Oslo, 27 August 2026 - Polar Resources AS (the "Company" or "Polar Resources")
(Euronext Growth Oslo: POLAR) today released its Half-Year Report for the period
ended 30 June 2026.
The first half of 2026 was defined by the broadening of Polar Resources'
strategic mandate to include pursuing opportunities within the oil and gas
upstream sector, targeting producing, cash flow-generating assets in Europe,
Latin America, and Southeast Asia. To support this renewed strategy, the Company
strengthened its Board of Directors with the appointments of Mr. John Hamilton
in June 2026 and Mr. Garrett Soden in July 2026.
While broadening its strategic mandate and preparing for the listing on Euronext
Growth Oslo, the Company remained in the exploration and development phase
throughout the first half of 2026 and did not generate operating revenues during
this period.
In June 2026, the Company applied for admission of its shares to trading on
Euronext Growth Oslo and, subsequent to the end of the reporting period,
successfully completed the listing of its shares on 9 July 2026. In connection
with the listing, the Company completed an offering of 7,142,857 new shares at a
subscription price of NOK 7.00 per share, raising gross proceeds of NOK 50
million. The offering attracted significant interest from Nordic and
international investors, with participation from more than 750 investors in an
oversubscribed retail offering.
A wholly-owned subsidiary of Trafigura, one of the world's largest international
commodities trading groups, participated as a cornerstone investor.
Julien Balkany, Executive Chairman of Polar Resources, commented: "It has been a
very busy first half of 2026 for Polar Resources, which successfully completed
its public listing on Euronext Growth Oslo as well as an oversubscribed equity
private placement. The Company has strengthened its board of directors with the
recent addition of John Hamilton and Garrett Soden and is therefore
well-positioned to achieve its renewed business strategy. We are proactively
reviewing and evaluating accretive M&A transactions in the oil and gas upstream
sector. We look forward to unlocking the true potential of the Company and
creating value for its shareholders."
The Company reported a net loss of NOK 5.6 million for the period ended 30 June
2026. The net loss reflects corporate overhead costs, employee expenses,
financing costs associated with shareholder loans, and costs associated with
preparations for its listing on Euronext Growth Oslo.
A copy of the updated corporate presentation is attached to this announcement
and will also be made available on our website at www.polarresources.no
Enquiries
Henno Grenness, Chief Executive Officer
Tel: +47 911 44 658
Email: investors@polarresources.no
This statement contains certain statements that are, or may be deemed to be,
"forward-looking statements", which include all statements other than statements
of historical fact. Forward-looking statements involve making certain
assumptions based on the Company's experience and perception of historical
trends, current conditions, expected future developments and other factors that
the Company believes are appropriate under the circumstances. Although the
Company believes that the expectations reflected in these forward-looking
statements are reasonable, actual events or results may differ materially from
those projected or implied in such forward-looking statements due to known or
unknown risks, uncertainties and other factors. These risks and uncertainties
include, among others, uncertainties in the exploration for and development of
mineral resources, uncertainties in the pursuit and completion of acquisitions
within the natural resources industry (including oil and gas), uncertainties
inherent in estimating mineral resources and reserves, the Company's ability to
raise sufficient capital to fund its future operations and strategic objectives,
the Company's limited operating history, unpredictable changes in general
economic conditions, volatility of commodity prices, competitive risks,
counter-party risks, regulatory changes including permitting and licensing risks
in jurisdictions where the Company operates or seeks to acquire assets, and
other risks and uncertainties discussed in the Company's periodic reports.
Forward-looking statements are often identified by the words "believe",
"expect", "anticipate", "intend", "plan", "budget", "potential" and other
similar terms and phrases. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this
statement, and the Company undertakes no obligation to update or revise any of
this information.
About Polar Resources
Polar Resources AS is a Norwegian natural resources company focused on mineral
exploration in Norway and also selectively pursuing oil and gas acquisitions
with an initial geographical focus on Europe, Latin America and South-East Asia.
Polar Resources AS currently holds exploration licences covering four areas in
Central Norway with reported occurrences of copper and zinc mineralisation.
Visit us at: www.polarresources.no
Follow us on LinkedIn
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Central Norway with reported occurrences of copper and zinc mineralisation.\
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Visit us at: www.polarresources.no\
Follow us on LinkedIn\