Scandium Canada Ltd. has closed its previously announced non-brokered private placement, issuing 25,000,000 charity flow-through units at $0.20 per unit for aggregate gross proceeds of $5 million.

The financing will fund an ongoing diamond drilling campaign, exploration activities, and environmental sample collection at the Crater Lake project in Nunavik, Québec. Work is scheduled to run on or before December 31, 2027.

Each charity flow-through unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to acquire an additional common share at an exercise price of $0.22 between October 20, 2026, and August 20, 2028. The units were issued under the listed issuer financing exemption and are not subject to a statutory hold period in Canada. Wealth Creation Preservation & Donation Inc. secured the investors for the placement, while the closing remains subject to final approval from the TSX Venture Exchange.

The funding adds to capital already secured by Scandium Canada, which raised up to $6.9 million in federal funding under Natural Resources Canada's Global Partnerships Initiative in March 2026 to support the project.

The company plans to use the new capital to maintain crater drilling operations and feed upcoming assay data into an upgraded mineral resource estimate for the deposit.

“This additional $5M financing will allow the continuity of the on-going diamond drilling campaign aiming at confirming lateral extensions of the TG deposit of the Crater Lake project. It is important to take advantage of having the drilling equipment and team on site, lowering our costs but more importantly, reflect the upcoming results in an updated mineral resource estimate”

— Guy Bourassa, Chief Executive Officer

Read the full announcement: Scandium Canada Announces Closing of $5 Million Non-Brokered Life Offering of Charity Flow-Through Units