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Green Minerals AS, with a current market capitalization of $1.05 billion, reported its Q2 2025 earnings, revealing a challenging financial landscape with a negative cash flow of NOK 2,800,000 from operating activities and a negative EBITDA of NOK 580,000. Despite these setbacks, the company has made significant strides in innovation and strategic partnerships. According to InvestingPro data, while the company maintains strong liquidity with cash exceeding debt, the stock price fell by 4.12% to 2.67, nearing its 52-week low.
Key Takeaways
- Green Minerals achieved an 80% cost reduction from 2024 levels.
- The company developed a unique deep-sea mining production concept.
- Partnerships were established with major industry players.
- The stock price dropped by 4.12%, reflecting market concerns over financial performance.
Company Performance
Green Minerals is navigating a complex market environment, highlighted by its innovative deep-sea mining production concept designed for the harsh conditions of the Norwegian continental shelf. The company has effectively reduced costs, achieving an 80% reduction from 2024 levels, and has formed strategic partnerships to minimize cash investments in major projects. However, the negative cash flow and EBITDA figures have raised concerns.
Financial Highlights
- Negative cash flow from operating activities: NOK 2,800,000
- EBITDA: Close to NOK 2,000,000
- Second quarter EBITDA: NOK 580,000 negative
- Cash balance: NOK 5,450,000 (excluding Bitcoin acquisition)
Market Reaction
The stock price of Green Minerals fell by 4.12% to 2.67, approaching its 52-week low of 2. InvestingPro analysis reveals the stock has declined significantly over the past year, with particularly poor performance in the last month. This decline suggests investor apprehension, possibly due to the negative financial metrics reported. The market may also be cautious about the company’s Bitcoin Treasury Strategy, which involves holding Bitcoin as part of its financial strategy. For deeper insights into Green Minerals’ valuation and 12+ additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.
Outlook & Guidance
Looking ahead, Green Minerals is expecting the first license round awards in Q2 2026. The company projects a net cash position of $700 million by the fifth year of full production, with an annual EBITDA potential of $176 million at the company level and $500 million at the project level. The CapEx for each mining system is estimated between $1 billion and $1.2 billion. InvestingPro data indicates the company currently trades at high revenue and Price/Book multiples, suggesting the market has priced in significant growth expectations. Access the full Pro Research Report for comprehensive valuation analysis and growth projections.
Executive Commentary
Stolr Rudal, Executive Chairman, emphasized the company’s strategic positioning, stating, "Green minerals is really at the center of one of the most important geopolitical developments going on in our time." He also highlighted the operational flexibility of their mining systems, noting, "We have zero sunk cost in the mine. We simply pick up the equipment and leave for the next site."
Risks and Challenges
- Continued negative cash flow and EBITDA could impact financial stability.
- The Bitcoin Treasury Strategy might expose the company to cryptocurrency market volatility.
- Dependence on future license awards and project execution for growth.
- Potential geopolitical risks in the critical minerals market dominated by China.
Q&A
During the earnings call, analysts inquired about the company’s ability to process seafloor massive sulfides within existing infrastructure. Green Minerals confirmed its flexibility regarding ore processing locations and potential to process cobalt in addition to copper, showcasing adaptability in its operational strategy.
Full transcript - Green Minerals AS (GEM) Q2 2025:
Stolr Rudal, Executive Chairman, Green Minerals: Good morning, everyone, and welcome to this second quarter presentation for Green Minerals. My name is Stolr Rudal. I’m Executive Chairman of the company, and I’m here with David Dahl Stammnes, our CEO. We find a disclaimer on page two. And then on the financial highlights for the first half, the main items here is one of negative cash flow from operating activities of NOK 2,800,000.0, EBITDA of close to 2,000,000.
And in the main, the difference there is linked to the incentive program for employees. Also, it’s worthwhile commenting on cash, which you will find at 5,450,000.00. This cash number does not include, the Bitcoin, acquired by the company by the end of the quarter. On the EBITDA level, I think the number of main interest here is the second quarter EBITDA, which was down to 580,000.00 negative. And with that, the company has almost or we could say delivered already in the second quarter, delivered on the ambition to cut costs by 80% from twenty twenty four levels.
