In January this year, the Vancouver-based resource firm commissioned the review to assess how to accelerate project execution and enhance the company's portfolio value.
LEM holds the flagship Woxna graphite mine in Sweden on a "production-ready" basis. It also owns 100% of the Norra Kärr REE (rare earth elements) project and has the Bergby lithium site.
READ: Leading Edge Materials shares up as firm updates on strategic review which includes opportunities for its Woxna graphite mine in Sweden
In a statement, the firm said the review had so far highlighted that the combination of discovery-stage and development-stage assets may present competing requirements.
"The board therefore resolved to compare opportunities for assets, including the potential to transition Woxna graphite mine into a freestanding European company," it said.
It added though that any recommendation from the review is based on LEM continuing to hold significant exposure to the success of the Woxna graphite mine as a future anode supplier, while still enabling resources to be allocated to advance other projects.
Despite weak investor sentiment in resource markets, the firm noted it did raise around $1.68 million via a private placing and progressed development and discovery activities on a number of projects.
Its net loss of $849,079 narrowed compared with a loss of around $1.1 million for the preceding quarter to October 31, 2018 and less than the loss of around $1.9 million in the first quarter of 2018.
The decrease in loss was partially attributed to exploration work associated with the exploration alliance in Romania in the fourth quarter of 2018, the company said.
Contact Giles at [email protected]