Slides
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Q2 2025 report and presentation Oslo, August 7, 2025 Ståle Rodahl, Executive Chairman Øivind Dahl-Stamnes, CEO
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06.08.2025 2 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.
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Financial Highlights 06.08.2025 3 • Q2 underlying EBITDA was NOK 0,58m negative • Cost cuts lowering quarterly cash run-rate by approx. 80% from 2024 levels have been implemented
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Q2 & subsequent highlights 06.08.2025 4 • 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* *not reflected in Q2 financials
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06.08.2025 5 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. Increased investments into copper exploration Herrington, R. J., 2024Centre for Resourcing the GreenEconomy, The Natural History Museum,London.
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100202 06.08.2025 6
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A significant resource on a global scale 06.08.2025 7 Metals NPD (tons) Global annual production (T ons) 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
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06.08.2025 8 Candidates for mining
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First licensing round 06.08.2025 9 Areas suggested for announcement Evaluate hearing Application Evaluate application Sept 26th 24 License award Q2 2026Q4 2025/Q1 2026 Q1-2 2026 First Cruise 2H 2026 • 386 (complete or partial) blocks suggested for announcement • Public hearing deadline Sept 26 th 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
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06.08.2025 10 Partnership forresponsible production Marine operator Subsea equipment Global pump supplier Horizontal transportation 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
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Concept for SMS mining system in Norway 06.08.2025 11
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SUPERIOR KEY METRICS DISRUPTING THE ECONOMICS OF TRADITIONAL COPPER MINING 06.08.2025 12 Economics • No infrastructure investment needed • CAPEX per ton USD 16k/t vs USD 30k/t onshore • Pick up equipment and leave for next site --> zero sunk cost in mine • Offshore oil&gas services business model o Capital efficiency o Asset light Environmental • 90% reduction in environmental footprint* • Semi-closed loop HEDSM system • No midwater plume, return water transported to the seafloor. • No pumps creating noise along the riser- system. • Sharply reduced overburden o Less waste o Less tailings • No infrastructure investment needed • CAPEX per ton USD 17k/t vs USD 30k/t onshore • Pick up equipment and leave for next site --> zero sunk cost in mine • Offshore oil&gas services business model o Capital efficiency o Asset light Economics • 90% reduction in environmental footprint* • Semi-closed loop HEDSM system • No midwater plume, return water transported to the seafloor • No pumps creating noise along the riser- system • Sharply reduced overburden o Less waste o Less tailings Environmental * Paulikas et. al., 2020 (for nodules)
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NCS one GEM HEDSM system – cash profile 2024-2034 (est) 06.08.2025 13
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Capex & funding - in a partnership model* 06.08.2025 14 Production concept Significant Zero CAPEX Item Project CAPEX GEM Funding 2 Research cruises AMOR Significant Low Blendability Project Low Negligible DeepMineX Low Zero Exploration CAPEX Significant Zero Production system Large Zero** * No automatic link between license win and funding need ** BTS implementation may change GEM funding share CSU/SMD Significant Zero Status In progress In progress Pending Pending Baseline exploration data >50MUSD Zero
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Bitcoin Treasury Strategy * There is no guarantee capital will be available to fund GEM BTS ambition 15 • Attractive alternative to traditional fiat in an era of monetary expansion • Broad institutional approval last few years De-centralized and non-inflationary properties • Real inflation risk vs significant future capital expenditure • Hedge against fiat debasement • Long project horizon reduces volatility risk Long term project horizon • 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* Project CAPEX guides significance in BTS ambition • 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 Key metrics
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Summary – building value while increasing runway 06.08.2025 16 GEM is primarily a copper play. CCZ license MoU provides upside on other key battery metals. Delivering on strategy – ready for next step 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 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 this strong posItion further
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06.08.2025 17 THANK YOU! Q&A
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Financials 06.08.2025 18
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Consolidated interim statement of income 06.08.2025 19
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Consolidated interim statement of financial position 06.08.2025 20
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Consolidated interim statement of cash flow 06.08.2025 21
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Selected notes and disclosures 06.08.2025 22 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.
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Shareholders in Green Minerals as of 30 June 2025 06.08.2025 23