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Performing Alchemy – Case Endomines

STARTING POINT

At the end of summer 2022, Mikko Sopanen, CFO of Endomines Oy, contacted NIS and asked for help when their Business Controller was taking a sabbatical. For support the Group Controller, Endomines needed a partner to support their Group Controller and could handle both external and internal accounting. The aim of the partnership was to develop financial processes, as well as help with several large projects.


Endomines Oy is a modern mining company engaged in gold ore exploration and mining in Finland and United States. Production is focused in Pampalo, Ilomantsi and exploration in the Carelia gold belt in Eastern Finland. “It is important to us that our operations take into account the impact on the environment and people, which is why we increase the value of the company by developing the deposits we own into economically viable mines, following the principles of sustainable mining”, says Endomines’ CEO, Kari Vyhtinen.



WHAT DID WE ACHIEVE?

NIS consultant Henna Kettunen joined the finance team on short notice. The extra pair of hands proved to be invaluable as significant changes took place within the company during the assignment: a reverse merger was executed, the company's domicile was relocated from Sweden to Finland, and it was also listed on NASDAQ Helsinki. Several financial development projects were successfully completed within a short timeframe, bringing forth new perspectives and supporting the finance team amidst the changes became an integral part of the role.


“Henna put a lot of effort into her work and got down to business as soon as the assignment started. The tasks at hand were truly diverse. She took the lead on several projects and propelled them forward with determination. Henna actively brought forth her own perspectives for process improvement and proposed solutions, many of which were implemented. Her previous experience in executing mergers proved beneficial in this assignment. In addition to various development projects, she managed daily financial routine tasks. Henna quickly became an important asset to the finance team during this period of change," says Group Controller Heidi Salonaho.


HOW WE DID IT? The collaboration between Endomines and NIS went seamlessly. The finance team and operational teams received the assistance and support they needed amidst a hectic autumn. CEO Kari Vyhtinen felt that the consulting services delivered comprehensive and tangible results:"As a whole, we are very pleased with the support Henna provided in the midst of all the busyness. The workload in financial management can vary significantly due to different projects. The temporary expert assistance enabled the execution of projects according to the planned schedule, without expanding our own organization."


CFO Mikko Sopanen was also satisfied with the completed assignment and felt that the service exceeded expectations: "We can warmly recommend the services NIS provides, and if needed, we will definitely use them again. We also gained a cheerful and pleasant colleague to join our top team!"

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