Woxna testwork strengthens restart potential

Leading Edge Materials (LEM) has reported encouraging metallurgical testwork from its 100%-owned, fully permitted Woxna natural flake graphite mine in Sweden. The programme demonstrated strong large-flake retention and confirmed a practical purification route capable of producing high-purity graphite for premium industrial and battery applications without an energy-intensive pre-heating step. We view the results as an important technical de-risking step for Woxna, which at present remains excluded from our valuation pending further optimisation and engineering work. Our valuation of LEM continues to be driven by the flagship Norra Kärr heavy rare earth elements (HREE) project, valued at US$0.9bn on a 50% risked basis.