Business
Leading Edge Materials Reports Quarterly Results to April 30, 2022
Vancouver, June 22, 2022 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA:
About this update from Leading Edge Materials Corp.
[{"type":"text","content":" Vancouver, June 22, 2022 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) second quarter results for the period ending April 30, 2022. All references to dollar amounts in this release are in Canadian dollars. Highlights During and After the Quarter During the three months ended April 30, 2022: The Company commenced an evaluation to restart graphite production at Woxna Mine due to improved market conditions. Norra Karr Exploration License Remains in Full Force After Court Decision. The Company appointed Manuela Balaj-Coroiu as Company Secretary. The Company held its Annual and Special Meeting of Shareholders. Subsequent to April 30, 2022: On May 17, 2022 the Company signed Bihor Sud Exploration License between the Company’s subsidiary LEM Romania SRL and National Agency for Mineral Resources, Romania. On June 21, 2022 the Company took a decision to initiate a Natura 2000 permit application process for the Norra Karr project and retract the appeal against the mining lease rejection for Norra Karr. Results of Operations Three Months Ended April 30, 2022 Compared to Three Months Ended January 31, 2022 During the three months ended April 30, 2022 (“Q2 2022”) the Company reported a net loss of $790,120 compared to a reported net loss of $2,094,349 for the three months ended January 31, 2022 (“Q1 2022”), a decrease in loss of $1,304,229, the decrease in loss is mainly due to $1,421,437 of share-based compensation related to granting of stock options under the Company’s stock option plan during Q1 2022. Three Months Ended April 30, 2022 Compared to Three Months Ended April 30, 2021 During the three months ended April 30, 2022 (“2022 period”) the Company reported a net loss of $790,120 compared to a net profit of $1,090,072 for the three months ended April 30, 2021 (“2021 period”), an increase in loss of $1,880,192, the increase in loss is mainly due to $1,472,255 of gain on sale of property that was booked in April 2021 and loss on revaluation of marketable securities of $357,800 booked in Q2 2022 compared to nil in Q2 2021. Selected Financial Data The following selected financial information is derived from the unaudited condensed consolidated interim financial statements of the Company prepared i...