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Yahoo
16 hours ago
- Business
- Yahoo
EDM Resources secures $58m gypsum offtake deal
Canadian exploration and mining company EDM Resources has signed a definitive gypsum offtake supply agreement valued at $58m (C$79.39m) with a Canadian gypsum producer and wallboard manufacturer for gypsum produced from the Scotia Mine in Nova Scotia, Canada. The agreement, signed on 3 June 2025, will see the gypsum offtaker make an advance payment of $250,000 for a five-year exclusivity on gypsum produced at the Scotia Mine. This payment is unsecured and non-refundable if production does not commence before 31 December 2026. The offtake represents half of the total mineral reserve and is based on projected volumes over a ten-year period. The Scotia Mine has a defined NI 43-101 mineral reserve of 5.1 million tonnes (mt) of gypsum, comprising 1,530,000 tonnes (t) of proven mineral reserves with a gypsum grade of 92.8%. The probable mineral reserves are estimated at 3.65mt with a grade of 91.4%, as per the 2021 pre-feasibility study (PFS). The PFS indicated an expected gypsum revenue of $43.9m based on 2021 prices of $8.6/t. Gypsum is widely used in the construction and agricultural industries, among others. The average price for crude gypsum was $13/t in 2024, with an expected increase due to rising demand in North America. The gypsum offtaker will pay for gypsum delivered free-on-board trucks at the Scotia Mine on a take-or-pay contract basis. EDM Resources president and CEO Mark Haywood said: 'We are very pleased to secure the third revenue stream opportunity for our Scotia Mine, which is in addition to the forecast zinc and lead revenue streams. 'With the execution of the new gypsum offtake agreement, the Scotia Mine secures market rate payments for at least 2.5mt of gypsum.' EDM Resources is currently in the exploration and evaluation stage and has not generated revenue from operations. The company's ability to execute its objectives depends on its capacity to secure additional financing. Proceeds from the sale of gypsum under the offtake agreement are contingent upon the commencement of production at the Scotia Mine, with various risks and uncertainties. "EDM Resources secures $58m gypsum offtake deal" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
2 days ago
- Business
- The Market Online
Canadian junior miner signs transformational offtake agreement
Canadian junior miner EDM Resources (TSXV:EDM), market capitalization C$3.74 million, signed a definitive US$58 million gypsum offtake agreement with a large producer and Canadian wallboard manufacturer EDM is a Canadian junior miner active in Nova Scotia on a path to near-term zinc, lead and gypsum production EDM Resources stock has given back 87 per cent since 2022 Canadian junior miner EDM Resources (TSXV:EDM), market capitalization C$3.74 million, signed a definitive US$58 million gypsum offtake agreement with a large producer and Canadian wallboard manufacturer. Gypsum's is used in the manufacturing of wallboard, drywall cement, plaster of Paris, as a hardening retardant in Portland cement, as well as in fertilizer, sidewalk chalk and other specialty products. According to Statista, gypsum prices averaged US$13 per ton in 2024. The client, an arm's length private subsidiary of a publicly listed industry leader, will pay a US$250,000 advance for five years of exclusive access to gypsum produced at EDM's Scotia mine, located 62 kilometres northeast of Halifax, Nova Scotia. According to Monday's news release, the province has been involved in gypsum production for over 200 years and is the world's most productive region for the mineral. The deal covers half of Scotia's 5.1 million tons in gypsum reserves – as detailed in a 2021 pre-feasibility study, which also estimates considerable nickel and zinc resources – and envisions commercial production by December 31, 2026. Leadership insights 'We are very pleased to secure the third revenue stream opportunity for our Scotia mine, which is in addition to the forecasted zinc and lead revenue streams. With the execution of the new gypsum offtake agreement, the Scotia mine secures market rate payments for at least 2.5 million tons of gypsum,' Mark Haywood, EDM Resources' president and chief executive officer, said in a statement. About EDM Resources EDM is a Canadian junior miner active in Nova Scotia on a path to near-term zinc, lead and gypsum production. EDM Resources stock (TSXV:EDM) is unchanged trading at C$0.07 as of 9:54 am ET. The stock has given back 87 per cent since 2022. Join the discussion: Find out what everybody's saying about this Canadian junior zinc, lead and gypsum stock on the EDM Resources Inc. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
2 days ago
- Business
- Yahoo
EDM Announces New US$58 Million Gypsum Offtake Agreement
Halifax, Nova Scotia--(Newsfile Corp. - June 9, 2025) - EDM Resources Inc. (TSXV: EDM) (FSE: P3Z) ("EDM" or the "Company") is pleased to announce that it has entered into a definitive gypsum offtake supply agreement with a large vertically-integrated gypsum producer and Canadian wallboard manufacturer ("Gypsum Offtaker") which is valued at approximately US$58 million. Highlights of the Gypsum Offtake Large vertically integrated Gypsum producer and Canadian Wallboard manufacturer who is an arm's length private subsidiary of a publicly listed global leader. The Gypsum Offtaker has agreed to make an advance payment of US$250,000 for a 5-year exclusivity on Gypsum produced at the Scotia Mine. The advance payment is unsecured and non-refundable should the Scotia Mine not commence production before December 31, 2026. The Offtake Agreement only represents half the total mineral reserve of Gypsum and is based on projected volumes over a 10-year period. The Scotia Mine has 5.1 million tonnes of Gypsum as a defined NI 43-101 Mineral Reserve, comprised of Proven Mineral Reserves of 1,530,000 tonnes with a Gypsum grade of 92.8 percent and Probable Mineral Reserves of 3,650,000 tonnes with a Gypsum grade of 91.4 percent, as disclosed in the 2021 Pre-Feasibility Study of November 16, 2021 ("PFS"). The PFS indicated an expected Gypsum revenue of US$43.9M based on 2021 prices of US$8.60/t for Gypsum. The