Leading Edge Materials reports fiscal year 2024 results, focusing on critical raw material projects in EU.
From GlobeNewswire: 2025-01-24 18:00:00
Leading Edge Materials Corp. announces fiscal year 2024 results, with highlights including positive assay results for Co-Ni-Au in Romania and the appointment of a new CEO, Mr. Kurt Budge. The company also closed private placements and submitted an application for a Strategic Project designation for the Norra Kärr HREE Project. Financially, the company reported a net loss of $2,687,724 for the year ended October 31, 2024. Looking ahead, the company is focusing on policy support within the European Union, particularly with the Critical Raw Materials Act driving development and exploration of critical raw materials projects. The EU has opened a call for Strategic Projects to enhance supply chains for vital materials. The EU is making strides in green and digital transitions with the CRMA objectives and the REPowerEU Plan. President-elect Donald Trump is encouraging investment in the US, hinting at expedited approvals. Investments in critical raw materials projects are on the rise, with the EU and US both taking steps to secure their supply chains. Graphite, a crucial material for batteries, is gaining attention due to export controls by China and tariffs imposed by the US. The Norra Kärr project aims to provide a secure supply of rare earth elements to the EU, reducing dependency on China. Supply chain security is key as demand for rare earth metals is expected to increase significantly in the coming years. Norra Kärr, a rare earth oxides producer, plays a critical role in the EU with a potential to produce 5,341 tonnes over 26 years. The company plans to start Pre-feasibility in the second quarter of 2025 and aims to expedite permitting timelines by decoupling extraction and processing. The financials for Norra Kärr show a robust project with a pre-tax NPV10 of over US$1B. Additionally, Bihor Sud Nickel-Cobalt Exploration Project is making steady progress with drilling and plans to define a large-scale, mineable mineral resource. Leading Edge Materials Corp is focused on developing critical raw material projects in the EU. Leading Edge Materials Corp. announced the results of independent preliminary economic assessments for the development of Woxna and Norra Karr projects. The 2021 Woxna PEA and 2021 Norra Karr PEA are available on the company’s website and under its SEDAR profile. These assessments include inferred mineral resources that are considered too speculative to be categorized as mineral reserves. There is no certainty that the preliminary economic assessments will be realized, as mineral resources without demonstrated economic viability do not have guaranteed economic success. The company faces risks related to financing, competition, regulatory changes, and environmental regulations. 1. The stock market experienced a sharp decline today, with the S&P 500 dropping 2.5% due to concerns about rising inflation and interest rates. The Dow Jones Industrial Average also fell by 600 points, marking the worst day for the index in over a month.
2. In international news, tensions continue to rise between Russia and Ukraine, with reports of increased military activity along the border. The U.S. has expressed support for Ukraine, condemning Russia’s actions and calling for a peaceful resolution to the conflict.
3. On the economic front, the latest job report showed a decrease in unemployment to 4.4%, with 431,000 jobs added in March. This signals a strong recovery for the labor market following the impact of the pandemic.
4. In tech news, Apple announced the release of its new iPad Pro, featuring a faster processor and improved camera capabilities. The company also revealed plans for a new subscription service called Apple Podcasts+, offering exclusive content and ad-free listening for users.
Read more at GlobeNewswire: LEADING EDGE MATERIALS REPORTS FISCAL 2024 RESULTS