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IP - Green Minerals - 2Q/2025 Report and Presentation - Attachment: 2025 Q2 report and presentation.pdf

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# Q2 2025

report and presentation

Oslo, August 7, 2025

Ståle Rodahl, Executive Chairman Øivind Dahl-Stamnes, CEO

### Disclaimer

• All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy, and other plans and objectives for future results, constitute forward-looking statements and are predictions of, or indicate, future events and future trends which do not relate to historical matters. No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in many cases, beyond the company's control and may cause its actual results, performance, or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward-looking statements and from past results, performance or achievements. These forward-looking statements are made as of the date of this presentation and are not intended to give any assurance as to future results. None of the company, its employees, and its representatives assumes any obligation to update these statements.

![](_page_1_Picture_3.jpeg)

## Financial Highlights

| Key figures                    |            |         |            |         |
|--------------------------------|------------|---------|------------|---------|
| All figures in NOK '000        | Half year* |         | Full year* |         |
| (except equity ratio)          | H1 2025    | H1 2024 | 2024       | 2023    |
| Revenues                       |            |         | 6          | 6       |
| Operating expenses             | -1,981     | -5,651  | -16,507    | -10,944 |
| EBITDA                         | -1,981     | -5,651  | -16,501    | -10,937 |
| EBIT                           | -1,981     | -5,651  | -16,501    | -10,937 |
| Profit/(loss)                  | -1,912     | -5,653  | -16,529    | -10,966 |
|                                |            |         |            |         |
| Cash flow operating activities | -2,844     | -4,865  | -16,460    | -9,528  |
| Net cash flow                  | 2,359      | -4,865  | -8,631     | -9,528  |
| Total assets                   | 9,762      | 8,045   | 3,224      | 12,671  |
| Cash and cash equivalents      | 5,451      | 6,859   | 3,092      | 11,723  |
| Equity ratio                   | 90%        | 77%     | 37%        | 90%     |

- Q2 underlying EBITDA was NOK 0,58m negative
- Cost cuts lowering quarterly cash run-rate by approx. 80% from 2024 levels have been implemented

# Q2 & subsequent highlights

- **US Executive order signed in April 2025 underpins global momentum in DSM**
	- **Sovereign states taking the lead**
- **Authorities preparations towards 1st license round in Norway continues**
	- **NOK 150 mill allocated to exploration in 2025 budget (up 5x vs previous years). Add'l data released**
	- **New discoveries being made**
	- **License awards expected Q2 2026**

### • **Optionality secured through runway extension**

- **Cost cuts and guaranteed rights issue**
- **Maintaining competency while reducing capacity**
- **Bitcoin Treasury Strategy adopted**
	- **Supporting operational strategy**
	- **Cost of initial purchase: USD 105,994**
	- **BTC P&L per 6/8: NOK 0,42m\***

### Increased investments into copper exploration

Mineral exploration budgets (green curve) and resultant discovery rates (orange and grey bars) of new copper deposits in the period 1990-2022

From: Herrington, R. J., 2024 Centre for Resourcing the Green Economy, The Natural History Museum, London.

Herrington, R. J., 2024 Centre for Resourcing the Green Economy, The Natural History Museum,London.

![](_page_4_Picture_6.jpeg)

# 100202

![](_page_5_Figure_1.jpeg)

## A significant resource on a global scale

| Metals | NPD (tons) | Global annual<br>production (Tons) | NPD/Global<br>prod. |
|--------|------------|------------------------------------|---------------------|
| Copper | 38 100 000 | 21 000 000*                        | 1.8x                |
| Gold   | 2 317      | 3 090**                            | 0.8x                |
| Silver | 85 200     | 24 000*                            | 3.6x                |
| Cobalt | 1 000 000  | 170 000*                           | 5.9x                |

![](_page_6_Picture_2.jpeg)

![](_page_6_Picture_4.jpeg)

### Candidates for mining

![](_page_7_Picture_1.jpeg)

![](_page_7_Picture_3.jpeg)

## First licensing round

- 386 (complete or partial) blocks suggested for announcement
- Public hearing deadline Sept 26th 2024
- All GEM priority areas in nomination included
- WWF lost case against Norway on opening decision for DSM
- Licence award Early Q2 2026
- Quintupling Govt spend to 15 MUSD for mapping in 2025 baseline studies

