Heavy Rare Earth Global Crisis Spotlights Norra Kärr in Sweden

Rhea-AI Summary

Leading Edge Materials (OTCQB: LEMIF) provided a progress update on its Norra Kärr heavy rare earths project in Sweden and reiterated the deposit's strategic importance to Europe amid a global HREE shortage. Norra Kärr is estimated to produce 248 t Dysprosium and 36 t Terbium oxides annually over an initial 26-year mine life while exploiting only 30% of the defined resource. A mining lease application (25-year) is under review by Swedish authorities and supplementary information was circulated to local county boards in October. Workstreams include SGS Lakefield metallurgical testwork, an upgrade to the mineral resource estimate, and community engagement via a Project Café. The company highlighted a 65% reduction in operational footprint by removing on-site chemical processing.

Positive

• Estimated production of 248 t Dysprosium oxide annually
• Estimated production of 36 t Terbium oxide annually
• Initial mine life of 26 years (plan covers 30% of resource)
• Probable reserve of 23.5 Mt at 0.59% TREO (NI 43-101 basis)
• 65% operational footprint reduction via off-site chemical processing

Negative

• Mining lease decision is still pending with Swedish authorities
• Project competes with peers that have received large government funding
• Current plan covers only 30% of defined resource, requiring further work

News Market Reaction

+2.38%

1 alert

+2.38% News Effect

On the day this news was published, LEMIF gained 2.38%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Dy oxide output: 248 tonnes per year Tb oxide output: 36 tonnes per year Mine life: 26 years +5 more

8 metrics

Dy oxide output 248 tonnes per year Estimated Dysprosium oxide production at Norra Kärr over initial mine life

Tb oxide output 36 tonnes per year Estimated Terbium oxide production at Norra Kärr over initial mine life

Mine life 26 years Initial planned mine life for Norra Kärr heavy rare earths project

Resource utilized 30% Portion of defined resource covered by current Norra Kärr mine plan

Operational footprint cut 65% reduction Reduction in Norra Kärr’s operational footprint by removing on-site chemical processing

Probable reserve 23.5 Mt at 0.59% TREO Probable Mineral Reserve from NI 43-101 technical report dated Jan 13, 2015

U.S.-Australia deal USD 8.5 billion U.S.-Australia Rare Earth Deal expected to benefit Lynas

U.S. investment in MP USD 400 million Preferred stock purchase by U.S. Government in MP Materials

Market Reality Check

Price: $0.2333 Vol: Volume 1,200 shares is we...

low vol

$0.2333 Last Close

Volume Volume 1,200 shares is well below the 20-day average of 21,938, indicating limited pre-news participation. low

Technical Price 0.1933 is trading above the 200-day MA of 0.15, suggesting an improving longer-term trend ahead of this update.

Peers on Argus

While LEMIF was down 2.88%, peers in Other Industrial Metals & Mining like NKGFF...

While LEMIF was down 2.88%, peers in Other Industrial Metals & Mining like NKGFF (+20%) and NZAUF (+6.53%) showed gains, pointing to a company-specific move rather than a sector-wide pattern.

Historical Context

5 past events · Latest: Dec 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	Permitting endorsement	Positive	+6.6%	County boards endorsed Norra Kärr 25-year mining lease application, advancing process.
Dec 01	Project progress update	Positive	+2.4%	Highlighted Norra Kärr’s HREE capacity, mine life, and ongoing PFS and engagement work.
Sep 22	Environmental submission	Positive	-4.8%	Submitted supplementary environmental information and emphasized reduced project footprint.
Sep 19	Quarterly results	Neutral	-5.1%	Reported reduced net loss and financing while awaiting Norra Kärr lease decision.
Aug 22	Private placement update	Neutral	+2.0%	Clarified no finder’s fee on financing and reiterated EU-focused critical materials portfolio.

Pattern Detected

Recent news tied to Norra Kärr permitting and strategic progress (Dec 1 and Dec 4) coincided with positive price reactions, whereas broader project or financial updates in September saw negative moves, indicating investors have recently rewarded concrete permitting milestones more than general updates.