So we’re we’re pleased with the the speed of the cost reductions there. When it comes to other highlights for the quarter in the market environment around us, I think, one, The US executive order signed by The US president in April 2025 really underpins the global momentum that we’ve seen in deep sea mining over the last few months. And what’s interesting here is that it’s really sovereign states that are now taking the lead with the the National Sea Bird Authority, more or less having placed itself a little bit on the sidelines here with its very slow moving approach in opening process here. Norway, of course, is one of these sovereign states. On the Norwegian authorities, preparations for or towards the first license round in Norway is continuing.
A NOK 150,000,000 was allocated to exploration in the 2025 government budget. I think it’s worth to note that this is up five times versus previous years, And additional data from this has already been released, and Green Minerals is implementing these data into our models as soon as we as soon as we get them. New discoveries, are being made, and, we expect license awards, in the second quarter, of 2026. Importantly, the company in the first half secured optionality for our shareholders through a significant runway extensions with the the help of of a significant contribution from the founders. This includes the before mentioned cost cuts of 20% and also a guaranteed rights issue that was carried through in March.
We’re very pleased to see that we have been able to maintain competency in the organization while reducing capacity, which was really the aim that we set out with here going into the year. In the end of the quarter, the company announced that, it has adopted a Bitcoin treasury strategy. Importantly, and as the press release states, this strategy has been adopted to support the operational strategy, of the company. I’ll get back to that a little bit later in the presentation. The cost of the initial purchase was close to a $106,000 per Bitcoin.
And, the p and l for the strategy, this is the mark to market p and l. You don’t find it in, in, the accounting numbers that we have presented, but the mark to market p and l is NOK 420,000.00 as of yesterday’s close for Bitcoin. Now we are pleased to see that a number of new shareholders have joined us over the last few months. And to the benefit for these, we are going to make a rather thorough presentation of the main, background, for the company, our goals, ambitions, and strategies. We are going to take you through the development on, licensing on the Norwegian continental shelf.
We’re going to take you through the main parts of the technology tech technology development that has been taking place in green minerals. And we’re also going to look at some key numbers for for our project, which we find really, really exciting, and we we hope you will do too. To start with the background here, it has to do with lack of critical minerals. Green minerals is really at the center of one of the most important geopolitical developments going on in our time, and that has to do with China’s control of a number of critical minerals and a a a critical need really for countries outside of China, and in particular the West, to to secure additional sourcing of these minerals. When it comes to copper, which is our main, the main mineral then for for green minerals, I think the chart to the right on this page explains well what is going on.
What you see here is the link or call it the lack of link between the the rapid increase in exploration budgets over the last two decades in combination with the lack of results from from those budgets into into results from copper exploration. So we see that new finds are going down while exploration budgets have increased a lot. And this is really, you know, at the heart of, of why we find, this world class resource that we have come across on the the Norwegian continental shelf as particularly interesting. Another few interesting points has to do with the regulatory environment that’s on in Norway and Norway several enroll on the Norwegian continental shelf, which we will will get back to. But, really, the copper the copper market, the balance in the copper market itself is is of key importance to understand to understand our our strategy here.
And another point, I think, is that the copper market is is large. Not all of these minerals markets, these critical minerals markets are large enough actually to take on significant supply in the amounts that we’re talking about from the deep sea, but the copper market is. So we’re very comfortable with that. I mentioned the geopolitics of advanced energy. And green minerals, of course, find itself to the left in this chart, engaged in mining and and eventually also processing, although that that has not been been taken a decision on exactly how that will happen.
But mining and processing are the key areas for for green minerals. And what you will see, just glancing at this graph for a second, is that there is one particular country that has really taken a corner position in processing, and that is China. So the rest of the world is now at China’s mercy when it comes to access access to finished product, finished processed product of a number of these critical min minerals. And with China now using its, strong position here to also ban exports of some of these critical minerals at times. This has happened a number of times over the last few years.
Then the situation has become untenable for a particular countries in in the West. Remember, many of these minerals are key to product production of arms and and ammunition. So this goes directly into not only the national economies of some of the largest countries in the world, but it also goes into the core of the national security for a number of these countries, notably, for example, The US. So securing or building supply chains outside of China is really of key importance for for these countries. And green minerals with the position that we have on the Norwegian continental shelf is really sits in the middle of this geopolitical tension and and will be able to, when open up for Norway, to provide at least a port solution to to the issues at hand here.
