Modern exploration.

Sustainable mining.

October 2018

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”.

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, 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

Endomines

3

Sustainable mining

Friday mine in Idaho, USA, to start in December 2018

Pampalo gold mine in Finland operational 2011-2018

Mining and exploration company focused on gold

Modern exploration

Karelian Gold Line; exploration permits covering the entire gold prospective 40km-long greenstone belt in Eastern Finland

Orogrande and Warren mining districts in Idaho

Growth through development and M&A

Four gold assets in Idaho to be developed over the next 2-5 years, further consolidation in the region targeted

Seeking to acquire assets in stable jurisdictions; reasonably close to production with limited capex

Endomines

Endomines AB listed on Nasdaq Stockholm and Nasdaq

Helsinki, market cap EUR 24m

Gold production

Pampalo mine, Finland

Q1-Q3 2018: 9,800oz (care and maintenance from Oct 2018)

FY 2017: 12,800oz

Friday mine, Idaho, USA

Targeted production 9,000oz p.a. at ca. 8g/t average grade

Start-up in December 2018, ramp-up early 2019

All-in cash cost USD 650-900/oz depending on area of production

LOM from 2019 >7 years with current resources

Exploration in Karelia, Finland and Idaho, USA

Key figures

Revenue

H1 2018: EUR 7.1m

FY 2017: EUR 12.7m

EBITDA

H1 2018: EUR 0.0m

FY 2017: EUR -0.58m

4

Official reporting in Swedish krona.

SEK converted at EUR SEK rate 9.82

as at end of 2017, and 10.46 end of

Q2 18

Endomines ABSweden

Endomines OyFinland

Endomines Idaho LLCUSA

Kalvinit Oy (1)

Finland

(1) Kalvinit Oy holds rights to

ilmenite deposits in Western

Finland; not in active development

JORC indicated and inferred

resources 7Mt averaging 7.5%

titanium dioxide (TiO2)

Endomines – renewed strategy

Renewed strategy

Increased focus on M&A targeting to build a portfolio of assets with

short time to production

cash flow generation

low Capex

location in stable, mining friendly jurisdictions

Regional exploration along the Karelian Gold Line aiming to enable long term profitable gold production in the area, utilizing the existing production infrastructure in Pampalo

Renewed strategy in action

Acquisition of TVL Gold LLC with five gold projects in Idaho, USA; transaction completed in February 2018

First mine (Friday) to be commissioned in December 2018 with

ramp-up in early 2019

Extensive regional exploration project along the Karelian Gold Line,

execution of first phase started Q2 2018

5 19-Oct-18

Finland

Pampalo

Karelian Gold Line

Helsinki

Ilmenite

GoldIndustrial minerals

USA

Orogrande

District,

Idaho

Endomines – a new start

Strengthened balance sheet

EUR 19.4 million rights issue completed in February 2018

Bank debt eliminated in February 2018

EUR 8.7 millions cash at the end of Q2 2018

New key shareholders

Joensuun Kauppa ja Kone Oy with 10.5% shareholding following bank debt elimination

Sellers of TVL Gold entitled to ca. 25% holding through the convertible note issued as partial payment for the acquisition

New Chairman and Management

Ingmar Haga, Chairman, from May 2018

Saila Miettinen-Lähde, CEO, from May 2017

Seppo Tuovinen, General Manager Finland, Jan 2017-Jul 2018, General Manager USA, from Aug 2018

Marcus Ahlström, CFO, from Jan 2018

6 19-Oct-18

Operating in favorable mining jurisdictions

7

0 20 40 60 80 100

New BrunswickMinnesota*

IdahoNorthern Territory

NunavutMali

Kazakhstan*Colorado

GhanaNorthwest Territories

British ColumbiaPeru

ManitobaMichigan*

SwedenUtah

South AustraliaYukon

QueenslandNewfoundland &…

AlaskaArizona

ChileOntarioQuebec

Western AustraliaIreland, Republic of

NevadaSaskatchewan

FinlandFinland

Idaho

Finland on the top of the list for investment attractiveness

Leading mining jurisdictions (n=91)

