The upstart of the first licensing round in Norway has been subject to budget negotiations between the minority Government and the socialist party SV. As a result, Green Minerals expects the first licensing round to be delayed by up to 12 months.

On January 9, 2024, the Norwegian Parliament gave an 80/20 vote in favor of opening up the harvesting of marine minerals in Norway. A timeline, including the first round of license awards in Q2 2025, has been communicated. The license papers are with the Department of Energy following the hearing round this fall, ready to be distributed, and it will now be up to the new Government to be formed after the elections in September 2025 to implement this decision so that the license round can continue its course.

While not knowing the details yet, Green Minerals thereafter expects a slightly accelerated timeline for the first round following this delay, allowing for licenses to be awarded sufficiently early in 2026 to uphold Green Mineral’s timeline for the first exploration cruise in 2026. This means that Green Minerals has not changed its estimated timeline for the first ore, which is still expected to take place at the very end of the 2020s. Green Minerals will update on any changes as more information is made available from the Department of Energy.

Further, Green Minerals intends to accelerate its previously announced MoU for a license on polymetallic nodules in the CCZ with the aim of agreeing on terms for the transfer of rights.