Duyuru • May 03
Endomines Reports Encouraging High-Grade Intersections from the Pampalo Mine and Commences Further Underground Drilling Targeting Deep Extensions of the Deposit Endomines reported drill results from near-mine underground exploration drilling carried out at the end of 2021 at the Pampalo Gold Mine in Finland. The company further reports that, an underground drilling campaign targeting the deep extensions of the Pampalo deposit has commenced. The drilling program consisted of six (6) horizontal underground diamond drill holes for a total of 1 609 m. The drill holes were drilled to test underground exploration targets north and east of the Pampalo main mineralization, approximately 700 m below the surface. The aim of the drilling program was to find new mineable gold mineralizations in proximity to the existing mine infrastructure. Highlighted drill results include: T-1616 intersected 6.0 meters at 4.1 g/t gold, including 1.0 meters at 21.6 g/t gold and 2.7 meters at 7.1 g/t gold, including 0.7 meters at 17.3 g/t gold, T-1617 intersected 6.0 meters at 1.3 g/t gold, including 0.4 meters at 5.5 g/t gold and 2.8 meters at 2.1 g/t gold, T-1621 intersected 5.8 meters at 2.6 g/t gold, including 0.9 meters at 7.2 g/t gold. The overall results reported here clearly proves that the area near the mine is highly prospective for gold mineralization and the likeli hood of new discoveries is very high. Endomines will continue the near-mine exploration efforts in order to assess the full potential of the Pampalo mine area. The underground exploration drilling program had two main targets; the D-zone in the north and the deep extensions of the Pampalo East deposit. The D-zone is an under-explored area located immediately north of the Pampalo main orebody. The area is controlled by a large fold structure, where north-south trending lithological units (Pampalo) are turning towards west, providing favorable structures for gold mineralizations. The Pampalo East area is located immediately east of the Pampalo main ore body and it consists of several low-grade ore bodies that have been targets for mining in the Pampalo open pit. One of the most encouraging intersections in the drilling came from drill hole T-1617. The intersection 6.0 m at 1.3 g/t gold, including 0.4 m at 5.5 g/t gold is located approximately 70 meters north of the current mining area in so-called D-zone which is known to host gold mineralizations near the surface. More exploration drill holes are required to outline the size and grade of this mineralized lens. The best intersections of the program were received when drilling through potential extensions to the Pampalo main ore body. The intersection in drill hole T-1616 returned 6.0 m at 4.1 g/t gold, including 1.0 m at 21.6 g/t gold and 2.7 m at 7.1 g/t gold, including 0.7 m at 17.3 g/t gold from the N-lens. Drill hole T-1621 returned an intersection of 5.8 m at 2.6 g/t gold, including 1.0 m at 21.6 g/t gold from the S-lens. The S-lens between the 755 and 655 mine levels was not mined in 2017 due to the narrow nature of the ore body in this area. The company will now re-evaluate mining this area and is planning to drill more holes into it. Geological information from these new drill holes will be utilized in 3D structural modeling of the area and defining new exploration targets for further drill testing. A new drilling program targeting the deep extensions of the Pampalo deposit was commenced on 6th of April 2022. The program includes 4 000 meters of drilling and it covers the next 60 vertical meters down along the deposit. The purpose of the program is to increase reserves for mining. The program is estimated be completed in June 2022. All underground drilling has been carried out by Comadev Oy, using NQ2 tubes, resulting in core of 50.5mm in diameter. Drill hole locations, start azimuths and -dips have been surveyed by using mine survey equipment. Downhole survey of bearing and dip deviations have been done by using Reflex Gyro survey tool. All core has been oriented with Reflex ACT equipment. The drill cores have been logged by Endomines own personnel. The preparation and assaying of the underground drillings core samples have been carried out at Endomines laboratory in Pampalo, Finland or at the CRS Minlab Oy in Kempele, Finland. The sample procedure used at the laboratory was MPC's PAL1000 PULVERISE AND LEACH machine with AAS finishing. The used sample size was 500 g of crushed core. Duyuru • Apr 01