Source: Fraser Institute 2018

Supportive state government, positive attitudes to mining from

residents, cheap electricity, flexible labour laws and a string of

data-rich abandoned mines that have potential to be reworked

"You'll find a soft landing in Idaho. And that's where you'll find that

you can build assets, and those assets are ongoing and enduring,

because we continue to find new orebodies every time we look

around“, Governor CL ‘Butch’ Otter

Finland is the top jurisdiction in the world for investment based on

an overall Investment Attractiveness Index which rates regions

based on their geologic attractiveness and measures the effects

of government policy on attitudes toward exploration investment. (Fraser Institute, Annual Survey of Mining Companies 2017)

Strong political and public support for mining in Idaho

Key value drivers

Friday mine to start up in December 2018, ramp-up up in early 2019

7+ years mine life with current resource, 9,000oz/a

Head grade according to current mine plan around 8g/t

All-in cash cost USD 650-900/oz depending on area of production

Significant exploration potential

Exploration upside

Karelian Gold Line

EUR 2m programme for 2018, to continue in 2019

Production facilities and infrastructure already in place at Pampalo

Idaho

Current prospects and adjacent areas; substantial consolidation potential

Conversion of current historical estimated gold to classified resources – ”low cost discovery”

M&A

8 19-Oct-18

Key figures (1/2)

9 19-Oct-18

FY 2017 revenue EUR 12.7m, EBITDA EUR -0,6m

Decrease in cash cost in Q2 2018 reflects end of drifting at the Pampalo mine ahead of care

and maintenance to start in October 2018

3,5 3,5

2,8 3,0 3,0

4,1

-0,14 0,05 0,12

-0,61 -0,85

0,84

-1,0

0,0

1,0

2,0

3,0

4,0

5,0

Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18

Revenue and EBITDA (EURm)

Revenue EBITDA

700

900

1100

1300

1500

Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18

Gold price and cash cost (USD/oz)

Cash Cost (USD/oz) Avg. gold price (USD/oz)

Key figures (2/2)

Official reporting in Swedish krona

Conversion at EUR/SEK

H1/2018: 10.145

H1/2017: 9.592

FY/2017: 9.633

10 19-Oct-18

kEUR 2018 H1 2017 H1 +/- 2017

Revenue 7,048 7,026 21 12,728

Costs 7,048 7,110 -62 -13,319

EBITDA 0 -83 83 -592

Depreciation and write-downs -2,277 -2,022 -255 -6,135

EBIT -2,277 -2,106 -171 -6,727

Net result for the period -345 -2,294 1,949 -7,194

Earnings per share (EUR) -0.01 -0.15 0.14 -0.69

Cash flow from operating activities -1,577 -563 -1,014 104

Investments -7,265 -1,105 -6,160 -1,277

Financing 15,900 -115 16,014 -249

Total cash flow 7,058 -1,783 8,840 -1,422

Liquid assets at end of period 8,881 1,293 7,589 1,640

Personnel at end of period 42 42 0 40

Strengthened balance sheet

EUR 19.4m rights issue in February 2018

EUR 7.6m bank loans arranged off the balance sheet

EUR 2.0m pre-payment

EUR 2.0m write-off by the banks

EUR 3.6m acquired by Joensuun Kauppa ja Kone Oy and subsequently converted to

Endomines shares (10.5% shareholding)

Acquisition of TVL Gold paid 2/3 in shares

Total acquisition price USD 31.25m

Cash payment USD 7.25m

Loan note USD 3.33m

Convertible note USD 20.67m; to be converted in Endomines shares over three

years at SEK 12.76-15.07 per share at the Company’s discretion

EUR 8.7 millions cash at the end of Q2 2018

11 19-Oct-18

21 470 21 470

196 009 196 009

283 615

220 000

217 479

721 094

Endomines "As-is" New Endomines

Mineral resources before and after acquisition

12 19-Oct-18

Endomines – prior to

TVL Gold acquisition

Endomines – including TVL Gold

* Historical resources do not meet current classification standards

TVL –

historical

estimated

gold

resources

Endomines

– mineral

resources

Endomines

– gold

reserves

TVL – gold

resources

Oz

Gold ore reserves 21,470

Mineral resources 196,009

Grand total 217,479

>

”Old” Endomines

Gold resources (oz)

