LEADING EDGE MATERIALS ENLARGES EXTENT OF NICKEL AND COBALT IN HISTORIC GALLERIES AND EXECUTES TRENCHES

- Extensive cobalt and nickel newly identified in upper level gallery

- Surface trench excavation commenced ahead of schedule due to mild winter conditions

Vancouver, March 1, 2023 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) is pleased to announce that it identified extensive Co-Ni-mineralization 50 metres above the previously reported Gallery 7 at its Bihor Sud project in the Apuseni Mountains of central-western Romania.

Eric Krafft, Interim CEO of the Company states: “We are extremely pleased by the ongoing findings of Co-Ni-mineralization in the two galleries we have re-opened to date. The lateral and vertical extension of the mineralization indicates that we are potentially encountering sizeable systems with good potential. INSEMEX safety inspectors report notes the very good state of both G4 and G7, and following the installation of ventilation, our local geology team will be able to map and sample the mineralized zones.”

Figure 1: License overview map showing the principal gallery locations; those recently reopened are highlighted in black (G2, G4, G7). G4 lies topographically 50 m above G7, and the cross-cut driven towards G7 (shown in green) intersects the Co-Ni-mineralized system at a 50 m higher level than previously identified in G7. G4 is developed in base metal mineralization, featuring zones of Cu-Zn-Pb-Ag, which will also be subject to investigation.

Following completion of the INSEMEX gallery safety inspection for G4 (Fig. 1) and a preliminary review of its geological features, a cross-cut towards G7 was identified. The cross-cut was developed about 30 years ago to explore the potential extent of the mineralized system encountered in G7. The cross-cut and G4 are situated at a 50 meters higher level with reference to G7, and connected via a raise. G4 is approximately 700 meters laterally from G7. These geological findings demonstrate the vertical and lateral extent of the Co-Ni zone. G4 was driven into a Cu-Zn-Pb-Ag mineralized zone featuring high grade-veins, and initial investigation has supported this (Fig 2).

The Company is currently installing a ventilation system in order to ensure fresh air flow is established, so that mapping and channel sampling will be executed to outline the full extent of exposed Co-Ni mineralization in G7/G4 crosscut and Cu-Zn-Pb-Ag mineralization in G4, and establish an underground drill program later in the year.

Figure 2: Screenshots of hand-held XRF-measurements from base metal mineralization on the walls of the Cu-Zn-Pb-Ag mineralized zone in G4. Grades are in ppm, which translates into 1.25 % Cu, 27.47 % Zn (left), 11.88 % Cu, 0.31 % Zn (middle), and 0.28 % Cu, 9.52 % Zn (right). Mineralization is accompanied by anomalous cobalt grades of 0.03-0.09 %.

The reader is cautioned that such measurements cover only the surface of a rock with an area on the order of 1 cm² and are neither representative, nor do they indicate reliable mineralization grades. In the context of the work performed here, these XRF-readings have the sole purpose of demonstrating the presence of base metals in the encountered mineralization.

Figure 3: Sampling of Co-Ni mineralization exposed on a G4 wall 50 m above G7.

Figure 4: Typical pinkish cobalt oxides exposed on a wall of G4.

The Company was able to proceed with its surface trenching program ahead of schedule due to unusually mild weather for late February in the Bihor Mts. of Romania. A total of 5 trenches are being excavated in the western part of the license (shown in Fig. 1) , expected to be ready for mapping and sampling in early March.

Figure 5: Trench excavation is carried out manually because the terrain is too steep to apply an excavator.

Joint Venture Background

In 2018 the Company entered into a share purchase agreement (the “SPA”) with a local Romanian arm’s length party, Remat, to acquire an initial 51% interest in LEMR which was the holder of a prospecting permit covering the License perimeter. The Company, Remat and LEMR also entered into a shareholder joint venture agreement (the “JV Agreement”) as announced on August 9, 2018 (see #" Figure 1 Figure 1 from News release
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