EDM Initiates Dense Media Separation Study

-1-

NEWS RELEASE MAY 16, 2024

EDM INITIATES DENSE MEDIA SEPARATION STUDY

Halifax, Nova Scotia, May 16, 2024 – EDM Resources Inc. (TSX -V: EDM) (“EDM” or the “Company”) is pleased to

announce that it has commenced a dense media separation study on the base metal mineralization at the Scotia Mine.

• The Dense Media Separation (“DMS”) is an inexpensive method of pre-concentrating mineralization during

processing and may significantly elevate feed grades.

“After preliminary analysis over the past 6 months, we are excited to now initiate a Dense Media Separation Study on our

zinc and lead mineralized host rock with the SGS Metallurgical Laboratory in Quebec. DMS is increasingly being used by

other base metal mines as a low capital and operating cost method of increasing feed head grades ,” said, Mr. Mark

Haywood, President & CEO. “The DMS Study results are expected in August 2024, and if successful, may significantly

improve the economics of the Scotia Mine,” he added.

About Dense Media Separation (DMS)

Dense Media Separation (“DMS”) is a relatively simple and inexpensive method of pre-concentrating mineralization before

it enters the Grinding and Flotation Circuits at the Scotia Mine. It has been used extensively worldwide on many types of

minerals, including projects similar to the Scotia Mine. After crushing, the material is processed through cyclones typically

using a ferro-silicon media that will allow non-mineralized rock to "float" and be collected as waste , while mineralized

material will "sink" and be directed to the grinding circuit as higher graded mill feed.

The benefits of adding DMS equipment are significant as this equipment may reduce the amount of material hauled from

the pit to the mill, may elevate the feed head grades in the mill by 50% to 100%, may reduce the operating cost per pound

of zinc and lead produced, and may also reduce the quantity of tailings produced by up to 50%. EDM already has a 2,700

tonnes per day mill concentrator on site at the Scotia Mine, so a DMS could be added in between the Crushing and Grinding

Circuits in the existing processing building.

Results of the DMS Study are expected to be available in August 2024.

Pursuant to the Company’s RSU incentive plan, the Board of Directors granted an aggregate of 80,357 Restricted Stock

Units (“RSUs”) in the Company to Mr. Chris Fedora, Chief Mining Engineer. The RSUs vest immediately.

About EDM Resources Inc.

EDM is a Canadian exploration and mining company that has full ownership of the Scotia Mine and related facilities near

Halifax, Nova Scotia. Through its wholly owned subsidiary, EDM also holds several prospective exploration licenses near

its Scotia Mine and in the surrounding regions of Nova Scotia.

The Company’s common shares are traded on the TSX Venture Exchange under the symbol “EDM”. For more

information, please contact:

Mark Haywood President & Chief Executive Officer

Kevin Farrell Chief Financial Officer

Manish Grigo Corporate Development

Telephone +1 (902) 482 4481

Facsimile +1 (902) 422 2388

-2-

Email & Web [email protected] & www.EDMresources.com

The Company’s corporate filings and technical reports can be viewed on the Company’s SEDAR profile at

www.sedar.com. Further information on EDM is also available on Facebook at

http://www.facebook.com/EDMresources.inc Twitter at http://www.twitter.com/EDMresources and LinkedIn at

http://www.linkedin.com/company/EDMresources.

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 includes certain forward-looking statements which are not comprised of historical facts. Forward-

looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including

words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking

statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “should”, “could”,

“would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and

conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on

information currently available to the Company, the Company provides no assurance that actual results will meet

management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could

cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied

by such forward- looking information. Forward-looking information in this news release includes, but is not limited to,

the Company’s objectives, goals or future plans, statements, potential mineralization, exploration and development

results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of

operations and estimates of market conditions. There can be no assurance that forward-looking statements will prove to

be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from EDM’s expectations include, among others, the

degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves, the degree

to which factors are present which would make a mineral deposit commercially viable, the price of zinc, lead and gypsum,

uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related

to international operations, the actual results of current exploration activities, delays in the development of projects,

conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future

prices of metals, ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the

Company’s business, as well as those factors discussed in the section entitled “Risk Factors” in EDM’s management’s

discussion and analysis of the Company's annual financial statements for the period ended December 31, 2023. Although

EDM has attempted to identify important factors that could cause actual results to differ materially, there may be other

factors that cause results to be not as anticipated, estimated or intended. There can be no assurance that such statements

will prove to be accurate as actual results and future events could differ materially from those anticipated in such

statements. Accordingly, readers should not place undue reliance on forward-looking statements.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES