Mr. Mark Haywood reports

EDM PROVIDES A CORPORATE UPDATE

Following the closing of its oversubscribed $2-million financing last week, EDM Resources Inc. has provided the following update on the company's activities and its priorities for the next quarters.

The Company's President and CEO, Mr. Mark Haywood, commented: "The Company is pleased to announce Red Cloud Securities Inc. has initiated Research Coverage of EDM, on May 8, 2023, under the title "Re-Starting the Scotia Zn-Pb-GP Mine Near Halifax" and with a one-year target price of C$1.75/ share and BUY recommendation. This is the first time the Company has a Sell-side independent research published, discussing the investment merits of its Scotia Mine and the plans to become a Zinc-Lead-Gypsum producer by early 2024."

Corporate Update:

• Red Cloud Securities Inc. ("Red Cloud") has initiated research coverage on EDM with a BUY recommendation and C$1.75 target price. For further information please contact Mr. Taylor Combaluzier, P.Geo., VP, Mining Analyst at research@redcloudsecurities.com.
• In connection with the C$2M financing that closed on May 2, 2023, the Company paid an aggregate of C$95,277 in cash compensation and an aggregate of 144,774 in broker warrants to eligible finders, with each broker warrant exercisable in one common share of the Company at a price of C$0.75, with an expiry date of May 2, 2026. The Company would like to thank its long-time supporters at Stephen Avenue Securities Inc., Red Cloud Securities Inc., and Canaccord Genuity Corp.
• The Company has commenced field work in preparation for the geotechnical and environmental bonding work over summer.
• The Company has received a firm environmental surety bonding proposal and is now waiting on the final environmental bonding amount from the Government of Nova Scotia and the Environment and Climate Change branch.
• The Company is actively working with its Stakeholders, Offtaker partner, contractors and consultants to lock in a development timeline which would see the Scotia Mine enter into commercial production within 6-9 months of the timeline announcement.
• The Company has commenced exploration field work on our mineral prospects nearby the Scotia Mine.
• The Company filed its audited 2022 Annual Financial Statements on April 21, 2023.
• A total of 1,210,000 stock options have been granted to certain directors, employees and consultants of the Company at a strike price of C$0.50 and expiring on May 9, 2028, subject to the Company's Stock Option Plan and the policies of the TSX Venture Exchange ("TSX.V").

About EDM Resources Inc.

EDM is a Canadian exploration and mining company that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia. Through its wholly owned subsidiary, EDM also holds several prospective exploration licenses near its Scotia Mine and in the surrounding regions of Nova Scotia.

The Company's common shares are traded on the TSX Venture Exchange under the symbol "EDM". For more information, please contact:

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