Leading Edge Materials (LEM) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 saw continued progress on key projects, including Norra Kärr and Woxna Graphite, with significant permitting and partnership milestones achieved.

• Norra Kärr advanced toward a mining lease, with regional authorities endorsing the application and EIT Raw Materials accepting the company as a project partner.

• Woxna Graphite remains production-ready, with ongoing studies to optimize restart and strong market interest due to geopolitical shifts in graphite supply.

• Bihor Sud project advanced with new permits and ongoing technical reporting, targeting large-scale polymetallic resource definition.

Financial highlights

• Net loss for fiscal year 2025 was $3,216,565, up from $2,687,724 in 2024, driven by higher compensation, share-based payments, and travel expenses.

• Q4 2025 net loss was $756,874, an increase from $611,307 in Q3 2025, mainly due to foreign exchange losses.

• Working capital at year-end was $1,880,436, with total assets of $30,468,689 and accumulated deficit of $52,569,223.

• Closed a private placement in August 2025, raising $2,838,160.

Outlook and guidance

• Sufficient funding is available for administration and overheads for the next twelve months, but additional capital will be needed for project development and operations.

• Geopolitical tensions and supply chain security are driving urgent demand for critical raw materials in Europe, with new EU and international initiatives supporting non-Chinese supply.

• Norra Kärr and Woxna are positioned to benefit from policy support and market shifts toward supply chain resilience.