Endomines AB (Publ) Reports Significant Increase in Gold Reserves At Pampalo Endomines AB (publ) announced a significant increase in gold reserves at its Pampalo mine in eastern Finland as of 31 December 2021. An update of the reserves and the resources at the mine and in other deposits along the Karelian Gold Line in Finland has been carried out as well as updates of the gold and silver resources for the company's gold projects in Idaho and Montana, USA. Gold reserves and resources at the Pampalo mine and resources along the Karelian Gold Line in Finland; The Pampalo mine was re-started in 2021 after being on care and maintenance since 2018. The updated ore reserve estimate for the deep extension area of Pampalo has a proven ore reserve of 161,000 tonnes with a grade of 3.55 g/t gold for a total 18,400 ounces gold. The updated ore reserve represents a 23 % increase in tonnes and 49 % increase in ounces when compared to the ore reserve estimate at 31 December 2020. The increase is due to the results of a drilling campaign completed in 2021. A total of 87 drill holes were drilled into the planned stoping area between the levels 755 and 815, and the results returned several spectacular high-grade intersectionsthat are incorporated into the present estimate. Most of the increase in tonnes and ounces is derived from a previously undrilled extension of the southern ore body. An additional inferred mineral resource of 122,000 tonnes with a grade of 5.24 g/t gold for 20 600 ounces gold has been reported for the area directly below the ore reserves (Pampalo Deep). The mineral resource remained approximately the same as on 31 December 2020, since no drill holes were drilled into this area in 2021. The deposit remains open at depth and the company is planning to continue underground drilling in 2022. There have been no changes in the reported mineral resources for other deposits along the Karelian Gold Line. An update and validation of the other mineral resource estimates is planned for 2022. The update will reflect increased geological understanding of the deposits and changes in the current market conditions. The estimates for the Pampalo mine and the resources along the Karelian Gold Line in Finland have been prepared according to the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (Joint Ore Reserve Committee - JORC-code). Duyuru • Feb 26
Endomines AB (publ) Provides Production Guidance for the Year 2022 Endomines AB (publ) provided production guidance for the year 2022. When in full production Endomines expects annual gold production from the Pampalo mine to come in between 10.000 and 11.500 oz. Duyuru • Feb 04
Endomines AB Provides Update on its Mining Operations in Finland and the United States Endomines provided an update on progress and mining development activities at its Finnish and US operations. Pampalo Finland: The Pampalo mine in eastern Finland was put on care and maintenance in 2018 when gold prices were at multiyear lows ($1250/oz). The ore lenses in the underground mine are open at depth and currently known lenses extend to the 855-mine level, and likely much below that. These areas and lower mining areas can be accessed by extending the existing decline thereby deepening the mine. An underground infill drilling program carried out in the summer/fall and targeted at the planned production levels between 755 and 855-mine levels returned several very high-grade gold intercepts. The mine deepening project was initiated in April 2021 and the decline reached the targeted 815-mine level in October. Mine development then started ahead of schedule in November and Pampalo processing plant started-up again at yearend. A mine development and stoping contract, covering all underground works for the ore mining was concluded with mining contractor Power Mining Oy. All own company personnel required to operate the mine and processing plant has been hired and trained. The grade of ore as well as tonnage coming from mine development is higher than what originally budgeted. The result is, more or less in line with the latest encouraging drilling program results. The the first mining stopes on the 815-mining level will come into production in February as previously announced. To date a total of 5,600 tonnes of high-grade ore from mine development averaging over 4 g/t has been stockpiled and will be fed to the processing plant in February. After the refurbishment of the mill was complete, the first batch of development ore was processed at the plant in December 2021. The processing plant was in general found to be in good condition and has performed very well from the beginning. Gold concentrate deliveries to Boliden started in January and the mill has now reached over 60 % of its throughput capacity. The planned mill ramp-up period is short and full throughput is expected to be achieved during the month of March. A gold concentrate sales agreement with Boliden covering the next 2 years, was signed in January 2022. Friday Idaho, US: Endomines re-started mining and milling activities at the Friday mine and Orogrande mill in Idaho, US in the fall of 2021, and ramp-up of the production has been ongoing since that time. Some 7,200 tonnes of ore has been mined and delivered to the mill and 5,300 tonnes has been processed. The mill is anticipated to operate near to its planned capacity in January. The milling has been hampered by challenges in recruiting mill personnel as well as sick leaves due to numerous Covid 19 cases. In mining the first stopes it has become evident that the gold mineralization is more irregular than had been previously interpreted resulting in sometimes large variances in ore tonnes and grades. As a result of this, more close spaced infill underground drilling is required to define ore stope boundaries for mine planning purposes. An initial underground drilling program to further define stopes has also confirmed this view. Accordingly, ore mining and underground development will now be temporarily halted at the mine while the company focuses exclusively on underground core drilling to outline the quality and quantity of ore. This will allow the company to design ore mining in a more cost-effective way, focus on operating cost reductions and make sure all mining activities are well aligned. The underground drilling program is planned to be carried out in the next 2-3 months and be targeted at defining ore boundaries. The drilling program will also test deeper areas where there are previous indications of high-grade gold mineralization. Depending on results the drilling may be extended. After completion of the underground drilling program, the ore models and ore resources will be updated and, if results are line with current expectation, mine ramp-up will continue. Due to a very small ore stockpile at the mill and the upcoming seasonal road closures preventing ore haulage from mine to process plant, ore processing will also be temporarily halted. Duyuru • Dec 19
Endomines AB (publ) Starts Mining Well Ahead of Schedule At the Pampalo Mine in Eastern Finland Endomines AB (publ) given an update of progress at the Pampalo mine in eastern Finland and announce that ore mining has started ahead of schedule and that the mill is about to start. The deepening of the mine reached the targeted 815-mining level in November. A total of 450 m of decline development has now been completed since start-up in April 2021 and level development and development work for accessing stopes is ongoing and the first mining stopes will be in production in early February. Mill ramp up will be done by using ore from mining development. To date a total of 2500 tonnes ore grading approximately 2.7g/t has been stockpiled and will be fed to the mil once mill testing is completed before Christmas. Also, in January gravity processing with a Knelson concentrator will complement the flotation process. All mill personnel including mill manager has been hired, trained and are ready to start full mill production in the beginning of the year. Duyuru • Aug 12
Endomines Reports New and Very Encouraging Drill Results from Pampalo Deep Project Endomines announced the first results from the 2021 underground drilling program underway at the Pampalo Gold Mine in Finland. The underground drilling program is a part of the mine re-opening and deepening project started in February 2021. To date, fifty-six (56) drill holes for a total of 4,107 m of the 8,000 m drilling program is completed and assay results have been received for thirty nine (39) diamond drill holes for a total of 2,847 m. All the reported results are from infill drilling targeted at the planned production area between the 755 and 855 mine levels. Highlighted drill results include: T-1670 intersected 3.9 meters at 151.4 g/t gold (9.6 g/t when capped at 20 g/t), including 0.8 meters at 747.7 g/t gold; T-1626 intersected 4.3 meters at 92.9 g/t gold (7.6 g/t when capped at 20 g/t), including 1.1 meters at 357.6 g/t gold; T-1642 intersected 4.0 meters at 56.6 g/t gold (12.8 g/t when capped at 20 g/t), including 1.2 meters at 157.7 g/t gold; T-1675 intersected 6.4 meters at 15.5 g/t gold (4.5 g/t when capped at 20 g/t), including 1.1 meters at 86.9 g/t gold; T-1672 intersected 5.2 meters at 14.8 g/t gold (8.1 g/t when capped at 20 g/t), including 1.1 meters at 52.6 g/t gold. The new result reported here are supporting company's current view on the Pampalo deep extension and confirming the grades and widths used in the mine planning studies. The results will be added to company's database and a new resource estimate update will be completed once all the results have been received. The complete and final results of the drilling program will be released later this year. The Pampalo Gold Mine is located 45 kilometers northeast of the municipality of Ilomantsi in Eastern Finland. The Pampalo mine has been in production between 1996 and 1999 by Outokumpu Mining Oy and by Endomines between 2011 and 2018. The mine has produced 180 000 ounces (5 600 kg) of gold at an average grade of 3.6 g/t. Pampalo is an orogenic gold deposit located within the Archean Ilomantsi greenstone belt. The deposit is characterized by a series of sub-vertical, flattened, parallel pipes, plunging to the northeast and parallel to the local foliation and fold axis, implying a strong structural control of the mineralization. The mineralization is hosted by an intermediate pyroclastic unit, metamorphosed to greenschist - lower-amphibolite facies. All underground drilling has been carried out by Comadev Oy, using BQTK tubes, resulting in core of 40.7mm in diameter. Drill hole locations, start azimuths and -dips have been surveyed by using mine survey equipment. Downhole survey of bearing and dip deviations have been done by using Reflex Gyro survey tool. All core has been oriented with Reflex ACT