Leading Edge Materials’ PROGRESS UPDATE ON ROMANIAN EXPLORATION PROJECT
“The evidence is building for large-scale mineralisation between Valea Leucii, Dibarz, and Avram Iancu, providing a strong foundation for further exploration and resource potential. Historic grades and tonnages from the district demonstrate comparable prospectivity, which we hope to realize, benefitting from the completion of the Competent Person’s Report, attracting new investment directly into the project, and with a reinvigorated and targeted exploration workplan.
Our strategy focuses on identifying thicker, more continuous mineralized lodes and targeting high-priority feeder structures that could host significant resources. The region’s geological potential is supported by several analogous deposits, including Cavnic, Suior and Rosia Montana.
With the recent upgrade of the Feldioara processing plant, securing new domestic uranium sources has become strategically important for Romania’s energy independence objectives. History shows the past contribution from mining at Avram Iancu, and the potential remains for this area to once again produce and serve this national priority.”
Map of the Licence Area
SW corner gallery G7, bottom centre gallery G2, centre point of licence area Dibarz (connected to G2 via a shaft), and NW corner gallery G11 Avram Iancu. (Figure 1)
Map of Gallery G2, Directions offset from G2, and Transversals offset from Directions (Figure 2)
The D.14-2 target is located within the southern part of gallery G2 and is situated approximately 1,600 metres from the entrance heading right. Approximately 650 metres were mapped, channelled and 139 samples taken. Pb-Zn mineralisation was found in sections of D.14-2 and Tr.4-14-2.
The D.15-2 target is located within the northwestern part of gallery G2 and is situated approximately 1,600 metres from the entrance heading left. Approximately 2,300 metres were mapped, channelled, and 173 samples taken.
The Tr.20-15-2 target is located within the northern part of gallery G2 and is situated approximately 2,300 metres from the entrance offset and heading from D.15-2. Approximately 1,000 metres were mapped, channelled, and 58 samples taken. Higher grade Cu-Pb-Zn mineralisation was found in sections of Tr. 5-20-15-2.
The D.21-2 target is in the northern part of gallery G2 and 2,350 metres from the entrance heading right. Approximately 3,000 metres were channelled and 117 samples taken. See Figure 5-10. True widths are estimated to be between 80-90% or reported widths.
The licence area hosts extensive, structurally-controlled lead-zinc mineralisation, with associated copper, localized along fault zones as observed in underground galleries. Faults and fractures are believed to act as the primary conduits for hydrothermal fluids, concentrating base metal sulphides – galena (lead sulphide), sphalerite (zinc sulphide) and chalcopyrite (copper sulphide) – within silicified and brecciated zones benefited with enhanced permeability making these structures prime sites for metal deposition.
D.14-2: Extensive Pb-Zn-Cu mineralisation on Left and Right Walls associated with silica alteration along a NNW-SSE strike, remaining open along strike, down-dip and extending towards the SW. (Figure 3)
Tr.5-20-15-2: Extensive Pb-Zn-Cu mineralisation associated with silica alteration along a NNW-SSE strike. Presence of an earlier dyke that intersects the system has possibly caused structural displacement of the mineralisation. The system remains open along strike and down-dip, extending towards the SW. (Figure 4)
Tr.35-21-2 and Tr.33-21-2: the mineralisation observed in this area appears to be controlled by several faults with variable dip, extending toward the SW and NE. Mineralisation has been confirmed along faults with a NW-SE strike length of approximately 90 metres and possible widths of up to two metres. The system remains open in all directions. (Figure 5)
2025 Fieldwork Summary
The main objective was to define a large-scale zone of mineralisation. Programmes were designed to build on previous work in gallery G7, where extensive Co-Ni-Au mineralisation was identified in late 2023, transitioning to gallery G2, which had shown potential for extensive Zn-Pb-Cu-Ag mineralisation.
Supported by four geologists who joined LEM in January 2025, work programmes included substantial underground mapping, channel sampling, limited diamond drilling, core logging, and some limited underground geophysics.
