EDM PROVIDES A CORPORATE UPDATE

Halifax, Nova Scotia, November 29, 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 has been working on a number of updated Scotia Mine start-up plans which include the latest capital and operating costs, commodity pricing, foreign

exchange rates, and other key project variable forecasts. These updated plans build upon the Company’s 2021 Pre-Feasibility Study, and solidify the Company’s view of the robust economics of the Scotia Mine – a view supported by continued strong demand for zinc, which we believe will afford healthy operating margins to our low-cost Scotia Mine.

With the commercial offtakes, project financing and initial permitting already in place at our Scotia Mine, we expect to

commence mining in Q3 2023 and processing in Q4 2023, with the aim of declaring commercial production at the end of

Q4 2023.”

Corporate Updates:

• The Company continues to work closely with our offtake partner, IXM S.A., on satisfying the financing conditions

  for its loan facility announced on June 29, 2022, and expects to begin drawing funds as early as Q1 2023.

• The Scotia Mine NI 43-101 2021 Pre-Feasibility Study, the results of which were announced on November 16, 2021,

  highlighted the following key points:

➢ NPV (8%) of C$174M

➢ IRR of 69%

➢ Pre-production capex of CDN$30.6M

➢ Annual average production of ~35M lbs zinc, ~15M lbs lead, 430Kt gypsum.

➢ 14-year mine life via open-pit mining method

➢ All-in sustaining costs (ZnEq) of US$0.52/lb

➢ Near term Free Cash Flow of CDN$5-7M per quarter

➢ Free Cash Flow in the first 3 years of CDN$55M

A copy of the 2021 Pre-Feasibility Study, titled “Scotia Mine Pre-Feasibility Technical Report”, prepared for the Company by MineTech International Limited and dated November 16, 2021, is available under the Company’s profile at www.sedar.com.

At present, zinc inventories are at record low levels due to supply shortages and continued strong demand. The Company expects these market conditions to continue for the foreseeable future and believes its timing to commence operations next year is ideal. Reference is made to the chart below to “Total Zinc Inventory” sourced from the London Metal Exchange.

Recent Metals & Mining Equity Research from Scotiabank validates the current and expected favourable macro conditions to continue in the short to medium terms. Reference is made in the chart below to “Days of Visible Zinc Inventories vs Zinc Prices, 2000-2025E” sourced from Bloomberg, Scotiabank GMB estimates.

• The Company has been proactively working on internal updates of the Scotia Mine’s economics, due to the ongoing impact of inflation and the improvements in the project’s key drivers. Despite certain cost increases, these internal studies continue to support the robustness of the Scotia Mine.

• EDM has been actively engaging with the investment community over the quarter, including presenting at the Red Cloud Fall Mining Showcase 2022 Conference, Red Cloud TV, and a podcast with Smith Weekly. The Company also hosted The Northern Miner for a site visit of our Scotia Mine. The recordings of our presentations and talks can be accessed via the Company’s website (https://www.edmresources.com/presentations-events) or on our social media

channels.

• The Scotia Mine’s Open Day Event was held at the mine on Saturday, October 1, 2022, with a large number of community members attending. Furthermore, we invite anyone interested in applying to be a member of the Scotia Mine’s Community Liaison Committee to email us at Community@ScotiaMine.ca and register their interest.

• Pursuant to the Company’s RSU incentive plan, the Board of Directors granted an aggregate of 51,020 Restricted Stock Units (“RSUs”) in the Company to Mr. Jason Baker, Mine Manager. The RSUs will vest on November 7, 2023.

Jason Baker P.Eng of Scotia Mine Limited, and Mark Haywood B.Eng (Mining Engineering) Hons, LL.B of EDM

Resources Inc. are responsible for, and have reviewed and approved, the scientific and technical content of this news

release.