Leading Edge Materials (LEM) Aktiedagarna 2026 summary

Strategic context and industry landscape

• Norra Kärr project in Sweden is positioned as a key solution to Europe's reliance on China for heavy rare earths, aligning with EU's Critical Raw Materials Act and Sweden's supportive political climate.

• The project is recognized for its high concentration of dysprosium, terbium, and yttrium, essential for permanent magnets used in energy transition and defense.

• Europe is developing its own rare earth ecosystem, with advanced mining projects in the north and downstream processing hubs in France, Germany, Finland, and the UK.

• Norra Kärr is considered the most advanced mining project contributing to the EU's 2030 goals for critical raw materials.

• The Swedish Geological Survey and national policy highlight the strategic importance of Norra Kärr for Sweden and Europe.

Project development and milestones

• Norra Kärr has undergone 15 years of technical development, including a pre-feasibility study and a preliminary economic assessment.

• The project was redesigned to separate quarrying from downstream industrial activities, streamlining permitting and environmental processes.

• A new mining lease application was submitted in 2024, receiving endorsements from regional authorities and a positive recommendation from the Swedish Mining Inspector.

• The final decision on the mining lease now rests with the Swedish government, with expectations for a near-term resolution.

• Upon approval, the project will move to an updated pre-feasibility study and seek strategic project status under EU frameworks.

Economic and operational highlights

• Norra Kärr's resource is projected to supply all of Europe's annual dysprosium needs, with a 26-year mine life based on only 30% of the defined resource.

• The project produces industrial minerals and a mineral concentrate for midstream processing, with by-products including zirconium and niobium oxides.

• Updated economic assessments show significant increases in net present value, internal rate of return, and a shortened payback period due to higher European prices for rare earths.

• The company also holds the Woxna graphite mine in Sweden, with restart options under consideration, and a 90% stake in the Bihor Sud exploration JV in Romania.

• Strategic partnerships and offtake agreements are anticipated post-mining lease, leveraging the project's de-risked status.