2H 2025
report and presentation
Oslo, February 5, 2026
Ståle Rodahl, Executive Chairman
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 | -16,529 |
Cash flow operating activities | -3,270 | -11,595 | -6,114 | -16,460 |
Net cash flow | -1,273 | -3,766 | 1,085 | -8,631 |
Total assets | -2,015 | 8,045 | 7,747 | 3,224 |
Cash and cash equivalents | 4,177 | 3,092 | 4,177 | 3,092 |
Equity ratio | 75% | 77% | 94% | 37% |
*Half year and year to date figures are unaudited. Full year figures are audited. | ||||
2H underlying EBITDA was NOK 1,5m negative
Guidance: cost cuts will exceed previous 80% guidance from 2H 2026
04.02.2026 3
2H & subsequent highlights
The Socialist Minority Government of Norway fails to initiate the first licensing round- 80/20 majority in Parliament being overridden by closed-door shadow decision-making
- Shadow deal may delay 1st license round for 4 years
- How long will current Government remain in office?
- Other jurisdictions opening up, US Executive order Optionality secured through runway extension
- Effect of cost cuts will exceed previous guidance
- Maintaining competency while reducing capacity
- CCZ MoU Bitcoin Treasury Strategy adopted
- Supports operational strategy
- Initial purchase executed at a price of USD 105,994
- BTC P&L per 31/12: -NOK 0,752m Strategic review announced 11 December 2025
- GEM is engaging in discussions with the aim to maximize shareholder value. No promises made.
04.02.2026 4
Concept for SMS mining system in Norway
04.02.2026 5
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.
Herrington, R. J., 2024 Centre for Resourcing the Green Economy, The Natural History Museum,London.
04.02.2026 6
A significant resource on a global scale
Metals | NPD (tons) | Global annual production (Tons) | 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 |
04.02.2026 7
Candidates for mining
04.02.2026 8
First licensing round
386 (complete or partial) blocks suggested for announcement
Public hearing deadline Sept 26th2024
All GEM priority areas in nomination included
WWF lost case against Norway on opening decision for DSM
Licence award TBA
Areas suggested for announcement
Evaluate Application hearing
Evaluate application
License award
First Cruise
Sept 26th24(Q4 2025/Q1 2026) TBA
TBA TBA04.02.2026 9
SUPERIOR KEY METRICS DISRUPTING THE ECONOMICS OF
TRADITIONAL COPPER MINING
Economics
Environmental
• No infrastructure investment needed
• CAPEX per ton USD 16k/t vs USD 30k/t onshore
• Pick up equipment and leave for next site --> zer sunk cost in mine
• Offshore oil&gas services business model
o Capital efficiency
o Asset light
Economics EnvironmentalNo infrastructure investment needed
CAPEX per ton USD 17k/t vs USD 30k/t o onshore
Pick up equipment and leave for next site --> zero sunk cost in mine
Offshore oil&gas services business model
Capital efficiency
Asset light
90% reduction in environmental footprint* *
• 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
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
Less waste
Less tailings
* Paulikas et. al., 2020 (for nodules)
04.02.2026 10
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