Project context · past production
Why the mine stopped
The Scotia mill was commissioned in 1979 and has operated under several owners. Acadian Mining reactivated the mill and conducted surface mining during 2007 and 2008. Depressed metal prices and high operating costs led the prior operator to place the mine on care and maintenance. The mill was last operated in 2009, and the site remains on care and maintenance.[1]
That Scotia previously operated does not establish that it can be restarted economically under current conditions. The updated PFS is intended to evaluate the project using revised technical, cost and market assumptions.
Most recent filed technical report · dated November 16, 2021
The filed starting point
The 2021 Scotia Mine Pre-Feasibility Study evaluated a 2,700-tonne-per-day open-pit operation producing zinc and lead concentrates and gypsum over a 14.3-year mine life.[1][4]
Throughput
2,700tpd
Open pit, 2021 PFS
Mine life
14.3yrs
Life of mine, 2021 PFS
Products
Zn · Pb+ gypsum
Concentrates and gypsum
Required qualification
These are estimates from EDM's November 16, 2021 PFS. They are not current project economics and not a forecast of actual results. EDM is preparing an updated mineral resource estimate and PFS incorporating revised technical, operating, capital-cost and commodity-price assumptions. The estimates and conclusions may change materially.[2][3][4]
View additional 2021 PFS assumptions
2021 PFS modelled assumptions
| Assumption |
Zinc |
Lead |
| Life-of-mine head grade |
2.03% |
1.10% |
| Average recovery |
86.6% |
89.1% |
| Average annual production, first five years |
35 Mlb |
15 Mlb |
| Total operating cost |
C$52.56 /t milled |
— |
| C1 cost |
US$0.50 /lb |
— |
| LOM zinc-price assumption |
US$1.22 /lb |
— |
Source: Scotia Mine Pre-Feasibility Technical Report, November 16, 2021. Not current project economics.
The study should be read in full, including its assumptions, estimates, qualifications and risks. Once completed and filed, the updated study is expected to replace or update the applicable 2021 project disclosure.
Read the complete 2021 technical report ↗
Work completed or advanced since the start of 2025
Jul 2026
Amended Industrial Approval received
Covers the mine layout, processing facilities, waste rock and tailings management infrastructure and associated environmental protection measures.
Jul 2026
Second quarter 2026 update
Permitting status, study progress, capital structure and the extension of the gypsum production-start deadline to December 31, 2027.
Jun 2026
OTCQB quotation commenced
EDM began trading on the OTCQB Venture Market under the symbol EDMFF.
Feb 2026
Gold exploration program initiated
Exploration begun to investigate the source and distribution of gold indicated by elevated historical concentrate assays.
Aug 2025
Silver royalty sale closed
C$500,000 in cash plus 60,000 Silver Crown units at a deemed value of C$10.00 per unit.
Aug 2025
Dense Media Separation study results
Pilot HLS and DMS test work completed by SGS Canada Inc. indicated potential processing benefits.
Jun 2025
Gypsum offtake agreement announced
Company-stated value of approximately US$58 million over an initial five-year contract period.
DMS qualification. The pilot work indicated potential processing benefits. Full-scale design, performance, costs and effects on project economics remain subject to engineering and the updated study.[6]
Processing facility interior.
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Project status, the 2021 PFS summary, permitting sequence and remaining work — as filed and formally released by EDM Resources.
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What a restarted operation is intended to produce
Zinc and lead concentrates
Zinc and lead concentrates are the core products contemplated by the 2021 PFS. EDM reported in July 2026 that discussions with potential concentrate-offtake partners were ongoing.[2][4]
Gypsum
EDM announced an offtake agreement valued by the company at approximately US$58 million. The agreement covers 50% of the gypsum, off-spec gypsum and anhydrite expected to be permitted and produced, for an initial five-year contract period. EDM subsequently reported that the deadline for production to begin had been extended to December 31, 2027. Revenue depends on commercial production and on the agreement's governing terms.[3][5]
Additional potential value — silver royalty and gold exploration
Silver royalty. EDM closed a silver royalty transaction in August 2025. The announced consideration was C$500,000 in cash plus 60,000 Silver Crown units issued at a deemed value of C$10.00 per unit. Royalty payments depend on silver contained in mineral products sold after production begins.[7]
Gold exploration. Historical concentrate samples returned elevated gold assays. EDM cautioned that concentrate assays do not necessarily represent in-situ grades, and began exploration to investigate the source and distribution of the gold. No gold mineral resource has been established in the cited disclosure.[8]
The work before a production decision
EDM's latest disclosure identifies the following continuing work:
-
01
Complete the updated mineral resource estimate.
