Leading Edge Materials (LEM) Q2 2024 earnings summary

Executive summary

• Reported a net loss of $859,529 for Q2 2024, an increase from Q1 2024 but a decrease year-over-year from Q2 2023.

• Appointed Kurt Budge as CEO in May 2024 and identified extensive mineralization at Bihor Sud Project in Romania.

• Maintains Woxna Graphite Mine on a production-ready basis and is evaluating a potential restart.

Financial highlights

• Net loss for Q2 2024 was $859,529, up $173,601 sequentially from Q1 2024, mainly due to higher share-based compensation and foreign exchange loss.

• Year-over-year, net loss decreased by $376,074, primarily due to lower share-based compensation and foreign exchange losses.

• Working capital as of April 30, 2024, was $1,610,635; total assets were $24,991,481.

• Accumulated deficit reached $48,395,757 as of April 30, 2024.

Outlook and guidance

• Sufficient funding for corporate administration and overheads for the next twelve months, but additional capital needed for project development and exploration.

• Plans to apply for Strategic Project designation for Norra Kärr under the EU Critical Raw Materials Act.

• Drilling at Bihor Sud in Romania to commence soon, targeting cobalt-nickel and further mineralization.

• Woxna Graphite Mine restart under evaluation, with focus on downstream anode business.