EDM PROVIDES AN UPDATE ON DMS STUDY AND SCOTIA MINE ADVANCEMENT

Halifax, Nova Scotia, December 9, 2024 – EDM Resources Inc. (TSX-V: EDM; FSE: P3Z) (“EDM” or the “Company”) is pleased to announce a corporate update on our recent activities and progress on advancing the Scotia Mine to production.

“We are pleased to provide an update to our investors on the continued progress made on the advancement of the Scotia Mine towards commercial production,” said Mr. Mark Haywood, President & CEO. “In addition to progressing key tasks required for production to start, we have completed ore sample separation trials using a Dense Media Separation (“DMS”) pilot plant at a SGS Laboratory in Ontario. DMS plants are increasingly being used by other base metal mines as a low capital and operating cost method of increasing feed head grades during mineral processing,” he added.

Dense Media Separation Study

As previously announced on May 16, 2024, a DMS study was commissioned to determine the viability of utilizing DMS equipment at the Scotia Mine (the “DMS Study”). EDM has engaged SGS Laboratories (“SGS”) to conduct the DMS Study and to utilize their DMS pilot plant located in Lakefield, Ontario, to complete the necessary sample runs with ore from the Scotia Mine.

DMS equipment is designed to efficiently separate waste rock from mineralized rock. When successful, it increases the feed head grades of the mineralized rock being processed in various circuits, reducing processing costs and energy consumption in downstream processes such as grinding and flotation. The benefits of adding DMS equipment may:

1. Reduce the amount of material processed in the mill and elevate feed head grades.

2. Lower the operating cost per pound of zinc and lead produced.

3. Decrease the quantity of tailings produced.

SGS has completed two trials of the Scotia Mine ore using their DMS pilot plant:

• A high-grade ore sample (the “High-Grade Sample”).

• A blended batch ore sample (the “Blended Sample”), representative of the typical ore zones to be mined at the Scotia Mine.

The DMS trials are expected to provide an accurate direct assessment of the benefits of utilizing DMS equipment at the Scotia Mine. The results of the High-Grade Sample DMS Study are expected to be available next week. Results of the Blended Sample DMS Study will be provided in due course.

Scotia Mine Progress

The Company has received authorization from the Nova Scotia Minister of Environment and Climate Change for a date extension request for the Environmental Assessment Approval for the Southwest Expansion Project. The extension has been granted for work commencement on the Southwest Expansion Pit by September 9, 2026, allowing EDM to mine the full extent of the Stage 1 pit when in production.

Working with specialist consultants, EDM has advanced ongoing surface and groundwater modeling as part of the application for the Department of Fisheries and Oceans (“DFO”). A total of 12.5 hectares has been scoped and designed for fish habitat offsetting, with the final required area yet to be determined by the Company’s consultants.

EDM has finalized the Mine Plans required for the DFO application. These plans include the development of the Stage 1 pit design, which has demonstrated strong economic robustness across a range of metal prices and operating conditions.

As part of its social license initiatives, the Company continues its outreach and engagement with First Nation Stakeholders in Nova Scotia and the community near the Scotia Mine.

Other Corporate Matters

EDM’s Annual General Meeting (“AGM”) of shareholders is scheduled for February 14, 2025. Details will be provided in the management information circular and meeting materials distributed prior to the AGM.

The Company is pleased to announce the appointment of Mr. Arnab Kumar De as Chief Financial Officer, effective December 1, 2024. Mr. De, CPA, CGMA, CMA, MBA, brings over 20 years of experience in financial management, financial planning, business optimization, and strategy development. He is a principal of Resurgent Montreal Inc., providing CFO and financial advisory services to several public and private companies in the mineral exploration sector.

The Company extends its gratitude to Mr. Kevin Farrell, interim CFO since February 2023, for his diligent service. Mr. De and Mr. Farrell have completed the handover, and the Company looks forward to Mr. De’s contributions in his new role.

Additionally, EDM has agreed to issue Novus Merchant Partners a total of 418,269 common shares at an average price of $0.15 per share to settle outstanding debt owed by the Company. This issuance is subject to TSX Venture Exchange approval.