EDM Announces Third Quarter 2026 Update and Advancement of Key Milestones
EDM advances Scotia Mine restart toward 2027 production with ore sorting tech and a positive preliminary feasibility study update.
EDM Resources Inc. (EDM) released its third-quarter 2026 operational update, detailing progress across permitting, technical studies, and capital markets. The company has finalized the scope for an updated NI 43-101 Pre-Feasibility Study (PFS), which is now targeted for completion in the first quarter of 2027.
Technical work continued with XRT ore sorting testwork, which demonstrated approximately 25% feed mass rejection and improved zinc and lead recovery rates compared to previous dense media separation (DMS) tests. On the regulatory front, the review of the DFO Fisheries Act Authorization (FAA) is ongoing, though no final decision date has been announced.
Financially, EDM’s market capitalization rose from approximately C$5.9 million to C$54.8 million year-to-date. During the third quarter, financing activities included the exercise of 1.69 million warrants at a $0.14 strike price, 300,000 options, and 20,000 SCRi warrants, generating approximately $524,000 in gross proceeds. The company also noted ongoing discussions with prospective offtake and financing partners.
Looking ahead to the fourth quarter of 2026, EDM plans to advance the FAA review and the PFS, complete gold exploration, and engage with U.S. investors.
EDM Resources Inc. (EDM) confirmed the execution of its 2026 roadmap, originally announced in January. The release outlines the finalization of the pre-feasibility study (PFS) scope and ore sorting confirmation as expected technical milestones, which follow directly from testwork conducted in the second quarter and permitting updates from the first and second quarters.
The company did not announce any new major financing, permit approvals, or production decisions. The timeline for the Department of Fisheries and Oceans (DFO) Federal Environmental Assessment (FAA) remains open-ended.
This update maintains the path to a 2027 production decision. The news is considered incremental and aligns with prior expectations, representing routine operational progress without introducing new market-moving catalysts. The release does not alter the near-term risk profile or liquidity position.
EDM Resources Inc. is a pre-revenue mining company focused on restarting the Scotia Mine in Nova Scotia, Canada. The company’s flagship project is a past-producing open-pit zinc-lead-gypsum mine that features existing infrastructure, grid power, and proximity to the Port of Halifax, located approximately 62 km away.
A 2021 Preliminary Feasibility Study (PFS) indicated C$31 million in initial capital expenditure, a 69% after-tax internal rate of return, a 14-year mine life, and approximately 150 direct jobs. The company is currently targeting Nova Scotia's only primary zinc producer status upon restart, aligning with the provincial critical minerals strategy.
Current efforts are centered on updated resource estimates, PFS optimization through ore sorting, and securing final permits and financing for a 2027 restart.