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LONDON - European Green Transition plc (AIM:EGT), a company focused on opportunities in the green energy transition in Europe, reported its financial results for the year ended December 31, 2024. The company, which successfully listed on the London Stock Exchange (LON:LSEG)’s AIM in April 2024, raised £6.46 million in gross proceeds.
Key developments in 2024 included the completion of a 1,500m drill program at the Olserum Rare Earth Element (REE) project, confirming its potential for REEs. The project’s positive metallurgical test work indicated that a high-grade REE concentrate could be processed using conventional techniques.
EGT also signed an exclusive option to potentially acquire rights to generate carbon and biodiversity credits at the Altan Carbon Credit project in Ireland. The company ended the year with a robust cash position of £3.7 million, positioning itself to pursue acquisitions of distressed, revenue-generating businesses in the green economy.
Post-period updates saw EGT secure licence extensions for both the Olserum REE and Pajala copper-graphite projects, as well as a six-month extension for the Altan Carbon Credit project option agreement. However, the company let its option over the Cyprus Copper Tailings Recycling project lapse, aligning with its strategy to focus on near-term revenue opportunities.
Looking ahead, EGT’s co-founder and largest shareholder, Cathal Friel, will transition from Non-Executive Chairman to Executive Chairman to lead the company’s M&A strategy. This change follows his decision to step down from his role at hVIVO plc. The Board and CEO Aiden Lavelle have mutually agreed that Lavelle will step down, reflecting the company’s strategic shift away from mining assets.
Friel commented on the geopolitical landscape, noting the increased interest in EGT’s Olserum REE project due to tensions between the US and China and the importance of establishing a stable REE supply in Europe. He expressed confidence in EGT’s ability to deliver on its M&A strategy and replicate the success of previous ventures.
EGT’s Board believes the company is well-positioned to execute its M&A-focused strategy, with ongoing discussions to acquire distressed revenue-generating businesses. These potential acquisitions are expected to create value for shareholders and support the transition to a greener economy.
This article is based on a press release statement from European Green Transition plc.
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