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Exploring the true potential of the Karelian Gold Line Endomines AB (publ) Erik Penser Bankaktiebolag 19th Jan 2016 Disclaimer Exploring the true potential of the Karelian Gold Line Statements in this presentation which are not purely


  1. Exploring the true potential of the Karelian Gold Line Endomines AB (publ) Erik Penser Bankaktiebolag 19th Jan 2016

  2. Disclaimer Exploring the true potential of the Karelian Gold Line 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 development of mining operations. 2

  3. Exploring the true potential of the Karelian Gold Line Endomines AB in a nutshell Quoted on NASDAQ OMX Stockholm and OMX Helsinki Focus on gold production and exploration along the Karelian Gold Line - 40 km of gold prospective greenstone belt Pampalo Gold Mine project completed in December 2010 in line with the budget of €20 million Commercial production commenced in February 2011 Production target 800-900 kg gold/year Long term development plans implemented Finland Well operating mine and organization Strong Social License to operate Porkone n Zero Harm HSE-policy Straightforward environmental permitting Kivima a Excellent safety record Gold Long term commitment to local community development Industrial Ilmenite mineral Pampalo Karelian Gold Line Helsinki 3

  4. Pampalo – in the Centre of the Karelian Gold Line Discovered in 1990 and explored by Finnish Geological Survey Developed by Outokumpu 1995-1999 as an open pit and decline operation down to 280m underground Historical production 115,000 tons of ore 15.3 g/ton � strong indication of high grade deposits in the area Efficient production plant: The initial design capacity of 230,000 tpa in 2011 was successfully upgraded in 2013 to > max 450,000 tpa High utilization rate 93% Personnel Significant local employer – 70 % locals 60 own staff and 30 contractors Strong social license and local support for operations Company applies Zero Harm-policy in all operations Excellent safety performance No environmental issues 4 Exploring the true potential of the Karelian Gold Line

  5. Pampalo Gold Mine Mucking Ventilation raise drifting 14 Apr 2010 7 20-Jan-16

  6. ������ ����������� �� �� �� ����� ��������������������������������� ������������������������� � ����� ��������������� ��������� ����� �� ������� ���������� ��������� ����� ������� ������ ����� ������� �� �� ����������������� ����������������� ��������������� ���������������� ������� �������������������� �������������������� ���������� ���������������������� ������������������ ���������������� � ��������������� ����������� ��������� Safety Exploring the true potential of the Karelian Gold Line Number of days without accidents: • Endomines 426 days • Contractors 336 days 8

  7. ���������� ��������� ����������� �� ����������� �� ��������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� �� ���������� ���������� ��������� ��������� ��������� ��������� ���������� ���������� �� �� � � � ��� � ��������� �������������� ��� �������������� ����� ����� ���� ��������� ��������� ��������� ���������� ���������� ��������� ��� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������� ���������� ���������� ��� ��� � � ������ ���������� ��������������� � ������ ���� ��������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������� ���������� ���������� �� �� �� �� � ����� � � ��������� ����� ������ ���� ��������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ���������� ��� ���������� ��������� ��������� ��������� ��������� ���������� ���������� ���� ���� ��� ��� ��� Environmental 9 Exploring the true potential of the Karelian Gold Line

  8. Positive local publicity Several mines have had environmental challenges in Finland during last year / months But not Endomines or Pampalo !!! 10 29-Apr-11

  9. �� �������������������������������� Social License to Operate Exploring the true potential of the Karelian Gold Line Reasonably small operator Local operator - company founded 1996 in Hattuvaara Local presence since that Training and employing locals Supporting local community Regular open doors – lots of visitors Zero Harm principle for nature and employees Excellent Safety records No environmental problems 11

  10. Pampalo underground: Production and Exploration Status November 2014 Historical mining 1995-1999: 115,000t @ 15.3 g/t (~1 600 kg Au) High gold content in small ”pockets” Exploration plan 2015: Expand infill drilling between leves +535 and +570 Exploration drilling of depth extensions Exploration of Pampalo South Pampalo South – Exploration target area +400 S2 Hidden high- +500 grade”pockets” potentially S-1 depth 570m 6,8m @4,64 g/t +600 Pampalo main lodes open at depth S-3 depth 755m 1999-2014 Stopes 2,55m@4,3g/t 2015 Stopes S N 12 20-Jan-16

  11. Silver Lake Gold Mine, Australia It has been done before !! Committed exploration led to success !!! Ventilation raise Rosemary -200 -200 Daley East Daicy Milano Daley West -400 -400 Mine developed to -410 level -600 -600 Daicy Milano Haoma West Mine developed to -640 level Haoma -800 -800 Multiple new structures Significantly increased mineral resources and reserves as a result of six years of committed exploration 13

  12. Pampalo Ore Reserves and Mineral Resources development ( longitudinal projection ) Year 2015 Year 2010 D T-134 T-153 D +500 +600 +700 Planned decline extension

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