Evaluate

![](_page_8_Figure_7.jpeg)

**Sept 26th 24**

*Q4 2025/Q1 2026 Q1-2 2026* **Q2 2026**

06.08.2025 9

Areas suggested for

announcement

**2H 2026**

## Partnership for responsible production

**Concept Study** on Harsh Environment Deep-Sea Mining System completed May 2024

**OSI** has delivered risers for Allseas/TMC (Nodules) and Japanese consortium (SMS).

**SMD** delivered mining machines for previous SMS mining projects.

**OSI** becomes shareholder in Green Minerals.

MoU signed with **SMD** for development of Core Sampling Unit

![](_page_9_Picture_6.jpeg)

![](_page_9_Picture_7.jpeg)

![](_page_9_Picture_8.jpeg)

Marine operator

![](_page_9_Picture_10.jpeg)

Subsea equipment Global pump

![](_page_9_Picture_12.jpeg)

supplier

Horizontal transportation

![](_page_9_Picture_16.jpeg)

## Concept for SMS mining system in Norway

### SUPERIOR KEY METRICS DISRUPTING THE ECONOMICS OF TRADITIONAL COPPER MINING

### Economics

- No infrastructure investment needed • CAPEX per ton USD 16k/t vs USD 30k/t onshore • No infrastructure investment needed
- Pick up equipment and leave for next site --> zero sunk cost in mine • CAPEX per ton USD 17k/t vs USD 30k/t onshore
- Offshore oil&gas services business model o Capital efficiency • Pick up equipment and leave for next site --> zero sunk cost in mine
- o Asset light • Offshore oil&gas services business model
	- o Capital efficiency
	- o Asset light

**Economics**

### **Environmental** Environmental

- 90% reduction in environmental footprint\* • 90% reduction in environmental footprint\*
- Semi-closed loop HEDSM system • Semi-closed loop HEDSM system
- No midwater plume, return water transported to the seafloor. • No midwater plume, return water transported to the seafloor
- No pumps creating noise along the risersystem. • No pumps creating noise along the risersystem
- Sharply reduced overburden • Sharply reduced overburden
	- o Less waste o Less waste
	- o Less tailings o Less tailings

\* Paulikas et. al., 2020 (for nodules)

![](_page_11_Picture_18.jpeg)

### NCS one GEM HEDSM system – cash profile 2024-2034 (est)

![](_page_12_Figure_1.jpeg)

## Capex & funding - in a partnership model\*

| CAPEX Item                   | Project CAPEX | GEM Funding | Status      |
|------------------------------|---------------|-------------|-------------|
| Production concept           | Significant   | Zero        |             |
| 2 Research cruises AMOR      | Significant   | Low         |             |
| Baseline exploration<br>data | >50MUSD       | Zero        |             |
| Blendability<br>Project      | Low           | Negligible  |             |
| DeepMineX                    | Low           | Zero        | In progress |
| CSU/SMD                      | Significant   | Zero        | In progress |
| Exploration CAPEX            | Significant   | Zero        | Pending     |
| Production system            | Large         | Zero**      | Pending     |

\* No automatic link between license win and funding need \*\* BTS implementation may change GEM funding share

## Bitcoin Treasury Strategy

### De-centralized and non-inflationary properties

- •Attractive alternative to traditional fiat in an era of monetary expansion
- •Broad institutional approval last few years

### Long term project horizon

- •Real inflation risk vs significant future capital expenditure
- •Hedge against fiat debasement
- Long project horizon reduces volatility risk

### Project CAPEX guides significance in BTS ambition

- •USD 1-1.2bn per HEDSM
- Company expects more than one HEDSM system on the NCS
- •GEM owns the only known production concept for the NCS
- Each HEDSM to be financed through a mix of debt and equity
- •GEM BTS ambition is to part-finance equity portion\*

### Key metrics

•BTC holdings per 30/6: 4 \*BTC/mill shares: 0,2 BTC cost basis: USD 105,994 BTC P&L per 6/8: NOK 0,42m

![](_page_14_Picture_17.jpeg)

### Summary – building value while increasing runway

Norway 9 January 2024 opening decision derisks business case

- o GEM nominated areas of interest in Q2 2024
- o GEM in pole position for license win
- o BTS strategy may leverage thisstrong posItion further

