Green Minerals
Seafloor massive sulphides on the Norwegian continental shelf
Euronext Growth Oslo: GEMFounded 2020
Green Minerals AS is an Oslo company set up to mine seafloor massive sulphide deposits on the Norwegian continental shelf, where it says it is primarily a copper play. It holds no licence. Norway opened its continental shelf to seabed minerals in January 2024 but has not awarded a single exploration licence, and successive budget agreements have pushed the first round back.
News and articles
Daily closes over the past year, to October 22, 2026.
Overview
- Incorporated in Norway on September 29, 2020, as a spin-off of the marine seismic company SeaBird Exploration Plc, and admitted to Euronext Growth Oslo in March 2021 after a NOK 31.7 million placement at NOK 11 a share. SeaBird distributed its holding to its own shareholders in two steps, ending the parent relationship in January 2023.
- Targets seafloor massive sulphides along the Mohns and Knipovich ridges. The company describes itself as primarily a copper play, with cobalt, gold and silver as by-products, and cites the Norwegian Offshore Directorate’s estimate of 38.1 million tonnes of copper across the opened area.
- The strategy is asset-light: rather than owning vessels, it plans to contract a production system on an oil and gas services model. Its Harsh Environment Deep Sea Mining concept was designed with a consortium led by Oil States Industries (UK), which took shares in the company as payment.
- The Storting voted to open the Norwegian exclusive economic zone in January 2024, and the Ministry of Energy proposed a first round of 386 blocks in June 2024 covering all of the areas Green Minerals had nominated.
- No award followed. The December 2024 budget deal delayed the round, and the December 2025 budget agreement delayed it again, by up to four years on the company’s own reading.
- Its 1H 2026 report, published August 20, 2026, still lists the licence award as to be announced and calls Norway a waiting game. The company says its application is ready for rapid finalisation.
- A memorandum of understanding signed in January 2023 with an unnamed Clarion-Clipperton Zone licence holder is the hedge against the Norwegian delay. It was extended to 2027, and the company says it wants to accelerate the transfer of rights.
- In June 2025 it adopted a bitcoin treasury strategy alongside the minerals business, buying 4 bitcoin and signing a NOK 250 million put-option facility. The facility was drawn once, for 75,000 shares.
- The company is very small and carries no debt. It held NOK 3.1 million of cash at June 30, 2026, against a first-half loss of NOK 3.1 million, and has had a strategic review under way since December 2025.
Positions and partnerships
| Position | What it covers | Status |
|---|---|---|
| Norwegian continental shelf | Seafloor massive sulphides on the Mohns and Knipovich ridges, inside the ~281,000 km² area Norway opened in 2024. Priority blocks nominated May 21, 2024, and all included in the 386-block round proposed on June 26, 2024. | No licence held, because Norway has awarded none. Award listed as to be announced in the 1H 2026 report of August 20, 2026. |
| Clarion-Clipperton Zone | Memorandum of understanding with an unnamed licence holder over a polymetallic nodule area indicating >200 million tonnes of wet nodules, measured, indicated and inferred. Adds nickel and manganese. | Signed January 20, 2023, extended to 2027. Not a held licence. The company said on December 11, 2025, it aims to accelerate the transfer of rights. |
| Harsh Environment Deep Sea Mining system | Production system concept: a subsea mining tool designed by Soil Machine Dynamics, a pressure exchange chamber, a riser, a mining support semi-submersible and an ore carrier that dewaters on board. | Concept study complete. Letter of intent March 2021, memorandum of understanding August 2022 with a consortium led by Oil States Industries (UK), which took 580,000 shares at NOK 15, the last tranche on August 1, 2024. |
| Core sampling unit | Co-development with Soil Machine Dynamics of a core sampling unit to validate sulphide resources. | Memorandum of understanding signed October 31, 2024. First commercial deployment was guided for Q2 2026, before the licensing delay. |
| Processing | Blending study with the Geological Survey of Finland on running sulphide ore through conventional copper flowsheets. | Reported December 6, 2023, at 77% to 80% copper recovery, with 0.3% cobalt reporting to tailings. |
Where the Norwegian licensing round stands
- January 9, 2024: the Storting votes to open the Norwegian exclusive economic zone to seabed minerals.