And with that, I hand it over to for a rundown on the Norwegian the Norwegian content to shut. Evin, please.
David Dahl Stammnes, CEO, Green Minerals: Thank you, Stola. This is also a slide that we have presented several times and to you new shareholders. This slide in many ways demonstrate and summarize the Green Minerals ambition on the Norwegian continental shelf. To the right, there is a map of the Norwegian Sea. Within the yellow area is the area that was opened by the Norwegian Storting in January 2024 for marine minerals activity.
And to the left, the table reflects the shelf directorate’s latest estimate of resources. And this table is for the seafloor massive sulfides only. And these type of deposits are mainly found in areas three, four and five along the Mons And Kniepovich Ridges, a distance between Jan nine up to Spitsbergen for that’s over a thousand kilometers long. And this table truly demonstrates that we have a world class resource on the Norwegian continental shelf. The estimate for copper, which is the most valuable and also as Stola said, the focus for green minerals is close to 40,000,000 tonnes, or twice the annual global production.
And in addition, there are substantial amounts of zinc, cobalt, gold, silver and other metals. And also, I’d like to emphasize that this table is for the seafloor massive sulfides only. The shelf director has has also presented an estimate for crusts, where copper is about 50% of the SMS, of the SMS, resources, and zinc is even higher than for the sea for massive sulfides. And I think it’s very important to note that this resource estimate is strongly supported by several very copper rich discoveries that has been made on scientific cruises by their chef directorate and the universities over the recent years. And many of these are shown on the next slide.
Next slide, please, Toll. The figure represents a three d perspective of the seafloor between Jan Main to the Southwest and Spiesbergen to the North in the picture. Along the ridge’s Mounth Ridge and the Kniepowicz Ridge. The names or the the blue are the deeper areas with the water depths down to 3,000 plus meters, And the warmer colors represent the flank areas where we also find most of the discoveries made. These areas have water depths between 1,002 meters.
Along the ridge, you can find many of the names of the discoveries that has already been made. Deep inside, a little bit northeast of Jan Main in the lower left corner, was discovered in 2023. It sits at 1,100 meter water depth. It has an estimated tonnage of 10,000,000 to 15,000,000 tonnes of ore and has very high copper content. And next to, to DeepInsight, there is there are strong indications, of another deposits only two kilometers away from DeepInsight.
It has been named Garantua. And this supports, the, the cluster theory, which says that where you find one discover or where you make one discovery, the conditions are favorable, and you will also make other and new discoveries in the vicinity. To the very north, you can see Jotel discovery. Next to the Jotel discovery, a new discovery was made late last year, announced early this year by the shelf directorate. It has been named Yigra.
And initial measurements of copper in this discovery is between 2% to 30% copper. It’s very rich in a mineral called Atakamit, a very, very copper rich mineral. And, again, the proximity to to supports the cluster theory. And it’s important to keep in mind that these discoveries are located literally on the seafloor. They’re not buried.
They can be they can be discovered on bathymet by bathymetric mapping and also visual inspection. And compared to oil and gas and also traditional and conventional land mining, these are easier to find and also at less cost. Next, please. As regards to the first round, as Stola mentioned, we expect the, the round to be announced, around year end, late this year, very early next year, with awards, in ’20 second quarter twenty twenty six. The map shows the area that in in dark bold color, the area that was opened by the Norwegian authorities in January 24.
And the yellow blocks are the 386 blocks that were suggested for announcement in the first round. And we are very pleased that all our first priority blocks when we in the nomination process were included within the yellow areas. And as we as Stola mentioned earlier, the authorities are preparing for the first round. The mapping activity, by the Norwegian authorities, has been stepped up, five times compared to previous years, and it’s now in 2025 at the level of about $15,000,000. And all these data that are collected, geological and environmental and data are made available to the industry for free.
And, Green Minerals, is ready to file an application as soon as the round has been announced. Okay, Stola. I’ll leave it, to you again.
