Green Minerals As · OSL:GEM
Green Minerals As — Q1 2023 Earnings Presentation
26 slides from Green Minerals As's earnings presentation, May 24, 2023
Slide 1: Q1 2023
iS GREEN MINERALS
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: Presenters
Presenters Angela Ståle Rodahl Ståle Monstad Maekawa Executive Chairman CEO ESG 24.05.2023 page 3
Slide 4: Financial Highlights
Financial Highlights Key figures Q1 2023 Q1 2022 2022 2021 All figures in NOK '000 (except equity ratio) (Unaudited) (Unaudited) (Audited) (Audited) Revenues - - 206 - Operating expenses -1,016 -4,142 -11,330 -10,651 EBITDA -1,016 -4,142 -11,124 -10,651 EBIT -1,016 -4,142 -11,124 -10,651 Profit/(los
Slide 5: Achieved milestones during 2022
Achieved milestones during 2022 1. RESEARCH CRUISE 2. METALLURGY ANALYSIS 3. RELEASE OF NPD DATA 4. ALLIANCES & PARTNERSHIPS • Research cruise on the Mid-Atlantic • GEM has carried out a metallurgy • NPD has carried out research cruises • Continue expanding our partnership ridge with ProjectULTRA (N
Slide 6: Q1 Highlights
Q1 Highlights • Norway moves towards opening. • Vast opportunities in the Clarion Clipperton Zone in the Pacific. • Studies for blending SMS ore with onshore ore initiated. • Concept study for production system for Harsh Environment is progressing. 24.05.2023 page 6
Slide 7: GEM is active in the development towards an opening
GEM is active in the development towards an opening. Reinforcing our front-runner position. • Major political parties are in favour of an opening for exploration. • Responsible Norwegian ministry and agency is supportive. • The offshore industry is ready to take part in DSM. • Green Minerals collabo
Slide 8: Copper is the new lithium
Copper is the new lithium - According to analysts it is more of a “when” not an “if” copper demand is likely to surge (McKinsey Feb 2023) - China moving aggressively the last two decades consuming >50% the world’s copper refining 42% of global output. https://www.wsj.com/articles/the-next-big-bull-m
Slide 9: A Significant Resource On a Global scale
A Significant Resource On a Global scale 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 - MINING.CO
Slide 10: Proving blendability with land-based Copper Ore
Proving blendability with land-based Copper Ore • Building on characterization study from 2022 • Green Minerals has acquired extra SMS material and secured VMS (copper ore) from a mining major with ongoing operations in Finland • Benefits for Green Minerals: • A refining of the original projected fi
Slide 11: Future Nordic value chain Infrastructure in place
Future Nordic value chain Infrastructure in place Legend Mining ship Facilities that may be reopened/modified Existing facility Battery factory Railroad 24.05.2023 page 11
Slide 12: Roadmap towards exploration license in '24 and production in '28
Roadmap towards exploration license in ’24 and production in ‘28 State Impact Public Impact Assessment ownership Assessment Consultation carried out Public The Seabed Opening process Deadline 12.04.21 Coordinated by NPD with Consultation started MPD/NPD various institutes and Minerals Act >50+ remar
Slide 13: Partnership for responsible production
Partnership for responsible production Concept Study on Harsh Environment Deep-Sea Mining System in progress. First batch of results expected end of May/early June. OSI has delivered risers for Allseas/TMC (Nodules) and Japanese consortium (SMS). SMD delivered mining machines for previous SMS mining
Slide 14: The Pacific
The Pacific Prequalified structure for our merger in the CCZ. Initiated discussions with the legal department Hawaii in ISA (International Seabed Authorities) Mexico Our consortium partners have already been CCZ involved in test production in the CCZ. GEM license holder Initiating Signing Prequalify
