Pampalo Gold Mine

Flagship Finnish gold mine located in Pampalo, Ilomantsi municipality, at the heart of the Karelian Gold Line. Combined underground operation with on-site flotation concentrator selling all output to Boliden Commercial AB under multi-year offtake. 100% of group revenue is generated by the Pampalo Production segment (MEUR 45.5 in 2025). Underground mining business of Power Mining Oy acquired 1 Sep 2025 (MEUR 2.9 net assets, MEUR 0.9 first instalment) to internalise approximately 30 underground mining workers. Concentrator has unused capacity enabling year-on-year growth. Long-term production plan updated June 2025 extends economic life to end-2034 (previously end-2032); restoration of mining area expected to start 2035 at earliest. Mining mineral tax of MEUR 0.3 paid in 2025; estimated to rise to ~MEUR 2 in 2026 under increased value-based royalty. Two royalty agreements: 1996 Hosko-related (max MEUR 2.5) and 2006 Ilomantsi/Pampalo production-volume-based (1% of sales after threshold, max MEUR 1.5; threshold expected to be exceeded in spring 2026).