Stolr Rudal, Executive Chairman, Green Minerals: Thank you. So, to take you through our strategy around, building the company, we have announced our partnership for responsible production, with a number of, world class, partners, notably Oil States, from The US, with Risotec and also Soil Machine Dynamics when it comes to the the the the mining machines on the seabed. There are also a couple of other partners whose names will be unnamed until at at a later stage. We’re really pleased with the consortium, and we have together developed a production concept which looks like this. And to the best of our knowledge, this is the only concept that has been developed for the Norwegian continental shelf at at this point.
And it really, I think, puts Green Minerals in a really good position when it comes to licensing discussions. So what you see here is a system based on on semi submersible as the production unit. It is purpose built bulk carriers with a disconnectable turret system, and you see the riser there between 3,000 meters with really fast deployment, ten hours for 3,000 meters. You see the pressure exchange chamber close to the bottom there and then the mining units on seabed. And, in the following, I will show you an animation of how this concept, would work, there.
Alright. So what you just saw is a semi closed loop production system, which has been designed particularly for the harsh environment in the on the Norwegian continental shelf. I think it’s important to note, as you saw from the video, there’s no noise in this system at any point in the system above over and above what you find in the natural environment around it. And the only emission from the system is then filtered seawater that is being pumped back to where it came from. So I think with this, my understanding is that, we have put to rest, many of the concerns at least from the NGOs regarding how how this would look.
I’m gonna take you through few numbers on this just to put it in in perspective and also put it in perspective to traditional terrestrial mining. So what you will understand from this system is that it has a number of advantages compared to traditional copper mining, and these advantages, results in, economic, key metric key economic metrics that really are disruptive to the economics of traditional copper mining. Number one is there are no infrastructure investments needed. For those of you familiar with terrestrial mining, you will know that these infrastructure investments can run into the billions of dollars and take several years. We are talking about infrastructure investments that, in many cases, are larger than the entire investment for the entire system than that that we have.
So our CapEx is between 1 and $1,200,000,000, and, and it should should be put in in that perspective. The CapEx per ton, if you just look at, the equipment as such, is about the third lower for us than for traditional copper mining. And thirdly, which is really important, is that is the opportunity to optimize production in deep sea mining compared to to this terrestrial mining. The reason is that we have zero sunk cost in the mine. We simply pick up the equipment and leave for the next site whenever we feel that a better ore ore grade could be had at at at a different point.
So where that cutoff would be, we haven’t communicated yet, and we wouldn’t know until being there producing. But if that cut off the 2% or or 1% on the copper, the point here is that we have the flexibility to decide and just to to at a very small cost to move on and start producing at what we regard as being the optimum grade. Also, we have a cost advantage in terms of of CapEx or the business model itself, where we will introduce an oil and gas services business type model, which is asset light and which bodes well for the capital efficiency of of the project. When it comes to the environmental part of this, I would say up until two years ago, most of the questions we got around what we’re doing here is were around environmental and biological factors. And it’s interesting to see see that over the last few months, this has now changed.
Most of the questions that we are getting is around techno economic factors. And, of course, that speaks well for for the work that has been done by the authorities and by the industry also in in putting to rest some of the main concerns that had been been raised here. And on that on that point then, as I said, I just showed you a semi closed loop harsh environment, deep sea mining system, and, and, how that would work. There’s no mid water plume. Return water are transported to the to the seafloor, and there are no pumps creating noise along the rising system.
Also, we will see a sharply reduced overburden because of the efficiency of of the ore, which means less waste less waste and and less tailings. And just wanna add here, I don’t remember if I even brought that up, but, of course, the ore grade, the average ore grade that we are looking at for this resource is looks to be somewhere between 6% or thereabouts. I did mention that tests have been taken showing up to 30% copper. We wouldn’t expect that on average, but a number around five to 6% seem to be reasonable. This is compared to new finds terrestrially that are at point 6% and lower.
So so so please see our excitement over this resource in in in that light. The following graph shows you what the numbers would look like on a company level for green minerals with one harsh environment deep sea mining system at work. So this cash flow cash flow profile shows you our numbers up to date, that’s 2025, and then assumes that the company will bear the future exploration costs after having been granted license on on its own account. That is no certainty that that would happen. Our ambition is to bring partners in, which would make this cash profile or or the low point of the cash flow profile significantly better to the tune of probably around 30 to to the tune of around $25,000,000 compared to the number you see here of minus 35 in 2028.
