Gold Mining

& Exporation

Company – Positioned for

Responsible Growth

Mining on Top

Helsinki 17th Sept 2013

CEO Markus Ekberg

Gold concentrate at Pampalo flotation circuit

2

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.

Company highlights

3

Pampalo Gold Mine construction completed in December 2010 on schedule and

in line with the budget of €20 million

Gold production of 867 kg in 2012 within target of 800-900 kg for the year, with

an average head grade of 4.0 g/tonne

The Company focuses on gold production in Pampalo Gold Mine and

exploration of satellites along the Karelian Gold Line

All of the Company’s industrial mineral deposits have been divested or are

undergoing divestment

The plant in Pampalo is centrally located in the Karelian Gold Line close enough to

process ore from all the Company’s satellites in the area

The ore processing capacity has been increased from 270,000 tonnes/annum to

450,000 tonnes/annum in order to be ready to process ore from satellite mines along

the Karelian Gold Line

Endomines runs an extensive exploration program along the KGL (~€1.5 million in

2013)

During 2011, the Company made an interesting discovery – the new Korvilansuo gold

deposit. 2012 drillings returned unexpectedly good results and Korvilansuo is the

main focus for exploration 2013

Exploration update 2013 – 61 holes drilled, 90% returned gold intersections

Endomines is convinced that the current exploration program will increase

resources and reserves

Operations in line

with schedule

Strict focus on

gold going

forward

Well located plant

with increased

capacity

Great exploration

potential

4

Endomines Group in brief

A Swedish mining and exploration company with operations in

Finland

Listed on NASDAQ OMX Stockholm since 7 November 2012 (IPO

on First North in 2007)

Secondary listing in Helsinki May 2013

Gold concentrate production in Pampalo since February 2011

Exploration focused on Karelian Gold Line

More distinct focus on gold going forward

Ilmenite deposits divestment ongoing with Cove Resources Ltd

Divestment of calcite deposits completed in November 2012

Gold production of 867 kg in 2012 (616 kg in 2011) in line with

target of 800-900 kg

Guidance for 2013 is 800-900 kg

Proven and probable ore reserves total 1,4 Mt with an average gold

grade of 3.9 g/t (5 500kg, 175 000 oz) gold

Gold price hedged in December 2009 at €843/oz (~$1,200/oz)

63,400 oz (1,937 kg) remaining up to 2016

Endomines Oy

Gold deposits Ilmenite deposits

Endomines AB (publ.)

Kalvinit Oy

24-Sep-13

Pampalo

Karelian

Gold Line

Helsinki

Ilmenite

(ongoing divestment)

Kivimaa

Porkonen

Finland

Gold

Industrial mineral

2006

The Endomines group was

founded through consolidation of Endomines Oy and Kalvinit Oy that both had

been operating since the middle

of the 1990’s

SEK 85 million through two share

issues

2007

SEK 87 million

through share issue

IPO on NASDAQ OMX First

North

2012

Listing on NASDAQ

OMX Stockholm

2009

Decision to start mine

construction in October

2010

Pampalo Gold

Mine project

completed in

December - on

schedule and in

line with budget

2011

Gold production in

Pampalo commenced in February

616 kg gold produced

2009

SEK 287 million through rights

issue, bank loan and government

subsidy

Gold production of 867 kg in 2012

in line with guidance of 800-

900 kg – guidance for 2013 is 800-

900 kg

Processing capacity increase from 270,000 to 380,000 tonnes

per annum

– final permit expected during

summer 2013

2006

Acquisition of Pampalo mining

concession

2010

SEK 30 million

through exercised warrants

Successful track record

5

7

The Endomines share

Share price and trading development August 26, 2009 through August 26, 2013

24-Sep-13

USA

0,2%

Endomines

OMXSPI

Market cap:

~ 500 MSEK, 67 MUSD

Company shareholders as of July 31, 2013 *)

Shareholder name Number of shares %

FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION10 307 601 11,8%

SVENSKA HANDELSBANKEN MARKETS 8 470 100 9,7%

SUOMEN TEOLLISUUSSIJOITUS OY 6 372 227 7,3%

YGGDRASIL AB 6 289 180 7,2%

NORDEA BANK FINLAND ABP 4 407 155 5,0%

ILMARINEN MUTUAL PENSION INSURANCE COMPANY3 400 000 3,9%

NORDNET PENSIONSFÖRSÄKRING AB 2 878 658 3,3%

LINDBORG, TIMO 2 340 056 2,7% **)

