Green Minerals (GEM) Q1 2025 earnings summary

Executive summary

• Q1 2025 featured continued cost reductions, an oversubscribed NOK 11 million equity raise, and extension of the Clarion-Clipperton Zone MoU to 2027, securing operational runway and project optionality.

• Positioned for Norway's first deep-sea mining license round, with authorities increasing exploration funding fivefold and license awards expected in Q2 2026.

• Maintained core competency while reducing capacity, leveraging an asset-light, capital-efficient offshore mining model with superior environmental and economic metrics.

• Production concept and partnerships with leading global players are in place, focusing on copper and other battery metals.

Financial highlights

• Q1 2025 revenue flat at NOK 6,000; EBITDA and EBIT both at NOK -2.1 million, a slight increase in loss year-over-year.

• Operating expenses for Q1 2025 were NOK 2.1 million, up from NOK 1.9 million in Q1 2024.

• Net cash flow for Q1 2025 was NOK 7.7 million, reflecting the equity raise; cash and cash equivalents at quarter-end were NOK 10.7 million.

• Equity ratio improved to 89% in Q1 2025 from 84% in Q1 2024.

• Cost cuts are expected to lower the quarterly cash run-rate by approximately 80% going forward.

Outlook and guidance

• Operational runway now extends up to five years at the current cash burn rate, supported by equity raise and founders' in-kind commitment.

• License awards for deep-sea mining in Norway anticipated in Q2 2026, with all priority areas included in nominations.

• Government exploration budget for 2025 increased to NOK 150 million, a fivefold rise, with up to USD 15 million in exploration data to be added at zero cost during 2025.

• Business development activity is increasing, with a consortium ready for the first license application and a guaranteed rights issue in place.

• Company ready to submit license applications within a year, with project milestones mapped through 2026.