Norway · Delayed Price · Currency is NOK Green Minerals AS Earnings Call Transcripts
Fiscal Year 2026
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EBIT loss for H1 2026 was NOK 3.1 million, but net cash flow remained positive and costs are below guidance. Strategic review continues, with the company fully financed and ready to launch operations pending license approval. Industry momentum is strong despite political delays in Norway.
Fiscal Year 2025
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Net loss and spending dropped sharply year-over-year, with cost cuts exceeding 80%. Political delays in Norway have postponed licensing, shifting industry momentum to the U.S. Strategic review and Bitcoin treasury strategy are ongoing, with a solid financial runway maintained.
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Achieved major cost reductions and secured long-term funding, positioning for Norway's first deep sea mining licenses. Blendability studies confirmed high-grade copper ore can be processed in existing facilities, and a Bitcoin treasury strategy was adopted to hedge future capital needs.
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Quarterly cash loss was NOK 2 million, but an equity raise and cost cuts extend the runway to five years. Major copper resources and high-grade discoveries position the company for significant future cash flow, with projected EBITDA of $175–$500 million per year from one production system.
Fiscal Year 2024
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Underlying EBITDA loss was NOK 2.6 million, with cash at NOK 3 million after deep cost cuts and a guaranteed rights issue. The first deep sea mining license round in Norway was delayed by 12 months, but the company remains well positioned with superior economics and a strong asset-light model.
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Underlying EBITDA was NOK 2.3 million for Q3, with a stable burn rate and a 25% reduction in exploration capex. Strategic partnerships, new copper discoveries, and strong positioning for Norway's first deep-sea mining license round support a positive outlook.
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Poised for Norway's first deep-sea mining licenses, the company completed a unique production system, secured a major nodule license, and brought OSI on as a key shareholder. With low capital spend, strong cash flow projections, and a focus on copper, it targets pilot production by 2028.