European Green Transition PLC (AIM:EGT) told investors it has secured a three-year extension for its Pajala copper-graphite licences in Northern Sweden.
The extension was granted by the Swedish Mining Authority, applies to licences Liviovaara 101 and Lehtosolka 101, and is valid until March 2028.
It follows confirmation that sufficient exploration work has been completed on site.
The company highlighted that the extension supports ongoing talks with third parties as it considers a potential sale or partnership for the project.
EGT chair Daniel Akselson described it as a critical and timely step.
“The strength and resilience of copper prices highlights its critical role in the electrification of the global economy and continues to make European copper projects attractive to third parties,” Akelson said in a statement.
He added: “We remain focused on monetising both the Olserum rare earth and Pajala copper projects in Sweden as we focus our resources on acquiring revenue-generating businesses supporting the green energy transition."