Norway · Delayed Price · Currency is NOK Green Minerals AS Earnings Call Transcripts
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.