Green Minerals (GEM) Q2 2026 earnings summary

Executive summary

• EBIT loss for H1 2026 was NOK 3.1 million, with non-cash items related to Bitcoin and options.

• Report covers H1 2026, highlighting continued development in deep-sea mineral (DSM) extraction and strategic positioning in the global critical minerals supply chain.

• Focus on enabling the green shift through DSM resource development and advanced mining concepts.

• Strategic review ongoing, involving multiple parties, with no assurance on outcome or timeline.

• Business model leverages offshore oil & gas expertise for capital efficiency and reduced environmental impact.

Financial highlights

• H1 2026 revenue was NOK 6,000, with operating expenses of NOK 1,917,000 and EBITDA of NOK -1,917,000.

• EBIT for H1 2026 was NOK -3,126,000; net loss for the period was NOK -3,064,000.

• Cash and cash equivalents at June 30, 2026, were NOK 3,138,000.

• Equity ratio remained high at 94% as of H1 2026.

• Net cash flow for H1 2026 was NOK -1,040,000.

Outlook and guidance

• Commercialization of deep-sea mining technology targeted by 2028, with ongoing permitting and regulatory processes.

• Norway's first DSM licensing round is pending, with public hearing deadline in September 2024 and license awards to follow.

• Fully financed for all current plans, ready to act on Bitcoin treasury strategy if opportunities arise.

• Off-take agreements expected closer to first ore production.

• Optimistic about broadening the portfolio and value creation for shareholders.