Green Minerals (GEM) Q4 2025 earnings summary

Executive summary

• Net loss for H2 2025 was slightly over NOK 2 million, a significant improvement from NOK 10,876,000 in H2 2024; full-year loss was around NOK 4 million, reflecting a 75% reduction in spending.

• Underlying EBITDA for H2 2025 was negative NOK 1.5 million, with further cost reductions expected to exceed the previously announced 80% cut by H2 2026.

• Strategic review launched in December 2025 to maximize shareholder value, with ongoing discussions but no certainty on outcomes.

• Bitcoin Treasury Strategy adopted as a hedge against fiat debasement and to support long-term capital needs.

• Continued delays in Norway's first licensing round due to political uncertainty, with other jurisdictions advancing deep-sea mining.

Financial highlights

• H2 2025 revenues were NOK 6,000, with operating expenses of NOK 2,057,000 and EBITDA of NOK -2,057,000.

• Net loss for H2 2025 was NOK -2,754,000, a significant improvement from NOK -10,876,000 in H2 2024; full-year loss was NOK 4 million, down 75%.

• Cash flow from operating activities in H2 2025 was NOK -3,270,000; cash and cash equivalents at period end were NOK 4,177,000.

• Equity ratio stood at 75% at the end of H2 2025.

• Bitcoin treasury strategy resulted in a NOK 0.75 million loss as of December 31, 2025.

Outlook and guidance

• Further cost reductions expected, aiming for a cost base even lower than the 80% cut already achieved.

• Company maintains a multi-year runway and expects to keep the real option value alive for at least five years.

• Optionality secured through runway extension and maintaining competency while reducing capacity.

• First cruise for exploration expected in Q4 2025/Q1 2026, pending license awards.

• Strategic review ongoing, with no promises on timing or outcome.