GCIEuropean Green Transition posts full year results for 2023, looks ahead to second half of 2024
booked a loss of just under £709,000 for the year to December 2023, as against a loss of £103,000 a year earlier.
The company listed on Aim earlier this year, but 2023 was a busy year too.
Among the highlights were the exercising of the option on and completion of the acquisition of the Olserum rare earth element project in Sweden in July 2023, which was designated a project of National Interest by the Swedish Geological Survey.
In June 2023 EGT was also granted a permit for an early-stage critical metals project at Marienberg in Saxony, Germany.
Subsequent to the year end a certain amount of corporate restructuring occurred ahead of the listing, when the company raised £6.5m.
Following the listing, EGT entered a 12-month option to commence due diligence on and potentially acquire the Limni copper project in Cyprus, and entered a 12-month option to investigate the potential to develop a peatland carbon sink programme and in turn generate carbon credits in Donegal, Ireland.
There were also 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 Olserum.
"We aim to deliver value for shareholders and support Europe's green energy transition through our green economy portfolio,” said Aiden Lavelle, chief executive of European Green Transition.
“In the second half of 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.”
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These results, which date from a time before EGT was listed, don’t give too much of an insight into the future. EGT’s levels of activity since it listed, and its ability to keep itself in front of investors since then is much more telling. The shares have risen by more than 40% as investors buy into the company’s positioning as one solution to the world’s green issues. This summer could be quiet on the markets generally, but expect EGT to remain active.
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