EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) has reflected on its key accomplishments in 2025 and outlined its planned operational, permitting, and commercial milestones for 2026 as the company advances the Scotia Mine near Halifax toward a production decision.
In 2025, the company said it completed all major planned milestones while continuing permitting and technical work related to a potential restart of operations at the Scotia Mine.
On the commercial and financing side, EDM reported executing a US$58 million gypsum offtake agreement that includes a US$250,000 pre-payment.
The company also completed a silver royalty transaction providing 7,000 ounces of silver per year, supported by a US$1 million pre-payment through a combination of cash and equity. In addition, EDM closed a fully subscribed $1 million private placement.
From a technical and metallurgical perspective, EDM said it completed a positive Dense Media Separation study, which assessed the potential to improve mill feed grades and operating performance. The company also reported confirming the presence of high-grade gold in both lead and zinc concentrate assays, indicating potential by-product value.
Permitting and site-related activities during the year included completion of fieldwork and technical studies required to support an application for a Fisheries Act Authorization for the Scotia Mine.
The company said it also continued engagement with First Nations, regulators, and the local community as part of the permitting process.
Looking ahead to 2026, EDM outlined a series of planned milestones focused on permitting, project development, exploration, and a potential transition to production.
On the regulatory front, the company plans to submit its Fisheries Act Authorization application to the Department of Fisheries and Oceans and to seek receipt of the authorization, subject to regulatory review timelines.
Project development objectives for 2026 include finalizing updated project finance structures, completing updated zinc and lead offtake and concentrate marketing agreements, and advancing planning for the integration of Dense Media Separation into the Scotia Mine processing flowsheet.
EDM also plans to commence gold exploration activities at the Scotia Mine and may update its 2021 NI 43-101 mineral resource estimate to include additional resources, subject to technical review.
As part of its production pathway, the company aims to complete an updated NI 43-101 pre-feasibility study, update project cost estimates, and proceed toward a formal production decision following the completion of permitting and financing milestones. EDM also identified the commencement of initial operations at the Scotia Mine as a targeted outcome following these steps.
"EDM delivered on all of its major planned milestones in 2025 while also completing the technical and environmental work required to advance the Scotia Mine toward production,” EDM Resources CEO Mark Haywood said in a statement.
“With the Fisheries Act Authorization application now imminent, we believe 2026 will represent a transformational year for the company as we move from project advancement to disciplined execution, financing, and initial operations.”