Key points
- Q3 underlying cost was 2.3 million NOK, with an annual burn rate under 10 million NOK consistent with recent years.
- OSI became a 4% shareholder in Green Minerals following the concept study consortium, and the company signed an MOU with SMD Machine Dynamics to collaborate on a sampling unit.
- A new discovery this summer along the Mid-Ocean Ridge in Norway showed preliminary samples averaging 5.2% copper, with the deposit believed to contain 10-15 million tons.
- Management expects a licensing-round announcement from Norwegian authorities by year-end, with license award expected in the second half of 2025 and first pilot production targeted for 2029.
