Endomines secures €1.5 million to explore critical minerals in Finland

The funding award does not mean that tungsten or molybdenum production will begin in the near future. The financial support is intended for exploration, resource evaluation and economic feasibility studies. Any future mining investment or production decision will depend on whether the deposits are proven to be sufficiently large and commercially viable. Photo: Endomines

Published by

Markku Björkman - 17 Jun, 2026

Finnish mining company Endomines has been awarded development funding of up to €1.51 million to investigate the potential production of tungsten and molybdenum at its mining operations in Ilomantsi, eastern Finland.

The funding was granted by the East Finland Vitality Centre and will support studies aimed at expanding the company’s activities beyond gold production into minerals considered strategically important for European industry and defence.

Endomines currently operates the Pampalo gold mine in Ilomantsi but is now seeking to determine whether the area’s mineral deposits also contain commercially viable quantities of tungsten and molybdenum.

Key materials for defence and industry

Tungsten and molybdenum are classified as critical raw materials by many Western countries due to their importance in defence, energy and advanced manufacturing sectors.

Tungsten is valued for its exceptional hardness and extremely high melting point. The metal is widely used in armour-piercing ammunition, specialised steel products, cutting tools and high-temperature industrial applications.

Molybdenum plays a crucial role in strengthening steel alloys and improving resistance to heat and corrosion. It is commonly used in military systems, energy infrastructure, aerospace applications and advanced industrial manufacturing.

Europe seeks greater supply security

The project comes as the European Union and other Western economies seek to reduce their dependence on imported critical raw materials.

Many strategically important minerals are currently produced in only a limited number of countries, increasing concerns about supply chain vulnerabilities and geopolitical risks. As a result, interest in developing new mining projects within Europe has grown significantly in recent years.

If Endomines identifies economically recoverable deposits, the project could contribute to strengthening Europe’s domestic supply of raw materials needed for both defence capabilities and industrial competitiveness.

Backed by EU funding

The initiative is financed through the European Union’s regional and structural policy programme.

The funding will be used for geological investigations, resource assessments and economic studies to determine whether tungsten and molybdenum production could be commercially viable alongside the company’s existing gold mining operations.

For Endomines, the project represents an opportunity to diversify its business from gold production into minerals that are becoming increasingly important in Europe’s industrial, energy and security strategies.