Company has been moving forward to create cash flow streams from minerals beyond the original Zinc and Lead mineral resources; all of this points to the robustness of the cash flows at the Scotia Mine. "We are very pleased to secure the third revenue stream opportunity for our Scotia Mine, which is in addition to the forecast zinc and lead revenue streams. With the execution of the new Gypsum offtake agreement, the Scotia Mine secures market rate payments for at least 2.5 million tonnes of Gypsum." said, Mr. Mark Haywood, President & CEO. Gypsum is a soft sulfate mineral composed of calcium sulfate dihydrate (CaS042H2O), and is an evaporite mineral most commonly found in layered sedimentary deposits in association with halite, anhydrite, sulfur, calcite, and dolomite. Gypsum's main uses include the manufacture of wallboard (crude Gypsum), drywall cement, plaster of Paris, soil conditioning, and as a hardening retardant in Portland cement. Gypsum is also used in fertilizer, sidewalk chalk, and in many other specialty products. The average price for crude gypsum in 2024 was US$13.00/tonne (Source: average price of crude gypsum in the United States), and is expected to increase due to increasing demand for gypsum products in North America. Gypsum and Anhydrite have been produced for exportation in Nova Scotia for over 200 years. Nova Scotia is the world's most productive gypsum mining area, and is known for the quality and size of its Gypsum deposits, as well as access to economical ocean cargo transport. Nova Scotia's gypsum resources are second to none in North America in terms of quantity and quality. Annual production, at its peak in 2005, amounted to about 9.6 million tonnes, accounting for more than 90% of Canada's total gypsum output. In that year, Canada ranked fourth (by weight) among gypsum-producing nations of the world. (Source: Nova Scotia Department of Natural Resources and Renewables - Geoscience and Mines Branch). Gypsum Offtake Terms The Gypsum Offtake Agreement was signed on June 3, 2025 and provides for the sale of 50% of Gypsum and 50% off-spec Gypsum (and Anhydrite) expected to be permitted and produced at the Scotia Mine, for an initial contract period of 5 years. The Gypsum Offtaker will make an advance payment of US$250,000 for a 5-year exclusivity on Gypsum produced at the Scotia Mine. The advance payment is unsecured and non-refundable should the Scotia Mine not commence production before December 31, 2026. There are no penalties if commercialization is not achieved. The Offtake Agreement includes industry standard payment terms, delivery, quality, warranties, penalty charges and remedies. Either party may terminate the agreement. The Gypsum Offtaker will pay Gypsum delivered FOB trucks at the Scotia Mine on a take-or-pay contract basis. No finder's fees are payable in connection with the Gypsum Offtake Agreement. Either party pay terminate the Gypsum Offtake Agreement upon the occurrence of uncured breaches of material provisions of the agreement by the other party which remain uncured after 30 days written notice, upon the occurrence of force majeur events preventing performance by the non-terminating party which persist for longer than two months, if commercial production has not commenced by December 31, 2026, or immediately upon the insolvency of the other party. The Gypsum Offtaker may also terminate if there are defects or shortages in product which are not remedied within 14 days of written notice to the Company. The Company is still in the exploration and evaluation stage, has not generated any revenues from operations, and the ability of the Company to carry out its objectives depends, among other things, on its ability to raise additional financing. Generating proceeds from the sale of gypsum under the Gypsum Offtake Agreement is subject to the commencement of production at the Scotia Mine, which is subject to a variety of risks and uncertainties described in "Risk Factors" in EDM's management's discussion and analysis of the Company's annual financial statements for the period ended December 31, 2024. Qualified Persons Mr. Mark Haywood, B. Eng. (Mining Engineering) Hons, LLB of Scotia Mine Limited and EDM Resources Inc., and a Qualified Person as defined under NI43-101, has approved the technical information contained in this news release. About EDM Resources Inc. EDM is a Canadian exploration and mining company that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia. Through its wholly owned subsidiary, EDM also holds several prospective exploration licenses near its Scotia Mine and in the surrounding regions of Nova Scotia. The Company's common shares are traded on the TSX Venture Exchange under the symbol "EDM". For more information, please contact: Mark Haywood Arnab De Manish Grigo President & Chief Executive OfficerChief Financial OfficerCorporate Development Telephone Facsimile Email & Web +1 (902) 482 4481+1 (902) 422 2388info@ & The Company's corporate filings and technical reports can be viewed on the Company's SEDAR+ profile at Further information on EDM is also available on Facebook at Twitter at LinkedIn at and Youtube at CAUTIONARY STATEMENTS Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release includes certain forward-looking statements which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "should", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward- looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from EDM's expectations include, among others, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves, the degree to which factors are present which would make a mineral deposit commercially viable, the price of zinc, lead and gypsum, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of metals, ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business, as well as those factors discussed in the section entitled "Risk Factors" in EDM's management's discussion and analysis of the Company's annual financial statements for the period ended December 31, 2024. Although EDM has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results to be not as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. To view the source version of this press release, please visit Sign in to access your portfolio
