Green Minerals

Investor Presentation • Aug 7, 2025

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.

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.

100202

A significant resource on a global scale

Metals	NPD (tons)	Global annual production (Tons)	NPD/Global 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

Candidates for mining

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

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

Marine operator

Subsea equipment Global pump

supplier

Horizontal transportation

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)

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

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 data	>50MUSD	Zero
Blendability 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

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.

Delivering on strategy – ready for next step

THANK YOU!

Financials

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 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 Adjustments for:	-1,912	-5,653	-16,529	-10,966
(Increase)/decrease in warrants Other items		400	-1,555	867 870
(Increase)/decrease in trade and other receivables	57	-239	817	-201
Increase/(decrease) in trade and other 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 equivalents	2,359	-4,865	-8,631	-9,528
Cash and cash equivalents at beginning of 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.

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%