EDM ANNOUNCES FURTHER INCREASE TO NON-BROKERED PRIVATE PLACEMENT OF UP TO C$1.8M

Halifax, Nova Scotia, November 12, 2024 – EDM Resources Inc. (TSX-V: EDM) (“EDM” or the “Company”) is pleased to announce that, further to its news releases dated September 30, 2024, and October 11, 2024, and due to additional investor demand, it has increased its previously announced non-brokered private placement (the “Offering”) to comprise up to 16,363,636 units of the Company (“Units”) at a price per unit of C$0.11 (the “Unit”), for total gross proceeds of up to C$1,800,000.

Each Unit will consist of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.14 for a period of 36 months following the issue date of the Unit. Pursuant to applicable Canadian securities laws, the Common Shares and Warrants comprising the Units are subject to a four-month plus one day hold period from the closing date.

If, during the exercise period of the Warrants, the Common Shares trade at or above a volume-weighted average trading price of $0.30 per Common Share for 10 consecutive trading days, the Company may accelerate the expiry time of the Warrants to 30 days from the date on which the Company provides written notice to the holders of the Warrants.

The proceeds of the Offering will be used to advance ongoing environmental and permitting work at our Scotia Mine and for general corporate working capital purposes.

Certain directors, officers, and other insiders of the Company are expected to acquire securities under the Offering. Such participation will be a “related party transaction” as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but is exempt from the valuation and minority shareholder approval requirements of MI 61-101.

In connection with the Offering, the Company may pay finder’s fees to eligible non-related parties of up to 7% of the gross proceeds raised. Additionally, the Company may issue broker warrants (“Broker Warrants”) equal to up to 7% of the Units sold. Each Broker Warrant will entitle the holder to purchase one Common Share at a price of C$0.11 per Common Share for a period of 36 months.

The first tranche of the Offering closed on October 29, 2024. The second tranche is expected to close on or about November 20, 2024.

The Offering is subject to TSX Venture Exchange approval.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.