EDM Retracts Buy Recommendation

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NEWS RELEASE MAY 10, 2023

EDM RETRACTS BUY RECOMMENDATION

Halifax, Nova Scotia, May 10 , 2023 – At the request of IIROC, EDM confirms that it does not endorse the buy

recommendation made in the Red Cloud Securities Inc. report which is referred to in its news release of May 10, 2023,

and retracts this disclosure. EDM did not pay for the Red Cloud report.

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

Simion Candrea Vice President

Head Office Purdy’s Wharf, 1959 Upper Water Street, Suite 1301, Nova Scotia, B3J 3N2, Canada

Telephone +1 (902) 482 4481

Facsimile +1 (902) 422 2388

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

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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, 2022. 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