Finland USA

Oz

Gold ore reserves 21,470

Mineral resources 196,009

Endomines total 217,479

Gold resources TVL Gold 283,615

of which Measured and Indicated

Historical gold resources TVL >220,000

Grand total 721,094

211,200

Gold production in Pampalo

Production at Pampalo

Q1-Q3 2018 production 303.5kg (9,626oz); avg. head grade 3.4g/t

Production outlook for the year 312-320kg (10,031-10,288oz)

Deep extension of Pampalo mine

Ore at level 750m-850m sufficient for approx. 1-1.5 year’s production

Current gold price does not support investment in decline (EUR 3m)

Investment decision postponed and mine placed under care and maintenance after September 2018

Production facilities and infrastructure remain in place for potential decline investment later on and/or start of production from other deposits on the Karelian Gold Line

Safety

H1 2018 LTIFR 9.0 (7.0)

2017 LTIFR 16.0 (8.0)

Sustainability

No environmental incidents

Strong social license to operate

13 19-Oct-18

Pampalo mine

+600

+700

+800

Endomines Idaho

Five gold projects in the Orogrande and Warren mining districts in Idaho, USA

Friday – high grade underground mine; target to commission in December 2018

Kimberly and Rescue – small high grade deposits with substantial exploration potential

Buffalo Gulch and Deadwood – open pit mines, target to commission in 3-5 years as soon as permitting allows

> USD 35m spent by previous owners on exploring the deposits

Mining friendly legislation in Idaho

Experienced local team

14 19-Oct-18

Friday Mine

15

Planned production approx. 9,000oz (290 kg) p.a. for 7+ years

Good exploration potential beyond known resources

Current Measured and Indicated resource 100,800oz at 3.4g/t cut-off

Average head grade according to current mine plan estimated at around 8g/t

Recoveries in metallurgical testing consistently above 90%

Expected cash cost based on current assumptions 650-900 USD/oz depending on the area of production

All necessary permits to start operations at the Friday mine and the Elk City processing facility are in place

Air quality and water reuse permits needed for sustainable full scale production; expected to be obtained in the coming months

Capex USD 7.7m

Expected to be commissioned in December 2018 with ramp-up during early 2019

Mine site Status Expected completion

Mine site infrastructure Completed during summer

Dewatering of old decline Completed during summer

Rehabilitation of existing decline Ongoing with further drifting Access to ore in December

Secondary mine access Access established, drifting ongoing Access to ore in December

Key underground equipment Purchased

Processing site

Puchase of processing facility site Completed

Earth works on processing site Majority completed by September

Foundations for buildings Mid-October

Construction of main building Modular building ready for delivery To be erected late October

Preparation of tailings areas Ongoing First sections in December

Mill equipment purchasing

Mill equipment deliveries and installation Deliveries in October - November Nov-Dec

Permitting

Underground operations

Storm water permit for processing site

Water reuse permits In process Early 2019

Air quality permit (mine site) In process Early 2019

Air quality permit (processing site) Not needed (operate under exemption)

Friday mine project – progressing ahead of schedule

16 19-Oct-18

Regional exploration along the Karelian Gold Line

”High, over 50% chance of finding

> 1 million ounces of gold in Karelia”

(source: GTK 2016)

Substantial similarities between the Karelian Gold

Line and the Kalgoorlie green stone belt in Australia,

where gold mining has continued for over 130 years

2018 exploration project ongoing based on a 3D

structural model built with Model Earth

Up to 5,000m diamond drilling

Up to 3,500 base of till (BOT) samples

Geophysical surveys

EUR 2m budget

Majority of results expected to be available in

December 2018

17 19-Oct-18

Modern exploration– 3D modelling, AI

3D modelling utilizing existing data from the area (drilling, geophysics, base of till samples)

