Mr. Mark Haywood reports

EDM ANNOUNCES THIRD QUARTER 2026 UPDATE AND ADVANCEMENT OF KEY MILESTONES

EDM Resources Inc. has provided a summary of its activities during the third 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: "The third quarter of 2026 represented another important period of progress for EDM as we continued advancing the Scotia mine toward a production decision. We made progress across permitting, technical studies, exploration and corporate development while strengthening the company's capital markets position and advancing discussions with potential strategic and financing partners.

"Of particular importance is the progress made in evaluating the future processing configuration for the Scotia mine, including the encouraging ore-sorting testwork results and preparations for our updated prefeasibility study. These initiatives are focused on improving the efficiency and economics of the Scotia mine and establishing a stronger foundation for future project financing.

"With the Fisheries Act authorization review continuing, technical work advancing, and discussions with potential offtake and financing partners under way, we believe EDM is increasingly well positioned to advance the Scotia mine toward a production decision and its next major development milestones."

Third quarter 2026 highlights

Permitting and regulatory progress:

• The Department of Fisheries and Oceans Canada continues its review of the company's Fisheries Act authorization application, including engagement with first nations. EDM remains actively engaged with DFO and continues to work toward completion of the regulatory review process. While the company remains encouraged by the progress achieved, the timing of a final decision remains subject to DFO's review and consultation requirements.

Capital markets and liquidity:

• EDM's market capitalization increased from approximately $5.9-million at the beginning of 2026 to approximately $54.8-million as at Sept. 30, 2026, reflecting increased investor interest and the company's progress across its development initiatives.
• Following the company's annual general meeting, EDM continued strengthening its board of directors to support the company's strategy of advancing the Scotia mine toward production and creating long-term shareholder value.

Financing activities:

• During the quarter, 1,691,053 common share purchase warrants with a strike price of 14 cents were exercised, as well as 300,000 options, generating gross proceeds of approximately $263,747.
• As at Sept. 30, 2026, the company's share position at the end of the quarter was 81,858,649 shares issued and outstanding, with 20.88 million warrants, 6.89 million options and 575,000 restricted stock units outstanding.
• The remaining warrants represent potential additional proceeds of approximately $2.92-million if exercised.
• The company exercised 20,000 Silver Crown Royalties warrants at $13 per share for total consideration of $260,000.
• EDM continued discussions with prospective offtake and financing partners regarding potential project financing arrangements and future zinc and lead concentrate offtake agreements.

Exploration and resource development:

• The first phase of the company's gold exploration program continued during the quarter in collaboration with Mercator Exploration, with work focused on evaluating prospective gold targets at the Scotia mine.
• Work continued on the updated National Instrument 43-101 mineral resource estimate, including evaluation of potential additional gypsum and anhydrite resources associated with the Scotia mine property.

Project development and technical work:

• The company finalized the scope and preliminary cost estimates for its updated NI 43-101 prefeasibility study and engaged SRK Consulting (Canada) and Micon International to undertake the technical and engineering work. The updated PFS will assess opportunities to optimize the Scotia mine processing flow sheet, including the application of ore-sorting technology and other initiatives aimed at improving operating efficiency and project economics. Subject to completion of the required technical work, EDM is targeting completion of the updated PFS in the first quarter of 2027.
• The company continues to evaluate the application of sensor-based ore-sorting technology within the proposed crushing and processing circuit, following encouraging testwork results demonstrating the potential to reject approximately 25 per cent of the original feed mass while retaining a substantial majority of the contained zinc and lead. Compared with the previous dense media separation testwork, ore sorting demonstrated comparable mass rejection and improved zinc recovery and grade upgrading. The results will be considered as part of the updated PFS.
• The company clarifies that the ore sorting technology utilized in the testwork announced on Sept. 28, 2026, was X-ray transmission rather than X-ray fluorescence as previously described. The company confirms that this clarification does not change the metallurgical results previously reported.

Outlook for fourth quarter 2026

EDM's focus for this quarter includes:

• Continued advancement of the Fisheries Act authorization review process with DFO;
• Progression of the updated prefeasibility study, including evaluation of ore-sorting technology and processing optimization opportunities;
• Completion of the first phase of the company's gold exploration program and assessment of the results;
• Continued evaluation of potential additional gypsum and anhydrite mineral resources;
• Advancement of discussions with potential strategic financing and zinc and lead concentrate offtake partners;
• Continued expansion of U.S. investor engagement and shareholder communication initiatives.

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, the Frankfurt exchange under the symbol P3Z and the OTCQB Venture Market under the symbol EDMFF.

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