Leading Edge Materials (LEM) Q3 2026 earnings summary

Executive summary

• Increased stake in Bihor Sud Exploration Licence JV to 90% and advanced exploration in Romania.

• Achieved 99.96% LOI in Woxna Graphite Mine testwork, indicating potential for high-purity graphite production.

• Granted a 25-year mining lease for Norra Kärr Heavy Rare Earth Elements Project in Sweden.

• Announced and closed tranches of a private placement, raising over CAD $4.28M to fund ongoing projects.

• Launched a diamond drilling program at Woxna to explore regional graphite systems.

Financial highlights

• Net loss for Q3 2026 was $882,239, down from $1,357,598 in Q2 2026, mainly due to lower share-based compensation.

• Year-over-year, net loss increased by $270,932 compared to Q3 2025, driven by higher share-based compensation and professional fees.

• Working capital as of July 31, 2026, was $1,724,001; total assets stood at $31,338,835.

• Accumulated deficit reached $55,555,007 as of July 31, 2026.

Outlook and guidance

• Net proceeds from equity raise to fund Norra Kärr PFS, environmental permitting, Woxna restart studies, and working capital.

• Additional capital will be needed for Woxna restart and Norra Kärr development; no assurance of availability.

• Europe’s critical raw materials supply remains a strategic necessity amid ongoing geopolitical uncertainty.

• Norra Kärr targets production within four years, with pre-feasibility and permitting underway.