European Green Trns. (AIM:EGT) Interim Results for the period to 30 June 2024

European Green Transition (AIM: EGT), a company developing green economy assets in Europe which aims to capitalise on the opportunities created by the green energy transition, is pleased to announce its unaudited interim results for the period ended 30 June 2024.

Interim Results 2024 Highlights

·    Successfully listed on AIM in April 2024, raising gross proceeds of £6.5 million.

·    Signed an exclusive 12-month option to potentially acquire the Cyprus Copper Tailings Recycling project at Limni in west Cyprus.

·    Signed an exclusive 12-month option to potentially acquire the rights to generate carbon and biodiversity credits at the Altan Carbon Credit project, a peatland carbon sink programme in Donegal, Ireland.

·    Key milestones reached in the development of the Olserum rare earth elements (“REE”) project in Sweden, including award of drill permitting, successful community engagement meeting, and positive sample results which reported high grade sample results from Djupedal with values of 4.79%, 5.8% and 11.77% TREO (“Total Rare Earth Oxides”).

·    Robust cash position of £4.9 million as at 30 June 2024, providing capital to implement EGT’s strategy of targeting revenue or near-revenue stage green economy assets.

Post Period End Highlights

·    Successful completion of 13 hole, c.1,500m low-cost drill programme at the Olserum REE project targeting the Djupedal and Olserum West prospects which aims to confirm the district scale REE potential at the Olserum REE project.  The Directors are encouraged by the work performed with visual inspection of the drill core indicating broad alteration zones and intervals with intersections of visible phosphate mineralisation. Laboratory results are expected later in H2-2024.

·    Positive metallurgical test work completed at the Olserum REE project with results from a bulk sample taken from the historic drill core at Olserum confirming that a high-grade REE concentrate can be processed using conventional and relatively simple techniques.

·    Encouraging preliminary sample results received from the Cyprus Copper Tailings Recycling project in July 2024. The Company has now progressed to the next stage of due diligence, as it looks to evaluate the potential for near term revenue generation from a low-cost hydraulic pumping process, with subsequent potential for solar development.

Aiden Lavelle, Chief Executive Officer of European Green Transition, said:

“I am pleased to present European Green Transition’s financial results for the first half of 2024. Following our successful listing on AIM in April 2024 where we raised gross proceeds of £6.5m, we have continued our momentum by signing two option agreements on exciting green economy projects: the Cyprus Copper Tailings Recycling project and the Altan Carbon Credit Project. We continue to conduct diligence on both projects, receiving encouraging initial sample results from the Cyprus Copper Tailings Recycling project which confirmed the presence of copper, and we are now progressing to the next stage of diligence as we look to generate near term revenue through the extraction of copper using a capital efficient hydraulic pumping system. Similarly, we continue to progress our Altan Carbon Credit Project, engaging with key stakeholders to develop a long term sustainable business, generating and selling carbon and biodiversity credits.  

“We recently announced the completion of our low-cost drill programme at the Olserum REE project in Sweden, ahead of schedule and under budget, as we look to prove the district scale potential for this project. I am pleased with the initial findings and observed geology in the drill core that we have obtained, and we look forward to receiving the results which are expected later this year. This programme is a crucial step in our goal to monetise the Olserum REE project in the near future, which if successful would allow us to redirect our focus and resources to more advanced revenue or near revenue stage opportunities in the green energy transition as we look to develop a profitable, sustainable business in the green economy.”

A copy of this announcement, together with the Interim Results, will be available to view on the Company’s website in due course at www.europeangreentransition.com

Notice of Investor Presentation

The EGT management will provide a virtual presentation via ShareSoc, followed by a live Q&A. The presentation will take place at 17.00 BST on Tuesday 24^th September 2024.

Investors can register for the webinar here.

Enquiries

European Green Transition plc