EDM GRANTED SOUTHWEST EXPANSION ENVIRONMENTAL ASSESSMENT EXTENSION

Halifax, Nova Scotia, December 22, 2022 – EDM Resources Inc. (TSX-V: EDM) (“EDM” or the “Company”) is pleased to provide the following update on the Company’s activities.

The Company’s President and CEO, Mr. Mark Haywood, commented:

“The Company is very pleased to announce that the Honourable Minister of Environment and Climate Change has granted our extension request of the Environmental Assessment Approval (“EA Approval”) for our Southwest Pit Expansion for a period of 2 years, which clears the path for the Scotia Mine to lock in the major equipment suppliers and contracts in Q1 2023 for mining and processing to commence as early as September 2023. The EA Approval requires Scotia Mine to commence operations in the southwest pit before September 2024, which the Scotia Mine fully intends to do.

This Southwest Pit Expansion has been a key element of the Scotia Mine’s 14-year mine life, and this EA Approval was both a major milestone for EDM and a condition of the US$24 million credit facility with IXM S.A., our commercial offtake partner.

With zinc inventories at record low levels, the Company is now in the ideal position to commence mining in late Q3 2023 and processing in Q4 2023, with the aim of declaring commercial production in Q1 of 2024.”

Corporate Updates:

• On December 21, 2022, the Company received the authorization from the Nova Scotia Minister of Environment and Climate Change for the date extension request for the Environmental Assessment Approval of the Southwest Expansion Project. The date extension has been granted for commencement of work on the Southwest Expansion Pit by September 9, 2024.

• The Company expects to commence activities in the Southwest Expansion Pit area in 2023, including mining in late Q3 2023.

• Combined with the Main Environmental Assessment approval, the Southwest Pit Expansion Environmental Assessment approval increases the initial permitting to approximately 7 years and represents a major milestone of the Scotia Mine’s development plan.

• The Scotia Mine is also confirmed to be in full environmental compliance with all applicable rules and regulations.

• With expected major contracts to be awarded in Q1 2023, the Scotia Mine will also be commencing its major recruitment drive of directly employing approximately 140 full-time employees and injecting over $30 million into the Nova Scotian economy as part of its mine start-up expenditure.