equipment. The drill cores have been logged by Endomines own personnel. The preparation and assaying of the underground drillings core samples have been carried out at Endomines laboratory in Pampalo, Finland or at the CRS Minlab Oy in Kempele, Finland. The assay procedure used at the laboratory was MPC's PAL1000 PULVERISE AND LEACH machine with AAS finishing. The used sample size was 500 g of crushed core. Normal QA/QC (Quality Assurance/Quality Control) procedures have been adhered to on all the samples, with standards, blanks and duplicates routinely submitted as part of the sampling program. The quality of sample preparation, security integrity and chemical assays was equal to, or exceeded, current industrial standards and the requirements of the JORC-code. Competent Person: This statement has been controlled by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP, -standards. Jani Rautio is a full-time employee of Endomines. Duyuru • May 21
Endomines AB (Publ) Provides Production Guidance for the Year 2021 Endomines AB (publ) provided production guidance for the year 2021. For the year, the company estimates that stoping at the Friday mine will commence by the end of second quarter of 2021 and that the Friday plant ommissioning will start at the beginning of third quarter of 2021. The mill is expected to reach full production during the fourth quarter 2021. The short-term production guidance for the operations is between 3,000oz to 4,000oz by year end, including the development ore from Pampalo mine by the end of the fourth quarter of 2021. Duyuru • May 19
Endomines Announces the Restart of Operations At Its Friday Mine and Mill Endomines AB reported that a new phase of development at the Friday mine and Orogrande processing facility has begun. The management resources have been restructured and strengthened to be more site Centric to ensure a successful execution of the drive of bringing the Idaho operation back into production this summer. Vern Langdale, the company's Director of Operations will closely oversee and steer the operational readiness of the start-up. In addition, Brendan Alexander have been appointed Idaho General Manger to focus the onsite restart and lead the operation into steady state. Brendan Alexander has extensive experience of milling and processing start-ups and mine management at the Beaver Brook Antimony Mine in Newfoundland and production management at the Omya operation in Ontario, Canada. In addition, and to complement Brendan Alexander, David Riggleman has been appointed the Friday Mine Manager to drive the mine development and production. David Riggleman has held senior leadership roles in managing mechanized underground mining operations at the Teck's Pend Oreille mine operation and Kinross Gold'sKettle River mine operation, both located in Washington State. Together they bring in over 90+ years of combined onsite Operational Experience which will enhance the already accomplished Friday Management Team.
The recent Developments at Friday Operation are: Process Plant Update - Orogrande Processing Facility; The mill start-up plan has been finalized, and implementation roll out of the plan has commenced. A low cost low-tech solution to tailings dewatering will be implemented that requires no new permitting. Commissioning of the processing plant is expected in July 2021; By October 2021, the plant's ore processing will be at full capacity at 7 dry tons per hour. Mine development will start June 2021 by own mining crews. Ore extraction will also start in June accessing 3,500 tons current blasted material. 3,000 tons ore, currently stockpiled on surface at the mine, will be transported to the Orogrande processing plant beginning June 2021 and will provide feed stock for the plant start-up. Duyuru • Apr 29
Endomines AB (publ) Announces Pampalo Mine Deepening and Decline Development Started as Planned and Progressed Very Well in April Endomines AB (publ) reports that the re-start of operations at Pampalo mine is continuing to progress very well and all work phases of the re-start are moving forward according to plans and on schedule. Refurbishment of the existing decline was completed as planned in mid-April, including re-construction of the decline road, work on mine dewatering improvements and power network upgrades. The underground mine infrastructure proved to be in good operating order after the two-years care and maintenance period, and this has enabled the company to commence the mine deepening project on time and on budget. Development work to extend the decline started immediately following completion of the refurbishment programme. Work on the decline had already advanced approximately 40 m in April, and from May onwards, the monthly development rate will be ramping up to the planned 80-100 advance meters per month. As part of the mine deepening project, underground diamond drilling will start in May. The drilling will predominantly comprise of definition drilling to confirm the current ore boundaries, and to allow for better planning for ore extraction purposes. In addition to this, a smaller drilling program aiming to preliminary test the most promising exploration targets located close to the current decline will be carried out in May. The operational site management team will be strengthened by further recruiting. In May-June an underground planner and a surveyor will be hired. Recruitment of milling personnel will commence later in the autumn. Duyuru • Mar 11
