Scandium Canada Ltd. has returned initial assay results from its 2026 diamond drilling program at the Crater Lake scandium project in Nunavik, Québec, highlighted by an interval of 124.9 metres grading 232 ppm scandium oxide.

The assays stem from bulk sample drill holes collared in the South Lobe of the Crater Lake TG deposit, as delineated in the 2025 mineral resource estimate. Hole CLB26072 returned the 124.9-metre intercept from 55.10 metres to 180.00 metres, including a higher-grade zone of 10.35 metres grading 461 ppm scandium oxide from 71.00 metres downhole. Additional drilling in the program intersected target lithologies as shallow as 7.3 metres downhole.

In tandem with the drilling, Scandium Canada completed a high-density, low-altitude drone magnetic survey during the summer. The geophysical work mapped a favorable host rock corridor extending nearly 3 kilometres from the southern limit of the Discovery Area through the TG deposit.

Based on the survey results and ongoing drill data, Scandium Canada adjusted its 2026 field program. The company completed a bulk sample drilling program totaling approximately 3,400 metres across 19 drill holes at the TG Zone in August before initiating resource extension drilling. Scandium Canada has approximately 4,500 metres of drilling remaining to be completed at the project this year. The campaign is funded following the close of a non-brokered private placement that issued 25,000,000 charity flow-through units for gross proceeds of $5 million on August 20, 2026.

Management has decided to postpone a planned pre-feasibility study in favour of delivering an updated mineral resource estimate and a Preliminary Economic Assessment. The updated resource estimate is targeted for before the end of 2026.

“In my view, advancing a Preliminary Economic Assessment at the appropriate stage of development creates greater long-term value than accelerating a pre-feasibility study that may not fully reflect the current scope and potential of the Crater Lake Project. A PEA incorporating updated and improved resource, process optimization, and infrastructure assumptions provides a more relevant basis for evaluating project economics and engaging potential strategic partners. This approach is particularly appropriate as Scandium Canada's near-term priority is to accelerate the commercialization of Scalium+'s aluminum-scandium alloys, thereby fostering sustainable market demand that can support the future development of the Crater Lake Project over the medium and long term”

— Simon Thibault, President and Chief Executive Officer, Scandium Canada

The company is advancing the Preliminary Economic Assessment to incorporate updated resource data, process optimizations, and infrastructure assumptions following metallurgical testing that identified a less costly and less complex process.

Read the full announcement: Scandium Canada Intersects 124.9 m at 232 ppm Scandium Oxide at Crater Lake and Identifies a Favourable Corridor of Nearly 3 km