Completion of Olserum Drill Programme

European Green Transition PLC

09 September 2024

 

09 September 2024

European Green Transition plc

("European Green Transition", "EGT" or "the Company")

Completion of Olserum Drill Programme

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, announces that it has completed the low-cost drill programme at its Olserum Rare Earth Element ("REE") Project in Sweden.

Highlights

·    Successful completion of 13 holes for c.1,500 metres of diamond core drilling ahead of schedule and below budget at the Olserum REE project in Sweden.

·    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, which the Directors believe host the REEs.

·    Subject to REE assay results, the Directors believe that the drilling will confirm the presence of a district scale REE system at Olserum, increasing the ability to monetise the Olserum REE project with a third party.

·    Core logging is now complete and lab-based analysis to assess REE concentration is due to commence in late September 2024, with results expected later in H2-2024.

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

"The successful completion of our drilling programme ahead of schedule and below budget marks a significant milestone for the Olserum REE project. The initial findings are encouraging, and we look forward to the assay results, expected later this year, which will provide more information on the scale of the REE system at Olserum.

"This low-cost drill 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. "

Figure 1: Olserum REE project summary map showing new EGT drill holes and prior work completed

Investor Presentation

Aiden Lavelle, Chief Executive Officer, and Jack Kelly, Chief Financial Officer, will provide a live presentation via Mello Monday on Monday 9 September 2024 at 6.00 pm BST. Investors can register to attend here.

-ENDS-

Enquiries

European Green Transition plc

Aiden Lavelle, CEO	[phone]
Jack Kelly, CFO

Panmure Liberum - Nominated Adviser and Broker

James Sinclair-Ford / Dougie McLeod / Ivo Macdonald / Mark Murphy / Kieron Hodgson / Rauf Munir

+ 44 (0) 20 7886 2500

Camarco - Financial PR

Billy Clegg, Elfie Kent, Lily Pettifar, Poppy Hawkins

[e-mail] + 44 (0) 20 3757 4980

Notes to Editors

 European Green Transition plc (listed on the AIM London Stock Exchange under the ticker "EGT") is a business operating in the green economy transition space in Europe. EGT intends to capitalise on the opportunities created by Europe's transition away from fossil fuels to a green, renewables-focused economy. The Company plans to expand its existing portfolio of green economy assets through M&A, targeting what it believes to be distressed and undervalued projects that are at or close to revenue generation. EGT sees substantial opportunities to deliver value from its M&A pipeline across the green economy space.

EGT's highly experienced leadership team has a strong track record of building successful public companies through the acquisition of distressed assets via M&A. EGT plans to replicate this approach, creating a sustainable and profitable business while generating shareholder returns.

The Company's current portfolio of green economy assets includes the Olserum Rare Earth Project in Sweden. The Olserum project is one of Sweden's projects of "National Interest" and has the potential to become Europe's first operating REE mine. EGT has also taken an exclusive option over a copper tailings recycling project in Cyprus with the potential to generate meaningful amounts of copper, and the site and surroundings offer an excellent long-term location to establish a potential solar power facility. EGT has taken a further exclusive option to develop a peatland carbon sink programme and in turn generate carbon credits at Altan in Donegal in the northwest of Ireland. EGT owns additional projects in northern Sweden and Germany which have defined and tangible upside with potential to realise near-term inflection points in a cost effective manner.

EGT's objective is to build a profitable business while aiming to monetise some of its assets through sale or partnership with larger industry players. The team is focused on success while remaining committed to its defined ESG strategy, ensuring excellent development practices across all projects in addition to regular local community engagement.

For more information, please go to  www.europeangreentransition.com  or follow us on X (formerly Twitter ) and LinkedIn.

 

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