Then when the system starts producing, cash will build rapidly as you can see. So on the fifth year of full production, we’re up to $700,000,000 in net cash on a company level with around a $176,000,000 on current copper prices in in annual EBITDA. Peer mining group multiple is around six to nine times, and we certainly and with what we’re showing you here, the given the advantages of deep sea mining, the, deficiency of the ore, and, also, I think, lower environmental footprint than terrestrial mining. We would expect a multiple for a mining company like this to be in the very high end, if not somewhat above what you see for the mining sector at large. Again, this is on a company level.
So if we were to look at these numbers on on the project level, we are talking about EBITDA of around $500,000,000 per year. We would then also look at the CapEx of between 1 to $1,200,000,000 to to get the system to to get the system going. But, again, really solid cash return on investment as you understand. We’ve been getting number of questions regarding our ability to undertake the rather large projects we’ve been involved in, giving the limited funding for the company. So on that note, we have put together the following slide, which shows you the projects we’ve been involved in and the funding from Green Minerals directly into this project.
Half of the table has been concluded already. That is three of these are are done already. One is ongoing, and that is the exploration data. And then half the table or the bottom half is in progress or or pending license award. But I think it’s interesting to note here that we we said at the outset that we would base ourselves on on an extensive partnership thinking and a partnership model and providing green minerals competency into into these partnerships is really what we’re all about.
So far, we have succeeded well with this. The production concept that I showed you is significant CapEx, have been going on for some time, meaning years, and involved a lot of people. And the funding the the the the cash funding from Green Minerals has been zero. Of course, the in kind funding and contribution into the project through our personnel has been significant. We’ve participated in two research cruises on Atlantic Mid Ocean Ridge where we, amongst others, gained access to to SMS material that has been key to conduct world for studies in in co processing with, with ore with terrestrial ore.
So, significant, CapEx to the tune of 10 to $15,000,000 per cruise and, the funding cash funding from green minerals, has been almost negligible. It has been very, very low, indeed. So this is something we’re very pleased with. When it comes to exploration data, this is really built on the public privacy model that you that you find in Norway, where the authorities are fronting the industry ahead of decisions to to open up and and beyond until licensing, basically. And that means that we or the industry has been getting access to.
And that means that Green Minerals has also been getting access to baseline exploration data of more than $50,000,000 that has been implemented in our models, and you’ve seen some of it today from. And we continue to re receive the data from the authorities this year, as we said, to the tune of of to the tune of $15,000,000. So by the end of this year, we will have more than $65,000,000, technically, not on our balance sheet. But if we were operating in any other country and and, for example, compared to the client clip clip and so on, we were also involved. We would have had to fund $65,000,000 ourselves to get access to to this data.
So this is something or one of the reasons that we really favor the Norwegian continental shelf for starting up our activities. And needless to say, our funding, our cash funding into this has been zero. Implementing these into our models, of course, is at our own cost, and that is being done through by our our own personnel. I mentioned access to to to SMS material. This enabled the world first blendability project that we ran and together with the with the geological survey of Finland, and the results were really good.
So really happy to see that we would be able to co process ore from the deep sea together with similar ore from onshore Scandinavia. And the funding from green minerals also here has been really low. CapEx admittedly low for the project, but almost negligible funding from our side. And then we have four projects ongoing or and or pending license award. And that’s our DeepMinex.
It’s a project together with S and P. It’s our exploration CapEx that I touched upon, which, of course, is significant, which we aim to take together with our partners, and it’s also the production system. And then we’re talking about the CapEx in the tune of $1,000,000,000 or above, where we also see our partnership model helping us. Now there’s one thing worth mentioning, actually, both on the CapEx and the production system, and that is that the implementation of our Bitcoin treasury strategy may change, the Green Minerals’ share. But, if, if the strategy, proves itself able to grow to such an extent, we believe that would be a major positive for our shareholders, and it would improve, Green Minerals position, ahead of licensing, and through licensing significantly on the Norwegian continental shelf.
