Scandium Canada Drills Best Intercept Yet of 2026 Crater Lake Program: 140.15 m at 293 ppm Sc2O3, With Three Intersections Now Over 100 m

Scandium Canada Ltd. (SCD) has released assay results for nine additional diamond drill holes from its 2026 Crater Lake programme. The holes, designated CLB-26-071, 074, 075, 076, 077, 078, 079, 080, and 081, are described as bulk-sample holes located along the TG deposit, as delineated in the mineral resource estimate (MRE 2025).

The best reported hole was CLB-26-076, which intersected 140.15 m of core length at 293.32 ppm Sc₂O₃ from 82.8 m to 222.95 m. This interval included 29.8 m at 511.63 ppm from 95.3 m to 125.1 m, and a separate 0.95 m at 1,033.85 ppm from 87.5 m to 88.45 m.

Other notable intercepts included:

• CLB-26-080: 102.05 m at 229.68 ppm from 62.2 m to 164.25 m.
• CLB-26-077: 84.05 m at 191.43 ppm, plus 5.7 m at 185.95 ppm, 2.75 m at 187.47 ppm, and a narrow 1.5 m at 848.25 ppm from 226.5 m to 228 m.
• CLB-26-075: 71.4 m at 195.62 ppm, plus 16.65 m at 206.31 ppm and 5.4 m at 177.73 ppm.
• CLB-26-071: 64.6 m at 213.51 ppm, 48.35 m at 299.16 ppm, and 7.95 m at 205.39 ppm.
• CLB-26-081: 56.8 m at 225.46 ppm and 52.8 m at 262.91 ppm.
• CLB-26-079: 55.6 m at 178.98 ppm, 31.55 m at 293.81 ppm, and 14 m at 252.7 ppm.
• CLB-26-078: Five intervals, the largest being 40.05 m at 294.13 ppm (including 24.6 m at 356.07 ppm), plus 13.3 m at 195.62 ppm, 12.3 m at 169.25 ppm, 9.8 m at 183.77 ppm, and 7.45 m at 261.47 ppm.
• CLB-26-074: 18.9 m at 160.63 ppm and 13.75 m at 200.76 ppm.

To date, Scandium Canada has drilled 40 holes totaling 7,701 m, with seven more expected to complete the campaign by October 13, 2026. The company stated that 15 holes confirmed favourable lithologies at the North and South lateral extensions, potentially extending the mineralized zones by 245 metres. Additionally, five exploration holes confirmed mineralization north and south of TG, while two holes in the Discovery Area hit narrow pyroxene-rich ferrosyenite (PXFESYN) up to 1 m thick, with assays pending.

Simon Thibault, President and CEO, stated that all objectives were met, including the collection of a mine representative bulk sample of about 15 to 16 tons.

Scandium Canada Ltd. (SCD) is a pre-revenue explorer and developer with a market capitalization of approximately C$97 million based on 538.8 million basic shares. The company has 739.3 million fully diluted shares outstanding, representing a 37% potential dilution from options and warrants with an average strike price near $0.20.

Recent drilling results have materially de-risked geological and grade-continuity assumptions ahead of the updated mineral resource estimate (MRE). Twelve of twelve holes were on-model, and a bulk sample returned 15–16 tonnes against an 8–10 tonne target, providing evidence that the deposit behaves as modeled. This improves confidence in the next MRE and the subsequent preliminary economic assessment (PEA).

The release does not change the contained metal, grade, tonnage, metallurgy, recoveries, capital expenditures, logistics, or the scandium price deck. No new zone has been assay-established, and the 245 m of strike extension and Discovery Area are lithology-only. Nothing in the release creates a new tonne of resource on an assayed basis.

The prior anchor for this zone was CLB-26-072, reported on August 26, 2026, which returned 124.9 m at 232 ppm Sc₂O₃, equating to 28,977 ppm·m. The new best intercept is 41,110 ppm·m, roughly 42% higher, with grade increasing from 232 to 293 ppm and length increasing from 124.9 to 140.15 m.