Production concept developed together with globally leading partners and ready

VMS/SMS Processing study confirms business plan and adds significant industrial value to project

Mining infrastructure in Nordics well developed - off-take agreements expected closer to first ore

- DSM metrics superior to traditional terrestrial mining
- o Business model
- o Economics
- o ESG perception vs reality

Unusually strong investment case financially

- USD 176 mill in annual EBITDA from one HEDSM system
- Pre-tax CROI > 300pc pa
- Pre-tax cash payback time 4 months

Long term optionality secured through founders in-kind commitment and guranteed rights issue Long term project horizon provides strong incentives for and potential leverage through BTS

**GEM is primarily a copper play. CCZ license MoU provides upside on other key battery metals.**

![](_page_15_Picture_18.jpeg)

**Delivering on strategy – ready for next step**

![](_page_16_Picture_0.jpeg)

![](_page_16_Picture_1.jpeg)

# THANK YOU!

### Financials

![](_page_17_Picture_2.jpeg)

### Consolidated interim statement of income

| All figures in NOK '000         |   | Half year* |         | Full year* |         |
|---------------------------------|---|------------|---------|------------|---------|
| (except EPS)                    |   | H1 2025    | H1 2024 | 2024       | 2023    |
|                                 |   |            |         |            |         |
| Revenues                        | T |            |         | 6          | 6       |
| Personnel expenses              |   | -882       | -3,344  | -4,896     | -6,537  |
| Other expenses                  | T | -1,100     | -2,307  | -11,611    | -4,407  |
| Total operating expenses        |   | -1,981     | -5,651  | -16,507    | -10,944 |
| EBITDA **                       |   | -1,981     | -5,651  | -16,501    | -10,937 |
| Depreciation                    |   |            |         |            |         |
| Amortization                    |   |            |         |            |         |
| Impairment                      |   |            |         |            |         |
| Operating profit/(loss) / EBIT  |   | -1,981     | -5,651  | -16,501    | -10,937 |
| Interest income                 |   | 35         |         | 13         | 5       |
| Other financial income          | 7 | 1          | 1       | 1          | 13      |
| Other financial expenses        | L | 34         | -3      | -41        | -47     |
| Profit/(loss) before income tax |   | -1,912     | -5,653  | -16,529    | -10,966 |
| ncome tax                       | T |            |         |            |         |
| Profit/(loss) for the period    |   | -1,912     | -5,653  | -16,529    | -10,966 |

### Consolidated interim statement of financial position

| All figures in NOK '000       | Half year* |         | 31 December* |         |
|-------------------------------|------------|---------|--------------|---------|
| (except equity)               | H1 2025    | H1 2024 | 2024         | 2023    |
| ASSETS                        |            |         |              |         |
| Non-current assets            |            |         |              |         |
| Bitcoin holdings              | 4,286      |         |              |         |
| Total non-current assets      | 4,286      |         |              |         |
| Current assets                |            |         |              |         |
| Other current assets          | 25         | 1,187   | 132          | 948     |
| Cash and cash equivalents     | 5,451      | 6,859   | 3,093        | 11,723  |
| Total current assets          | 5,476      | 8,045   | 3,224        | 12,671  |
| TOTAL ASSETS                  | 9,762      | 8,045   | 3,224        | 12,671  |
| EQUITY                        |            |         |              |         |
| Paid in Capital               | 10,261     | 41,723  | 44           | 41,723  |
| Share options granted         | 771        | 3,456   | 1,500        | 3,055   |
| Retained earnings             | -2,253     | -38,974 | -341         | -33,322 |
| Total equity                  | 8,779      | 6,204   | 1,202        | 11,457  |
| EQ ratio                      | 90%        | 77%     | 37%          | 90%     |
| LIABILITIES                   |            |         |              |         |
| Non-current liabilities       |            |         |              |         |
| Total non-current liabilities |            |         |              |         |
| Current liabilities           |            |         |              |         |
| Trade payables                | 770        | 1,311   | 977          | 212     |
| Public duties payable         | 12         | 320     | 428          | 432     |
| V<br>Other payables           | 202        | 210     | 618          | 570     |
| Total current liabilities     | ਰੇ83       | 1,841   | 2,022        | 1,215   |
| Total liabilities             | ਰੇ83       | 1,841   | 2,022        | 1,215   |
| TOTAL EQUITY AND LIABILITIES  | 9,762      | 8,045   | 3,224        | 12,671  |

