LEADING EDGE MATERIALS REPORTS QUARTERLY RESULTS TO
Highlights During and After the Quarter
During the three months ended
- On
December 14, 2023 , the company announced it has received further positive assay results for Co-Ni-Au from Gallery 7. This second batch of 104 samples prolongate the zone of Co-Ni-Au-occurrences by about 250 m to a total length of roughly 400 m NNW-SSE, and constitute the central-southern part of G7 at the Bihor Sud project inRomania . Highlights include 6.7% Co, 13.0% Ni, 7.5 g/t Au. - On
December 21, 2023 , 314,286 warrants were exercised at an average price of$0.10 per share for gross proceeds of$31,428 . - On
December 28, 2023 , 3,375,000 warrants were exercised at an average price of$0.10 per share for gross proceeds of$337,500 .
Results of Operations
Three Months Ended
During the three months ended
Three Months Ended
During the three months ended
Selected Financial Data
The following selected financial information is derived from the unaudited condensed consolidated interim financial statements of the Company prepared in accordance with IFRS.
Fiscal 2024 | Fiscal 2023 | Fiscal 2022 | ||||||
Three Months Ended | 2024 $ | 2023 $ | 2023 $ | 2023 $ | 2023 $ | 2022 (Restated) $ | 2022 (Restated) $ | 2022 (Restated) $ |
Operations | ||||||||
Expenses | (660,617) | (582,552) | (313,950) | (1,048,182) | (489,432) | (860,062) | (685,569) | (700,413) |
Other items | (25,311) | 195,209 | (8,442) | (187,421) | (147,703) | 308,721 | (190,659) | (356,226) |
Comprehensive profit/(loss) | (685,928) | (387,343) | (322,392) | (1,235,603) | (637,135) | (551,341) | (876,228) | (1,056,639) |
Basic Profit/(loss) per share | (0.00) | (0.00) | (0.00) | (0.01) | (0.00) | (0.00) | (0.00) | (0.01) |
Diluted profit/(loss) per share | (0.00) | (0.00) | (0.00) | (0.01) | (0.00) | (0.00) | (0.00) | (0.01) |
Financial Position | ||||||||
Working capital | 2,316,098 | 2,713,098 | 848,952 | 1,344,044 | 2,124,643 | 1,365,657 | 1,686,095 | 2,396,484 |
Total assets | 26,003,943 | 25,387,449 | 23,584,544 | 24,181,654 | 24,845,430 | 23,832,418 | 24,827,062 | 25,000,847 |
Total non-current liabilities | (5,489,843) | (4,670,790) | (5,109,575) | (5,404,808) | (5,556,603) | (5,292,618) | (6,159,922) | (6,045,964) |
Financial Condition / Capital Resources
During the three months ended
Outlook
We continue to see European policy initiatives increasingly taking shape as industrial policy, hardly seen in the western world since WW2. The object of improving European competitiveness is clear. We have in previous notes followed how this has developed via the general climate agenda, the Critical Raw Materials Act and the Net-Zero Industry Act. Relevant to us is that one of the fundamental starting points is access to raw materials and process technologies of these.
We maintain our built and permitted Woxna graphite mine and plant on care and maintenance, while monitoring market signals to consider a restart of graphite concentrate production, as the first step to developing a downstream anode business. Despite the looming demand-supply deficit, flake graphite prices have remained weak this past year.[1] Increased capacity in Chinese synthetic graphite production has been an important factor[2]. It is estimated that
Of course, this offers
Norra Kärr
At our Norra Kärr development project, we are working fully focused on our mining lease application. We aim to have this submitted within 12 months from now.
As this is done based on the new 2021 design of this project, we are benefitting from authorities and other stakeholders evaluating the merits of the project based on recent plans that substantially reduce the potential for environmental risk. During this year we plan to establish an office near site from which this work and the important initiatives around social license and stakeholder engagement will be carried out.
Norra Kärr, as one of the largest HREE deposits globally, and the most advanced one in the EU, has the potential to be a cornerstone supplier to Western magnet producers[4].
Additionally, with
Since having obtained permission to enter our underground galleries last year, this project has been advancing rapidly. As we have reported during the past year, we have encountered and assayed high grades of Co-Ni-Au and Cu-Zn-Pb-Ag mineralization’s over large distances underground.
These results confirm our belief that this is a high prospective exploration project with potential for both scale and high-grade mineralization.
We have retained possession of an underground drill, which is being prepared to be put to work in areas from the inside of the G4 and G7 galleries.
During spring we plan a surface drill program on 50-100 m deep geophysical anomalies and to explore the depth extent of G7 Co-Ni-mineralization.
Additionally, we have entered our next target, Gallery 2, for which we have high expectations.
As far as exploration projects go, we feel that this is an exceptional one, and we are hopeful for plenty of news flow during the coming quarters.
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[1]https://source.benchmarkminerals.com/article/why-battery-material-prices-slumped-under-pressure-in-the-first-half-of 2023?mc_cid=1c25ba3e5d&mc_eid=33b1527344
[2]https://source.benchmarkminerals.com/article/natural-graphite-market-dominated-by-oversupply-2023-in-review?mc_cid=2a16054797&mc_eid=33b1527344
[3]https://source.benchmarkminerals.com/article/in-charts-why-decoupling-from-chinas-anode-market-could-be-difficult-for-the-west?mc_cid=b3fbca6cc2&mc_eid=33b1527344
[4] https://www.fastmarkets.com/insights/rare-earth-magnet-production-outside-asia-gearing-up-2024-preview/
Financial Information
The report for three months ending
On behalf of the Board of Directors,
For further information, please contact the Company at:
info@leadingedgematerials.com
www.leadingedgematerials.com
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Additional Information
The Company’s financial statements for the fiscal period ended
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Reader Advisory
Certain information in this news release may constitute forward-looking statements or forward-looking information within the meaning of applicable Canadian securities laws (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, addressing activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are Forward-Looking Statements. Forward-Looking Statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. Forward-Looking Statements are based upon the opinions and expectations of the Company based on information currently available to the Company. Forward-Looking Statements are subject to a number of factors, risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the Forward-Looking Statements including, among other things, the Company has yet to generate a profit from its activities; there can be no guarantee that the estimates of quantities or qualities of minerals disclosed in the Company’s public record will be economically recoverable; uncertainties relating to the availability and costs of financing needed in the future; competition with other companies within the mining industry; the success of the Company is largely dependent upon the performance of its directors and officers and the Company’s ability to attract and train key personnel; changes in world metal markets and equity markets beyond the Company’s control; the possibility of write-downs and impairments; the risks associated with uninsurable risks arising during the course of exploration; development and production; the risks associated with changes in the mining regulatory regime governing the Company; the risks associated with tenure to the Norra Karr property; the risks associated with the various environmental regulations the Company is subject to; rehabilitation and restitution costs; the Woxna project has never defined a mineral reserve. The Woxna project has never defined a mineral reserve. On
On
Attachments
- LEM-Financial Results-
Jan 31, 2024 - Q1- Financial Report
Source:
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