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Leading Edge Materials Corp. (LEMIF) is a Canadian public company focused on developing critical raw material projects in the European Union. The company's projects include the Woxna Graphite mine, Norra Karr HREE project, and the Bihor Sud Nickel Cobalt exploration alliance. These projects are aligned with high-growth technologies such as batteries for electromobility and energy storage, supporting the clean energy transition. Leading Edge Materials aims to secure a sustainable supply of essential materials. The company's commitment to environmental responsibility and technological innovation drives its mission to contribute to climate neutrality.
Leading Edge Materials reported its second-quarter results for the period ending April 30, 2024. The company reported a net loss of $859,529, an increase from the $685,928 loss in the previous quarter but a decrease from the $1,235,603 loss in the same period last year. The increase in loss from the previous quarter was mainly due to higher share-based compensation expenses, foreign exchange losses, and net mark-to-market adjustment losses. The company has working capital of $1,610,635 and total assets of $24,991,481. Recent announcements include the appointment of Kurt Budge as CEO and the identification of extensive mineralization at the Bihor Sud Project in Romania. The company is also considering a restart of the Woxna Graphite Mine and exploring various projects under the EU's Critical Raw Materials Act.
Leading Edge Materials reports extensive Zn-Pb-Ag mineralization in Romania's Bihor Sud Project. Over 8 km of galleries in G2 have been accessed, revealing significant mineralization. A silver-rich zone in G7 is noted. A 1,500 m Co-Ni drill program will begin in G7 in July 2024, followed by a 6,000 m program in G2. The G2 gallery reveals Pb-Zn grades of several percent and notable silver grades. Chip samples showed a Zn-equivalent average grade of 7.34%. The company's underground mapping and sampling continue, with drilling set to start later in the year.
Leading Edge Materials has appointed Kurt Budge as CEO, effective May 19, 2024. Budge brings 30 years of mining experience, including a recent tenure as CEO of Beowulf Mining. The company is focused on obtaining a Strategic Project designation for its Rare Earth Elements at Norra Kärr in Sweden under the EU Critical Raw Materials Act. Other key projects include the Woxna graphite mine in Sweden and the Bihor Sud nickel and cobalt exploration project in Romania. The board is optimistic about Budge's leadership and the potential for significant value creation.