European Green Transition #EGT – Results for the year ended 31 December 2024 & Notice of AGM June 4, 2025 – Posted in: European Green Transition Plc (EGT) – Tags: , , , ,

European Green Transition (AIM: EGT), a company which aims to capitalise on the opportunities created by the green energy transition in Europe, announces it audited results for the year ended 31 December 2024.

FY 2024 Highlights

·      Successful listing on the London Stock Exchange AIM in April 2024, raising gross proceeds of £6.46 million.

·     Key milestone reached in preparing the Olserum Rare Earth Element (“REE”) project for sale or partnership with the successful completion of a 1,500m drill programme, confirming the district scale potential for REEs at the project.

·      REE mineralisation was evident in every hole at the Olserum REE project with results, as announced in December 2024, including highlights:

o  Hole OLS24-07 at Djupedal intersected 2.45m grading 2.71% Total Rare Earth Oxides (“TREO”) (33.4% Heavy Rare Earth Oxides (“HREO”)) from 40.0m to 42.45m within a broad mineralised zone averaging 22.5m grading 0.58% TREO.

o  Hole OLS24-11, at Olserum West, intersected 8.2m grading 0.94% TREO (22% HREO) from 44.55m to 52.75m including 3.2m grading 1.57 % TREO.

o  Hole OLS24-13, also at Olserum West, intersected the highest-grade drill core assay to date of 0.5m grading 8.83% TREO (16.1% HREO).

·      Positive metallurgical test work completed at the Olserum REE project with results from a bulk sample taken from the historic drill core at Olserum confirming that a high-grade REE concentrate can be processed using conventional and relatively simple techniques.

·      Signed an exclusive 12-month option to potentially acquire the rights to generate carbon and biodiversity credits at the Altan Carbon Credit project, a peatland carbon sink programme in Donegal, Ireland. Discussions ongoing with large local landowners and regulatory bodies to assess the near-term revenue potential of the project.

·      Robust cash position of £3.7m as at 31 December 2024 with EGT well positioned to execute its strategy of acquiring distressed, revenue generating businesses in the green economy with its existing cash resources.

Post Period Updates

·      Secured four-year licence extension to June 2029 for the Olserum REE project, a key step in the process to monetise the project through sale or partnership to a third party. 

·      Secured three-year licence extension to 2028 for the Pajala copper-graphite project in northern Sweden.

·      Secured a six-month extension to the option agreement on the Altan Carbon Credit project in Ireland at no additional cost to continue positive ongoing discussions with key stakeholders with a view to generating near-term revenue from the generation of carbon and biodiversity credits.

·    The Board has elected to allow its option over the Cyprus Copper Tailings Recycling project to lapse, enabling the Company to focus on other acquisition opportunities that more closely align with its strategy of generating revenue in the near-term.

Notice of AGM

The Company confirms that the Company’s Annual Report and Accounts for the period ended 31 December 2024 and the notice of Annual General Meeting (“AGM”) 2025 will be posted to shareholders today.

The Company’s 2024 Annual Report and Accounts, the Notice of AGM and accompanying form of proxy are available to download from the Company’s website: www.europeangreentransition.com/ 

The Annual General Meeting will be held at 1pm on Monday 30 June 2025 at the offices of DAC Beachcroft Ltd, The Walbrook Building, 25 Walbrook, London EC4N 8AF, United Kingdom.

Outlook for 2025 and Board Changes

From the conclusion of the 2025 Annual General Meeting (“AGM”), the Company’s co-founder, largest shareholder and Non-Executive Chairman, Cathal Friel, will assume the role of Executive Chairman. This transition will enable Mr Friel to lead EGT’s M&A strategy, which is focused on acquiring and transforming distressed, revenue generating businesses. This appointment also follows Cathal’s decision to step down from his role as Non-Executive Chairman of hVIVO plc effective from 5 June 2025, a position he has held for eight years.

Following the successful completion of the Olserum REE drill programme in 2024, and in recognition of the Company’s strategy to transition away from its mining assets and focus on acquiring revenue generating businesses in the green economy, the Board has decided that a different set of skills and expertise will be required to execute EGT’s M&A strategy going forward. The Board and Aiden Lavelle have mutually agreed that Mr Lavelle will step down from his role as Chief Executive Officer, and he will not seek re-election as a Director at the forthcoming AGM, and his employment will conclude on 30 June 2025.

As announced on 14 April 2025, Daniel Akselson changed roles from Non-Executive Chairman to Non-Executive Director. Daniel remains the head of the Audit Committee and will continue to support EGT’s strategy to monetise the Olserum REE and Pajala copper projects. 

Having entered 2025 in a strong cash position, the Board believes EGT remains well positioned to execute on its M&A focused strategy with a number of discussions ongoing with distressed revenue generating businesses which the Company hopes to complete and which the Directors believe could be the optimal route to generate value for shareholders.

Cathal Friel, Co-founder and Non-Executive Chairman, commented:

“2024 was a foundational year for the business, during which we achieved many significant milestones including EGT’s IPO on the London Stock Exchange, and the successful execution of our low-cost drill programme at the Olserum REE project in Sweden. The work performed at the Olserum REE project has proved the district scale potential for REEs at Olserum and will support the potential sale or partnership of the project.

The current geopolitical environment, specifically the tensions between Trump’s new US administration and China, has led to China barring the export of certain rare earths. The importance of rare earths to the global economy is highlighted by President Trump’s mineral rights deal in Ukraine where he is attempting to secure future access rights to Ukraine’s rare earth assets. The Ukraine deal  and China’s rare earth export bans have resulted in a substantial increase in interest in our Olserum REE project in Sweden. The urgent need for the establishment of a stable supply of REEs in Europe is clearly evident and EGT’s Olserum REE project, which has been designated as a project of National Interest in Sweden, has the potential to be of critical strategic importance for Europe’s REE supply security.

I am delighted to be assuming the role of Executive Chairman. As co-founder and largest shareholder of EGT, my interests are clearly aligned with our shareholders and I am confident that we can deliver on our M&A strategy in the near future as EGT’s focus moves away from mining towards acquiring distressed revenue generating businesses in the green economy. On behalf of the Board, I would also like to thank Aiden Lavelle for his contribution over the last year and his commitment to the Olserum REE project.

“As we look towards the rest of 2025 and beyond, we retain a strong cash position and remain highly focused on executing on our M&A strategy in the near term by acquiring distressed revenue generating businesses at attractive valuations. We are in discussions with a number of companies as we look to complete a potential deal that could create value for our shareholders as we aim to replicate the previous successes I have had on AIM, notably hVIVO plc (formerly Open Orphan plc) and Amryt Pharma plc.”

Enquiries

European Green Transition plc

Cathal Friel, Chairman

+44 (0) 208 058 6129

Jack Kelly, CFO

Panmure Liberum – Nominated Adviser and Broker

James Sinclair-Ford

Mark Murphy / Rauf Munir

+ 44 (0) 20 7886 2500

 

Camarco – Financial PR

Billy Clegg, Elfie Kent, Lily Pettifar, Poppy Hawkins

europeangreentransition@camarco.co.uk

+ 44 (0) 20 3757 4980

 

 

Notes to Editors

European Green Transition plc (quoted on the AIM market of the London Stock Exchange under the ticker “EGT”) is a business operating in the green transition space in Europe. EGT intends to capitalise on the opportunities created by Europe’s transition to a green, renewables-focused economy and plans to expand its existing portfolio of green economy assets through M&A, targeting revenue generating businesses that support the green transition.

 

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