EDM Announces Second Quarter 2026 Update and Advancement of Key Milestones
Rhea-AI Summary
EDM Resources (OTCQB: EDMFF) reported Q2 2026 progress advancing the Scotia Mine toward a production decision. Key updates include Environmental Assessment operational approval for the South West expansion, FAA review moving into First Nations engagement, and expectation of an FAA decision in summer or fall 2026.
Market capitalization rose from $5.9M to $47.2M year-to-date. Warrant and option exercises generated $1.55M, with 80M shares outstanding and remaining warrants representing potential proceeds of about $3.2M. EDM began OTCQB trading, extended its gypsum offtake start to December 31, 2027, and advanced exploration, MRE and PFS work.
Positive
- Environmental Assessment operational approval for South West expansion project granted
- Market capitalization increased from $5.9M to $47.2M year-to-date
- Warrant and option exercises raised $1,550,324 gross proceeds in Q2 2026
- Remaining warrants could generate approximately $3.2M additional proceeds if exercised
- OTCQB quotation live June 1, 2026 with DTC eligibility expected
- Updated NI 43-101 MRE and PFS planning progressing for Scotia Mine
Negative
- Gypsum offtake agreement start deferred to no later than December 31, 2027
- 22.6 million warrants outstanding imply potential future share dilution
News Market Reaction – EDMFF
In the Jul 7 session, EDMFF declined 3.85%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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.
Exploration & Resource Development
- The first-phase gold exploration program is underway at the Scotia Mine.
- The Company has been evaluating the extent of the gypsum on the mine site, and provided the data to the resource modelling consultants to potentially provide additional mineral resources.
- Work on an updated NI 43-101 Mineral Resource Estimate (MRE) is progressing with a review of the potential additional gypsum and anhydrite mineral resources in progress.
Project Development & Technical Work
- The Company has submitted additional operational improvements to the mine and processing facilities as an amendment to the existing Industrial Approvals.
- Costing and scope definition for completion of the proposed NI 43-101 Pre-Feasibility Study (PFS) are being finalized with engineering firms.
- The Company is also evaluating ore sorting equipment for the new crushing circuit which due to technological advancements in XRF sorting and AI belt analysis, may enable even greater elimination of waste rock material from entering the processing circuits.
- Our mineral resource consultants have advised that the planned MRE update be included in the updated PFS, since a MRE is not normally performed once a PFS has been established.
- Part of the updated PFS work will be to include operational improvements approved in the amended Industrial Approval.
OUTLOOK FOR THIRD QUARTER 2026
EDM's focus for this quarter includes:
- Progression through the FAA regulatory review process.
- Expansion of U.S. investor access, digital investor engagement and shareholder communication programs.
- Advancement of the gold exploration program.
- Completion of engineering consultant selection and commencement of the proposed NI 43-101 Pre-Feasibility Study, including the updated Mineral Resource Estimate.
- Receipt of initial offtaker financing terms.
- Continued strengthening of the Company's capital structure.
About EDM Resources Inc.
EDM is a Canadian exploration and mining company that holds a
The Company's common shares are traded on the TSX Venture Exchange under the symbol "EDM", the Frankfurt Exchange under the symbol "P3Z", and the OTCQB® Venture Market under the symbol "EDMFF". For more information, please contact:
| Mark Haywood | President & Chief Executive Officer |
| Arnab De | Chief Financial Officer |
| Manish Grigo | Corporate Development |
| Telephone: | +1 (902) 482 4481 |
| Facsimile: | +1 (902) 422 2388 |
| Email: | info@EDMresources.com |
| Website: | www.EDMresources.com |
The Company's corporate filings and technical reports can be viewed on the Company's SEDAR+ profile at www.sedarplus.ca.
Further information on EDM is also available on the Company's website and social media channels as follows:
Internet at www.EDMresources.com
Facebook at https://www.facebook.com/EDMresources.inc
X at https://www.x.com/EDMresources
LinkedIn at https://www.linkedin.com/company/EDMresources
YouTube at https://youtube.com/@edmresources?si=Bvyighil3mSoOKnD
CAUTIONARY STATEMENTS
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward-looking statements, including plans, objectives, estimates, and expectations regarding EDM Resources Inc.'s future activities. Such statements are identified by words like "believes," "expects," "plans," "estimates," "may," "could," or similar terms. Forward-looking statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those anticipated. These include, but are not limited to, mineral resource estimates, exploration and development results, project timing, market conditions, commodity prices, financing, and operational risks. For a discussion of risk factors, please refer to EDM's Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2025. EDM does not guarantee the accuracy of forward-looking statements and readers should not place undue reliance on them.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304225