European Green Transition announced it has entered into an exclusive option agreement (the "Option") to commence due diligence on and potentially acquire a copper tailings recycling project in Cyprus (the "Copper Tailings Recycling Project"). Option offers EGT full, exclusive access to conduct additional due diligence on the proposed Copper Tailings Recycling Project over a 12-month period. The past-producing Limni copper mine near Polis in western Cyprus produced over 8.1 Mt at 1.11% Cu between 1937 and 1978.

A copper recovery circuit has been proposed to extract copper from existing pit waters at Limni with potential to recover a meaningful but as of yet undetermined amount of copper. The directors believe this could represent prospects of near-term revenue generation in a capital efficient manner. Option is in line with Company strategy to target green economy assets in Europe.

The site and surroundings also offer an excellent long-term location to potentially establish a solar power facility following the completion of the tailings recycling. Should this proceed, EGT would intend to partner with an existing solar power operator who could fund the facility with EGT maintaining a long-term revenue stream. Key diligence activities EGT intends to undertake to ascertain commercial potential of the Copper Tailings Recycling Project will include, inter alia, validation of the proposed low-cost water treatment plan, further review of the copper tailings potential and subsequent analysis of the potential for solar development.

During the due diligence phase, EGT expects to engage with all relevant stakeholders to ensure the project aligns with the Company's ESG standards. The Copper Tailings Recycling Project is owned by BW79 Holdings Limited ("Owner"). The Company has paid a fee of £125,000 to the Owner as consideration for entering into the Option.

Should the Company exercise the Option, any acquisition of the Copper Tailings Recycling Project would be subject to, inter alia, the Company successfully agreeing terms and entering into further documentation. There can be no guarantee that the Option will be exercised.