Leading Edge Materials Corp (CVE:LEM) (OTCQB:LEMIF) said last year saw it make good progress on its Woxna graphite project, Sweden and on its new Romanian exploration alliance as it posted results for the full year to October 31.
The energy metals and materials firm said work in 2018 had been in keeping with its strategy of activity-aimed, so the firm benefits from the electrification of transportation in Europe, notably through electric vehicles.
READ: Leading Edge Materials moves towards engineering study for Woxna plant after test work complete
On Wednesday this week, the firm announced that Blair Way had resigned as chief executive officer, president and a director of the company with effect from January 31.
He will continue to be available as a consultant. Meanwhile, director Mark Saxon has been named as the interim chief executive officer (CEO) and president.
Highlights of the year included the start of trading on the Nasdaq First North in Stockholm on 22 January 2018 and the setting up of a Romanian exploration joint venture with 51% ownership focused on cobalt and other energy metals.
It also kickstarted a detailed study on a high-purity graphite demonstration plant for its Woxna graphite project.
The Romanian joint venture deal which was announced in April focuses on lithium-ion battery materials in Romania. The exploration alliance has also highlighted cobalt and lithium opportunities, for which secure tenure is now being sought.
Local branch company
Leading Edge Materials has established a local branch company (LEM Romania), of which it is the majority shareholder with the right to earn a 90% stake.
LEM Romania owns the 25.5 square-kilometer/2,550 hectare Bihor Sud prospecting permit in central-western Romania.
This year will see more high-value product development work on the Woxna graphite mine; increasing community engagement at its Norra Karr rare earth element project while identifying project improvements, and continuing discovery of lithium at the Bergby project and in the surrounding region, the Vancouver-based company said in a statement on Friday.
"While 2018 was a challenging year for mining markets, the company has continued to make good progress on the Woxna graphite project in Sweden and within our new Romanian exploration alliance," stated CEO Way.
In keeping with a company at this stage, the firm posted a net loss of $4.4mln for the year to October 31 last year and a loss of $2.9mln in 2017.