European Green Transition plc has secured a four-year extension until June 2029 for its Olserum No. 21 licence at the Olserum rare earth elements project in southeast Sweden.
MONETISATION
The 10.99km2 licence has a historic resource estimate of 4.5 million tonnes grading 0.6% total rare earth oxides (TREO) in the indicated category and 3.3Mt grading 0.63% TREO in the inferred category.
EGT confirmed “significant” mineralisation and district scale potential of an REE system from its 1,500m drill programme during the second half of 2024.
The company is currently seeking a purchaser or partner for the project which lies 6km from the town of Gamleby and 25km northwest of the port town of Vastervik.
“There are currently no active REE mines in Europe, and we believe the Olserum REE project will be of critical strategic importance to the region in the years ahead,” said co-founder and non-executive chairman Cathal Friel said.
“This licence extension is a considerable step in our plans to monetise the Olserum project, as we seek to reallocate resources towards pursuing near-term revenue generating opportunities.
“We believe Olserum is one of Europe’s most attractive rare earth assets and the receipt of a four-year licence extension validates the work we have completed to date and strengthens the company’s position in ongoing discussions with a third party through sale or partnership.”