### Consolidated interim statement of cash flow

| All figures in NOK '000                                 | Half year* |         | Full year* |            |  |
|---------------------------------------------------------|------------|---------|------------|------------|--|
|                                                         | H1 2025    | H1 2024 | 2024       | 2023       |  |
| Cash flow from operating activities                     |            |         |            |            |  |
| Profit/(loss) before income tax<br>Adjustments for:     | -1,912     | -5,653  | -16,529    | -10,966    |  |
| (Increase)/decrease in warrants<br>Other items          |            | 400     | -1,555     | 867<br>870 |  |
| (Increase)/decrease in trade and other<br>receivables   | 57         | -239    | 817        | -201       |  |
| Increase/(decrease) in trade and other<br>payables      | -988       | 626     | 807        | -99        |  |
| Net cash from operating activities                      | -2,844     | -4,865  | -16,460    | -9,528     |  |
| Cash flow from Bitcoin purchase                         | -4,286     |         |            |            |  |
| Net cash used in Bitcoin purches                        | -4,286     |         |            |            |  |
| Cash flow from financing activities                     |            |         |            |            |  |
| Proceeds trom issuance of ordinary shares               | 9,489      |         | 7,829      |            |  |
| Net cash from financing activities                      | 9,489      |         | 7,829      |            |  |
| Net (decrease)/increase in cash and cash<br>equivalents | 2,359      | -4,865  | -8,631     | -9,528     |  |
| Cash and cash equivalents at beginning of<br>the period | 3,092      | 11,723  | 11,723     | 21,252     |  |
| Cash and cash equivalents at end of the period          | 5,451      | 6,859   | 3,092      | 11,723     |  |

### Selected notes and disclosures

### **Note 1: General information and basis for preparation.**

Green Minerals AS is a public limited liability company, incorporated and domiciled in Norway. The company's registered address is Nedre Slottsgate 8, 0157 Oslo. The quarterly accounts have been prepared in conformity with the Accounting Act and NRS 8 - Good accounting practice for small companies. The quarterly financial statements are unaudited, except the annual 2024 figures that have been derived from the audited annual financial statement.

### **Note 3: Share capital and share base payments.**

The total number of ordinary shares on 31 March 2025 was 20,126,400 with a par value of NOK 0.003.

The company has granted options to key personnel. As of 30 June 2025, there are 3,010,000 outstanding options with a weighted average strike of NOK 2 per share.

![](_page_21_Picture_7.jpeg)

### Shareholders in Green Minerals as of 30 June 2025

| Name                        | Number of shares | Ownership |
|-----------------------------|------------------|-----------|
| TELINET INVEST AS           | 2,719,490        | 13.5%     |
| ANDERSON INVEST AS          | 1,912,059        | 9.5%      |
| CLEARSTREAM BANKING S.A.    | 1,304,668        | 6.5%      |
| CHS VENTURES LIMITED        | 830,602          | 4.1%      |
| NORDNET BANK AB             | 812,942          | 4.0%      |
| AVANZA BANK AB              | 681,634          | 3.4%      |
| NORDNET LIVSFORSIKRING AS   | 660,407          | 3.3%      |
| CITIBANK, N.A.              | 580,000          | 2.9%      |
| STORFJELL AS                | 504,714          | 2.5%      |
| MØSBU AS                    | 496,134          | 2.5%      |
| CITIBANK, N.A.              | 462,600          | 2.3%      |
| ARTEL AS                    | 454,500          | 2.3%      |
| SEABIRD EXPLORATION PLC NUF | 446,801          | 2.2%      |
| SANDER INVEST AS            | 393,000          | 2.0%      |
| SAXO BANK A/S               | 372,709          | 1.9%      |
| J.P. Morgan SE              | 275,521          | 1.4%      |
| DNB BANK ASA                | 214,716          | 1.1%      |
| IFG HOLDING AS              | 181,800          | 0.9%      |
| KBC BANK NV                 | 173,762          | 0.9%      |
| DANSKE BANK A/S             | 162,686          | 0.8%      |
| OTHER                       | 6,485,655        | 32%       |
| TOTAL                       | 20,126,400       | 100%      |