Joint project with Geological Survey of Finland (GTK)

Hyperspectral scanning of existing drill cores

Study of mineralogy utilizing artificial intelligence to analyze large amounts of data

Initial results anticipated during the summer of 2019; total project duration 2 years until spring of 2020

New exploration targets

Central Duplex domain

Near the Pampalo mine

Northern end of the Karelian Gold Line

18 19-Oct-18

Near-Pampalo exploration target

Exploration target - Central Duplex Domain

Striking structural

similarity between

Karelian Gold Line

and Australia’s

Kalgoorlie

greenstone belt

19 19-Oct-18

The gold market

20 19-Oct-18

Supply 2016

Demand 2016

Gold production

Price development

Mine

production

71%

Recycled gold

29%

Jewelry

47%Investments

36%

Industry

7%Central banks

9%

Source: World Gold Council, Factset

14,2%

8,8%

8,4%

6,9%

5,1%

20,3%

0,3%0,2%

56,1%

China

Australia

Russia

USA

Peru

Other top 10*

Finland

Sweden

Others

Gold market outlook

Strong link between gold price

and FX rates

Trade wars have to date had

little impact on gold price

Medium term outlook on gold

price impacted byGrowth rate of economy / foreseen

slow-down of growth

Development of equity markets and

interest rates

Demand growth in e.g. China and

India

Change in supply/demand

balance foreseen to start

impacting prices in the 2020’s

21 19-Oct-18

500

700

900

1 100

1 300

1 500

1 700

Average quarterly gold price (USD/oz)

Source: Metals Focus 08/2018

Toteutunut Perusskenaario

Optimistinen skenaario Pessimistinen skenaario

Actual

Bullish scenario

Base case scenario

Bearish scenario

Endomines’ share, largest shareholders

Listed at NASDAQ Stockholm (ENDO) and Nasdaq Helsinki (ENDOM)

Market cap EUR 24m

Number of shares 35,147,785Shares registered in

Finland 83 %

Sweden 12 %

Other countries 2%

Share liquidity improved after 2018 transactions

22 19-Oct-18

Largest shareholders (September 2018)

Share liquidity (’000) in Helsinki

Shareholder Number of shares % Country

1 HANDELSBANKEN FINLAND STANDARD

CLIENT A/C

7 748 000 22.04 FI

2 NORDEA BANK AB(PUBL), NORDEA BANK

FINLAND ABP

4 975 898 14.16 FI

3 JOENSUUN KAUPPA JA KONE OY 3 688 960 10.50 FI

4 ÅLANDSBANKEN AB, W8IMY 932 685 2.65 FI

5 AKTIA BANK ABP 780 000 2.22 FI

6 LAGO KAPITAL OY 753 909 2.14 FI

7 FÖRSÄKRINGSAKTIEBOLAGET, AVANZA

PENSION

628 770 1.79 SE

8 HANDELS & INDUSTRI AB UNIVERSAL 501 728 1.43 SE

9 SKANDINAVISKA ENSKILDA BANKEN S.A.,

W8IMY

396 000 1.13 LU

10 WIP HAKKAPELIITAT SIJOITUSRAHAS 360 000 1.02 FI

Endomines Management

23 19-Oct-18

Saila Miettinen-Lähde (b. 1962)CEO of Endomines AB from May 2017Education: M.Sc. Engineering, Tampere University of Technology, Finland; MBA studies at Helsinki University of TechnologyExperience: Extensive leadership experience including posts as Deputy CEO and CFO of Talvivaara Mining Company Plc 2005 – 2015, as CFO of F-Secure Oyj, a cyber security company listed at Nasdaq Helsinki (2015-2017), several senior management positions at Carnegie Investment Bank, Orion Pharma and Finnish Innovation Fund Sitra. Board Member in Outokumpu Oyj 2015–2017, Rautaruukki Oyj 2012-2014, Biohit Oyj 2011-2013 and in several private companiesHoldings in Endomines AB: 15,000 shares