Endomines AB Announces the Appointment of Vern Langdale as Director of Operations Endomines AB announced the appointment of Vern Langdale as Director of Operations. Vern Langdale is a mining veteran with 35 years of experience across a wide variety of roles in mining projects and mines from many countries. He studied mining engineering at one of England's top mining colleges, the Camborne School of Mines in Cornwall, England and started his career working in gold mines in the Goldfields of Australia. Over the last 15 years he has been involved with building and commissioning mines often in challenging and remote locations in China, Indonesia and Saudi Arabia. In 2018 he moved to Finland to start-up a gold mine. Prior to joining Endomines, Vern worked as Mine Manager of CU Rivers Australian Cairn Hill Iron Ore Operation, where he provided support in the restart of a magnetite mine. He Mine Managed Nordic Gold OY Laiva Gold Mine in Finland to restarted operation ramping up to 300,000+ BCM per month. He was also the Project Manager for Jac Rijk Al Rushaid in Saudi Arabia, where he coordinated the work of a multilingual and multinational work force for the largest gold mining project of the Ma'aden Gold Group. Duyuru • Feb 19
Endomines AB (publ) to Report Fiscal Year 2020 Final Results on Apr 21, 2021 Endomines AB (publ) announced that they will report fiscal year 2020 final results on Apr 21, 2021 Duyuru • Feb 10
Endomines Reports Previously Unreleased 2017 Drill Results from Pampalo Deep Extensions Highlighted by 7.9 Meters At 31.3 G/T Au, Including 1.4 Meters At 128.0 G/T Au Endomines announced previously unreleased results from the 2017 underground drilling program at the Pampalo Gold Mine in Finland. The results have not been released earlier due the reason that Pampalo was put on care and maintenance in 2018. The 2017 drill program consisted of forty (40) diamond drill holes for a total of 4 736 m. Drill holes were targeted at depth extensions to the ore lodes mined at the Pampalo Mine. All the reported results are from an area below the existing mine workings (the 755m level). Highlighted drill results include: T-1596 intersected 7.9 meters at 31.3 g/t gold, including 1.4 meters at 128.0 g/t gold, T-1602 intersected 1.8 meters at 99.3 g/t gold, including 1.0 meters at 175.8 g/t gold, T-1569 intersected 4.1 meters at 28.9 g/t gold, including 1.0 meters at 111.8 g/t gold, T-1534 intersected 9.7 meters at 12.1 g/t gold, including 2.0 meters at 38.2 g/t gold, T-1595 intersected 17.1 meters at 4.9 g/t gold, including 1.3 meters at 20.6 g/t gold. Results confirm that the ore lodes are continuing to deeper levels at the Pampalo Mine. All the reported results are included within the area of existing resource estimate and are used in mine planning studies related to the Deep Extension. Endomines plans to continue underground drilling in the area and target further extensions to the ore lodes below the 855m level once decline and other development allows. Duyuru • Feb 09
Endomines AB's Shares to Be Delisted The paid subscription shares in Endomines AB (publ) will be delisted from Nasdaq Stockholm AB. Last trading day for ENDO BTA will be on February 10, 2021. Duyuru • Jan 29
Endomines Updates on Pampalo Mine Re-Opening During January, 2021, Endomines carried out a rights issue to enable the funding of the development of three of its key mines and mine development projects in the US and Finland. A portion of these funds will be allocated to the deepening of and re-starting gold production at the Pampalo mine in Ilomantsi, eastern Finland. The ore lenses in the underground mine are open at depth and the known extensions have been outlined by drilling down to the 855-mine level. These areas can be accessed by extending the existing decline thereby deepening the mine. The gold mineralisation and ore lenses are also still completely open below these levels. During the C&M, the mine has been kept dry and the mill in good working order condition. Due to this the deepening of the decline can be started relatively quickly by late spring and immediately followed by stope development and ore extraction in the latter part of the year. Once, the ramp extension has progressed deep enough to provide drill set ups for underground drilling, diamond drilling programs will be completed to further test the extensions of the deep ore zones and other potential targets and possibilities for more ore, or new unknown lenses within the mine infrastructure. Planning and preparations for the deepening of the decline is now starting; tenders for selecting mine contractor is being sent out and supplier agreements prepared. The equipment in the mill will be tested and, if required necessary rehabilitation work in the mill will be carried out. Recruitment of mill personnel will commence later in the summer. Endomines is estimating that the first shipment of gold concentrate to a smelter can be done at yearend. Once in steady production, in the spring of next year, annual gold production will be in the range 8.000 -9.000oz. When reaching full production, the mine and mill will employ some 50-70 people including contractors. Is New 90 Day High Low • Jan 28