So this is something that we are where we really see BTS being able to contribute to to the company’s operations in a significant way. Okay. So on the Bitcoin treasury strategy, the the backdrop here is one of us being seeing real inflation risk versus a significant future capital expenditure for the company, and that capital expenditure being some years out. Bitcoin has the advantage of being decentralized and showing noninflationary properties. It’s an attractive alternative to traditional fiat in an era of monetary expansion that we have certainly been in for some time.
And a main point for us when adopting this has been the broad institutional support and approval Bitcoin, in particular, has been getting over the last few years, with notably the SEC also, putting its approved mark, on it here a couple of years ago. The long term project horizon, in our operations, is makes BTS particularly well suited for us. As I said, we see real inflation risk versus our future capital expenditure. We want, and have long wanted to hedge against the fiat debasement. And, also, the long project horizon reduces the volatility risk, meaning that the long term view essentially that we have on on on acquiring Bitcoin flatness out the volatility risk or reduces the volatility component of of the price movement in Bitcoin, which is a prerequisite for us to do this.
Now when it comes to the project CapEx, of course, it in itself, it guides a certain significance in the BTS ambition for the company. Each harsh environment deep sea mining system CapEx is to the tune of 1 to $1,200,000,000. The company expects more than one of these systems to be employed on the Norwegian continental shelf. And, certainly, with us having the only known production concept for the NCS, we certainly have an ambition to be involved in, in, more than one as well. Each system is to be financed through a mix of debt and equity as, anyone involved in, this type of business would, would understand, and anyone who has followed Green Minerals for some time, would understand.
This means that not all of the system will be finding by will be funded by by acquiring Bitcoins. But the BTS ambition is there to part finance, the equity portion. That would be the correct, way, to, to understand this. And further, I think it’s important to say also that there is no guarantee that capital will be available, to fund our BTS, ambition. But, with the background I’ve just given you, you understand that this strategy makes particularly good sense for a company with projects like we do and the project horizon that we do.
And we will certainly do our best to to execute on on the strategy. And then we’ll just see as we go along what what the results will be. We started shortly after announcing the strategy by acquiring 4 Bitcoins. This was in the end of or in the June. And we have done so, and we have said that we will, of course, maintain a fair amount of of fiat cash in the company.
And at any point in time, you will see the company holding more than one year of operating expenses in, in fiat cash. And this goes back to what I just said about the volatility risk, and we don’t want that to, we we don’t want to see any any negative impact for our shareholders from from such volatility risk, thereby, the fiat cash part of of the strategy. With this acquisition, the company holds 0.2 Bitcoin per million shares. The cost basis for the first purchase was close to under $6,000, and the mark to market p and l as of close yesterday was 420,000.00 in in in the Bitcoin strategy. This, of course, mark to market profit has not been reported and is not a part of the results that we have reported today.
It is in our balance sheet at cost. So in summary, what we have done in the 2025 following the adverse move by the labor party in securing the 2025 budget, highly surprising move, I would say, on the December 1, delaying the first licensing round with around one year, is that we have set out, as we said, to build value while increasing our runway. And looking back at the first half, we are pleased to see that we have been been able to been able to do exactly what we said. And just to take a step back on the 01/09/2024, the Norwegian government opened up for deep sea mining in Norway. This was with an 80% majority, and that decision alone derisked Green Minerals as a business case.
Green Minerals nominated areas of interest in the 2024, and we’re pleased to see that all our areas have been adopted in the first licensing round. We believe that Green Minerals is in pole position for a license win, or should I say more than one license win. And we believe that our Bitcoin treasury strategy may leverage this strong position further, and we will seek to develop it the best we can there. The production concept has been developed together with globally leading partners partners each in their field and is ready. The world’s first blendability study that we did with VMS and SMS, confirms our business plan, and it adds significant value to not only us and our project, but to the entire industry, we believe.
The mining infrastructure in The Nordics has been well developed, and we expect off take agreements, to be announced closer to first ore. The these deep sea mining metrics are superior to traditional terrestrial mining. We’re taking you through the business model. We’re taking you through the economics, and we also talked a little bit about, the environmental, issues here where we can certainly say that there’s been a pre perception perception, onto what this would mean. And, but a lot of that has been, put to rest, by excellent work by the authorities and and also contributions from from the industry.
