Green Minerals AS reported a first-half 2026 EBIT loss of NOK 3.1 million, including non-cash items tied to Bitcoin holdings and equity-based compensation, while net cash flow remained slightly above NOK 1 million. The Oslo-listed company, which develops deep-sea mining technology for copper and cobalt extraction, said its cash position remains comfortable and fully financed for existing plans.
Management highlighted that the net cash flow figure better reflects operating cash use, noting that the company’s cost run-rate is running below guidance issued 18 months prior. Green Minerals’ shares were last trading at $1.33, up 2.31% from the previous close, with a market capitalization of $1.67 billion. The stock has ranged between a 52-week high of $3.45 and low of $0.97.
The company’s deep-sea production system is ready for deployment but remains pending licensing approvals. Executive Chairman Ståle Rodahl stated the company is prepared to proceed “on short notice” once licenses are received. He emphasized the economic advantages of deep-sea mining, citing projected EBITDA of $175 million per production system at historical copper prices and approximately $500 million at current prices near $13,000 per tonne, representing a $300 million uplift.
Green Minerals estimates its capital expenditures to be more than 30% below comparable terrestrial mining projects of similar scale. The company projects its environmental footprint to be over 90% lower than conventional mining, citing a system designed to produce 75,000 tonnes of copper annually while processing around 1.5 million tonnes of rock per year—significantly more efficient than Sweden’s Aitik mine, which processes over 40 million tonnes of rock to yield 60,000 tonnes of copper at a 0.16% ore grade.
Regulatory and political headwinds in Norway continue to delay licensing. Rodahl noted that while an 80% majority in parliament supports deep-sea mining, the process has stalled due to political negotiations involving the Labour Party government and left-wing parties during budget talks. Green Minerals has identified 386 blocks for potential inclusion in the first licensing round.
The company is also reviewing opportunities beyond Norway, including other mineral types and nodule deposits outside the Clarion-Clipperton Zone. A strategic review initiated in early 2026, involving multiple parties, remains ongoing with no disclosed timeline or final agreement. Board changes were confirmed as unrelated to this review.
Green Minerals’ financial strategy includes a Bitcoin treasury position announced in June 2025, intended to support operations amid closed equity financing windows.