New 90-day low: kr2.55 The company is down 39% from its price of kr4.21 on 30 October 2020. The Swedish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 20% over the same period. Major Estimate Revision • Jan 16
Analysts lower revenue estimates to kr14.8m The 2020 consensus revenue estimate decreased from kr27.9m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -kr1.02 to -kr1.05 for the same period. The Metals and Mining industry in Sweden is expected to see an average net income growth of 66% next year. The consensus price target was lowered from kr4.35 to kr3.05. Share price is down by 7.1% to kr2.63 over the past week. Is New 90 Day High Low • Jan 08
New 90-day low: kr2.78 The company is down 42% from its price of kr4.80 on 09 October 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr1.76 per share. Major Estimate Revision • Jan 07
Analysts update estimates The 2020 consensus revenue estimate was lowered from kr94.5m to kr27.9m. Earning per share (EPS) estimate was unchanged from the last update at -kr1.02. The Metals and Mining industry in Sweden is expected to see an average net income growth of 61% next year. The consensus price target of kr4.35 was unchanged from the last update. Share price is down by 4.9% to kr2.90 over the past week. Reported Earnings • Dec 06
Third quarter 2020 earnings released: kr0.38 loss per share Third quarter 2020 results: Net loss: kr44.2m (loss widened 208% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Dec 06
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 92%. Earnings per share (EPS) exceeded analyst estimates by 230%. Over the next year, revenue is forecast to grow 1,048%, compared to a 14% growth forecast for the Metals and Mining industry in Sweden. Major Estimate Revision • Dec 03
Analysts update estimates The 2020 consensus revenue estimate increased from kr69.8m to kr94.5m. Earning per share (EPS) estimate was further reduced from -kr0.73 to -kr1.02 for the same period. The Metals and Mining industry in Sweden is expected to see an average net income growth of 47% next year. The consensus price target was lowered from kr5.40 to kr4.35. Share price is down by 17% to kr3.43 over the past week. Price Target Changed • Dec 02
Price target lowered to kr4.35 Down from kr5.65, the current price target is an average from 2 analysts. The new target price is 23% above the current share price of kr3.55. As of last close, the stock is down 31% over the past year. Is New 90 Day High Low • Dec 01
New 90-day low: kr3.62 The company is down 25% from its price of kr4.81 on 02 September 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr17.15 per share. Duyuru • Oct 07
Endomines AB (publ) (OM:ENDO) completed the acquisition of US grant mine and mill and Kearsarge Gold Project from Transatlantic Montana Corp. Endomines AB (publ) (OM:ENDO) signed a letter of intent to acquire US grant mine and mill and Kearsarge Gold Project from Transatlantic Montana Corp. for $10.1 million on January 9, 2020. Endomines AB (publ) signed the sale and purchase agreement to acquire US Grant Mine And Mill And Kearsarge Gold Project from Transatlantic Montana Corp. on April 21, 2020. A payment of $0.55 million has been received. Payment of $2 million will be paid by May 31, 2020, or prior. The consideration also includes a $2 million cash payment on first gold production on the assets or 2 years whichever is earlier and 95% of the Transatlantic current Share Capital structure at CAD 10 cents ($0.07) to be fully paid in Endomines shares on a 10 day volume weighted average price from execution date of the signed agreement. As on October 6, 2020, the payment involves 15.13 million shares of Endomines. As per the agreement, the majority of this shareholding position has en escrow period of 6 months. Transatlantic has agreed to accept the closing funds over a 60 day period and undertook a secured interest in the US Grant to protect that interest. Both parties have set a period of final due diligence with a final review period of 60 days from December 30, 2019. If the Sale and Purchase Agreement does not proceed or complete, then the $0.55 million will be converted in Transatlantic Mining shares at CAD 0.05 ($0.04) per share. The transactions is subject to acceptance for filing by the TSX Venture Exchange and shareholder approval of Transatlantic. A special meeting for shareholders to vote on the transaction is to be held in May 2020. The transaction is expected to be completed by May 31, 2020.
Endomines AB (publ) (OM:ENDO) completed the acquisition of US grant mine and mill and Kearsarge Gold Project from Transatlantic Montana Corp. on October 6, 2020.