Fubotv earnings beat by $0.10, revenue topped estimates
Introduction & Market Context
Green Minerals AS (GEM) presented its Q2 2025 financial results on August 7, 2025, highlighting significant cost reductions, improved financial metrics, and strategic positioning ahead of Norway’s first deep-sea mining license round. The company’s stock closed at NOK 2.45, down 8.24% on the presentation day, but the longer-term strategy focuses on positioning for substantial growth through deep-sea mineral extraction.
The presentation emphasized Green Minerals’ readiness to capitalize on increasing global momentum in deep-sea mining (DSM), supported by a U.S. Executive Order signed in April 2025. With copper and other critical minerals essential for the green energy transition, the company highlighted its significant resource potential in the Norwegian Continental Shelf.
Quarterly Performance Highlights
Green Minerals reported substantial financial improvements in Q2 2025, with implemented cost cuts lowering the quarterly cash run-rate by approximately 80% from 2024 levels. The underlying Q2 EBITDA was NOK 0.58 million negative, showing significant improvement from previous quarters.
As shown in the following financial highlights table, the company has dramatically reduced its operating expenses and improved its cash position:
The company’s financial position strengthened considerably in H1 2025, with total assets increasing to NOK 9,762 million (up from NOK 3,224 million at the end of 2024) and cash and cash equivalents rising to NOK 5,451 million (compared to NOK 3,092 million at the end of 2024). The equity ratio improved to 90%, up from 37% at the end of 2024.
This financial improvement aligns with the company’s previous announcement in Q1 2025 when it reported a $2 million cash loss but successfully raised $11 million through an equity offering, extending its operational runway to approximately five years.
Strategic Initiatives
Green Minerals outlined several key strategic initiatives during the presentation, focusing on its positioning for Norway’s first deep-sea mining license round and innovative approaches to resource development.
The company highlighted significant progress in preparation for the Norwegian licensing round, with authorities allocating NOK 150 million to exploration in the 2025 budget (a five-fold increase versus previous years). License awards are expected in Q2 2026, and Green Minerals emphasized that all its priority areas are included in the 386 blocks recommended for announcement.
As shown in the following map of the first licensing round areas:
The company also unveiled its Bitcoin Treasury Strategy, an innovative approach to managing capital while awaiting license awards and production. This strategy is designed to hedge against inflation and fiat currency debasement over the long project horizon. As of June 30, 2025, Green Minerals held 4 Bitcoin with a cost basis of USD 105,994 and reported a profit of NOK 0.42 million as of August 6, 2025.
The following slide details the rationale and metrics of this strategy:
Green Minerals has also established strategic partnerships for responsible production, completing a Concept Study on Harsh Environment Deep-Sea Mining System in May 2024. The company has signed agreements with OSI (which has become a shareholder) and SMD for the development of a Core Sampling Unit.
Forward-Looking Statements
Green Minerals presented ambitious projections for its deep-sea mining operations, claiming superior economics compared to traditional copper mining. The company highlighted that its Harsh Environment Deep-Sea Mining (HEDSM) system would require CAPEX per ton of USD 17,000 versus USD 30,000 for onshore mining, with no infrastructure investment needed and minimal environmental impact.
The presentation claimed that one HEDSM system could generate steady-state EBITDA of USD 176 million annually, with a pre-tax cash return on investment exceeding 300% per annum and a payback period of just four months.
As illustrated in the projected cash profile for one HEDSM system:
The company also emphasized the significant resource potential on the Norwegian Continental Shelf, with an estimated 38.1 million tons of copper (1.8 times global annual production), 2,317 tons of gold, 85,200 tons of silver, and 1 million tons of cobalt.
The following resource table illustrates this potential:
Financial Analysis
A closer examination of Green Minerals’ financial statements reveals the impact of the company’s cost-cutting measures and strategic repositioning. The consolidated income statement shows a significant reduction in both personnel expenses and other operating expenses:
The balance sheet similarly reflects the strengthened financial position, with increased assets and a robust equity ratio:
The cash flow statement confirms the positive trend in the company’s financial management, with a net increase in cash and cash equivalents of NOK 2,359 million in H1 2025, compared to a decrease of NOK 4,865 million in H1 2024:
While Green Minerals’ presentation paints an optimistic picture of future potential, investors should note that the company remains pre-revenue and that the projected returns depend on successful license acquisition and implementation of mining operations. The innovative Bitcoin Treasury Strategy also introduces a new element of market volatility to the company’s financial profile.
The company’s focus on cost reduction and runway extension appears to be a prudent approach while awaiting the Norwegian license round in 2026, positioning Green Minerals to potentially capitalize on the significant deep-sea mineral resources if regulatory and operational challenges can be successfully navigated.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.