Scandium Canada Completes Record 10,018-Metre Drilling Campaign at Crater Lake, Overdelivering on Every Objective Set for 2026

Scandium Canada Ltd. (SCD) has completed its 2026 diamond drilling campaign at the Crater Lake project in Nunavik, Québec. The company drilled 49 holes totaling 10,018 meters, significantly exceeding the initial plan of 4,000 meters across 16 holes. The campaign included 19 bulk-sample holes (CLB-26) along the TG deposit, 22 holes testing the North and South extensions, and eight holes on eastern and exploration ground, including two at the Discovery Area and one in the North Zone (CL26117).

Assay results have been received for 28 of the 49 holes, with 21 still pending and expected before the end of November 2026. Four holes—CL26090, CL26096, CL26097, and CL26098—remain pending in the updated Table 2. The release reports 15 new holes since the August 26, 2026 announcement. Representative intervals, reported as downhole core lengths rather than true widths, include:

• CLB26081: 52.8 m @ 262.91 ppm Sc₂O₃, plus 46.8 m @ 225.46 ppm; this hole is included to correct an intersection length reported on September 23.
• CLB26082: 49.25 m @ 281.02 ppm (including 6.25 m @ 328.41), 30.10 m @ 208.09 ppm, 15.50 m @ 234.35 ppm, and 14.70 m @ 211.78 ppm.
• CLB26083: 38.45 m @ 277.67 ppm, plus 14.90 m @ 211.81, 14.00 m @ 252.81, and 8.65 m @ 201.46 ppm.
• CLB26084: 54.05 m @ 269.78 ppm (including 3.00 m @ 338.15), plus 9.45 m @ 256.38 ppm.
• CLB26085: 82.70 m @ 253.06 ppm (including 6.90 m @ 336.12).
• CLB26086: 53.20 m @ 289.94 ppm (including 22.00 m @ 328.36), plus 17.20 m @ 219.64 ppm.
• CLB26087: 22.40 m @ 233.32 ppm; 19.65 m @ 297.35 ppm.
• CL26088: 31.05 m @ 306.52 ppm; 41.90 m @ 266.40 ppm; 18.00 m @ 183.77 ppm.
• CL26092: 19.30 m @ 292.20 ppm (including 6.00 m @ 339.76); 57.65 m @ 204.68 ppm; 22.50 m @ 218.34 ppm.
• CL26094: Five zones down to 240 m, with the best intervals being 25.65 m @ 206.84 ppm and 18.50 m @ 191.84 ppm.
• CL26099: 78.00 m @ 186.91 ppm (including 7.50 m @ 463.61); 6.15 m @ 225.58 ppm (including 0.55 m @ 986.30); plus four further narrow zones.
• CL26100 and CL26102: Narrow, low-grade intervals, mostly 1.5-22 m at 104-224 ppm.

Non-assay deliverables include a description of the TG footprint extending from 700 meters to nearly 1.2 kilometers, representing an expansion of 335 meters north and 150 meters south. The company also collected a 15-tonne bulk sample for metallurgy, exceeding the target of 8-10 tonnes. Additionally, a new parallel East Zone was identified approximately 140 meters east of the TG deposit, extending at least 500 meters in length within the 2025 pit shell. Assays for the East Zone remain pending, having been originally disclosed on October 14.

The release notes that the last six bulk-sample holes averaged 200-340 ppm Sc₂O₃ over intervals of 20-83 meters, which aligns with the 2025 mineral resource estimate. All 2026 results will feed into an updated NI 43-101 mineral resource estimate (MRE) before the end of 2026, which will serve as the basis for a preliminary economic assessment (PEA) in early 2027. Compared to the October 7 and 14 releases, the new data provides 11 additional holes' assays, confirms that bulk-sample holes intersected resource-grade material, and clarifies the footprint dimensions. The East Zone is a restatement of previously disclosed information and carries no grades.

Scandium Canada Ltd. (SCD) released confirmatory assay results from its drilling campaign, a move that serves as a bookkeeping exercise rather than signaling a new extension or decisive grade change. The company remains a pre-resource-update explorer with a defined Mineral Resource Estimate (MRE) and a downstream alloy subsidiary. While such news typically centers on extensions or new zones, this release focuses on validating existing data.