Slide 15: The Resource
The Resource 1,2 % 0,20 % Copper Cobalt Polymetallic nodules contain four essential battery metals in a single ore. Unlike land ores, nodules do not contain toxic levels of heavy elements. Large license areas and vast resources. At least 200 Mtons wet nodules on the license. 31,1 % Manganese Nickel
Slide 16: 2 unique World Class resources
2 unique World Class resources 1,2 % 0,20 % 4% 0,20 % Copper Copper Cobalt Cobalt vs Zinc 0,8 % 31,1 % Manganese Nickel 1,31 % • SMS is mainly a copper play, but some deposits also show very interesting Cobalt ore grades. • Seafloor Massive Sulphides are 3D deposits, that cover small areas and minin
Slide 17: NCS vs CCZ characteristics
NCS vs CCZ characteristics Seafloor Massive Sulphides Polymetallic Nodules Commodities Copper (Cobalt potential) Manganese, Nickel, Copper, Cobalt Jurisdiction Norway (EEZ) CCZ (International Seabed Authority) Legislation Opening process for exploration Exploration active Mining Code in progress Exp
Slide 18: Key Objectives for 2023
Key Objectives for 2023 1. LICENSE WIN 2. RESEARCH CRUISE 3. PROCESSING STUDY 4. ALLIANCES & PARTNERSHIPS • MoU for a large license in the CCZ • The next research cruise to the • GEM has secured more SMS material • Continue expanding our partnership signed. Mid Atlantic Ridge is planned for in addit
Slide 19: ESG
CONTINUOUS RESPONSIBILITY TRANSPARENCY — IMPROVEMENT.
Slide 20: Recent industry developments
Recent industry developments License award in Cook Islands provides perspective on industry values: OMLUS TMC GEM • -3 licenses awarded to Moana Minerals Ltd (OMLUS), CIC Ltd (Oddesey) and CIIC Seabed Resorces Ltd (Deme Gp) Market cap (USDm) NA 205 5 • OMLUS (Moana Minerals Ltd) win triggered Transo
Slide 21: Aspirational targets – operations and financials
Aspirational targets – operations and financials CCZ NCS • FINANCIAL TARGETS - NCS >$100m >$800m >$150m >$550m >50% Cu 5.6% Co 0.4% Other Gross (e.g. Zn, Au, Ag) Revenue Cost EBITDA • Geological exploration work completed • We plan for a pilot system ready to • Revenue: operate by 2026 • 1.5 Mt annu
Slide 22: Green Minerals summary
Green Minerals summary • A pioneer and frontrunner in marine minerals in Norway • Green Minerals working towards transfer of rights and final contract on large nodule license in CCZ, approaching license holder status earlier than previously guided. • Opening decision in Norway expected before summer
Slide 23: THANK YOU! Q&A
Q&A THANK YOU! 24.05.2023
Slide 24: Consolidated interim statement of income
Consolidated interim statement of income Q1 2023 Q1 2022 2022 2021 All figures in NOK '000 (except EPS) (Unaudited) (Unaudited) (Audited) (Audited) Revenues - - 206 - Personnel expenses -203 -3,331 -6,586 -3,697 Other expenses -814 -811 -4,744 -6,954 Total operating expenses -1,016 -4,142 -11,330 -1
Slide 25: Consolidated interim statement of financial position
Consolidated interim statement of financial position All figures in NOK '000 (except equity Q1 2023 Q1 2022 2022 2021 All figures in NOK '000 (except equity Q1 2023 Q1 2022 2022 2021 ratio) (Unaudited) (Unaudited) (Audited) (Audited) ratio) (Unaudited) (Unaudited) (Audited) (Audited) ASSETS EQUITY N
Slide 26: Consolidated interim statement of cash flow
Consolidated interim statement of cash flow Q1 2023 Q1 2022 2022 2021 All figures in NOK '000 (Unaudited) (Unaudited) (Audited) (Audited) Cash flows from operating activities Profit / (loss) before income tax -1,052 -4,142 -11,110 -10,645 Adjustments for: (Increase)/decrease in warrents -1,359 1,977