Endomines Finland Plc - PRESS RELEASE - 16.1.2026 at 13:30 EET
Endomines Finland Plc has submitted an EU Strategic Project status application for its Southern Gold Line tungsten, molybdenum and gold project
Endomines Finland Plc has submitted an application to the European Union for Strategic Project status for the company's Southern Gold Line tungsten, molybdenum and gold project. The application covers the entire southern part of the Karelian Gold Line, where Endomines aims to start gold, molybdenum and tungsten production around 2030. According to the company's preliminary estimates, the combined revenue potential of tungsten and molybdenum could be approximately EUR 30-90 million per year.
The strategic project status is based on the European Union's legislation on critical raw materials (the Critical Raw Materials Act, CRMA), which aims to strengthen the EU's self-sufficiency and secure the availability of critical minerals. The CRMA establishes a framework for projects that support the Union's strategic supply chains and reduce dependence on third countries. Under the CRMA, the strategic project status enables accelerated permitting and prioritization of the project, and it also supports EU-level investment readiness for the production of critical minerals.
Tungsten is an EU-designated critical raw material, essential for the functioning of both industry and the defence sector. Endomines estimates that the Southern Gold Line's tungsten production potential corresponds to approximately 0.5-2.5% of total annual global tungsten production. Tungsten is primarily used in the defence industry, hard metals and heat-resistant alloys. Molybdenum, in turn, is widely used in specialty steels, catalysts for the chemical industry, and applications in the energy sector - areas where material performance and security of supply are critical.
According to the company's research, tungsten and molybdenum occur in the waste rock generated during gold production. Recovering these minerals as part of the gold production process significantly improves resource efficiency and ensures that valuable raw materials are not lost. Utilising the waste rock reduces environmental impact, strengthens the project's economic viability and enhances the overall sustainability of the production chain. This approach reflects the principles of modern mining, where the goal is to maximise the use of natural resources and minimise waste.
"We are proudly a Finnish gold producer. We see tungsten and molybdenum as strategically important minerals, and their production as a kind of civic duty. We are currently working to ensure that downstream processing of the final products will take place within the EU," says Kari Vyhtinen, CEO of Endomines Finland Plc.
"We believe this project offers the European Union a significant opportunity to secure key raw materials for the defence industry from a stable and reliable operating environment. In today's geopolitical climate, we have seen very active efforts by actors outside the EU to secure minerals for their own needs. We hope the EU recognises our efforts to strengthen the Union's self-sufficiency in these critical minerals and acknowledges our project as strategically important within the EU. We are delighted to welcome tungsten and molybdenum as part of our Golden Journey," Vyhtinen continues.
Further information:
Kari Vyhtinen
CEO
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian Gold Line, in Eastern Finland. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. Our vision is to develop the Karelian Gold Line into one of the world's most significant and sustainable gold-producing regions. Endomines is listed on the main list of OMX Helsinki (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.