The best previously reported intercepts on the asset provide the current benchmark. These include CL26095, reported on 7 October 2026, which returned 150.1 m @ 292 ppm in the northern extension, and CLB26076, reported on 23 September 2026, which returned 140.15 m @ 293.32 ppm. Both intercepts represent approximately 41,000-44,000 ppm·m at roughly 292 ppm.

The stock has not re-rated on that prior news. Shares closed at C$0.32 on 19 January 2026, marking the 52-week high, before fading to a range of C$0.12-0.14 in April. The price recovered to C$0.23 by 24 August but has drifted downward since, closing at C$0.19 on 23 September, C$0.18 on 7 October, C$0.17 on 14 October, and C$0.16 on 20 October. Drilling results from the last three months have coincided with this slow decline. The market appears to be waiting for the MRE, East Zone assays, and the Preliminary Economic Assessment (PEA), rather than paying for hole repetition.

The new best hole returned approximately half the ppm·m of the anchor at comparable grade, while confirmatory holes sat at resource grade.

The system size has increased modestly and credibly, with a drilled footprint of 700 m to ~1.2 km supported by assays for the northern extension (CL26095). Additionally, a 500 m parallel zone east of TG was announced two weeks ago, though it remains assay-free.

The investment thesis remains unchanged by this release. Key catalysts include the updated NI 43-101 MRE expected before the end of 2026, 21 pending assays including those from the East Zone, and the PEA scheduled for early 2027. The results of the 15-tonne bulk sample, which serves as the primary de-risking input, are not included in this release.

Scandium Canada Ltd. carries a market capitalization of C$86M on approximately 538.8M shares (739.3M fully diluted), with C$14.5M of intangibles from the Scalium+ acquisition on the balance sheet. The company is well funded for the next 12 months, but the current market cap prices the outcome of the MRE and PEA rather than routine assay tables.

Scandium Canada Ltd. (TSXV: SCD) operates as a pre-revenue critical minerals company pursuing a dual-engine strategy that includes the Crater Lake scandium-REE project in Nunavik, Québec, and Scalium+, its wholly owned aluminum-scandium alloy commercialization subsidiary. The company acquired Ferreol Technologies, which became Scalium+, on 29 June 2026 for approximately C$6.6M.

The Crater Lake flagship project is located 220 km east of Schefferville and is held under an April 2025 NI 43-101 Mineral Resource Estimate (MRE) for the TG zone. The resource includes an Indicated category of 16.3 Mt @ 277.9 ppm Sc₂O₃ and an Inferred category of 20.9 Mt @ 271.9 ppm Sc₂O₃, with magnet REE by-products including Dy, Nd, Pr, Tb, and La. The estimate utilizes an NSR cut-off of C$205.54/t and an ore value of C$369-379/t. The body dimensions are 700 m × 200 m deep, with an average width of ~130 m, and the deposit is open in all directions.

The planned flowsheet involves mining at Crater Lake and hauling ore approximately 350 km to a concentrator and hydrometallurgical plant in the Schefferville region to produce Sc₂O₃ and master alloy. Scalium+ sells the Scalium® family of Al-Sc alloys, including coils, powders, wires, billets, and plates, into aerospace, defence, space, automotive, energy, and sporting goods sectors. Internal testing reportedly indicates alloy strength is up to 45% above typical AA7075.

The company has a 2024 pre-development agreement with the Naskapi Nation of Kawawachikamach, with approximately 5% equity held via the Taasipitaakin Trust. Funding includes up to C$6.92M in non-dilutive Natural Resources Canada contribution (GPI) through 2028 and a C$348,750 contribution from the Canadian Space Agency. Collaborations are in place with Gränges, Alpomet, CMQ, MSAM (Waterloo), CHARGE (Windsor), NRC, and COREM.

Regarding its balance sheet and capital structure, prior-period context shows cash of C$11.55M and working capital of C$15.18M at 31 May 2026, plus a C$5M flow-through closed on 20 August 2026. The company has 538.8M shares outstanding and 739.3M fully diluted, with intangibles of C$14.5M on the most recent balance sheet. Management includes Simon Thibault (President & CEO), Steve Nadeau (CFO), Félix Lapointe (CEO, Scalium+), Dr. Luc Duchesne (CSO), and Jeff Swinoga (Chairman). Eric Kinnan, P.Geo. serves as the independent QP for Crater Lake.