So the investment case for the project that Green Minerals is involved in is unusually strong financially. We’re talking about the pretax cash return on investment of more than 300% per annum. We’re talking about the pretax cash payback time of four months on on the company level. In the first half, we secured long term optionality for our shareholders. This was secured through a significant in kind commitment from the founders of the company and a guaranteed rights issue where the shareholders with significant support from from our shareholders.
Long term provision horizon that we have provides strong incentives for and gives a potential significant leverage through our Bitcoin treasury strategy. So with that, we believe we’ve been delivering well on the strategy, and company is now ready for the next step. Just finally a reminder, Green Minerals is primarily a copper play. We didn’t talk so much about it today, but in the world first processing study that we did, copper was the main area of interest. We have an ambition, to be able to process also cobalt that would add significantly to the numbers you have seen today.
I should underline these are numbers only for copper. If we were to include the second round processing successfully with cobalt, it would add significantly in the hundreds of millions of dollars on on the project level to this project. But in any case, green minerals should be seen. That that would be a bonus, I think, if we if if we are successful in in doing that. Until then, green minerals should be seen primarily as a copper play.
And MOU that we have in the client Clipperton zone on the license there provides upside on other key battery metals longer term. And with that, I think it concludes our prepared presentation for today. And, with that, I, I hand it over to Eivin for, q and a.
David Dahl Stammnes, CEO, Green Minerals: Okay. Then we’re open for, q and a. I see there’s there’s one question here. There’s one asking what are the implications of the results of the of the processing study? I I think I I can take that, Stola.
I think the the concern was that the seafloor massive sulfides could not be processed in traditional ways and in existing infrastructure. So we wanted to test that out. The results were very positive. We proved that SMSs can be can be processed in existing infrastructure and with high recovery rates. And the implications of that is that we do not have to build new verification plans to process SMSs.
And and we and we can we can get very high recovery rates in current in current processing plants mixed with the land based material or material. There’s another technical asking if we have any thoughts on where we want to bring the ore. Stola, do you want to comment?
Stolr Rudal, Executive Chairman, Green Minerals: Yeah. I think you you just touched upon it, David, and that is the significance of the study, whether we are able to utilize existing infrastructure or needing to construct, new infrastructure for the industry. So the importance of the study is that it it it it gives us, the option or it gives the industry the option, to bring this ore into existing facilities. Let me give you an example. The biggest copper mine in in The Nordics turns over more than 40,000,000 tons of rock every year.
And the the output of that is a meager 60,000 tons of copper. So this is producing copper at a point 16% ore grade. We are coming in with copper at five to six percent ore grade. So you can imagine what this would mean for the profitability of the processing facility handling handling that low grade ore. So and by the way, one production system from our side would mean turning over one and a half million tons of of of rock to produce 75,000 tons of copper just to just to put that in in perspective.
So in any case, so what this study then shows is that we’re able to do that. So and it gives a lot of meaning than for owners of existing facilities like that to add our ore to to the processing, thereby increasing the profit profitability on existing facilities and also extending life of mine, for existing mines. But, we have not, signed up for anything there yet, and we are open to we are open, of course, to sending this ore to ship this ore to wherever, we get the best paid for it. I think that is, essentially our our answer at the moment. We are very happy, to be open on that front as it gives us the opportunity to talk to a number of of companies, not only companies located in The Nordics.
So, of course, from an industry point of view, from a strategic point of view, it would make the most sense to put it into existing facilities close to us. But we’ll see what what the willingness and ability to pay will be compared to to mining companies that are further away from us. Okay.
David Dahl Stammnes, CEO, Green Minerals: And then I think there’s no further relevant questions that we have not touched upon yet in a very thorough presentation. So I think we’ll stop there. Stola, concluding remarks?
Stolr Rudal, Executive Chairman, Green Minerals: Okay. Yep. Sure. So with this, just want to thank you for your attention. We on purpose, we have delivered a a thorough presentation taking you through many aspects of what we’re doing, more more of a green minerals one zero one, if you like, everything from market environment, regulatory issues, where the industry is heading, and, and also dive into our own technologies and and numbers.
So we hope, that provided you with a better understanding, of, of our company. And, if there are any further questions, do not hesitate to reach out to our investor relation, and, we will get back to you, the soonest we can. So with that, we thank you, and, see you next time.
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