Recent Company History

Over the last few months, Leading Edge Materials has focused on de-risking the Norra Kärr HREE project and strengthening its balance sheet. A September update detailed a 65% footprint reduction and environmental refinements, followed by Q3 results with a narrowed net loss and completed private placement. Subsequent Norra Kärr updates on Dec 1 and the CABs’ endorsement on Dec 3 highlighted mining lease progress. This article fits that trajectory of emphasizing Norra Kärr’s strategic role in Europe’s HREE supply.

Market Pulse Summary

This announcement highlights Norra Kärr’s potential role in addressing Europe’s heavy rare earth sho...

Analysis

This announcement highlights Norra Kärr’s potential role in addressing Europe’s heavy rare earth shortage, detailing planned output of 248 tonnes Dysprosium and 36 tonnes Terbium oxides annually over a 26-year mine life. It also stresses a 65% reduction in operational footprint and ongoing PFS work. Investors may watch for decisions on the 25-year mining lease, upgrades to the mineral resource estimate, and progress on metallurgical testwork and community engagement.

Key Terms

heavy rare earth elements, permanent magnets, pre-feasibility study, mineral resource estimate, +4 more

8 terms

heavy rare earth elements medical

"progress update on the Norra Kärr Heavy Rare Earth Elements Project"

Heavy rare earth elements are a subgroup of rare earth metals with higher atomic weight that serve as key ingredients in advanced magnets, batteries, lasers, and other high-tech and defense applications. Think of them as specialty ingredients that small changes in supply or quality can sharply affect product performance and cost; investors watch their availability, production concentration, and price swings because those factors can materially influence manufacturers’ margins and sector valuations.

permanent magnets technical

"Europe’s principal manufacturer of permanent magnets, when he spoke at Raw Materials Week"

Permanent magnets are materials that produce a steady magnetic field without needing electricity, like a fridge magnet that always sticks. Investors care because these magnets are key parts in electric motors, generators and sensors across industries such as electric vehicles, wind turbines and consumer electronics, so changes in their cost, availability or technology can affect manufacturing costs, product performance and company profits.

pre-feasibility study technical

"Pre-Feasibility Study (“PFS”) Workstreams"

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

mineral resource estimate technical

"objective of upgrading the Inferred Mineral Resource Estimate (“MRE”) effective date 18 August 2021"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

probable mineral reserve technical

"a Probable Mineral Reserve totaling 23.5 Mt at 0.59% Total Rare Earth Oxides"

A probable mineral reserve is the portion of a mineral deposit that geologists and engineers judge likely to be economically mineable based on available data and reasonable assumptions about extraction, costs and market conditions; it carries a moderate level of confidence, higher than a resource estimate but lower than a proven reserve. Investors care because it represents the amount of commodity a company can reasonably expect to convert into saleable product—like a cautiously optimistic shopping list that helps estimate future production, revenue and project risk.

total rare earth oxides technical

"23.5 Mt at 0.59% Total Rare Earth Oxides (“TREO”)"

Total rare earth oxides (TREO) is a single-number measurement that expresses the combined amount of all rare earth elements in an ore, concentrate or product after converting each element into its oxide form. Think of it like converting different ingredients in a recipe to a common unit so you can see the full quantity at a glance. Investors use TREO to judge the potential value, exportability and processing needs of a deposit or material, which directly affects revenue forecasts and project costs.

ni 43-101 regulatory

"reported in the NI 43-101 - Technical report effective date 13 January 2015"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

exploitation concession regulatory

"application for an Exploitation Concession – 25-year mining lease"

An exploitation concession is a government-issued permit that gives a company the legal right to extract natural resources such as minerals, oil, or gas from a defined area for a set period, usually subject to fees, environmental rules and production targets. For investors it matters because the concession controls whether and how a project can produce revenue—like a lease on a rental property, it determines the size, duration and certainty of future cash flows and the costs and risks a company must manage.

AI-generated analysis. Not financial advice.

VANCOUVER, British Columbia, Nov. 30, 2025 (GLOBE NEWSWIRE) -- Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) provides a progress update on the Norra Kärr Heavy Rare Earth Elements Project (“HREE”) being developed by the Company’s wholly-owned Swedish subsidiary Greenna Mineral AB.

