Halifax, Nova Scotia--(Newsfile Corp. - July 7, 2026) - EDM Resources Inc. (TSXV: EDM) (FSE: P3Z) (OTCQB: EDMFF) ("EDM" or the "Company") is pleased to provide a summary of its activities during the second quarter of 2026 and an update on key milestones supporting the advancement of the Scotia Mine toward production.
The President and CEO, Mr. Mark Haywood, stated: "The second quarter of 2026 was a transformational period for EDM. We achieved meaningful progress across permitting, capital markets, financing and project development, including commencement of trading on the OTCQB Venture Market, strengthening of our treasury through substantial warrant exercises by directors and major shareholders, and advancement of our gold exploration and technical programs. With the Fisheries Act Authorization process progressing well and preparations for the updated Pre-Feasibility Study advancing, we believe EDM is increasingly well positioned to advance the Scotia Mine toward a production decision."
SECOND QUARTER 2026 HIGHLIGHTS
Permitting & Regulatory Progress
The Company received the operational approval for its Environmental Assessment for the South West expansion project so that no further extensions are required.
The Department of Fisheries and Oceans ("DFO") has advised the FAA application is progressing well and now in the First Nations engagement period.
The Company continues to work collaboratively with the First Nations and DFO to address information requests received during the review process.
The Company remains encouraged by the progress of the review process and currently anticipates receiving the FAA decision during the summer or fall of this year.
Capital Markets & Liquidity
EDM share price trading continues to support our capital markets positioning with the market capitalization growing from $5.9 million at the start of the year to $47.2 million by the end of the quarter.
The Company's quotation on the OTCQB® Venture Market went live on June 1, 2026. EDM expects its common shares to be eligible for electronic clearing and settlement through The Depository Trust Company ("DTC") in July which will facilitate more efficient trading and settlement within the United States.
Financing Activities
During the quarter, 1,541,324 warrants with a strike price of $0.14 were exercised, as well as 100,000 options, generating gross proceeds of $1,550,324.
The Company's share position at the end of the quarter was 80,013,322, with 22.6 million Warrants and 5.7 million Options outstanding.
The remaining warrants represent potential additional proceeds of approximately $3.2 million if exercised.
To allow for the permitting process to be completed, the Gypsum offtake agreement which provided for the exclusive sale of gypsum and related by-products from the Scotia Mine for an initial five-year term commencing upon commercial operations, has been extended to now begin by December 31, 2027.