Scandium Canada Ltd. (SCD) is currently navigating a dual-track strategy, balancing long-term resource development at its Crater Lake project in Nunavik, Québec, with near-term commercial initiatives in advanced aluminum-scandium alloys. The company confirmed that its 2026 drilling campaign is proceeding on schedule, with 1,593 metres completed across eight holes. This program is a critical component of the company’s broader development plan, as the current focus is on extracting a representative metallurgical bulk sample of 8 to 10 tonnes. This material will provide the foundational data required for upcoming metallurgical testwork and the ongoing pre-feasibility study led by Norda Stelo.

To accelerate its commercial footprint, the company recently completed the acquisition of Ferreol Technologies, which now operates as its wholly owned subsidiary, Scalium+. This move marks a pivot for the business, transitioning it from a pure exploration firm into an integrated advanced materials company. By absorbing the Scalium+ production workflow and commercial team, the company intends to shorten the path from laboratory research to industrial purchase orders. Management is currently focused on optimizing high-strength alloy applications, including trials for its proprietary SC7075 aluminum-scandium welding wire, which has shown initial success in testing.

"Our preliminary results are promising: we have demonstrated that we can produce structures by WAAM with our SC7075 wire. Next, we aim to optimize deposition parameters with our collaborator, while our work with Gränges and our discussions with Alpomet continue to identify prototyping opportunities. As well, our consolidation of alloys with Scalium+ permits a larger offering of 7000-series aluminum-scandium material (sheets, plates, billets) to our existing products (powders, wires and rods) to potential end users." — Luc Duchesne, Ph.D., Chief Science Officer of Scalium+

Beyond alloy development, Scandium Canada is actively pursuing commercial partnerships to secure a role in the high-performance materials supply chain. The company reports that its collaboration with Gränges Powder Metallurgy has expanded to cover plates and powders, targeting potential defense and energy sector applications. Furthermore, ongoing discussions with Alpomet regarding welding-wire applications reflect growing industrial interest in qualified, high-strength aluminum materials. These commercial activities are designed to complement the long-term potential of the Crater Lake deposit, creating a diversified business model that produces revenue while the mining project undergoes technical validation.

"Two weeks in, the priority is simple: keep serving our existing alloy clients while opening the order book to the alloys developed by Scandium Canada. A commercial team, a production workflow and a proprietary alloy portfolio shorten the distance between the laboratory and a purchase order." — Félix Lapointe, CEO of Scalium+

The company’s financial position has strengthened significantly compared to previous periods. As of May 31, 2026, Scandium Canada reported $15.2 million in working capital and $11.6 million in cash. This is a notable shift from its position on August 31, 2025, when the company held only $0.4 million in cash. This liquidity, supported by a $17.25 million bought deal financing completed in March 2026 and subsequent warrant exercises, provides the funding necessary to support planned expenditures and operational commitments for the next twelve months. All unsecured loans have been repaid in full, leaving the company with a significantly cleaner balance sheet.

"At the midpoint of the field season, the Company is executing the plan presented to shareholders in April: the drill is turning at Crater Lake, our SC7075 wire is showing promising results for structures produced by WAAM, and our newly acquired Scalium+ subsidiary gives us a commercial team selling alloys today. With $11.6 million in cash and the strongest balance sheet in our history, we are funded for the catalysts ahead. The future is very exciting for Scandium Canada." — Guy Bourassa, CEO of Scandium Canada

Looking forward, investors can expect more detailed updates regarding the Crater Lake project as the company processes its metallurgical samples. In the coming weeks, the team plans to release a more comprehensive report on the bulk sample program, which will offer further insight into the technical progress supporting the feasibility phase. Meanwhile, environmental assessment work—including flora and fauna inventories and geochemical studies—continues in parallel to ensure the site's ongoing permitting readiness. Field operations have remained incident-free as the company maintains its current development pace through the 2026 season. With the dual-engine strategy now in effect, the focus remains on scaling alloy production and hitting key project milestones.

Read the full announcement: Scandium Canada Provides Activities Update on Alloy Commercialization, Crater Lake Drilling, and Record Q3 Financial Results