EDM ANNOUNCES $1.4M NON-BROKERED PRIVATE PLACEMENT

Halifax, Nova Scotia, December 22, 2023 – EDM Resources Inc. (TSX-V: EDM) (“EDM” or the “Company”) is pleased to announce a non-brokered private placement financing for aggregate gross proceeds of up to C$1,400,000 (the “Offering”).

The President and CEO, Mr. Mark Haywood, stated: “Proceeds of the placement will be used to advance necessary environmental field work at the Company’s Scotia Mine and for working capital. We welcome all our existing shareholders and accredited investors to participate in this financing.”

The Offering consists of 14,000,000 units (“Units”) of the Company (the “Offering”), at a price of C$0.10 per Unit for gross proceeds of up to C$1,400,000, each Unit consisting of one common share of the Company (each an “Share”) and one share purchase warrant (a “Warrant”) entitling the holder to purchase one common share of the Company (each an “Warrant Share”) at a price of C$0.14 for each Warrant Share, exercisable for a period of three years from closing. The Company intends to use the net proceeds from the Offering to advance environmental work at its wholly owned Scotia Mine, located 60 km north of Halifax (the “Scotia Mine”), and for general working capital purposes.

The Company advises that it is in discussions respecting the potential participation by a lead investor in the Offering which could involve the investor acquiring up to 10,00,000 Units in the Offering. The Company anticipates that if such investment occurs, it would be conditional on the investor obtaining the right to appoint nominees to the Company’s Board of Directors and potentially other conditions. These discussions are ongoing, and there is no assurance the potential investor will participate in the Offering or what the conditions to such participation might be.

The Company may pay finder’s fees and issue finder’s warrants to eligible finders for their assistance with the Offering in accordance with market norms. Any finder’s warrants will have the same terms as the Warrants.

The Offering is subject to approval of the TSX Venture Exchange.