Heavy Rare Earths Crisis

The drastic shortage of heavy rare earth elements - particularly Dysprosium and Terbium – was highlighted in a Reuters article titled ‘West scrambles to fill heavy rare earth gap as China rivalry deepens’, published on 19 November (https://www.reuters.com/sustainability/climate-energy/west-scrambles-fill-heavy-rare-earth-gap-china-rivalry-deepens-2025-11-19/).

The article underscored the critical supply chain vulnerability that Europe has failed to address for more than a decade, and this message was strengthened by comments from the CEO of Vaccumschmelze, Europe’s principal manufacturer of permanent magnets, when he spoke at Raw Materials Week in Brussels.

The urgency is not new. In 2014, the European Rare Earths Competency Network (ERECON) warned that "the development of new sources of heavy rare earths outside of China and greater recycling must remain an urgent priority for Europe."

Their report on strengthening the European rare earths supply chain specifically identified Norra Kärr as one of two "best known" advanced-stage REE projects in Europe that could secure European supply for decades. Back in 2014, they projected that, with permitting and adequate funding, mining could begin before 2020. These factors still challenge European projects more than a decade later.

Norra Kärr’s Strategic Positioning

When it comes to Norra Kärr, the deposit’s strategic importance to Europe has never been clearer. The Swedish Geological Survey (“SGU”) discovered Norra Kärr in the 1900s and, in 2011, designated it as being of National Interest due to the significance of its rare earth elements (“REEs”) for Sweden and Europe.

More recently, with the respect to the Company’s application for a mining lease, SGU in its capacity as an expert authority for issues relating to geology and minerals in Sweden has stated that the deposit at Norra Kärr is very important for Sweden's and the EU's supply of rare earth metals, and that Norra Kärr is one of Europe's richest deposits for these minerals – especially with regard to heavy rare earth elements.

Norra Kärr is estimated to produce 248 tonnes of Dysprosium and 36 tonnes of Terbium oxides annually over an initial 26-year mine life - covering only 30% of the currently defined resource, which remains open for expansion. As a comparison, on 25 October, Australian company Lynas Rare Earths (“Lynas”) announced plans for an expanded heavy rare earths separation facility in Malaysia, with nameplate capacity of 250 tonnes of Dysprosium and 50 tonnes of Terbium oxides (https://wcsecure.weblink.com.au/pdf/LYC/03015215.pdf).

Lynas, along with MP Materials (“MP”) are the most significant players in the rare earths market outside of China. Lynas is expected to be a beneficiary of the USD 8.5 billion U.S.-Australia Rare Earth Deal signed on 20 October 2025 and has already benefited from Australian Government grant funding in recent years. The U.S. Government has invested in MP, becoming the company’s largest shareholder through the purchase of USD 400 million in preferred stock in July this year and the Department of War has extended a USD 150 million loan to support the expansion of MP’s rare earth separation capabilities. These public market-making instruments from governments directly supporting their critical mineral strategies have unlocked private capital, including USD 1 billion in commercial debt from JPMorgan Chase and Goldman Sachs.

Mining Lease Application

The Company anticipates that a decision from the Mining Inspectorate will be forthcoming in the near future. Supplementary information to the Company’s application for an Exploitation Concession – 25-year mining lease (Sw. Bearbetningskoncession) - for Norra Kärr was submitted in September and circulated by the Mining Inspectorate (Sw. Bergsstaten) to the County Administrative Boards (“CABs”) of Jönköping and Östergötland for further review in October.

Pre-Feasibility Study (“PFS”) Workstreams

A programme of testwork is continuing with SGS Lakefield in Canada focused on mineral processing, comminution, magnetic separation and mineral liberation; activities to take place at Norra Kärr. The work is intended to produce higher grade concentrates of eudialyte, containing the HREEs, for further hydrometallurgy testwork, and nepheline syenite for analysis and possibly further treatment to produce prospective customer samples. Separately, a marketing assessment is being completed for nepheline syenite.

