European Green Transition PLC on Tuesday said pretax loss widened in 2023 as the company prepares to develop its various projects to production.
The Europe-focused company develops green economy assets with projects covering critical materials, solar, wind, processing, and recycling.
In 2023, EGT’s pretax loss widened to £708,881 from £123,082 the previous year with the company yet to generate revenue from contracts with customers.
The company incurred an exceptional cost totalling £91,425, while administrative costs multiplied to £573,524 from £103,167 previously.
Cash and cash equivalents held by EGT depleted to £87,969 from £659,420.
During the year EGT was granted a permit for an early-stage critical metals project in Saxony, Germany, and completed the acquisition of the Olserum rare earths project in Sweden.
Chief Executive Officer Aiden Lavelle said: ‘We are now continuing our diligence work to ascertain the commercial viability of these projects, with the intention to pursue near-term revenue generation.
‘We remain very active in our pursuit of further opportunities; as Europe progresses in its green transition, we see numerous undervalued assets and are excited about the potential to capitalise on these.’
Concurrent with its admission to AIM earlier this year, the company completed a £6.5 million fundraise in April through an offer for 64.6 million shares at a placing price of 10 pence per share.
EGT shares were up 2.1% to 14.80 pence each in London on Tuesday afternoon.
Looking to the remainder of 2024, EGT said it will commence a ‘low-cost’ drilling programme at the Olserum project and generate returns from both the Pajala copper graphite project in Sweden alongside its German projects.
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