Completion of Olserum Drill Programme

European Green Transition (AIM: EGT), a company developing green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition, announces that it has completed the low-cost drill programme at its Olserum Rare Earth Element ("REE") Project in Sweden.

Highlights

• Successful completion of 13 holes for c.1,500 metres of diamond core drilling ahead of schedule and below budget at the Olserum REE project in Sweden.
• The Directors are encouraged by the work performed with visual inspection of the drill core indicating broad alteration zones and intervals with intersections of visible phosphate mineralisation, which the Directors believe host the REEs.
• Subject to REE assay results, the Directors believe that the drilling will confirm the presence of a district scale REE system at Olserum, increasing the ability to monetise the Olserum REE project with a third party.
• Core logging is now complete and lab-based analysis to assess REE concentration is due to commence in late September 2024, with results expected later in H2-2024.

Aiden Lavelle, Chief Executive Officer of European Green Transition, said:

"The successful completion of our drilling programme ahead of schedule and below budget marks a significant milestone for the Olserum REE project. The initial findings are encouraging, and we look forward to the assay results, expected later this year, which will provide more information on the scale of the REE system at Olserum.

"This low-cost drill 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. "

Figure 1: Olserum REE project summary map showing new EGT drill holes and prior work completed

Investor Presentation

Aiden Lavelle, Chief Executive Officer, and Jack Kelly, Chief Financial Officer, will provide a live presentation via Mello Monday on Monday 9 September 2024 at 6.00 pm BST. Investors can register to attend here.