Mr. Mark Haywood reports

EDM ANNOUNCES CLOSING OF ITS $1.4M NON-BROKERED PRIVATE PLACEMENT

EDM Resources Inc. has closed its previously announced non-brokered private placement financing for aggregate gross proceeds of $1.4-million.

The president and chief executive officer, Mark Haywood, stated: "EDM is pleased to announce the closing of this strategic financing. We regret that we were not able to accommodate all potential investors who expressed an interest in participating in the offering. We thank everyone who expressed an interest and hope to invite them to participate in our next offering.

"Net proceeds of the offering will be used to advance ongoing environmental work at our Scotia mine and for general working capital purposes."

The offering consisted of 12,727,272 units of the company, at a price of 11 cents per unit, for gross proceeds of $1,399,999.92, each unit consisting of one common share of the company and one share purchase warrant entitling the holder to purchase one common share of the company at a price of 14 cents for each warrant share, until Jan. 30, 2027. The company will use the net proceeds from the offering for environmental work at its wholly owned Scotia mine, located 60 kilometres north of Halifax, and for general working capital purposes.

Certain directors, officers and other insiders of the company have acquired a total of 2,642,546 units in the offering. The participation of insiders constitutes a related party transaction, as such term is defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions and Companion. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

In connection with the offering, the company has paid $20,944 in cash compensation and issued 190,400 broker warrants to eligible brokers for their assistance with the offering. Each broker warrant is exercisable into a common share until Jan. 30, 2027.

Early warning disclosure

Fancamp Exploration Ltd. acquired 1,450,909 units at 11 cents per unit under the offering for total consideration paid of $159,599.99. Immediately prior to completion of the offering, Fancamp beneficially owned 2,738,485 common shares (representing 11.4 per cent of the issued and outstanding common shares of the company) and 390,000 common share purchase warrants for total deemed beneficial ownership of 3,128,485 common shares, representing approximately 12.8 per cent of the deemed issued and outstanding common shares. Immediately after the completion of the offering, Fancamp beneficially owned 4,189,394 common shares (representing 11.4 per cent of the issued and outstanding common shares of the company) and 1,840,909 warrants for total deemed beneficial ownership of 6,030,303 common shares, representing approximately 15.6 per cent of the deemed issued and outstanding common shares. This represents an increase in holdings of approximately 2.5 per cent from Fancamp's previously reported deemed beneficial shareholding percentage in common shares of 13.1 per cent. Fancamp's current percentage holding of 11.4 per cent of the outstanding common shares of the company will remain unchanged on an undiluted basis.

Fancamp has advised the company that the common shares and the warrants are being held for investment purposes. Fancamp may acquire further securities of the company or sell securities of the company from time to time, subject to regulatory approval, if required.

A copy of the applicable early warning report will be available on the company's profile on SEDAR+ and may also be obtained by contacting the company's representative.

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, N.S. Through its wholly owned subsidiary, EDM also holds several prospective exploration licences 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.

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