European Green Transition PLC (AIM: EGT) has extended the key license for its Olserum Rare Earth project in Sweden until 2029, strengthening its position for partnership and sale discussions. The company noted that the project demonstrated district-scale potential in 2024, underscoring its strategic importance as Europe seeks to reduce dependence on imported critical minerals.
EGT also confirmed a license extension at its Pajala copper project in Sweden until 2028, while the option agreement for the Altan Carbon credit project in northwest Donegal was extended by six months at no cost. The latter comes amid growing momentum in the carbon credit sector, bolstered by €3 million in peatland restoration funding from Meta, Microsoft, and Google.
CEO Jack Kelly highlighted the company’s transition away from being a pure mining player: “This is not a mining company. We have mining and exploration assets which we are looking to partner or sell, but our key focus is on acquiring distressed, revenue-focused businesses.”
The strategic shift is being led by Cathal Friel, EGT’s largest shareholder, who stepped in as executive chairman in June. Friel previously oversaw successful turnarounds at hVIVO and Amryt Pharma and is now guiding the company’s M&A strategy targeting revenue-stage businesses in the green economy.
EGT reported a strong cash position of €2.9 million as of June 30, with no debt and no committed costs, providing flexibility to pursue acquisitions.
On rare earths, Kelly stressed that Olserum remains a strategic asset: “There is no active rare earth mine in Europe today. Olserum could make a significant impact on European supply chains, especially as geopolitical tensions drive up prices and global players like Apple and the US government secure new long-term agreements in the sector.”
