European Green Transition (AIM: EGT), a company developing green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition, is pleased to announce the audited results for European Green Metals Limited (“EGM”), the Group’s wholly owned subsidiary, for the year ended 31 December 2023.
The Company was incorporated on 25 January 2024 as European Green Metals Holdings Limited, later renamed European Green Transition Limited on 29 February 2024 and subsequently re-registered as a public company changing its name to European Green Transition plc on 25 March 2024, ahead of its admission to AIM. European Green Transition plc is the holding company of the Group.
2023 Highlights
· Exercised option and completed acquisition of the Olserum Rare Earth Element (“REE”) project in Sweden in July 2023.
· Extensive due diligence fieldwork completed at the Olserum REE project.
· Olserum REE Project designated as a project of “National Interest” by the Swedish Geological Survey.
· Granted permit in June 2023 for an early-stage critical metals project at Marienberg in Saxony, Germany.
· Completed extensive preparatory work for listing on the London Stock Exchange, laying the foundations for admission to AIM in April 2024.
Post Period End Highlights
· Incorporation and subsequent rebranding to European Green Transition plc, reflecting the Group’s broader strategic focus and future as a public company.
· Successful admission of European Green Transition plc to AIM and concurrent £6.5m fundraise in April 2024.
· Entered an exclusive 12-month option to commence due diligence on and potentially acquire the Limni copper.
· Entered an exclusive 12-month option to investigate the potential to develop a peatland carbon sink programme and in turn generate carbon credits in Donegal, Ireland.
· Positive results from channel and grab samples taken at the Djupedal prospect, the nearby Bersummen area, and the newly identified Stora Lockerum structure, all located within the Olserum REE project in Sweden. These results support the Directors’ belief that our fully permitted low-cost drill programme, scheduled for H2-2024, could confirm a district scale system with further project upside, supporting our aim of attracting a partner to fund a larger scale programme.
Aiden Lavelle, Chief Executive Officer of European Green Transition, said:
“Today we are presenting 2023 annual results for the Group’s wholly owned subsidiary. 2023 was a pivotal year for the Group. We successfully completed the acquisition of the Olserum REE project in Sweden and laid the foundations for admission to AIM and concurrent fundraise of £6.5m in April 2024.
“Following our successful IPO, we aim to deliver value for shareholders and support Europe’s green energy transition through our green economy portfolio. In H2-2024 we plan to conduct a low-cost drill programme at the Olserum REE project. We anticipate this will support our approach to engage a third party to fund its future development and potential commercialisation.
“Since IPO, EGT has secured two exclusive option agreements to expand our portfolio of green economy assets. The Limni copper tailings recycling project in Cyprus offers potential to recover meaningful amounts of copper in a capital efficient manner and subsequent solar energy development, and the Altan peatland carbon credit project in Ireland offers potential entry into the voluntary carbon credits market. We are now continuing our diligence work to ascertain the commercial viability of these projects, with the intention to pursue near-term revenue generation. We remain very active in our pursuit of further opportunities; as Europe progresses in its green transition, we see numerous undervalued assets and are excited about the potential to capitalise on these with a view to generate shareholder value.”
A copy of this announcement, together with the Annual Report and Accounts will be available to view on the Company’s website in due course at www.europeangreentransition.com
Enquiries
European Green Transition plc
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Aiden Lavelle, CEO |
+44 (0) 208 058 6129 |
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Jack Kelly, CFO |
