Mr. Eric Krafft reports

LEADING EDGE MATERIALS ANNOUNCES CLOSING OF C$2,500,000 NON-BROKERED PRIVATE PLACEMENT

Leading Edge Materials Corp. has closed the non-brokered private placement financing previously announced on Aug. 11, 2023. Pursuant to the private placement, the company has issued 21,739,130 units at a price of 11.5 cents per unit for aggregate gross proceeds of $2.5-million.

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 22.5 cents per warrant share until the date which is four years from the closing date of the private placement.

Leading Edge Materials intends to use net proceeds for the company's projects, located in Sweden and Romania, and for general working capital and corporate purposes. A finder's fee of 7 per cent was paid to arm's-length third parties on a portion of the private placement. The private placement is subject to final approval from the TSX Venture Exchange.

The securities issued pursuant to the private placement are subject to applicable statutory resale restrictions, including a hold period expiring on Dec. 24, 2023, pursuant to applicable Canadian securities laws.

The units sold in the private placement were offered by way of prospectus exemptions in Sweden. The minimum subscription and allotment amount for Sweden and the European Economic Area (EEA) investors in the private placement was an amount equivalent to at least 100,000 euros.

Insiders of the company purchased a total of 12,052,173 units under the private placement, which constitutes a related-party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that neither the fair market value of the units subscribed for by the insiders, nor the consideration for the units paid by such insiders, exceeded 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.

Eric Krafft, a director of the company, has subscribed for and acquired 10,352,173 common shares under the private placement. Prior to the private placement, Mr. Krafft beneficially owned and controlled 62,204,404 common shares and 24.15 million warrants of the company. Mr. Krafft is a control person (as defined by the policies of the exchange), beneficially holding 72,556,577 common shares and 34,502,173 warrants of the company, representing approximately 38.75 per cent of the issued and outstanding common shares on a non-diluted basis, and 45.92 per cent on a partially diluted basis, assuming the exercise of warrants held by Mr. Krafft only. The company obtained disinterested shareholder approval at the annual general meeting held on July 24, 2020, for Mr. Krafft to become a control person of the company.

Mr. Krafft has acquired the units for investment purposes and has a long-term view of his investment. In the future, Mr. Krafft may take such actions in respect of his investment in the company as he may deem appropriate, depending on the market conditions and circumstances at that time. The foregoing disclosure regarding Mr. Krafft's holdings is being disseminated pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of Mr. Krafft's early warning report will appear on the company's profile on SEDAR+. The information herein with respect to the number of Mr. Krafft's securities and his intention relating thereto are not within the knowledge of the company and are provided by Mr. Krafft.

About Leading Edge Materials Corp.

Leading Edge 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 and wind power that underpin the sustainability transition of society. The portfolio of projects includes the 100-per-cent-owned Woxna graphite mine (Sweden), Norra Karr heavy rare earth element project (Sweden), Bergby lithium project (Sweden) and the 51-per-cent-owned Bihor Sud nickel cobalt exploration alliance (Romania).

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