Mining On Top: Stockholm 2013 26-27 Nov 2013 Responsible gold mining and exploration: positioned for growth – Markus Ekberg, Endomines; CEO

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Exploring the true potential of the Karelian Gold Line

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Exploring the true potential of the Karelian Gold Line
Nasdaq OMX Stockholm (ticker ENDO ); Helsinki (ticker: ENDOM)

3. 3
Exploring the true potential of the Karelian Gold Line
Disclaimer
Statements in this presentation which are not purely historical facts, including
without limitation statements regarding future estimates, plans, objectives,
assumptions or expectations of future performance are “forward-looking
statements”. Investors are advised that by their nature as visual aids,
presentations provide information in a summary form and are prepared as a
presenter’s aid and support - not a standalone document. Please note that such
“forward-looking statements” involve known and unknown risks and uncertainties
that could cause actual results and future events to differ materially from those
anticipated in such statements. Such risks and uncertainties include fluctuations in
metal prices, unpredictable results of exploration activities, uncertainties inherent
in the estimation of mineral reserves and resources, fluctuations in the costs of
goods and services, problems associated with exploration and mining operations,
changes in legal, social or political conditions in Finland, and lack of appropriate
funding, all of which could among other things, prevent any of the forward looking
statements in this presentation from coming to fruition or lead to a delay in the
commencement of mining operations.

4. 4
Exploring the true potential of the Karelian Gold Line

The Karelian Gold Line is a 40 km long gold
critical belt, where Endomines controls all
currently known gold deposits - mineral rights for
132 km2 claims and reservations

Current Life-of-Operations (management view)
expected to be 4-5 years, but Endomines is
convinced that the on-going exploration program
will prolong the lifetime

Focus on gold production in Pampalo Gold Mine
and exploration along the Karelian Gold Line

Extensive exploration program along the Karelian
Gold Line (~€2 million in 2013)

Significant discovery 2011– the new Korvilansuo
gold deposit. 2012-13 drillings returned promising
results

Korvilansuo is the main focus for exploration in
2013

Rämepuro satellite mine 2013 – test mining has
commenced

Hosko satellite mine 2014 – test mining scheduled
The Karelian Gold Line –
great exploration potential

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Exploring the true potential of the Karelian Gold Line
Pampalo Gold Mine
 Pampalo Gold Mine project completed in
December 2010 in line with the budget of
€20 million
 Commercial production commenced in
February 2011 on schedule
 The processing plant in Pampalo centrally
located to process ore from all the satellites
in the area
 Processing capacity increased recently
from 270,000 to 380,000 tonnes/annum to
process ore from other deposits along the
Karelian Gold Line
 Currently employing approximately 80 own
and 30 - 50 contractors – 70 percent locals

6. Pampalo mining principle
Longitudinal
projection
Raise
Drifting
Long hole drilling
Cable bolt
holes for
ground
support
Ore
Backfilling
Blasting rings
Charging
RC loading
Unconsolidated
backfill
Diamond
drill holes
with
assays
CRF
Horisontal pillar
20 m
Cross section

7. Pampalo processing
4th Sept 2012
Trucking
Fines
Crusher
Feeder
Flotation
Mine
Drainage
Water
Classification
Classification
Coarse fraction
Gravimetric
circuit
Crusher ore stockpile
• No cyanide or acid used
• No harmful material in tailings
• No Acid Mine Drainage (AMD)
• 100 % water recirculation
Tailings Storage Facility
Grinding mill
Gravimetric concentrate
20-50 % Au
Flotation concentrate
~4-6 000 t/a; 100-200 g/t
Au