-
02
Complete and file the updated Pre-Feasibility Study.
-
03
Complete the remaining provincial and federal permitting requirements, including the Fisheries Act Authorization.
-
04
Advance project financing.
-
05
Advance zinc and lead concentrate-offtake arrangements.
On financing, EDM's 2025 annual MD&A states that its previous IXM credit agreement expired on December 31, 2023 with no amount drawn. EDM's July 2026 disclosure states that the company is advancing project-financing initiatives.[2][10]
Following the applicable technical work and approvals, EDM would still need to establish financing, make a production decision, complete required construction and upgrades, recommission the facilities and successfully ramp up operations.[1][2]
Important. A production decision has not been made. There is no assurance that financing, remaining approvals, construction, commissioning or commercial production will be completed on the timing contemplated, or at all.
Company-reported figures at June 30, 2026
Capital snapshot
Q2 2026 exercise proceeds
C$1,550,324
Gross, from warrant and option exercises
Shares outstanding
80,013,322
Confirm against the latest filed capital structure
Warrants outstanding
~22.6M
Confirm against the latest filed capital structure
Q2 exercise proceeds
C$1,550,324
Gross, warrants and options
During the second quarter of 2026, warrant and option exercises generated gross proceeds of C$1,550,324. Outstanding warrants and options may increase the share count if exercised, and additional project financing may also be dilutive.[3]
Risk factors
What could prevent or delay a restart
Each factor below remains unresolved in the Company's current disclosure. Any one of them has the potential to change the restart plan, its cost or its timing.
Permitting
The Fisheries Act Authorization has not been granted, and the restart is subject to its receipt. EDM continues to refer to remaining provincial and federal permitting requirements.
Technical studies
The updated mineral resource estimate and PFS are incomplete. Their results may differ materially from the 2021 study, including on capital cost.
Financing and dilution
EDM continues to advance financing initiatives. Capital may not be available when required, or may be available only on terms that materially dilute existing shareholders.
Construction and commissioning
Existing infrastructure requires upgrades and recommissioning. Cost, schedule, equipment, staffing and ramp-up risks remain.
Commodity and commercial terms
Project economics would depend on zinc, lead, gypsum and silver prices, and on concentrate and by-product sales terms that EDM does not control.
Timing
The company's 2027 restart target depends on approvals, financing and construction outcomes outside EDM's sole control, and may not be achieved.
Project concentration
EDM's value is principally tied to the Scotia Mine and nearby exploration prospects. Failure to advance Scotia could materially affect the company.
Market risk
EDM is a development-stage issuer. Its securities may be volatile or illiquid, and an investor may lose the entire amount invested.
Review EDM's current MD&A and continuous-disclosure filings on SEDAR+ ↗
Follow the listing
EDM Resources Inc. trades on the TSX Venture Exchange under the symbol EDM, is quoted on the OTCQB Venture Market in the United States under EDMFF, and is listed on the Frankfurt Stock Exchange under P3Z. All three lines reference the same underlying common shares.
Market data — TSXV:EDM
Live quote via TradingView · may be delayed
EDMFF
OTCQB Venture Market
P3Z
Frankfurt Stock Exchange
Price history alone does not establish the merits of a restart. Read the current technical report, financial statements and MD&A alongside any figure shown here.
Quotation data is supplied by TradingView and originates with third-party market-data providers. It may be delayed, incomplete or subject to correction, and is provided for information only. It is not a recommendation, an offer to sell or a solicitation of an offer to buy securities of the Company, and past price performance has the potential to be an unreliable indicator of future results.
Review the company behind the project
Mark Haywood, B.Eng. (Mining Engineering) (Hons.), LLB.
President and Chief Executive Officer
EDM identifies Mr. Haywood as an officer of Scotia Mine Limited and as a Qualified Person under NI 43-101.[8][11]
Board composition, executive compensation, security ownership, related-party transactions and insider reports should be reviewed through EDM's current management information circular, SEDAR+ filings and SEDI reports.
Existing infrastructure. Defined work still ahead.
Scotia is a past-producing mine with an existing mill and established site infrastructure. EDM has advanced provincial approvals and completed several technical and commercial initiatives, and is targeting a restart of mining operations in 2027.
The updated resource estimate and PFS, the remaining permits including the Fisheries Act Authorization, project financing, concentrate offtake, a production decision, construction, recommissioning and ramp-up are all still ahead. Both halves of that description apply at the same time, and investors should weigh them together.
EDM's filings are the appropriate basis for any investment decision.
