Green Minerals As · OSL:GEM
Green Minerals As — Q4 2023 Earnings Presentation
20 slides from Green Minerals As's earnings presentation, Feb 22, 2024
Slide 1: Q4 2023
Q4 2023 Oslo February 22, 2024 Ståle Rodahl, Executive Chairman Ståle Monstad, CEO
Slide 2: Financial Highlights
Financial Highlights Ke y fig u re s Q 4 2023 Q 4 2022 2023 2022 All fig ure s in NO K '000 (e xc e p t e q uity ra tio ) (Una ud ite d ) (Una ud ite d ) (Una ud ite d ) (Aud ite d ) Re ve n u e s 6 206 6 206 O p e ra tin g e xp e n se s -3,996 -4,081 -10,943 -11,330 EBITDA -3,990 -3,875 -10,937 -11
Slide 3: Q4 Highlights
Q4 • Norwegian Parliament decide to open Norwegian sector for mineral activities. Highlights • Two major discoveries made in Norwegian sector. Confirms two different play models. • Green Minerals signed an extension to the MoU on a large nodule license in CCZ. • Final results from processing studies
Slide 4: Building the value chain of marine minerals
Building the value chain of marine minerals Crust SMS Offshore Mineral Exploration Production Processing - Project ULTRA (NOC) - HEDSM Conceptual Study - GTK SMS processing study - NTNU Ind.Economy Master (OSI Consortium) - AI use for exploration - NTNU Geoscience PhD (MiNR) program - DeepMineX® (in
Slide 5: Timeline license award
Timeline license award 21.02.2024 page 5
Slide 6: A Significant Resource on a Global scale
A Significant Resource on a Global scale NOD (NPD) Resource report Global annual NPD/Global Metal NPD (Tons) production prod. (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 *All the metals we mined in 2021: Visualized - MIN
Slide 7: Play models
«The frequency of flank occurrences is Exploration substantially higher than that of axial deposits. In addition, the preservation potential of the Play models axial deposits is lower than that of the flank deposits» NOD Resource report 2023 Axial model: Lower preservation potential due to volcanism
Slide 8: GoNorth research cruise, Ultima Thule discovery
GoNorth research cruise, Ultima Thule discovery Axial Volcanic Ridge • Collaboration between 13 Norwegian research institutions • Known hydrothermal activity since 2004, but never confirmed «One of the biggest hydrothermal fields we know of, and it was a surprise to find it in this area» Prof. Rolf
Slide 9: Eminent cruise, Deep Insight discovery
Lokeslottet Mohnskatten Eminent cruise, Deep Insight discovery Gnitahei & Fåvne Flank deposit, small OCC Kobberlia Deep Insight Ægirs kilde Deep Insight 21.02.2024 page 9
Slide 10: Deep Insight deposit
Deep Insight deposit Discovered May 2023 • Discovered at a water depth of just over 1000 m. • Located on a low-angle fault zone in a tectonic setting resembling a small oceanic core complex (OCC). • The structure is a little over 200 m across and rises 50 m over the surrounding seafloor. • Drillcore
Slide 11: Production
Production • Two main activities: • Offshore Production. Deep-Sea Mining system which includes subsea mining machines, a vertical transportation system, and a support vessel • Onshore Production The processing of the marine minerals after their offshore extraction • In 2023, GEM has made good progre
Slide 12: page 12
Ss GREEN MINERALS pays 12
Slide 13: Concept for SMS mining system in Norway
Concept for SMS mining system in Norway Offshore Mineral Exploration Production Processing 21.02.2024 page 13
Slide 14: Early identifying processing methods of SMS
Early identifying processing methods of SMS • Phase 1: A geometallurgical characterization study to define key material properties and guide type choice of the processing methods • Phase 2: A mineral processing scoping study to test the selected minerals processing methods and blendibility Investiga
Slide 15: Blendability study (SMS) -> Enabling our business strategy
Offshore Mineral Exploration Production Processing Blendability study (SMS)-> Enabling our business strategy Building a new SMS ore are genetically • 5-8000 tonnes/day ore to surface related to other copper • 1,5Mt ore/year processing plant means ores. high CAPEX : long Life- Of-Mine (LOM) requireme
Slide 16: Blending: Terrestrial and marine copper ore
Offshore Mineral Exploration Production Processing Blending: Terrestrial and marine copper ore XRF analysis %, Terrestrial ore S* Cu Ni Fe SiO2 CaO Al2O3 MgO Co Zn W 1,5 0,255 0,245 8,603 46,903 13,96 3,343 19,799 0,051 0,003 0,125 Low-grade Cu-Ni sulphide ore. The mineralogical analysis showed the
Slide 17: Blendability proven!
Offshore Mineral Exploration Production Processing Blendability proven ! - 15 tests with different: - VMS/SMS ratios - Commonly used Reagents for floatation/depression - Same comminution (d80 - 35µm) - => SMS can be floated together with other copper ores - => SMS can be introduced within the same c
Slide 18: The Pacific
The Pacific Prequalified structure for our merger in the CCZ. Our MoU is extended through 2024. Green Minerals participated as part of operators delegation to the 28th ISA Council Meeting in Hawaii Kingston (July 2023) Mexico Our consortium partners have already been CCZ involved in test production
Slide 19: Green Minerals summary
Green Minerals summary • A pioneer and frontrunner in marine minerals in Norway • Well positioned for a license win in Norway. Expected license award Q4 2024/Q1 2025 • Business strategy proven. Blending SMS-ore into onshore copper processing facilities is proven by the GTK study. • Opening decision
Slide 20: THANK YOU!
Q&A THANK YOU! 21.02.2024