented in Appendix 1, and the locations of the drill holes are shown in Appendix 2.
The gold potential of the UKKO deposit becomes more clearly defined
In addition to the new discoveries, Endomines has continued infill and follow-up drilling at the UKKO deposit throughout the autumn. The objective of the drilling program is to improve the company's understanding of the deposit's geometry, extent, and continuity of gold mineralization, while also collecting data for a future mineral resource estimate.
The drilling results indicate that gold grades vary across different parts of the deposit. This is typical of large gold deposits, and systematic drilling is aimed at defining the structure of the mineralization as accurately as possible.
On 15 September 2026, Endomines reported drilling results and announced the discovery of a 200-metre-long gold zone south of the main deposit. The company stated that it was awaiting results from the area between these gold zones. The results released today indicate that gold grades in this area were generally modest. However, drill hole UKKO-128, drilled in the western part of the target area, intersected 6.25 metres grading 1.83 g/t gold. The result suggests that the southern extension of the main deposit is located further west and at greater depth than previously interpreted. Additional drilling will be carried out to investigate its geological connection to the main deposit.
"The drilling completed over the past year has significantly increased our understanding of the Ukkolanvaara system. Each new zone and drill result helps build a more comprehensive picture of the area's gold potential and supports the forthcoming mineral resource estimate," says Kari Vyhtinen.
Ukkolanvaara is Endomines' most important exploration target
The UKKO deposit, discovered in 2025, has been the primary focus of Endomines' exploration activities. The company has allocated the majority of its 2026 drilling, geophysical surveys, and geological mapping efforts to Ukkolanvaara. At the same time, the company is assessing the area's potential for future mining operations.
During 2026, a total of 132 drill holes have been completed at Ukkolanvaara for an aggregate length of 30,296.2 metres. Visible gold has been observed in 62 drill holes. Drilling activities remain ongoing.
In addition to Ukkolanvaara, drilling during 2026 has been carried out at Kartitsa on the Northern Gold Line and at Kuittila on the Southern Gold Line, where exploration has focused particularly on tungsten.
The company's objective is to publish the first Mineral Resource Estimate (MRE) for Ukkolanvaara in the first half of 2027.
Geology of Ukkolanvaara
The most intense gold mineralization has been observed within tightly folded iron formation (BIF, Banded Iron Formation) where pyrrhotite replaces magnetite bands. Similar BIF-hosted gold mineralization is known in other Archean greenstone belts, including those in Australia and Canada.
The alteration halo around the gold mineralization includes chlorite, carbonates, garnets, grunerite and iron sulphides, chiefly pyrrhotite.
Drilling technology and quality assurance
All surface drilling has been carried out by MK Core Drilling Oy, using WL-76 tubes, resulting in a core of 57.5 mm in diameter. Drill hole locations will be surveyed after completion of the drilling program. All coordinates and maps used in this release reflect planned coordinates.
A downhole survey of bearing and dip deviations has been completed with the DeviFlex survey tool. All cores have been oriented with the Reflex ACT3 equipment.
The drill cores have been logged by Endomines own personnel. The drill cores have been cut in half by geoservices company Palsatech Oy in Kemi or Sodankylä prior to the shipping to CRS’ laboratory in Kempele. Samples were sent to CRS' laboratory in Kempele for preparation (code PRP-929) and then sent to MS Analytical laboratory in Langley, Canada, where samples were analyzed by methods FAS-111 (Gold), and IMS-230 (multi element). Gold over 10 g/t was re-analysed with FAS-415 .
Normal QA/QC (Quality Assurance/Quality Control) procedures have been adhered to on all the samples, with standards, blanks and duplicates routinely submitted as part of the sampling program. The quality of sample preparation, security integrity and chemical assays was equal to, or exceeded, current industrial standards and the requirements of the JORC-code.
This statement has been controlled by Eurogeologist Jani Rautio MSc. (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals (FAMMP) -standards. Jani Rautio is a full-time employee of Endomines and owns 9,624 shares in Endomines.
Further information:
Kari Vyhtinen
CEO
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050
Jani Rautio
Chief Technical Officer
Endomines Finland Plc
jani.rautio@endomines.com
+358 50 593 0812
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 produce gold for the jewellery 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.
The Karelian Gold Line is 40 kilometers long, a gold prospective portion of the Ilomantsi greenstone belt located in Eastern Finland approximately 500 kilometers northeast of Helsinki. The area hosts several gold deposits, the largest known being Pampalo. Endomines controls extensively exploration rights across the Karelian Gold Line.
Ukkolanvaara is located along the Karelian Gold Line in North Karelia, Finland. Endomines discovered the UKKO gold mineralization in 2025, after which extensive drilling programs have been carried out to define the size, continuity and geological characteristics of the deposit. Ukkolanvaara is currently Endomines’ primary exploration target and one of the company’s most important growth projects.