GCIEuropean Green Transition posts interims, highlights progress across green energy portfolio
European Green Transition () booked a loss of £1.5 million and closed out the six months to June 2024 with £4.9 million in the bank.
During the period, the company successfully listed on Aim, raising gross proceeds of £6.5 million.
It then signed an exclusive 12-month option to potentially acquire the Cyprus Copper Tailings Recycling project at Limni in west Cyprus, and an exclusive 12-month option to acquire the rights to generate carbon and biodiversity credits at the Altan Carbon Credit project, a peatland carbon sink programme in Donegal, Ireland. Due diligence on both projects continues.
At the Olserum rare earth elements drilling was planned and then completed after the period end and completed metallurgical test work that confirmed that a high-grade REE concentrate can be processed using conventional and relatively simple techniques.
“"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,” said chief executive Aiden Lavelle.
“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."
View from Vox
European Green Transition certainly hit the ground running after its Aim listing, cutting deals and initiating drilling at Olserum. The pace has been frenetic and the focus strong – this is no mere mining company, but rather a future-focussed green energy company. The market has so far responded favourably. Now it’s on towards the monetization of Olserum.
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