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European Green Transition PLC (LSE:EGT) disclosed a cash position of £4.9 million for the half-year period ending in June, following its listing on AIM in April. The company successfully raised £6.5 million gross during its initial public offering (IPO), and this cash balance is intended to support its strategy of targeting revenue-generating or near-revenue green economy assets.
Chief executive Aiden Lavelle shared insights into the company’s progress during the interim results announcement, noting that momentum from the IPO continued into the first half of 2024. EGT signed two 12-month options: one concerning a potential acquisition of a copper tailings recycling project in Limni, Cyprus, and another involving the rights to generate carbon and biodiversity credits at the Altan peatland carbon sink programme in Donegal, Ireland.
Lavelle reported encouraging initial sample results from the Cyprus project, confirming the presence of copper and advancing to the next phase of diligence. The company is exploring a capital-efficient hydraulic pumping system to facilitate copper extraction, which could lead to near-term revenue.
Progress on the Altan Carbon Credit Project is also ongoing, with EGT engaging key stakeholders to establish a sustainable business model for generating and selling carbon and biodiversity credits.
Additionally, advancements have been made in the Olserum rare earth elements (REE) project in Sweden. This included obtaining drill permits, conducting successful community engagement, and receiving positive sample results that indicated high-grade mineralization.
In the second half of the year, a 13-hole drill program at Olserum was completed ahead of schedule and under budget. Visual inspections of the drill core yielded positive feedback, with laboratory results anticipated before the year's end. This phase is crucial for demonstrating the project's district-scale potential.
Metallurgical test work at Olserum has also been completed, confirming that a high-grade REE concentrate can be processed using conventional and relatively simple techniques from a bulk sample taken from historic drill cores.
Lavelle emphasized that this program is a critical step towards monetizing the Olserum REE project. A successful outcome would allow the company to redirect focus and resources toward more advanced, revenue-generating opportunities within the green energy transition. The company reported a total loss of £1.5 million for the first half of the year, reflecting its pre-revenue status.
