02:10 PM EDT, 03/22/2024 (MT Newswires) -- Leading Edge Materials ( LEMIF ) reports that for Q1 2024, the company recorded a comprehensive loss of $686,000 compared with a loss of $637,000 for the prior year period.

The higher loss YoY was mainly due to research, development and general exploration expenses of $117,350 (2023: $32,797).

Leading Edge had an accumulated deficit of $47.5 million and working capital of $2.3 million at the end of Q1 2024. The company is maintaining its Woxna Graphite Mine on a "production-ready" basis to minimize costs and is conducting research and development to produce higher value specialty products. Leading Edge is also evaluating a potential restart of production at the Woxna Mine.

The company anticipates that it has sufficient funding to meet anticipated levels of corporate administration and overheads for the next 12 months, but will need additional capital to provide working capital and recommence operations at the Woxna Graphite Mine, establish a production facility for the Anode Project, to fund future development of the Norra Karr Property or to complete exploration activities in Romania.

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