Marcus Ahlström (b. 1982)CFO of Endomines AB from January 2018Education: M.Sc. (Economics and Business Administration), the Swedish School of Economics in Helsinki, FinlandExperience: Various positions at Ernst & Young Oy, both at Transaction Advisory Services and Assurance Services during the period 2007-2013, most recently as Business Controller at Finnlines Oy. Board member at Destia Oy since 2015.Holdings in Endomines AB: 12,000 shares

Seppo Tuovinen (b. 1971)President, Endomines Idaho since August 2018; General Manager, Endomines Oy (Finland) Jan 2017-Aug 2018 Education: M.Sc. Mining, Helsinki University of Technology in Finland, MBA Henley Management College (2009)Experience: 15 years’ experience from mining and mine development projects from Outokumpu Mining, Talvivaara Mining Oy, Altona Mining Oy and Kinross from Finland, Ireland and RussiaHoldings in Endomines AB: 0 shares

Endomines Board

24 19-Oct-18

Ingmar Haga (b. 1951)Chairman of the Board since 2018. Chairman of the Remuneration Committee, Member of the Technology, Environment and Safety Committee. Independent of the Company and its signicifant shareholders.Education: M.Sc. Åbo Akademi, FinlandExperience: Managing Director, Europe for Agnico Eagle Mines Ltd 2006–2017, CEO of Polar Mining Oy, 2003–2005. Various senior manager positions with the Outokumpu Group in Finland and Canada in 1982-2003. Board member of Auriant Mining AB since 2012.Holdings in Endomines AB: –0

Thomas Hoyer (b. 1974)Board member since 2018, member of the Audit Committee. Not independent of the Company’s significant shareholder Joensuun Kauppa ja Kone Oy based on multiple business relations between JJK and Mr. Hoyer.Education: M.Sc. Economics and Business Administration, the Swedish School of Economics in Helsinki.Experience: Ruukki Group, CEO 2011–2013, CFO 2010–2011, Ruukki Wood, CEO 2009–2010, Aldata Solution, CFO 2003–2008, Invision Asset Management AG 2002–2003, Bellevue Asset Management AG 2000–2002, Allianz Asset Management GmbH 1998–2000.Holdings in Endomines AB: –0

Staffan Simberg (b. 1949)Board member since 2011. Member of the Remuneration Committee. Independent of the Company and its signicifant shareholders.Education: Studies at the Helsinki University of Technology and MBA, IMD, Geneva.Experience: Chairman in NEZ-Invest Ab and Simberg & Partners Ab. Board member of Oriola-KD Oyj. Previously 20 years with Nokia Corporation, Chairman in Svensk Linjebesiktning AB, Board member in several listed and private companies. Holdings in Endomines AB: 180,000 shares

Rauno Pitkänen (b. 1950)Board member since 2010. Chairman of the Technology, Environment and Safety Committee. Independent of the Company and its significant shareholders.Education: M.Sc. Geology, Mining and Metal Processing, Helsinki University of Technology.Experience: Senior manager positions at Sandvik Mining and Construction Finland Oy, Outokumpu Group and Tara Mines Ltd.Holdings in Endomines AB: 222 shares

Michael Mattsson (b. 1973)Board member since April 2017, Chairman of the Audit Committee. Independent of the Company and its significant shareholders.Education: M.Sc. Finance, Stockholm School of EconomicsExperience: Current positions include: Chairman of CopperstoneResources AB, Director of Nordic Iron Ore AB and Net Trading Group AB. Previously M&A advisor in New York (working at the Blackstone Group), Enskilda Securities, Corporate Finance, Stockholm, and Kaupthing Funds, Investment Banking & Business Development, Stockholm.Holdings in Endomines AB: 8,000 shares