Key points
- H1 2026 EBIT loss was $3.1 million, with net cash flow slightly above $1 million; the company says its cash position is comfortable and it is fully financed for all existing plants.
- A US-Japan agreement on rare earth elements was signed in March 2026; Japan has validated extraction technology to 6,000 meters and is targeting commercialization as early as 2028.
- Norway’s first deep-sea mining license round has 386 blocks proposed and is ready to be dispatched, with WWF’s legal challenge to the opening decision rejected, but the Labor government continues to delay it amid budget negotiations with left-leaning coalition partners.
- The company estimates company-level EBITDA of about $175 million from one harsh-environment production system at a copper price below current levels, rising to roughly $500 million at $13,000/tonne copper.
