Scandium Canada Advances Crater Lake Project with Norda Stelo Pre-Feasibility Study Mandate

Scandium Canada Ltd. has confirmed the signing of a service agreement with Québec-based engineering firm Norda Stelo for the completion of the pre-feasibility study for the Crater Lake project. The timeline for delivery of the study's conclusions remains summer 2026, with the final report expected to be released at the end of August 2026. This development represents a significant step forward for the company's efforts to establish a primary scandium source that could address increasing market demand for advanced materials.

Norda Stelo will be responsible for the overall completion of the PFS, including the integration of the Updated Mineral Resource Estimate NI 43-101 technical report from April 2025. The mandate specifically excludes tasks related to metallurgical processes and recovery, which will be handled by firms selected separately by Scandium Canada. The company's progress has been facilitated by financial resources generated through warrant exercises since December 1st, enabling advancement to this crucial project milestone.

Guy Bourassa, CEO of Scandium Canada, emphasized the project's scope, which includes construction of mining infrastructure with a camp, power generation, and an airstrip, along with a hydrometallurgy plant in the Schefferville region. The company is also engaged in advanced discussions regarding analysis of an access road project from Schefferville to the Crater Lake site, though this component would not be included in the current PFS being contemplated. The project's development aligns with growing industrial needs for lighter, greener, and longer-lasting high-performance materials.

The Crater Lake project represents Scandium Canada's strategic initiative to become a market leader in scandium production while contributing to a more responsible economy through innovation and agility. The company's ultimate goal involves bringing the world's leading primary source of scandium into production, enabling development and commercialization of aluminum-scandium alloys. These alloys have significant applications across aerospace, transportation, and manufacturing sectors where material performance and weight reduction are critical factors.

Forward-looking statements in the announcement highlight inherent uncertainties in project development, with risk factors detailed in the Corporation's disclosure documents available on the SEDAR+ website. The company maintains its commitment to advancing the Crater Lake project while acknowledging the competitive and economic challenges inherent in resource development. The selection of Norda Stelo, a firm with nearly 900 employees and expertise in complex infrastructure and natural resource projects, underscores the technical requirements of bringing a scandium mining operation to production.

The pre-feasibility study represents a critical phase in project evaluation, providing detailed analysis of technical and economic viability before advancing to more definitive stages. Successful completion of this study could position Scandium Canada to address what it identifies as growing need for scandium in advanced material applications. The company's approach integrates its Al-Sc alloy development subsidiary with mining project development, creating potential vertical integration benefits in the scandium supply chain.