Green Minerals As · OSL:GEM
Green Minerals As — H2 2025 Earnings Presentation
21 slides from Green Minerals As's earnings presentation, Feb 5, 2026
Slide 1: 2H 2025 report and presentation
2H 2025 report and presentation Oslo, February 5, 2026 Ståle Rodahl, Executive Chairman
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 NOK '000 Half year* Full year* (except equity ratio) H2 2025 H2 2024 2025 2024 Revenues - 6 - 6 Operating expenses -2,057 -10,856 -4,039 -16,507 EBITDA -2,057 -10,850 -4,039 -16,501 EBIT -2,057 -10,850 -4,039 -16,501 Profit/(loss) -2,754 -10,876 -4,666
Slide 4: 2H & subsequent highlights
The Socialist Minority Government of Norway fails to initiate the first licensing round 2H & subsequent • 80/20 majority in Parliament being overridden by closed-door shadow decision-making highlights • Shadow deal may delay 1st license round for 4 years • How long will current Government remain in
Slide 5: Concept for SMS mining system in Norway
Concept for SMS mining system in Norway 04.02.2026 5
Slide 6: 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, Londo
Slide 7: 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 04.02.2026 7
Slide 8: Candidates for mining
Candidates for mining 04.02.2026 8
Slide 9: 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 TBA Areas suggested for Evaluate Evaluate Applicatio
Slide 10: 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 11: NCS one GEM HEDSM system – cash profile 2024-2034 (est)
NCS one GEM HEDSM system – cash profile 2024-2034 (est) 04.02.2026 11
Slide 12: 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 13: Bitcoin Treasury Strategy
Bitcoin Treasury Strategy De-centralized and non-inflationary properties • Attractive alternative to traditional fiat in an era of monetary expansion • Broad institutional approval last few years Long term project horizon • Real inflation risk vs significant future capital expenditure • Hedge again
Slide 14: Summary – building value while increasing runway
Summary – building value while increasing runway o Norway 9 January 2024 Parliament opening decision derisked business case o Current minority socialist Government delaying 1st license round o Norway world class resource a waiting game o Other jurisdictions opening up Production concept developed to
Slide 15: Q&A Thank you!
Q&A THANK YOU! 04.02.2026 15
Slide 16: Financials
Financials 04.02.2026 16
Slide 17: Consolidated interim statement of income
Consolidated interim statement of income Interim statement of income All figures in NOK '000 Half year* Full year* (except EPS) H2 2025 H2 2024 2025 2024 Revenues - 6 - 6 Personnel expenses -1,230 -1,552 -2,111 -4,896 Other expenses -828 -9,304 -1,927 -11,611 Total operating expenses -2,057 -10,856
Slide 18: Consolidated interim statement of financial position
Consolidated interim statement of financial position Interim statement of financial position All figures in NOK '000 Half year* 31 December* (except equity) H2 2025 H2 2024 2025 2024 ASSETS Non-current assets Bitcoin holdings -752 - 3,534 - Total non-current assets -752 - 3,534 - Current assets Othe
Slide 19: Consolidated interim statement of cash flow
Consolidated interim statement of cash flow Interim statement of cash flow All figures in NOK '000 Half year* Full year* H2 2025 H2 2024 2025 2024 Cash flow from operating activities Profit/(loss) before income tax -2,754 -10,877 -4,666 -16,529 Adjustments for: (Increase)/decrease in warrants - -1,9
Slide 20: Selected notes and disclosures
Selected notes and disclosures 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 Konglungveien 28B, 1392 Vettre. The quarterly accounts have been prepared in confor
Slide 21: Shareholders in Green Minerals as of 31 December 2025
Shareholders in Green Minerals as of 31 December 2025 04.02.2026 21