The stock closed at $0.20 on August 26, 2026, and at $0.18 on September 23, 2026. It has drifted down since the anchor, sitting roughly mid-range between a $0.06 low and a $0.32 high, and remains below the $0.22 price of the March bought deal and the $0.20 price of the August flow-through.

The property has already been shown to host 37.2 Mt at approximately 275 ppm, and this hole is approximately 15% above the modelled average, representing a modest improvement rather than a step change in scale or grade.

The expected share-price impact is limited, with the stock likely moving between -3% and +4%. The value-changing events remain the updated MRE, expected before the end of 2026, the PEA, and metallurgical recovery results from the 15–16 tonne bulk sample, none of which are included in this release.

Scandium Canada Ltd. (SCD) operates a dual-engine business model comprising an upstream mine development asset, the Crater Lake project, and a downstream alloy commercialization subsidiary, Scalium+, formerly Ferreol Technologies. The company acquired Ferreol Technologies on June 29, 2026, for approximately C$6.6 million in cash, shares, and assumed liabilities, with a contingent earnout capped at C$2.45 million.

The Crater Lake deposit is located in Nunavik, Québec, approximately 220–230 km northeast of Schefferville. It is a primary scandium and rare-earth ferrosyenite deposit measuring 700 m long, 200 m deep, with an average width of 130 m, and is open in all directions. An NI 43-101 Mineral Resource Estimate (MRE) effective April 2, 2025, prepared by Norda Stelo, reports an Indicated resource of 16.3 Mt at 277.9 ppm Sc₂O₃ and an Inferred resource of 20.9 Mt at 271.9 ppm Sc₂O₃, including magnet REE credits for Dy, Nd, Pr, and Tb. The deposit operates against a net smelter return (NSR) of C$369–379/t with a cut-off of C$205.54/t.

Scalium+ markets aluminum-scandium (Al-Sc) alloys, including coils, powders, wires, billets, and plates, into the aerospace, automotive, defense, space, and sporting goods sectors. Applications include the 2026–27 ski collection featuring 0.4 mm sheet, WCAMP welding wire (SC7075), and high-temperature rods (SC535). The company maintains R&D relationships with the University of Windsor CHARGE lab, University of Waterloo MSAM, Gränges Powder Metallurgy, Alpomet, and the Canadian Space Agency. Internal testing indicates some Scalium alloys are up to 45% stronger than typical AA7075.

Financially, the company reported a nine-month net loss of C$1,621,755 through May 31, 2026, with no revenue recorded. Depreciation is negligible, while intangibles of C$14.5 million on the November 2025 balance sheet reflect alloy IP related to the Scalium+ transaction. While an earlier balance sheet for the three months ended November 30, 2025, showed C$915,894 in cash and total equity of C$13.5 million across 362.2 million shares, these figures are superseded by subsequent data. Per the MD&A, cash stood at approximately C$11.55 million at May 31, 2026, with working capital of C$15.18 million. A further C$5 million flow-through was closed on August 20, 2026.

The company has secured up to C$6,915,478 in non-dilutive funding from Natural Resources Canada, announced March 2, 2026, representing approximately 69% of projected project costs, along with C$348,750 from the Canadian Space Agency. Social license is supported by a 2024 Pre-Development Agreement with the Naskapi Nation of Kawawachikamach, and the Taasipitaakin Trust holds approximately 5% of the equity.

The capital structure includes 538.8 million shares outstanding, 29.8 million options with an average strike of $0.12, 62.6 million pre-2026 warrants, 103.4 million March/August 2026 warrants, and 4.65 million broker warrants. This results in 739.3 million fully diluted shares, roughly 37% above the basic count. The financial statements and MD&A cited provide prior-period context for a drilling release and do not constitute new information disclosed today.