EDM Resources secures operational approval for Scotia Mine expansion and exercises warrants, boosting liquidity ahead of a production decision.
EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) reported progress on permitting and financing for its Scotia Mine project in Nova Scotia. The company secured operational approval for the Environmental Assessment covering the South West expansion, removing the need for further extensions.
During the quarter, warrant exercises generated $1.55 million in gross proceeds, with 1.54 million warrants exercised at $0.14 each. EDM also has 22.6 million warrants and 5.7 million options outstanding, which could bring in an additional $3.2 million if fully exercised.
The company expects a Fisheries Act Authorization decision in summer or fall 2026, following ongoing engagement with First Nations and regulators. EDM’s shares began trading on the OTCQB Venture Market in June and may soon clear through the Depository Trust Company.