Green Minerals (GEM) Q2 2025 earnings summary

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.