08:04 AM EDT, 03/24/2025 (MT Newswires) -- Leading Edge Materials ( LEMIF ) reported over the weekend a net loss in its fiscal first quarter ended Jan. 31.

The company booked a comprehensive loss of $669,216, or a loss of $0.00 per share, compared to a loss of $685,928, or a loss of $0.00 per share, in the same period of fiscal 2024.

Leading Edge said it is maintaining its Woxna graphite mine in Sweden on a "production-ready" basis to minimize costs and is conducting ongoing research and development to produce higher value specialty products. The company added it is evaluating a potential restart of production at the mine. Leading Edge said it needs additional capital to provide working capital and recommence operations at Woxna, fund future development of the Norra Karr rare earths property in Sweden, or to complete exploration activities in Romania.

Meanwhile, Leading Edge said Monday that it continues to advance the rapid development plan for the Norra Karr property and will update the preliminary economic assessment financial model in the second quarter.

"Norra Karr is already a stockpile of rare earth elements-right in the ground," CEO Kurt Budge said. "But with nepheline syenite as a commercial product to finance a quarrying operation, we have a pathway to providing access to these critical raw materials at a time when they are most needed."