Key points
- Q4 underlying EBITDA loss was 2.6 million kroner, with cash of just over 3 million kroner at quarter-end versus 11.7 million a year earlier; Norway’s first deep-sea mining license round was delayed 12 months by the government on December 1.
- The company extended its runway through an 80% cost cut (annual run rate down to about 10 million kroner) and a guaranteed rights issue of between 5 million kroner and the equivalent of 1 million euro, issuing up to 5.5 million shares.
- Norway’s 2025 budget allocates 150 million kroner to mineral exploration, five times prior years; the license round is expected to open in Q4 2025 with awards in Q2 2026.
- The Norwegian Petroleum Directorate estimates the resource at 38 million tons of copper, 1.8 times global annual production, with the Deep Sea Insight deposit (discovered 2023, 1,100m depth) showing copper values up to 13%.
