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Leading Edge Materials Reports Quarterly Results to January 31, 2024
Vancouver, March 22, 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, March 22, 2024 – 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 period ending January 31, 2024. All references to dollar amounts in this release are in Canadian dollars. Highlights During and After the Quarter During the three months ended January 31, 2024: 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 in Romania. 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 January 31, 2024, Compared to Three Months Ended October 31, 2023 During the three months ended January 31, 2024 (“Q1 2024”) the Company reported a net loss of $685,928 compared to a reported net loss of $387,343 for the three months ended October 31, 2023 (“Q4 2023”), a increase in loss by $298,585, the increase in loss mainly due to share based compensation expenses of $159,472 (Q4 2023- $46,683), foreign exchange gain $35,971 (Q4 2023- gain $125,700) and net mark to market adjustment loss of $86,074 (Q4 2023- gain $42,550). Three Months Ended January 31, 2024, Compared to Three Months Ended January 31, 2023 During the three months ended January 31,2024 (“2024 period”), the Company reported a net loss of $685,928 compared to a net loss of $637,135 for the three months ended January 31, 2023 (“2023 period”), a increase in loss of $48,793, the increase in loss mainly due to Research, development and general exploration expenses of $117,350 (Q1 2023- $32,797). Selected Financial Data The following selected financial information is derived from the unaudited condensed consolidated interim financial statements of the Company prepared in accordance with IFRS. Fiscal 2024 Fiscal 2023 Fiscal 2022 Three Months Ended January 31,2024$ October 31,2023$ July 31,202...