European Green Transition PLC (AIM:EGT) revealed it had a cash position of £4.9 million at its June half-year period, after listing on AIM in April.
After raising £6.5 million gross in the IPO, the company said its cash balance provides capital to implement its strategy of targeting revenue or near-revenue stage green economy assets.
Chief executive Aiden Lavelle said in a statement alongside the interim results that the company “continued our momentum” from the IPO by signing two 12-month options during the first half of 2024, one to potentially acquire a copper tailings recycling project at Limni in west Cyprus, and the other to potentially acquire the rights to generate carbon and biodiversity credits at the Altan peatland carbon sink programme in Donegal, Ireland.
“We continue to conduct diligence on both projects, receiving encouraging initial sample results from the Cyprus Copper Tailings Recycling project which confirmed the presence of copper, and we are now progressing to the next stage of diligence as we look to generate near-term revenue through the extraction of copper using a capital efficient hydraulic pumping system.
“Similarly, we continue to progress our Altan Carbon Credit Project, engaging with key stakeholders to develop a long-term sustainable business, generating and selling carbon and biodiversity credits.”
Progress in developing the Olserum rare earth elements (REE) project in Sweden in the period included receiving drill permitting, a successful community engagement meeting, and positive sample results which reported high-grade sample results.
So far in the second half of the year, a 13-hole drill programme has been completed at Olserum ahead of schedule and under budget, where Lavelle said the board is pleased by visual inspection of the drill core, with laboratory results expected before the end of the year as EGT looks to prove the district scale potential for the project.
Metallurgical test work was also completed at Olserum, with results from a bulk sample taken from the historic drill core confirming that a high-grade REE concentrate can be processed using conventional and relatively simple techniques.
“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,” Lavelle said.
At the pre-revenue stage, the company reported a total loss of £1.5 million for the first half.