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Leading Edge Materials’ cost-cutting strategy starting to pay off

Tuesday, February 28, 2017 8:10
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The cost-cutting strategy at Leading Edge Materials Corp (CVE:LEM) quite literally paid off in 2016 after the Scandinavia-focused explorer slashed its general and administrative expenses last year.

For the 12 months to 31 October 2016, accounting and administration costs fell to C$59,900 from C$93,500 a year earlier.

Similarly, fuel costs, plant maintenance and salaries were all significantly lower as well.

Leading Edge posted a comprehensive loss of C$3.45mln compared to C$2.85mln loss posted a year earlier.

The company said the majority of the increase in loss is down to the recognition of share-based compensation which totalled C$1.5mln (2015: C$17,000).

At the end of the period, Leading Edge had cash in the bank of C$2.7mln, versus C$3.2mln at the end of 2015.

Despite the relatively healthy cash position, Leading Edge said it may still need to raise some additional capital in the coming year

Shares have rallied so far in 2017 after the company extended its exploitation licence at the Woxna graphite mine in Sweden for a further 25 years at the beginning of the year.

More recently, Leading Edge’s Norra Karr exploration licence has been reinstated by the Kammarratten (Administrative Court of Appeal) in Sundsvall, overturning a previous ruling by the Administrative Court in Falun last September

Only yesterday (Monday), the firm told investors it had staked its second cobalt-copper project, Kontio, in north-eastern Finland.

Shares opened $C0.01, or 1.4%, higher on Tuesday Morning to trade at C$0.75.

Story by ProactiveInvestors


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