Mr. Mark Haywood reports

EDM ANNOUNCES FIRST QUARTER 2026 UPDATE AND ADVANCEMENT OF KEY MILESTONES

EDM Resources Inc. has provided a summary of its activities during the first quarter of 2026 and an update on key milestones supporting the advancement of the Scotia mine toward production.

The president and chief executive officer, Mark Haywood, stated: "During the first quarter of 2026, EDM achieved significant progress across permitting, capital markets and project development. With the Fisheries Act authorization now entering the formal review phase, continued strengthening of our capital structure, and the advancement of technical and exploration programs, the company is well positioned to transition toward a production decision."

First quarter 2026 highlights

Permitting and regulatory progress:

• The company has provided a performance bond of $1.16-million in support of its Fisheries Act authorization (FAA) application.
• The Department of Fisheries and Oceans (DFO) confirmed the FAA application has been deemed complete and has now entered the 90-day review and evaluation period.

Capital markets and liquidity:

• During March, 2026, EDM achieved a sustained trading milestone, with its share price trading above the warrant acceleration threshold for the required period, supporting enhanced capital markets positioning.
• The company's application for quotation on the OTCQB Venture Market is nearing completion, with final regulatory steps under way. The company expects the OTCQB quotation to go live in May, 2026, subject to final approvals.

Financing activities:

• During the quarter, 4,409,831 warrants with a strike price of 14 cents were exercised, generating gross proceeds of $617,376.
• The company also completed the sale of 30,000 units of Silver Crown Royalties, generating approximately $552,800 in net proceeds from the sale.

Exploration and resource development:

• A two-phase gold exploration program has commenced at the Scotia mine, targeting near-term value enhancement and resource expansion opportunities.
• Work on an updated National Instrument 43-101 mineral resource estimate is progressing and is expected to be completed in Q2 (second quarter) 2026.

Project development and technical work:

• Costing and scope definition for completion of the proposed NI 43-101 prefeasibility study (PFS) are being finalized with consultants.
• The proposed PFS will incorporate revised capital and operating assumptions, including integration of dense media separation (DMS) equipment and updated commodity pricing.

Outlook for second quarter 2026

EDM's focus for this quarter includes:

• Progression through the FAA regulatory review process;
• Completion of the OTCQB listing and expansion of U.S. investor access;
• Advancement and initial results from the gold exploration program;
• Completion of the updated mineral resource estimate;
• Advancement of the proposed NI 43-101 prefeasibility study toward completion;
• Continued strengthening of the company's capital structure.

About EDM Resources Inc.

EDM is a Canadian exploration and mining company that holds a 100-per-cent interest in 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 and the Frankfurt Stock Exchange under the symbol P3Z.

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