The company said drilling had produced “excellent gold intercepts” near the original Ukko deposit, with CEO Kari Vyhtinen calling it a “highly significant discovery.” Endomines already operates in Finland’s eastern gold belt, where further exploration is planned this year. The find comes as gold prices remain close to record levels and the EU seeks to reduce dependence on imported raw materials. China, the world’s largest gold producer, mined about 380 tons in 2024, far above Europe’s output. The discovery also carries a geopolitical edge: Finland’s eastern border region has been hit by the closure of crossings with Russia over security concerns. Extraction at Ukkolanvaara could begin around 2030 if permitting, financing and development proceed on schedule.