EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) said on Wednesday it made headway on permitting, financing and development activities in the first quarter of 2026, as the company moves closer to a potential production decision for its Scotia Mine project in Nova Scotia.
The Canadian miner said its application for a Fisheries Act Authorization has entered a formal 90-day review process after being deemed complete by the Department of Fisheries and Oceans, supported by a C$1.16 million performance bond.
At the Scotia Mine, EDM has launched a two-phase gold exploration program aimed at expanding resources and enhancing near-term value. An updated NI 43-101 mineral resource estimate is expected in the second quarter.
The company said it is also finalizing the scope and costing of a pre-feasibility study, which will incorporate revised capital and operating assumptions, including the use of dense media separation technology and updated commodity price forecasts.
“EDM achieved significant progress across permitting, capital markets, and project development,” CEO Mark Haywood said.
“With the Fisheries Act Authorization now entering the formal review phase, continued strengthening of our capital structure, and the advancement of technical and exploration programs, the company is well positioned to transition toward a production decision.”
On the financing front, EDM reported proceeds of about C$617,000 from the exercise of more than 4.4 million warrants priced at C$0.14. The company also generated roughly C$552,800 in net proceeds from the sale of units in Silver Crown Royalties.
EDM added that its shares traded above the threshold required to accelerate certain warrants during March, a milestone it said supports improved capital markets positioning. The company is also in the final stages of securing a quotation on the OTCQB Venture Market, with trading expected to begin in May, subject to approvals.
Looking ahead, EDM said its priorities for the current quarter include advancing through the regulatory review process, completing its OTCQB listing, delivering initial exploration results and progressing technical studies.
