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Leading Edge Materials Reports Fiscal 2024 Results
Vancouver, January 24, 2025 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (F
About this update from Leading Edge Materials Corp.
[{"type":"text","content":" Vancouver, January 24, 2025 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) announces results for the fiscal year ending October 31, 2024. All references to dollar amounts in this release are in Canadian dollars. Highlights During and After the Fiscal 2024 During the fiscal year ended October 31, 2024: On December 14, 2023, the Company announced further positive assay results for Co-Ni-Au from gallery G7 at the Bihor Sud project in Romania. The findings extend the zone of identified 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. Highlights included 6.7% Co, 13.0% Ni, 7.5 g/t Au. On May 19, 2024, Mr. Kurt Budge was appointed Chief Executive Officer of the Company. On June 18, 2024, at Bihor Sud, the Company announced that it had identified extensive Zn-Pb-Ag+/-Cu mineralization in galleries G2 and G7. On July 23, 2024, the Company closed the first tranche of the private placement announced previously on July 15, 2024, issuing 34,400,000 common shares at a price of $0.10/share for gross proceeds of $3,440,000. On August 11, 2024, the Company announced that an application for Strategic Project designation for the Norra Kärr Heavy Rare Earths (“HREE”) Project has been submitted. On September 26, 2024, Company closed the second and final tranche of the private placement announced previously on July 15, 2024, issuing 6,710,000 common shares at a price of $0.10/share for gross proceeds of $671,000. After the fiscal year ended October 31, 2024: On December 8, 2024, the Company applied to the Mining Inspectorate of Sweden (“Bergsstaten”) for an Exploitation Concession (“Bearbetningskoncession”) 25-year mining lease for Norra Kärr. Results of Operations Three Months Ended October 31, 2024, Compared to Three Months Ended July 31, 2024 During the three months ended October 31, 2024 (“Q4 2024”) the Company reported a net loss of $320,029 compared to a reported net loss of $822,238 for the three months ended July 31, 2024 (“Q3 2024”), an decrease in loss of $502,209 is due to capitalization of Research, development and general exploration expense for full year 2024 in Q4 2024. Year Ended October 31, 2024, Compared to Year Ended October 31, 2023 During the year...