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Leading Edge Materials Reports Quarterly Results to April 30, 2024
Vancouver, June 21, 2024– 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 21, 2024– 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, 2024. All references to dollar amounts in this release are in Canadian dollars. Recent Announcements On 19 May 2024, the company announced the appointment of Mr. Kurt Budge as Chief Executive Officer. On 18 June 2024, the company announced that it has identified extensive Zn-Pb-Ag+/-Cu mineralization in galleries G2 and G7 at the Company’s Bihor Sud Project in Romania. Results of Operations Three Months Ended April 30, 2024, Compared to Three Months Ended January 31, 2024 During the three months ended April 30, 2024 (“Q2 2024”) the Company reported a net loss of $859,529 compared to a reported net loss of $685,928 for the three months ended January 31, 2024 (“Q1 2024”), a increase in loss by $173,601, the increase in loss mainly due to share based compensation expenses of $349,923 (Q1 2024- $159,425), foreign exchange loss $5,754 (Q1 2024 gain - $35,971) and net mark to market adjustment loss of $10,662 (Q1 2024- $86,074). Three Months Ended April 30, 2024, Compared to Three Months Ended April 30, 2023 During the three months ended April 30,2024 (“2024 period”), the Company reported a net loss of $859,529 compared to a net loss of $1,235,603 for the three months ended April 30, 2023 (“2023 period”), a decrease in loss of $376,074, the decrease in loss mainly due to share based compensation of $349,923 (Q2 2023-710,563), , foreign exchange loss $5,754 (Q2 2023 - $187,455) and operation expenses of $89,947 (Q2 2023- $37,590). Selected Financial Data The following selected financial information is derived from the unaudited condensed consolidated interim financial statements of the Company prepared in accordance with IFRS. Fiscal 2024 Fiscal 2023 Fiscal 2022 Three Months Ended April 30,2024$ January 31,2024$ October 31,2023$ July 31,2023$ April 30,2023$ January 31,2023$ October 31,2022(Restated)$ July 31,2022(Restated)$ Operations Expenses (863,745) (660,617) (582,552) (313,950) (1,048,182) (489,432) (860,062) (685,569) Other items 4,216 (25,311) 195,209 (8,442) (187,421) (147,703) 308,721 (190,659) Comprehensive profit/(loss) (859,529) &nbs...