European Action Plan on Critical Raw Materials and Launch of
VANCOUVER, BC, Sept. 4, 2020 /PRNewswire/ - Leading Edge Materials Corp. ("Leading Edge Materials" or the "Company") (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) welcomes the launch of a European Raw Materials Alliance ("ERMA") which was announced by the European Commission as part of an Action Plan on Critical Raw Materials1.
The Action Plan on Critical Raw Materials is aimed to develop resilient value chains for European Union ("EU") industrial ecosystems, reduce dependency on primary critical raw materials, strengthen domestic sourcing of raw materials in the EU, and diversify sourcing from third countries and remove distortions to international trade. The European Commission outlines ten concrete actions to achieve these ambitions, the first being the establishment of a European Raw Materials Alliance in the coming weeks. All relevant stakeholders will be brought together in the alliance which will initially focus on rare earth and magnet value chains as these are viewed as the most pressing need. The alliance can later expand to other critical raw material and base metal needs as required. In addition, the Commission will focus to make better use of domestic resources in the EU by identifying mining and processing projects within the EU that can be operational by 2025.
These new announcements follow a range of earlier initiatives by the EU to address raw materials resilience for the region. The European Green Deal targeting climate neutrality by 2050 identifies the supply of sustainable raw materials as a strategic security question for the EU to deliver on the Green Deal2. Critical Raw Materials necessary for clean technologies, digital, space and defence applications are in particular highlighted as a pre-requisite to make this transition happen. In support of the European Green Deal the European Commission subsequently announced a new Industrial Strategy towards a globally competitive, green and digital Europe3. A secure and sustainable supply of critical raw materials was again highlighted as key to enable Europe's twin transition towards climate neutrality and digital leadership. Finally, the EU Recovery Plan has identified critical raw materials as one of the areas for strategic investment to strengthen crucial markets such as e-mobility, batteries, renewable energies, aerospace and defence and to create a more resilient European Union4.
Filip Kozlowski, CEO states "The European Commission is showing significant resolve to achieve a European open strategic autonomy in the areas crucial for the Green Deal and a globally competitive, green and digital Europe. Leading Edge Materials has sent a letter to the European Commission endorsing the establishment of the European Raw Materials Alliance and is looking forward to working together with all relevant stakeholders in the alliance towards a more secure and sustainable raw materials supply for European industrial value chains. Our Norra Karr project is recognized as a world-class heavy rare earth deposit and could be a key asset to supply a European magnet industry."
Norra Karr is one of the world's principal heavy REE resources, with an unusual enrichment in the most critical REEs that are essential for high strength permanent magnets (dysprosium (Dy), terbium (Tb), neodymium (Nd) and praseodymium (Pr). Permanent magnets are directly linked and critical to the energy transition due to their applications in electric motors and wind power. Located in southern Sweden approximately 300km SW of Stockholm close to extensive existing infrastructure, Norra Kärr is the only heavy REE deposit of note within the European Union (see ERECON project, 2015) and provides the EU with the long-term opportunity to reduce reliance on imported REE. On August 27, 2020, the Company announced the start of a Preliminary Economic Assessment study on Norra Karr.
On behalf of the Board of Directors,
Leading Edge Materials Corp.
Filip Kozlowski, CEO
About Leading Edge Materials
Leading Edge Materials is a Canadian public company focused on developing a portfolio of critical raw material projects located in the European Union. Critical raw materials are determined as such by the European Union based on their economic importance and supply risk. They are directly linked to high growth technologies such as lithium-ion batteries and permanent magnets for electric motors and wind power that underpin the sustainability transition of society. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), Norra Karr HREE project (Sweden), Bergby lithium project (Sweden) and the 51% owned Bihor Sud Nickel Cobalt exploration alliance (Romania).
The Company's consolidated financial statements and related management's discussion and analysis are available on the Company's website at www.leadingedgematerials.com or under its profile on SEDAR at www.sedar.com
The information was submitted for publication through the agency of the contact person set out above, on September 4, 2020, at 3:00 am Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol "LEM", OTCQB under the symbol "LEMIF" and Nasdaq First North Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is the Company's Certified Adviser on Nasdaq First North and may be contacted via email [email protected] or by phone +46 (0) 8 5030 1550.
This news release may contain statements which constitute "forward-looking information" under applicable Canadian securities laws, including statements regarding the Company's expectation on the launch of a European Raw Materials Alliance, the Company's expectations regarding the updated Norra Karr Preliminary Economic Assessment; as well as the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking information. Investors are cautioned that any such forward-looking information is not a guarantee of future business activities and involves risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking information as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
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SOURCE Leading Edge Materials