- April 30, 2024: the ministry invites companies to nominate blocks. Green Minerals nominates on May 21, 2024.
- June 26, 2024: the Ministry of Energy proposes a first announcement of 386 blocks, with a hearing deadline of September 26, 2024. Every area Green Minerals nominated is included.
- December 2, 2024: awards are delayed in the budget agreement, by up to 12 months.
- February 14, 2025: the Oslo District Court rules for the Norwegian State in the World Wide Fund for Nature’s challenge to the opening decision.
- December 2025: the budget agreement delays the round again. The company’s 2025 annual report says it may push the first round back by up to four years. The Storting’s 2026 budget resolution, vedtak 72, asks the government not to announce the first licensing round in the current parliamentary term.
- May 6, 2026: Norway signs the Pax Silica agreement, which the company lists among the developments framing its 1H 2026 report.
- June 10, 2026: the Storting rejects a Progress Party proposal to press on with seabed mineral extraction on the Norwegian shelf, Document 8:272 S (2025-2026). Its two substantive proposals were defeated 15 votes to 86 and 29 to 72, and the energy and environment committee’s recommendation not to adopt them carried 57 to 43.
Presentations
PDF
Current document. The Norwegian timeline, the strategic review, the balance sheet and the shareholder list.
PDF
The chairman’s account of the December 2025 delay and the shift of focus beyond Norway.
PDF
The fullest account of the production system, the resource case and the economics, from before the delays.
Periodic reports and presentations (19 documents)
Earlier annual reports (3 documents)
Meeting materials (8 documents)
Other documents (3 documents)
Ownership
| Holder | Shares | Percent | As reported in |
|---|---|---|---|
| Telinet Invest AS | 2,976,762 | 14.7 | 1H 2026 report, holders at August 17, 2026 |
| Anderson Invest AS | 1,912,059 | 9.5 | 1H 2026 report, holders at August 17, 2026 |
| Nordnet Livsforsikring AS | 1,153,431 | 5.7 | 1H 2026 report, holders at August 17, 2026 |
| Clearstream Banking S.A., nominee | 883,299 | 4.4 | 1H 2026 report, holders at August 17, 2026 |
| CHS Ventures Limited | 830,602 | 4.1 | 1H 2026 report, holders at August 17, 2026 |
| Citibank, N.A., nominee | 580,000 | 2.9 | 1H 2026 report, holders at August 17, 2026 |
| Storfjell AS | 504,714 | 2.5 | 1H 2026 report, holders at August 17, 2026 |
| Nordnet Bank AB, nominee | 500,786 | 2.5 | 1H 2026 report, holders at August 17, 2026 |
| Mosbu AS | 496,134 | 2.5 | 1H 2026 report, holders at August 17, 2026 |
| Sander Invest AS | 393,000 | 1.9 | 1H 2026 report, holders at August 17, 2026 |
| Holders outside the top 20 | 7,409,099 | 36.7 | 1H 2026 report, holders at August 17, 2026 |
| Total shares outstanding | 20,201,400 | 100 | 1H 2026 report note 3, at June 30, 2026. The company’s own list of August 11, 2026, carries the same total. |
Group ownership
| Group | Shares | Percent | Source |
|---|---|---|---|
| Top 10 holders | 10,230,787 | 50.6 | 1H 2026 report, holders at August 17, 2026, summed and computed |
| Top 20 holders | 12,792,301 | 63.3 | 1H 2026 report, holders at August 17, 2026, computed as the total less holders outside the top 20 |
Storfjell AS is the company of executive chairman Ståle Rodahl. Anderson Invest AS is owned by Hans Jan Anderson, who joined the board as an observer in August 2025. Options over 2,716,967 shares were outstanding at June 30, 2026, at a weighted average strike of NOK 2.00, which would take the fully diluted count to 22,918,367. A further 150,000 options at NOK 2.00 were granted to director Stig Myrseth on August 20, 2026. The May 28, 2026, annual general meeting refused the board a new authorisation to issue shares.
Document archive
Green Minerals reports through the Oslo Børs newswire rather than to a registry that publishes a filing index. Every document it has enclosed with a release is mirrored here and linked from the tables above: the periodic reports and presentations, the annual reports, the meeting materials and the articles of association. The releases themselves are in the news table at the top of this page.