Face mapping and channel sampling were carried out over significant lengths in gallery G2. Channel samples were taken using an electric angle grinder along the wall of the gallery, and typically perpendicular to the vein where possible. Channels were 5-10 cm in thickness and approximately 5 cm in depth.
110 channels for some 586 metres were completed, and 720 samples were taken (582 primary and 138 QC samples) with 43 channels returning positive Pb-Zn-Cu mineralisation. In addition, 21 holes for approximately 576 metres were drilled, in G2 and G7, with 443 samples produced (354 primary and 89 QC samples). All samples were sent for analysis to ALS laboratories in Rosia Montana (Romania) and ALS Loughrea (Ireland).
With new Government permissions granted for the former Avram Iancu mine in the summer, the Company started to reassess its highest-value prospect.
The Avram Iancu site benefits from extensive historical mining and exploration activities that established hundreds of kilometres of underground galleries and workings. Historical data indicates the presence of massive sulphide zones within carbonate-replacement deposits, featuring primary copper-bearing minerals such as chalcocite and bornite.
As part of this process, the Company commissioned Addison Mining Services (“AMS”) to prepare a Competent Person Report in accordance with the JORC Code (2012) to consolidate the substantial work completed to date and establish a clear roadmap for the project, enabling management to explore alternative financing options to take the project forwards.
Geology
The geology of the project area is characterized by complex nappe systems within the Northern Apuseni Mountains, featuring a basement of Proterozoic metamorphic rocks and associated granites, overlain by Mesozoic sedimentary formations. The area is part of a significant magmatic and metallogenetic belt and is known for its high-grade skarn mineral deposits.
Mineralisation
Mineralisation in the Leucii Valley consists of Co-Ni (and U) and is mainly hosted within the carbonate horizon, whereas more sizeable polymetallic sulphide occurrences are vein-type, associated with NW-SE trending tectonic features. The Company published press releases on Co-Ni assays from systematic chip sampling on 25 October 2023 and 14 December 2023.
The Dibarz polymetallic sulphide (Cu-Pb-Zn) deposit, despite sharing a geological structure with Avram Iancu, does not appear to host uranium mineralisation, the reason is unknown at this time.
Mineralisation in the Leucii Valley is both radioactive and Co-Ni predominantly occur within the carbonate horizon, while polymetallic sulphide mineralisation is vein-type and associated with NW-SE-trending tectonic features.
Competent Person’s Statement and Technical Sign off
The technical information in this announcement, which relates to the LEM Bihor Sud Project, Romania, is based upon and fairly represents technical information and data reviewed by Mr. Lewis Harvey, MSc, MAIG, Principal Geologist for Addison Mining Services.
Mr. Harvey has affiliation to a professional organisation, sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the activity undertaken to qualify as a Competent Person as defined in the JORC Code 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
The technical information in this announcement is also in accordance with The CIM Definition Standards on Mineral Resources and Reserves (“CIM Definition Standards”) and reported in accordance with the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Mr. Harvey has reviewed and verified the technical information that forms the basis of and has been used in the preparation of this announcement, including all sampling and analytical data, and analytical techniques where applicable.
Mr. Harvey consents to and has approved the inclusion in this announcement of the matters based on the information in the form and context in which it appears.
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For further information, please contact the Company at:
http://www.leadingedgematerials.com
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 defence applications. The Company’s 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 2 February 2026, at 23:30 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”. Svensk Kapitalmarknadsgranskning (“SKMG”) is the Company’s Certified Adviser for the Nasdaq First North Growth Market (Stockholm) and may be contacted via email [email protected] or by phone +46 (0)8 913 008.
Reader Advisory
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(Criteria in this section apply to all succeeding sections.)
(Criteria listed in the preceding section also apply to this section.)
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
Acknowledgment and appraisal of exploration by other parties.
Deposit type, geological setting and style of mineralisation
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths
These relationships are particularly important in the reporting of Exploration Results.
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
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