8. 28-Nov-13
Mucking
Ventilation raise drifting 14 Apr 2010
8

9. 9
Exploring the true potential of the Karelian Gold Line
Pampalo key production figures
FY
2011
Q1/2012 Q2/2012 Q3/2012 Q4/2012
FY
2012
Q1/2013 Q2/2013 Q3/2013
Rolling
12months
Tonnes mined (incl. open pit)
176 745 61 134
57 718
61 988
69 950 250 790 90 386 103 579
74 635
308 550
Tonnes processed
210 547 61 596
64 730
64 177
59 446 249 949 58 856
80 939
93 460
292 701
Head grade (Au g/t)
3,40
3,2
4,4
3,2
5,4
4,0
3,5
2,3
3,0
3,4
Gold recovery (%)
87,0
85,6
86,6
85,5
87,2
86,1
88,4
86,7
82,6
86,2
Hourly utilization (%)
85,3
86,5
94,2
95,0
88,1
91,0
88,8
92,7
92,7
90,6
Gold produced kg
615,9
168,8
244,5
175,8
277,4
866,5
180,4
168,1
228,5
854,4
Gold produced oz
19 802
5 427
7 862
5 652
8 920
27 860
5 800
5 405
7 346
27 471
35
16
11
10
9
9
0
8
4
4
831
771
811
753
753
745
954
LTIFR (12 month rolling)
864
Cash Cost Rolling 12 months (USD/oz) *)
•
•
•
954
“Hourly utilization” is calculated for all available hours for the period
“LTIFR” = The Lost Time Injury Frequency Rate – calculated as reported lost time injuries resulting in one day/shift or
more off work per 1,000,000 hours worked
Endomines calculates ”Cash Cost” per ounce figures using the guidance issued by The Gold Institute Production Cost
Standard. Direct mining, ore processing and site administration, and off-site smelting and refining costs are included in
the ”Cash Cost” calculation, but amortization, stock change, reclamation, capital and exploration costs are excluded.
The ”Cash Cost” is calculated per payable ounces.

10. 10
Karelian Gold Line compared to Southern the Karelian Gold Line
Cross belt
Exploring the true potential of
Ilomantsi vs. Southern Cross greenstone belt
Gold exploration and production summary
Units
Belt length
Belt width
Claims coverage
Gold exploration since
Gold produced total
Gold produced in 2008
Gold mines in production
Known reserves & resources
Data compiled by GSF / Dr P Eilu
km
km
%
year
oz
oz
oz
Ilomantsi
Central
(Karelian
Southern
Gold Line)
Cross
90
110
0.5–10
0.5–15
<20
100
1986
1888
100 000 >10 000 000
0
157 147
1
4
350 000 >2 000 000
Data from Mineral Titles Division of the
Western Australia Department of Mineral and
Petroleum Resources.

11. Hosko:
1 000 m core
drilling
500 t test
mining and
processing
COMPLETED
Exploration 2013
Rämepuro 2013:
2 000 m core
drilling
20 000 t test
mining and
processing STARTED
Korvilansuo area main target
Bedrock samples indicate a large scale
gold mineralization
Possibilities for a large, open pittable
deposit
Main target for future exploration
Mineral rights approved or under
application
Distance to Pampalo plant 15- 20 km
along paved road
Textbook example of orogenic gold
deposits:
Muurinsuo
1 Mt@1,7 g/t
Korvilansuo
0.25 Mt@2g/t
Korvilansuo(Muurinsuo)-area 2013:
12 000 m core drilling CONTINUES
Trenching
Metallurgical testwork COMPLETED
Geochemical sampling
Kuittila tonalite
Mining
Archaen
greenstone
belt
Kuittila
0.275 Mt@2,6g/t

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Exploring the true potential of the Karelian Gold Line
Endomines and the environment

Several mines have had environmental challenges in
Finland during last years

But not Endomines or Pampalo!
-
No cyanide or acid used
No harmful material in tailings
No Acid Mine Drainage (AMD) expected
100 % percent water recirculation

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Exploring the true potential of the Karelian Gold Line
Social License to Operate
Reasonably small operator
Local operator - company founded 1996
in Hattuvaara
Local presence since that
Training and employing locals
Supporting local community
Regular open doors – lot of visitors
Zero Harm principle for nature and
employees
Excellent Safety records
No environmental problems
=> Strong Social Licence to operate

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Exploring the true potential of the Karelian Gold Line
Our gold hedge:

Required by the lending bank in 2009

Hedge program between 2011 and 2015(6):
Fixed gold price (843 €/oz) for 84 400 oz (2 625
kg) gold

Remaining total 50 400 oz (1 560 kg)

In the beginning of 2012, the gold hedge was partly
reconstructed: 6 000 oz (187 kg) hedged volume
was moved from 2012 to 2016. The hedging price
for the volume moved to 2016 is 796 €/oz

The reason for the hedge roll-over was to release
cash for the capacity expansion investment

The hedge consists of a metal swap that adjusts
the quarter’s average price according to London
Bullion Market to a fixed price

