Scandium Canada Finds More Scandium Outside Current Crater Lake Resource: First Hole to the North of TG Deposit Intercepts 150.1 m at 292 ppm Scandium Oxide

Scandium Canada Ltd. (SCD) has released the first assay results from the northern extension of the TG deposit at its Crater Lake scandium project in Nunavik, Québec. The company reported data from a single hole, CL26095, drilled approximately 150 meters north of the current TG resource limit. The mineralization is characterized by scandium oxide (Sc₂O₃) with bulk-magnet rare earth elements (REEs) serving as co-products in the 2025 resource model.

The results from hole CL26095 include the following intercepts:

• Zone 3: 150.1 m downhole at 292 ppm Sc₂O₃, from 53.4 m to 203.5 m.
• Zone 3 "including": 92.8 m at 344.5 ppm Sc₂O₃, from 53.4 m to 146.2 m.
• Zone 3 "including": 49.7 m at 245.1 ppm Sc₂O₃, from 153.8 m to 203.5 m.
• Zone 1: 9.7 m at 285.8 ppm Sc₂O₃, from 13.5 m to 23.2 m.
• Zone 2: 7.5 m at 170 ppm Sc₂O₃, from 34.2 m to 41.7 m.

Scandium Canada stated that the mineralization lies 150 meters north, outside the current TG deposit resource. The company noted that 13 holes have been drilled in the northern extension areas, potentially extending the deposit by about 335 meters.

As of October 6, the drilling program had completed 45 holes totaling 9,102 meters, with four holes remaining. Assays for seven further northern holes are expected around October 15. An updated NI 43-101 Mineral Resource Estimate (MRE) will follow the receipt and validation of all 2026 assays from Norda Stelo.

The release also provided context regarding the 2025 MRE, which covers approximately 700 meters of TG strike. This model includes an indicated resource of 16.3 million tonnes at 277.9 ppm Sc₂O₃ and an inferred resource of 20.9 million tonnes at 271.9 ppm Sc₂O₃.

Scandium Canada Ltd. (SCD) is a pre-production explorer and developer with a market capitalization of approximately C$97M based on 538.8 million shares, or roughly C$133M on a fully diluted basis of ~739.3 million shares at $0.18. The company holds a resource of 37 Mt at 278 ppm and has outlined a 91 tpa production concept.

The company recently reported a 150.1 m intercept at 292 ppm Sc₂O₃ (43,829 ppm·m) from hole CLB26076. This result extends the TG zone’s strike by 150 m, bringing the total identified strike to 335 m. This represents a 21% increase over the previous 700 m strike, or a 48% increase if the full 335 m is confirmed. At comparable width and depth, this extension could add approximately 8 to 18 Mt of material at ~280–292 ppm, potentially increasing the resource by 20–48%. However, this projection relies on the assumption that the geometry holds and that the new area is fully mineralized, based on a single assayed hole.

The extension aligns with previously announced targets. An August 10, 2026 release explicitly targeted a +100 m extension at each end of the TG zone (700 m to 900 m), anticipating a 20% to 25% resource impact. A subsequent August 26 release reported a drone-magnetic corridor and the addition of 24 exploration holes. By September 23, the company stated that 15 holes confirmed favorable lithologies at the North and South lateral extensions, potentially extending mineralized zones by 245 metres. The current 335 m figure represents an enlargement of this pre-announced target at unchanged grade.

Market reaction has been muted. Since the September 23 release of the previous best intercept, 140.15 m at 293.32 ppm Sc₂O₃ (41,109 ppm·m), the stock has moved from $0.19 to $0.18. Since the August 26 release, the stock has drifted from $0.20 to a range of $0.17–0.19. The stock closed at $0.18 on the day of the latest release, which is 44% below its January 2026 high of $0.32 and roughly mid-range on the 52-week span.

