Green Minerals As · OSL:GEM
Green Minerals As — Q4 2024 Earnings Presentation
32 slides from Green Minerals As's earnings presentation, Feb 18, 2025
Slide 1: Q4 2024
Q4 2024 Oslo, February 18, 2025 Ståle Rodahl, Executive Chairman Øivind Dahl-Stamnes, CEO
Slide 2: Disclaimer
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 predict
Slide 3: Financial Highlights
Financial Highlights Key figures All figures in N OK '000 (except Quarters* Full year* equity ratio) Q4 2024 Q4 2023 2024 2023 Rev enues 6 6 6 6 Operating expenses -251 -3,996 -15,046 -10,943 EBITDA -245 -3,990 -15,039 -10,937 EBIT -245 -3,990 -15,039 -10,937 Profit/(loss) -272 -3,990 -15,067 -10,96
Slide 4: Q4 Highlights
• 1st license round delayed by 12 months Q4 • Optionality secured through runway extension Highlights • 80% cost cuts implemented • Maintaining competency while reducing capacity • Authorities preparations towards 1st license round in Norway continues • NOK 150 mill allocated to exploration in 2025
Slide 5: Increased investments into copper exploration
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. Herri
Slide 6: The Geopolitics of Advanced Energy
THE GEOPOLITICS OF ADVANCED ENERGY Copper ~— a ‘— “e:) @) Chile Peru China Chile China Korea Japan ~ 4 WAG ms +> Lilthium pats Australia Chile China Chile Nickel gy @ wv & cor China Korea Germany China Korea Canada China China Indonesia Philippines China Indonesia Cobalt Zz DRC China ® Rare earths C
Slide 7: Green Minerals as
Green Minerals as One of two DSM players listed globally Headquartered in Oslo Listed in Oslo under ticker GEM NO Norway opened up for DSM on 9 january 2024 GEM is approaching next phase - license ownership 17.02.2025 7
Slide 8: Ambition: to become a license holder in one of the world's most attractive copper resources
Ambition: to become a license holder in one of the worlds most attractive copper resources with the lowest use of capital possible. Subsequently: deliver 1,5mt world class quality ore for off-take Strategy: partnership model & asset light • Norway opening 9 January 2024 • Production concept in place
Slide 9: A significant resource on a global scale
A significant resource on a global scale Metals NPD (tons) Global annual NPD/Global prod. production (Tons) 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 17.02.2025 9
Slide 10: Candidates for mining
Candidates for mining 17.02.2025 10
Slide 11: Major discoveries
Major discoveries • Grøntua discovered in 2024 • ~1200 m depth • 150*150 m wide • 60 m high • Deep Insight discovered in 2023 • ~1100 m depth • 300*300 m • 150 m high • Cu values • Up to 13% Metals NPD (tons) • 5,2 % avg zone ~1 m Copper 38 100 000 Gold 2 317 • Confirms cluster theory Silver 85 200
Slide 12: First licensing round
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 to 15 MUSD for mapping i
Slide 13: 50M USD worth of exploration data
50M USD worth of exploration data Year Institution Data Area Resolution (MBES) 1999/00 NPD MBES (shipbased) Norwegian Sea ~100 m 2010 NPD MBES (shipbased) Jan Mayen ridge ~100 m 2011 NPD/UiB ROV Jan Mayen ridge 2012 NPD/UiB ROV Jan Mayen ridge 2013 NPD/UiB MBES (shipbased) Vøring spur ~50m 2016 NTNU
Slide 14: Follow up on the proposed National Budget for 2025
Follow up on the proposed National Budget for 2025 17.02.2025 14
Slide 15: Perception vs reality
Perception vs reality Collapsed chimney of an extinct SMS from the 17.02.2025 Norwegian Mid Ocean Ridge, NPD 15
Slide 16: Partnership for responsible production
Partnership for responsible production Concept Study on Harsh Environment Deep-Sea Mining System in progress. Completion 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
Slide 17: Concept for SMS mining system in Norway
Concept for SMS mining system in Norway 17.02.2025 17
Slide 18: Draghi Report EU
