Fredericks Michael & Co. (“FM&Co.”) acted as the exclusive financial advisor to Endomines Finland Plc (HLSE:PAMPALO) (“Endomines”), a frontrunner in sustainable gold mining, on the sale of three gold mining deposits located in Idaho, US, to Elk Range Mining Pty Ltd, a privately owned Australian mining company, through its wholly owned subsidiary Elk Range Minerals, LLC, an Idaho-based special purpose vehicle focused on exploration and development of the acquired deposits, for AUD 20 million.
The transaction, including the Friday, Buffalo Gulch, and Deadwood deposits, along with associated machinery and equipment, has been successfully closed. Most of Endomines’ personnel working in Idaho have transferred to Elk Range Minerals, LLC.
This divestment aligns with Endomines’ strategy to concentrate on gold mining and exploration in Finland, delivering significant cost savings and a more focused business model. “We are very pleased that the gold deposits have found a new owner with a strong and experienced team and excellent capabilities to develop and grow the area’s potential,” says Kari Vyhtinen, CEO of Endomines. FM&Co.’s advisory services to Endomines included running a comprehensive sale process, including identifying and contacting potential buyers, and valuing, structuring, and negotiating the terms and conditions of the agreement.
About Endomines
Endomines is a Finland-based forerunner in sustainable mining. Its operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. Endomines produces gold for the jewelry and electronics industries and creates value by turning natural resources into wealth, an investment that can withstand the volatility of global politics. Endomines’ vision is to develop the Karelian Gold Line into one of the most important and sustainable gold-producing regions in the world. Endomines’ shares are listed on the OMX Helsinki main list. For more information, visit www.endomines.com
