Potential recommendations from the work may include a sale, joint venture or spin-out of any of the material and energy metals group's individual assets and/or a change in management structure, it said in a regulatory release.
Shares gained 5.26% in Toronto to stand at $0.20 each.
The review will be led by LEM chairman, Michael Hudson and Filip Kozlowski, an independent director.
"The board is keen to investigate strategies that will maximize value for Leading Edge Materials and its shareholders," said Hudson.
"Meanwhile, we continue to execute on our mandate to position Leading Edge Materials as a key player in the growing market for sustainably sourced strategic and critical raw materials, enabling a new energy paradigm for current and future generations."
Leading Edge's key assets include the fully built and permitted Woxna graphite mine in Sweden, and the Bihor Sud cobalt-copper-nickel project in Romania, both of which are high merit and unique projects within the European raw material sector.
The Woxna graphite production facility is targeting the supply of specialty materials for lithium-ion battery production.
LEM's assets and research focus are towards the raw materials for Li-ion batteries (graphite, lithium, cobalt); materials for high thermal efficiency building products (graphite, silica, nepheline); and materials that improve the efficiency of energy generation (dysprosium, neodymium, hafnium).