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Green Minerals (GEM) investor relations material

Green Minerals Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Achieved an 80% cost reduction from 2024 levels, significantly extending the financial runway and supporting operational strategy.

  • Adopted a Bitcoin treasury strategy to hedge against inflation and support future capital expenditures.

  • Positioned for license awards in Norway's first deep-sea mining round, with all priority areas included and significant government budget increases for exploration.

  • Strategic partnerships and technology development for deep-sea mining systems, including MoUs and equity participation.

  • Focused on copper and other critical minerals, leveraging global momentum and regulatory progress in Norway.

Financial highlights

  • H1 2025 revenues were NOK 6,000, with operating expenses of NOK 1,981,000 and EBITDA of NOK -1,981,000, a significant improvement from H1 2024.

  • Net loss for H1 2025 was NOK -1,912,000, compared to NOK -5,653,000 in H1 2024.

  • Cash flow from operating activities improved to NOK -2,844,000 in H1 2025 from NOK -4,865,000 in H1 2024.

  • Net cash flow positive at NOK 2,359,000 for H1 2025, reflecting proceeds from a rights issue and Bitcoin purchase.

  • Cash and cash equivalents at NOK 5,451,000 as of June 30, 2025, excluding Bitcoin holdings.

Outlook and guidance

  • License awards for deep-sea mining in Norway expected in Q2 2026, with all nominated priority blocks included and increased government support.

  • Ready to file applications as soon as the round is announced; production concept and partnerships position for rapid scaling.

  • Anticipates rapid cash build post-production, with $700 million net cash and $176 million annual EBITDA by year five at current copper prices.

  • Expects off-take agreements to be announced closer to first ore.

  • Bitcoin Treasury Strategy expected to partially finance future equity needs for project CAPEX.

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Frequently asked questions

Green Minerals AS is a Norwegian company focused on the exploration and mining of marine minerals on the Norwegian Continental Shelf. It provides offshore mining services, specializing in the extraction of deep-sea minerals and rare earth elements essential for industries involved in electrification and digitization. The company's primary activities include securing licenses for seabed mineral exploration and production, as well as developing systems for sustainable marine mining. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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