Leading Edge Notes Assays At 30% Nickel And 4.7% Cobalt At Bihor Sud

LEADING EDGE NOTES ASSAYS AT 30% NICKEL AND 4.7% COBALT AT BIHOR SUD

- Assay results from gallery walls confirm in-situ high grade Co-Ni-mineralization

- Surface trench results indicate zone of Pb-Zn-Ag-mineralization

Vancouver, June 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 it has received positive assay results from initial exploration trenches completed to assess potential of mineralization extension from the known galleries, and from initial samples taken from Galleries 4 and 7.

Eric Krafft, CEO of the Company states: "These initial exploration results from Bihor Sud highlight the scale and high-grade potential of the Bihor Sud exploration license. Access to galleries 4 and 7 was delayed due to high radon gas levels, and required additional ventilation to be installed to enable safe access for our geologists. While ventilation was being installed, we completed surface trench assays which potentially indicate a Pb-Zn-Ag structure over 1km in length and is supported by the results from gallery G4. Initial results from gallery G7 underline the high-grade Co-Ni potential. While high radon levels have delayed gallery access it is a positive sign as it is associated with the raised uranium grades often related with the higher-grade Ni-Co zones. Channel sampling underground can now begin in earnest."

Surface Exploration Trenches
Three pairs of exploration trenches (Fig. 1) were hand dug to 0.5-2 metres depth and 20-56 metres in length for a total of 246 m. Trenches S-VL1 and S-VL2 were able to be excavated to partially expose bedrock and provide positive Zn-Pb-Ag grades. These trenches cut to the same fault system, which led to base metal mineralization in G4 and contain Zn-Pb-Cu-Ag in carbonates. Mineralization in these trenches is both structurally and lithologically controlled:

Table 1: Assay results from trench S1-VL

Table 2: Assay results from trench S2-VL

Figure 1: License overview map showing the principal gallery locations. G4 has been recently refurbished with a ventilation system. Of the six executed trenches, the pair northwest of the G4 gallery mouth yielded encouraging Pb-Zn-Ag-mineralization.

Trenches S1-D and S2-D, which are close to gallery G1, were excavated largely in argillic alteration with occasional specks of copper oxide. Of the 18 samples assayed, the only mineralized one yielded 0.14 % Cu (no other anomalous elements). G1 was developed in the 1970s as part of regional uranium exploration but furnished "only" base metal mineralization (copper) associated with (semi-massive) pyrite. No mineralization was found in 16 samples from trenches S1-VV and S2-VV, except for minor barite. S2-VV encountered thick scree and did not reach bedrock for the major part.

Initial Underground Samples
Samples were collected from in situ-mineralization on the gallery walls during initial surveying. Results are similar to those obtained from waste dump material and prove the presence of extensive mineralization, which can be accessed underground. The samples reported from G7 in Table 3 are spaced 100-200 m and attest a significant strike extent of the mineralization, to be mapped and channel-sampled this Summer.

Table 3: Assay results from various types of Co-Ni-mineralization sampled in gallery G7.
Samples collected in G4 yielded results for Zn-Pb-Cu-Ag, which developed around the G4 main axis on a major fault system in this area.

Table 4: Assay results from low-grade Zn-Pb-Cu-Ag-mineralization near the main axis in gallery G4.

Now that ventilation has been successful installed in G4, additional ventilation will be added to G7. The company can now engage in its planned underground channel sampling program and follow on underground drilling program.

Qualified Person

Martin S. Oczlon, PhD Geol, CEngMIMMM, a consultant to Leading Edge Material and Qualified Person, as defined in NI 43-101, has reviewed and verified the technical content in this press release.

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

Eric Krafft, 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 batteries for electromobility and energy storage and permanent magnets for electric motors and wind power that underpin the clean energy transition towards climate neutrality. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), Norra Karr HREE 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 June 1, 2023, at 9:30 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 CA@mangold.se or by phone +46 (0) 8 5030 1550.

Reader Advisory

This news release may contain statements which constitute "forward-looking information" under applicable Canadian securities laws, including statements regarding 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.

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Attachments

• 202306_LEM Announces Gallery Safety, Co-Ni-Assay Results_Draft
• Figure 1