EDM PROVIDES AN UPDATE ON THE SCOTIA MINE AS IT ADVANCES TOWARDS PRODUCTION

Halifax, Nova Scotia, February 27, 2025 – EDM Resources Inc. (TSX-V: EDM; FSE: P3Z) (“EDM” or the “Company”) is pleased to announce an 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. 

Dense Media Separation Study

As previously announced on May 16, 2024, and January 6, 2025, a DMS study was commissioned to determine the viability of utilizing DMS equipment at the Scotia Mine (the “DMS Study”).  EDM 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. Final results of the DMS Study are expected next month.

Scotia Mine Progress

EDM has advanced the ongoing surface and ground water modelling as part of the application for the Department of Fisheries and Oceans (“DFO”) and expects to submit the application for the Fisheries Act Authorization in summer.

Furthermore, as part of the important social license initiatives for re-starting the mine, the Company continues its outreach and engagement with the First Nation Stakeholders in Nova Scotia as well as the community near the Scotia Mine.

Silver Royalty

Since the signing of a Letter of Intent (“LOI”) with Silver Crown Royalties (“SCRi”) for the sale of its anticipated annual silver production at the Scotia Mine as announced on September 3, 2024, the parties have continued to advance the definitive documents required to close the transaction. EDM has been waiting on SCRi to raise the necessary funds in order to advance our definitive agreements.

Gypsum & Gypsum Offtake

The Company is negotiating definitive terms for a Gypsum offtake of 5 million tonnes of NI 43-101 Mineral Reserves at the Scotia Mine, as previously defined in the 2021 Pre-Feasibility Study dated November 16, 2021.

Other Corporate Matters

EDM’s Annual General Meeting (“AGM”) of shareholders was completed on February 14, 2025. The shareholders approved all the items before them, including the re-election of all directors, approval of both the Stock Option Plan and the Restricted Stock Unit Incentive Plan, plus the appointment of Clearhouse LLP, Chartered Accountants, as the auditors of the Company for a third consecutive year.

EDM will be exhibiting at the 2025 PDAC Conference from March 2 to March 5, 2025.

Pursuant to the Company’s RSU incentive plan, the Board of Directors granted an aggregate of 909,091 restricted stock units (“RSUs”) in the Company to Mr. Mark Haywood. The RSUs vested on February 11, 2025, and have a standard hold period of 4 months and 1 day.

Pursuant to the Company’s RSU incentive plan, the Board of Directors granted an aggregate of 136,364 restricted stock units (“RSUs”) in the Company to Mr. Christopher Fedora. The RSUs vested on February 18, 2025.

A total of 1,000,000 stock options have been granted to Mr. Mark Haywood as follows: 500,000 stock options at a strike price of C$0.25, 250,000 stock options at a price of $0.50, and 250,000 stock options at a price of $0.75. All options expire on February 11, 2030, and are subject to the Company’s Stock Option Plan and the policies of the TSX Venture Exchange (“TSX.V”).