Draghi Report EU “The EU should also carefully explore the potential of environmentally-sustainable deep sea mining: estimates suggest that the sea bed holds large multiples of the known land-based reserves for example for copper, titanium, manganese, cobalt, nickel and rare earth elements.” EU comp
Slide 19: Blendability study (SMS) -> Enabling our business strategy
Blendability study (SMS)-> Enabling our business strategy SMS ore are genetically related • 5-8000 tonnes/day ore to surface Building a new processing plant to other copper ores. • 1,5Mt ore/year means high CAPEX : long Life-Of- Mine (LOM) requirements Business strategy: Integration of SMS ore in th
Slide 20: Superior key metrics disrupting the economics of traditional copper mining
SUPERIOR KEY METRICS DISRUPTING THE ECONOMICS OF TRADITIONAL COPPER MINING Economics Economics Environmental Environmental • No infrastructure investment needed • 90% • reduction in environmental 90% reduction footprint* in environmental footprint* • No infrastructure investment needed • CAPEX per t
Slide 21: NCS one GEM HEDSM system – cash profile 2024-2034 (est)
NCS one GEM HEDSM system – cash profile 2024-2034 (est) 17.02.2025 21
Slide 22: Capex & funding - in a partnership model
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 prog
Slide 23: Optionality secured
Optionality secured building value while increasing runway NOK 24 mill in-kind commitment from the founders increases runway and optionality • Based on 80% cost cut over 3 years, current run-rate NOK 10 mill p.a • increased business development activity • ecosystem of potential partners is expanding
Slide 24: Summary – building value while increasing runway
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 Production concept developed together with globally leading partners and ready VMS/SMS Processing study co
Slide 25: Q&A Thank you!
Q&A Is] GREEN MINERALS -_ 17.02.2025
Slide 26: Financials
Financials 17.02.2025 26
Slide 27: Consolidated interim statement of income
Consolidated interim statement of income Consolidated interim statement of income Quarters* Full year* All figures in NOK '000 (except EPS) Q4 2024 Q4 2023 2024 2023 Revenues 6 6 6 6 Personnel expenses 568 -2,398 -3,558 -6,537 Other expenses -820 -1,599 -11,488 -4,407 Total operating expenses -251 -
Slide 28: Consolidated interim statement of financial position
Consolidated interim statement of financial position Consolidated interim statement of financial position Consolidated interim statement of financial position 31 December* 31 December* All figures in NOK '000 (except equity ratio) All figures in NOK '000 (except equity ratio) 2024 2023 2024 2023 EQU
Slide 29: Consolidated interim statement of cash flow
Consolidated interim statement of cash flow Consolidated interim statement of cash flow Quarters* Full year* All figures in NOK '000 Q4 2024 Q4 2023 2024 2023 Cash flows from operating activities Profit / (loss) before income tax -272 -3,990 -15,067 -10,966 Adjustments for: (Increase)/decrease in wa
Slide 30: Selected notes and disclosures (1/3)
Selected notes and disclosures (1/3) 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 c
Slide 31: Selected notes and disclosures: share capital
Selected notes and disclosures (1/3) Note 3: Share capital and share base payments. The total number of ordinary shares on 31 December 2024 was 14,626,400 with a par value of NOK 0.003. Reference is made to the 29 August 2022. 30 June 2023 and 1 August 2024 press releases regarding a MoU with Oil St
Slide 32: Shareholders in Green Minerals as of 31 December 2024
Shareholders in Green Minerals as of 31 December 2024 SHAREHOLDER OVERVIEW Name Number of shares Ownership Telinet Invest As 3,699,078 25.3% Anderson Invest As 1,162,059 7.9% Citibank 580,000 4.0% Grunnfjellet As 558,919 3.8% Møsbu As 496,134 3.4% Storfjell As 479,714 3.3% Artel As 454,500 3.1% Seab