- Leading Edge Materials (LEM) has signed an exploration license through its joint venture subsidiary
- The deal relates to the Bihor Sud Exploration License, located in the Northern Apuseni Mountains of Transylvania, Romania
- Leading Edge owns a 51-percent stake in the joint venture through its subsidiary, LEM Romania SRL
- The company hopes to expand on previous indications of high-grade cobalt, nickel and polymetallic mineralization collected earlier
- Leading Edge Materials is up 2.44 percent, trading at $0.42 at 1:33 p.m. ET
Leading Edge Materials (LEM) has signed an exploration license through its joint venture subsidiary.
The deal relates to the Bihor Sud Exploration License, located in the Northern Apuseni Mountains of Transylvania, Romania.
Leading Edge owns a 51-percent stake in the nickel-cobalt joint venture through its subsidiary, LEM Romania SRL.
The license perimeter covers a 25-square-kilometre area in the Northern Apuseni Mountains. The Mountains are located in the northern extension of the Western Tethyan Metallogenic Belt. The belt is one of the world’s more prominent orogenic belts, hosting multiple past-producing mines and newly-discovered mineral deposits.
LEMR company’s goal is to expand on indications of high-grade cobalt, nickel and polymetallic mineralization collected during an earlier prospecting license covering the same area.
The project has the potential to enable a more secure and sustainable supply of battery raw materials from within the European Union.
“We are extremely pleased to finally having been granted the exploration license for the Bihor Sud project. When we started looking at the Project back in 2018 there was real excitement around what new discoveries this well-mineralized historic mining area could offer. Surging demand from the battery industry for high-energy density battery metals such as nickel and cobalt, combined with increasing geopolitical risks, have pushed prices higher for both metals over the last year. European battery production capacity is starting to come into production and there is an urgent need to develop more secure and sustainable raw material supply alternatives within the region. Romania’s geological potential is well-understood in the industry, and the positive support we have experienced from national and local authorities throughout the permitting process has been very encouraging. We look forward to immediately commence on an already planned detailed exploration program together with our experienced local JV partner, and hope to demonstrate what potential this opportunity can offer for all stake holders and shareholders,” said CEO Filip Kozlowski.
In 2018, the company signed a share purchase agreement with Romanian firm Remat, to acquire an initial 51-percent-interest in LEMR which was the holder of a prospecting permit covering the license perimeter.
Leading Edge Materials is up 2.44 percent, trading at $0.42 at 1:33 p.m. ET.