ÅLANDSBANKEN AB, W8IMY 1 734 484 2,0%

SKANDINAVISKA ENSKILDA BANKEN S.A., W8IMY 1 275 000 1,5%

JPM CHASE NA 1 150 000 1,3%

GOLDMAN SACHS INTERNATIONAL LTD, W8IMY 1 139 183 1,3%

LIIKANEN, JAAKKO 1 120 892 1,3% **)

WIP HAKKAPELIITAT SIJOITUSRAHAS 1 000 000 1,1%

STRÖMMAN INTERNATIONAL AB 989 300 1,1%

CBLDN-POHJOLA BANK PLC CLIENT A/C 925 556 1,1%

SVEA EKONOMI AB 906 660 1,0%

RUNESSON, PAULA 646 530 0,7%

SEB LIFE INTERNATIONAL, ASS. COMPANY LIMITED 611 868 0.7%

FRIENDS PROVIDENT INTERNATIONAL LTD 587 803 0,7%

TRUSTOR AB 500 000 0.6%

STAFFAN SIMBERG 500 000 0.6% **)

CATELLA BANK S A 488 312 0.6%

BANQUE CARNEGIE LUXEMBOURG SA 483 298 0.6%

58 523 863 67,0%

Other shareholders 28 861 762 33,0%

TOTAL 87 385 625 100,0%

Extracted from Euroclear-Sweden

**) Insiders, including indirect holdings:

LINDBORG, TIMO 2 340 056 2,7%

LIIKANEN, JAAKKO 1 120 892 1,3%

SIMBERG STAFFAN 500 000 0,6%

Other insiders 82 380 0,1%

TOTAL INSIDER HOLDINGS 4 043 328 4,6%

Complete insider list is available on www.fi.se

Pampalo in brief

8

Gold mine and processing plant centrally

located in the Karelian Gold Line

Discovery in 1990 by Geological Survey of

Finland

Intensive exploration and test mining by

Outokumpu Oyj between 1995 and 1999

Endomines acquired Pampalo from

Dragon Mining NL (Australia) in 2006

Total investment of €20 million in line with

the budget

Commercial production commenced in

February 2011 as scheduled

The plant produces two types of

concentrate – gravimetric and flotation

Plant capacity expansion has been

completed – annualized 380 - 420 000 tpa

Currently employing 80 own and 30

contractors – 70 percent locals

Pampalo production development

10

All long term strategic plans have been carried out consistently and successfully, on schedule as

well as within the budget *) 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

Gold produced and Cash Cost Ore mined and processed

0

200

400

600

800

1000

1200

0

50

100

150

200

250

300

Gold production kg

Cash Cost Rolling 12 months (USD/oz) *)

0

20 000

40 000

60 000

80 000

100 000

120 000

Mining Processing

S-3 depth 755m

2,55m@4,3g/t

S-1 depth 570m

6,8m @4,64 g/t

P-53 depth 330m

8,95m@3,36g/t

R-349 depth 220m

12,5m@7,67g/t

Pampalo

East

Pampalo Gold Mine

Pampalo Deeps –

exploration potential

Decline

down to 400 m

Area to be explored

Area to be explored

Pampalo mining principle

Backfilling

Rais

e

Drifting

Charging RC loading

Long hole drilling

Ore

20 m

Diamond

drill holes

with

assays

Cross section

Blasting rings

Horisontal pillar

Unconsolidated

backfill

Cable bolt

holes for

ground

support

CRF

Longitudinal

projection

Pampalo processing

Feeder

Crusher ore stockpile

Trucking

Grinding mill

Classification

Gravimetric

circuit

Gravimetric concentrate

20-50 % Au Flotation concentrate

~4-6 000 t/a; 100-200 g/t

Au

Coarse fraction

Fines

Tailings Storage Facility

Mine

Drainage

Water

Classification Crusher

• No cyanide or acid used

• No harmful material in tailings

• No Acid Mine Drainage (AMD)