The latest result is essentially a match to the anchor intercept, being marginally longer but slightly lower in grade. The primary differentiation is location, representing a new step-out area 150 m outside the current resource shell, rather than a change in grade or width. The release serves as an input for an updated mineral resource estimate (MRE) and supports the existing thesis by widening the footprint, but it does not alter the grade, metallurgy, economics, or near-term cash position.

Scandium Canada Ltd. (TSXV: SCD) is a pre-revenue critical minerals developer pursuing a "mine-to-alloy" vertical integration strategy. The company’s flagship asset is the Crater Lake deposit in Nunavik, Québec, an alkaline-intrusive-hosted scandium occurrence within pyroxene-rich ferrosyenite. A 2025 NI 43-101 Mineral Resource Estimate (MRE) for the TG zone reports 16.3 Mt indicated at 277.9 ppm Sc₂O₃ and 20.9 Mt inferred at 271.9 ppm Sc₂O₃, based on a CA$205.54/t NSR cut-off. The resource sits within a deposit described as 700 m long, 200 m deep, and approximately 130 m wide, with NSR values ranging from CA$369 to CA$379/t on Sc₂O₃ plus a bulk magnet REE concentrate. The deposit remains open in all directions.

The company’s infrastructure concept involves mining at Crater Lake and hauling ore approximately 350 km to a concentrator and hydrometallurgical plant near Schefferville for Sc₂O₃ and master alloy production. Access-road and plant-siting studies are currently ongoing and have not yet received permitting.

Downstream, Scandium Canada acquired Scalium+ Inc. (formerly Ferreol Technologies) on June 29, 2026, for approximately C$6.6M in cash, equity, and assumed liabilities, plus a contingent earn-out capped at C$2.45M. Scalium+ is revenue-generating, selling Al-Sc alloys in the form of coils, powders, wires, billets, and plates to the aerospace, defence, automotive, and 3D printing sectors, as well as sporting goods and space applications.

Scandium Canada’s asset portfolio has shifted following the sale of the La Roncière gold property to a Barrick subsidiary in November 2025 for up to C$590,000 in cash. The company is now effectively a single-project developer with an alloy subsidiary.

Regarding financing and balance sheet context, the company closed a $17.25M bought-deal on March 17, 2026, at $0.22 with $0.30 warrants. A $5.0M charity flow-through closed on August 20, 2026, at $0.20 with $0.22 warrants. On March 2, 2026, the company announced a non-refundable Natural Resources Canada contribution of up to C$6,915,478, representing approximately 69% of project costs, alongside a C$348,750 contribution from the Canadian Space Agency for the alloy business.

Reported financials for Q1 FY2026 (three months ended November 30, 2025) show cash of C$915,894, intangibles of C$14.5M, total equity of C$13.5M, and 362,162,499 shares outstanding. More recent context from the MD&A and a July 16, 2026 release for the nine months ended May 31, 2026, reports a net loss of C$1,621,755, cash of C$11.55M, and working capital of C$15.18M, with no going-concern flag. The tabular balance sheet provided is considered stale relative to the operating cash position and should not be used as the current snapshot.

As of August 27, 2026, the capital structure includes 538,827,514 shares outstanding, 29,837,500 options at an average price of $0.12, 62,581,195 pre-2026 warrants, 103,409,300 March/August 2026 warrants, and 4,650,558 broker warrants. Fully diluted shares total 739,306,067, with $37.5M of potential cash if all warrants and options are exercised.

Leadership includes Simon Thibault as President & CEO. Guy Bourassa, previously quoted as CEO in releases through August 2026, is now listed as a Director. The board includes Chairman Jeff Swinoga, Robert Kitchen, Jean Lafleur, Cindy Valence, and Pierre Neatby. Steve Nadeau serves as CFO, Dr. Luc Duchesne is Chief Science Officer, and Felix Lapointe is CEO of Scalium+.

The company maintains a 2024 Pre-Development Agreement with the Naskapi Nation of Kawawachikamach. The Taasipitaakin Trust holds approximately 5% of the equity, and discussions regarding corridor and infrastructure are ongoing.