SRK’s Qualified Person has conducted a site visit at Norra Kärr, inspected outcrop on site and some of the drill core in archive. A work programme is underway with the objective of upgrading the Inferred Mineral Resource Estimate (“MRE”) effective date 18 August 2021. The Inferred classification was determined because, at the time, only preliminary work had been completed on the potential of industrial minerals production. However, in respect of the REEs, a Probable Mineral Reserve totaling 23.5 Mt at 0.59% Total Rare Earth Oxides (“TREO”) was reported in the NI 43-101 - Technical report effective date 13 January 2015. This MRE forms the basis of the current mine plan.

Stakeholder Engagement

Greenna Mineral has opened a Project Café in central Gränna. The café serves as a meeting place where the local community and stakeholders can see company representatives, ask questions, and receive information about the Norra Kärr project.

With sustainability at the heart, the Greenna Mineral team is enthusiastic to explain the new project design, especially the 65% reduction in Norra Kärr’s operational footprint, thanks to the elimination of chemical processing from site which eliminates any perceived threat to Lake Vättern. Activities now focus on mineral extraction and processing, which in nature are similar to that of a quarry; reduced complexity means limited environmental impact and increased commercial potential, as Greenna Mineral seeks to become a heavy rare earth elements and industrial minerals producer.

The Project Café is intended to promote transparency and open dialogue regarding the continuous development of Norra Kärr. Dates and opening hours will be available shortly.

Kurt Budge CEO comments:

“The stakes have never been clearer. This Autumn brought crucial conversations across Europe—from Kokkola Material Week to Raw Materials Week in Brussels and SveMin's Autumn Summit in Stockholm. The message was unmistakable: geopolitics isn't just shaping the critical raw materials agenda—it's defining it. Military tensions, economic warfare, and cyber threats are real drivers behind Europe's urgent push for increased rare earth supply chain independence.

The supply of primary heavy rare earth elements—the lifeblood of permanent magnet manufacturing—is desperate. Yet the same barriers persist, with permitting paralysis and capital constraints continuing to impede the progress that’s needed to build resilience in Europe.

Norra Kärr’s significance has never been more self-evident when you compare it to Lynas' nameplate capacity for Dysprosium and Terbium oxides production in Malaysia. If Europe is serious about regional heavy rare earth production, then putting Norra Kärr into production isn't optional, it is essential.”

On behalf of the Board of Directors,
Leading Edge Materials Corp.

Kurt Budge, CEO

For further information, please contact the Company at:
info@leadingedgematerials.com
www.leadingedgematerials.com

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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, wind turbines and defense applications. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), 100% owned Norra Kärr Heavy Rare Earth Elements project (Sweden), and the 51% owned Bihor Sud Nickel Cobalt exploration alliance (Romania).

Additional Information

The information was submitted for publication through the agency of the contact person set out above, on November 30, 2025, at 11:30 PM 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”. Svensk Kapitalmarknadsgranskning (“SKMG”) is the Company’s Certified Adviser for the Nasdaq First North Growth Market (Stockholm) and may be contacted via email ca@skmg.se or by phone +46 (0)8 913 008.

Reader Advisory

This news release may contain statements which constitute “forward-looking information”, including statements regarding 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 statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, changes in the Company’s intended use of proceeds from the Private Placement, 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.

FAQ

What production does Leading Edge Materials (LEMIF) forecast at Norra Kärr?

Norra Kärr is estimated to produce 248 t Dysprosium and 36 t Terbium oxides annually over an initial 26-year mine life.

What is the status of Leading Edge Materials' (LEMIF) mining lease for Norra Kärr?

A 25-year mining lease application was supplemented and circulated to county administrative boards; a decision from the Mining Inspectorate is expected in the near future.

How will Norra Kärr's design reduce environmental impact according to Leading Edge Materials (LEMIF)?

The company says removing on-site chemical processing cuts the operational footprint by 65%, focusing on quarry-style extraction and off-site processing.

How does Norra Kärr compare to Lynas' planned heavy rare earth capacity?

Leading Edge cites Lynas' nameplate capacity of about 250 t Dysprosium and 50 t Terbium oxides as a comparison to Norra Kärr's estimated outputs.

What technical and resource work is ongoing at Norra Kärr (LEMIF)?

Ongoing work includes SGS Lakefield metallurgical testwork, magnetic separation trials, nepheline syenite marketing assessment, and an upgrade to the Inferred MRE.