• 100 % water recirculation

4th Sept 2012

Flotation

15

Strong focus on Health-Safety-Environment

29-Apr-11

Average LTIFR in Finnish mining industry was 25 for the period 2008-2011

Own personnel 147 accident free days

Contactors 530 accident free days

0

10

20

30

40

50

60

LTIFR

LTIFR= accident number / 1 000 000 working hour

Pampalo safety statistics - LTIFR

Endomines

Contractors

Total

Environmental permit end Regional Environmental

Impact Assessment

16

Local authorities have informed that Pampalo processing plant

capacity increase to 380,000 tonnes/annum has no effect on the

current environmental permit

Pampalo environmental permit renewal and capacity increase

application (up to 450,000 tonnes) was filed in February 2012

Endomines expects a decision on the environmental permit

renewal late 2013

Regional Environmental Impact Assessment has been filed in

June with a view to start production from satellite deposits along

the Karelian Gold Line

Rämepuro environmental permit application filed June 2013

Hosko will follow

Nett rain

water

Seepage

water

Discharge water

- max 5% of the

receiving

watercourse

Receiving

watercourse

Decaying wood area

Catchment

area

Waste rocks to be used as

backfilling material –

Reforested

Reforested

0

5

10

15

20

25

mg/

l

Solids

Actual

Limit

No discharge

13.2.-12.5.2013

20

Strong Social Licence to operate

29-Apr-11

Several mines have had environmental challenges in Finland during last year / months

But not Endomines or Pampalo !!!

Clean discharge waters

No cyanide, no acids,

75% local employees, 50% trained by Endomines

Supporting local community:

Pampalo Gold Run

Endomines Three year Scholarship for University Geology or Mining Technical studies

Supporting local village association

Orthodoxian Church

Sporting activities etc

21

Strong Social Licence to operate

29-Apr-11

Several mines have had environmental challenges in Finland during last year / months

But not Endomines or Pampalo !!!

75% local employees, 50% trained by Endomines

Supporting local community:

Pampalo Gold Run

Endomines Scholarship

Supporting local village association

Southern Cross Karelian Gold line

20 km

Analogous Archean Geology in

Karelian Gold Line and Southern

Cross Belt Australia

Karelian Gold Line compared to Australian

Southern Cross Belt

24

Gold exploration and production summary

Units Ilomantsi

(Karelian

Gold Line)

Central

Southern

Cross

Belt length km 90 110

Belt width km 0.5–10 0.5–15

Claims coverage % <20 100

Gold exploration since year 1986 1888

Gold produced total oz 40 000 >10,000,000

Gold produced in 2008 oz 0 157 147

Gold mines in production 1 4

Known reserves & resources oz 350 000 >2,000,000

Ilomantsi vs. Southern Cross greenstone belt

Data compiled by GSF / Dr P Eilu

The Karelian Gold Line

40 km

90 km long belt of gold mineralizations, of which more than 40 km is controlled by Endomines Archean greenstone belt Mineral rights for 132 km2 claims and reservations 23 known gold showings

2 mining concessions granted

5 mining concessions applied

Active exploration ongoing

The processing plant in Pampalo is within trucking distance from all of Endomines’ deposits along the Karelian Gold Line

The Karelian Gold Line – development strategy

1990-

2009

Pampalo Gold Mine Construction

Production

Capacity expansion

Mine site exploration

Karelian Gold Line Exploration

Satellite deposit core drilling

Satellite production Rämepuro

Hosko test pit

Geophysical

helicopter survey

Target generation Korvilansuo

Areal Exploration drilling

Geochemical surveys

2009 2010 2011 2012 2013

Exploration plan 2013

Mining

2013 exploration volume will be doubled Core drilling contractors secured Personnel recruited Laboratories “warned” 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:

Kuittila tonalite

Archaen

greenstone

belt

Muurinsuo

1 Mt@1,7 g/t

Korvilansuo(Muurinsuo)-area 2013:

- 12 000 m core drilling -

CONTINUES

- Trenching

- Metallurgical testwork -

COMPLETED

- Geochemical sampling

Rämepuro 2013:

- 2 000 m core

drilling

- 20 000 t test

mining and

processing -

STARTED

Hosko:

- 1 000 m core

drilling

- 500 t test

mining and

processing

- COMPLETED

Korvilansuo

0.25 Mt@2g/t

Kuittila

0.275 Mt@2,6g/t

Pampalo potential

Production 3 083kg (99 120 oz)

Remaining 990 000 t @ 3,5 g/t

3483 kg (112 000 oz)]

Resources 310 000 t @ 1,9 g/t

590 kg (18 900 oz)]

Lenses open down dip, lateral

exploration potential

S-3 depth 755m

2,55m@4,3g/t

S-1 depth 570m

6,8m @4,64 g/t

P-53 depth 330m

8,95m@3,36g/t

R-349 depth 220m

12,5m@7,67g/t

Pampalo East

Exploration on going

Area to be explored

Pampalo Gold Bar

ENDOMINES –

READY FOR

RESPONSIBLE

GROWTH