EDM ANNOUNCES UPSIZE TO NON-BROKERED PRIVATE PLACEMENT

Halifax, Nova Scotia, April 20, 2023 – EDM Resources Inc. (TSX-V: EDM) (“EDM” or the “Company”) is pleased to announce that its previously announced non-brokered hard dollar and flow-though private placement for aggregate gross proceeds of up to C$1,650,000 (the “Offering”) has been increased to up to C$1,800,000.

The hard dollar component of the Offering is a non-brokered private placement of up to 3,300,000 units (“HD Units”) of the Company (the “Hard Dollar Offering”) at a price of C$0.50 per HD Unit, each HD Unit consisting of one common share of the Company (each an “HD Share”) and one share purchase warrant entitling the holder to purchase one common share of the Company (each an “HD Warrant Share”) at a price of C$0.75 for each HD Warrant Share, until the date that is 36 months from the closing of the Hard Dollar Offering. The Company will use the net proceeds from the Hard Dollar Offering to advance geotechnical and environmental bonding work at its wholly-owned Scotia Mine, located 60 km north of Halifax (the “Scotia Mine”), to pay deposits for critical long-lead time equipment required to commence mining operations at the Scotia Mine, and for general working capital purposes.

The flow-through component of the Offering is a non-brokered private placement of up to 250,000 common shares (“FT Units”) of the Company (the “Flow-Through Offering”) at a price of C$0.60 per FT Unit, each FT Unit consisting of one common share of the Company (each an “FT Share”) and one half of one share purchase warrant entitling the holder to purchase one common share of the Company (each an “FT Warrant Share”) at a price of C$0.75 for each FT Warrant Share until the date that is 36 months from the closing of the Flow-Through Offering. The Company will use the gross proceeds from the Flow-Through Offering to conduct exploration work on its mineral properties qualifying as Canadian Exploration Expenditures, as such term is defined in the Income Tax Act (Canada).

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s web page at www.EDMresources.com. Prospective investors should read this offering document before making an investment decision.

Certain directors, officers and other insiders of the Company are expected to acquire securities under the Offering. Such participation will be a “related party transaction” as such term is defined in Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but is exempt from the valuation and minority shareholder approval requirements of MI 61-101.

The Offering is subject to the TSX Venture Exchange approval.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.