Endomines is progressing well in line with its strategy and the H2/24 was clear evidence of the company’s capability to deliver results. After significant net positive adjustments to our models, we increase our TP to EUR 10.8 (prev. EUR 8.3).

Endomines successfully capitalized on the increased gold market prices during the second half of the year. Pampalo's profitability exceeded our expectations due to lower-than-expected cash costs.