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Exploring the true potential of the Karelian Gold Line
Management
Markus Ekberg
CEO since 2009
M.Sc. in Geology
30 years experience
in the mining
industry
Börje Linden
CFO since 2008
M.Sc. Economics
30 years experience
of listed companies
Jaakko
Liikanen
CTO since 1996
M.Sc. in Geology
30 years experience
in the mining
industry
Janne
Muttonen
Resident Manager
since 2010
B.Sc. In
Engineering
15 years experience
in the construction
industry

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Exploring the true potential of the Karelian Gold Line
Board of Directors
Staffan Simberg
Chairman 2013,
Member 2011
MBA, IMD, Geneva
Consultant, industrial adviser, board
member in various Nordic companies
Timo Lindborg
Since 2005
PhD (Tech), BSc
Geology
Managing Director in Sotkamo Silver
AB
Rauno Pitkänen
Since 2010
M.Sc. In Mining
Manager Projects and Sandvik
Mining and Construction Systems
Meg Tivéus
Since 2012
M.Sc. in
Economics
Chairman, board member to various
Swedish companies
Stefan Månsson
2013
M.Sc. In Mining
Consultant, board member Arctic
Gold AB, Northland Resources AB
2013->
Dannemora Mineral AB
Mati Sallert
2013
M.Sc. In Mining
Consultant, previously several senior
manager positions in Boliden

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Exploring the true potential of the Karelian Gold Line
Key financial figures
2013
2012
(MSEK)
9 months 9 months
Revenues
151,5
190,7
Gold price hedge
-28,9
-30,0
Total revenues
122,6
160,7
Operating expenses
-134,7
-103,6
EBITDA before unrealised loss on derivatives
-12,1
57,1
% of total revenues
-0,1
0,3
Unrealised loss on derivatives
14,3
-32,2
Depriciation and amortization
-27,1
-26,8
EBIT
-24,9
-1,9
% of total revenues
-0,2
0,0
Net income
-21,9
-7,2
Cash funds end-of-period
83,1
69,0
Accrued gold revenues end-of-period
26,4
32,5
Net debt end-of-period
-13,2
0,1
2012
2011
284,0
-48,9
235,1
-146,4
88,7
0,4
-24,4
-36,3
28,1
0,1
18,9
69,0
61,6
6,4
181,8
-31,8
150,0
-127,2
22,8
0,2
-2,3
-26,8
-6,3
0,0
-11,4
46,3
37,6
43,2

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Exploring the true potential of the Karelian Gold Line
Endomines ownership – largest owners Sept 30th
Avanza
2013 Insurance Company
S
weden
11,30 %
S
venska Handelsbanken Markets
S
weden
10,50 %
S
uomen Teollisuussijoitus -Finska Industriinvestingsfond
Finland
7,30 %
Y
ggdrasil AB
S
weden
7,20 %
Nordea Bank Finland AB
Finland
5,10 %
Ilmarinen Mutual Pension Insurance Company
Finland
3,90 %
Nordnet Pensionsförsäkring AB
S
weden
3,30 %
Lindborg Timo* )
Finland
2,70 %
Ålandsbanken AB, W8IMY
Finland
2,00 %
S
kandinaviska Enskilda Banken S W8IMY
.A.,
Luxemburg
1,50 %
54,80 %
* Insiders, including indirect holdings:
Lindborg Timo* )
Finland
2,7%
Liikanen, Jaakko
Finland
1,3%
S
imberg, S
taffan
Finland
0,6%
Other insiders
Finland
0,1%
Total insider holdings
4,6%

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Exploring the true potential of the Karelian Gold Line
Future strategy for success
1. The Karelian
Gold Line is a
40 km long
gold critical belt
– all controlled
by Endomines
3. The capacity
increase will make
lower grade ores
economically viable
to produce
2. Plant capacity increase
project 270,000 t/a ->
380,000 t/a (expected
capacity utilization)
5.
Aggressive
exploration–
main target
2013
Korvilansuo
4. The higher
capacity enables
processing of ore
from all the
Karelian Gold
Line deposits
8. Organic
growth
possible with
projects in
different
development
stages
7. Hosko
satellite
mine
2014
6.
Rämepuro
satellite
mine 2013

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Exploring the true potential of the Karelian Gold Line
Thank you!
http://www.endomines.com/
Nasdaq OMX Stockholm (ticker ENDO ); Helsinki (ticker: ENDOM)