Successful extension granted for Olserum REE Project
European Green Transition (AIM: EGT), a company developing green economy assets in Europe, is pleased to announce the granting of a four-year extension to June 2029 for the Olserum no. 21 license at the Olserum Rare Earth Elements (“REE”) project in Sweden (in which the Company holds a 100% interest) by Bergsstaten, the Swedish Mining Authority.
The Olserum no. 21 license covers a 10.99km2 region located in southeast Sweden, about 6km from the town of Gamleby and 25km northwest of the larger port town of Vastervik. The license area covers Olserum’s historic resource estimate, consisting of 4.5Mt grading 0.6% TREO1 in the indicated category and 3.3Mt grading 0.63% TREO in the inferred category, in addition to the region covering EGT’s recent 1,500m drill programme, which delivered positive results with significant REE mineralisation evident adjacent to the historic resource at Olserum West and Djupedal, confirming the district scale potential of the Olserum REE Project.
The four-year license extension could be critical for any incoming acquiror or partner of the Olserum REE project and further strengthens the Company’s position in discussions going forward.
Cathal Friel, Co-founder and Non-Executive Chairman, commented:
“Geopolitical uncertainty has highlighted the urgent need for Europe to establish a secure supply of REEs to support European industry. There are currently no active REE mines in Europe, and we believe the Olserum REE project will be of critical strategic importance to the region in the years ahead.
“This license extension is a considerable step in our plans to monetise the Olserum project, as we seek to reallocate resources towards pursuing near-term revenue generating opportunities. We believe Olserum is one of Europe’s most attractive rare earth assets and the receipt of a four-year license extension validates the work we have completed to date and strengthens the Company’s position in ongoing discussions with a third party through sale or partnership.”
1TREO – Total Rare Earth Oxides
Enquiries
European Green Transition plc
Cathal Friel, Non-Executive Chairman
Aiden Lavelle, CEO
+44 (0) 208 058 6129
Jack Kelly, CFO
