MONTRÉAL, QUÉBEC – TheNewswire - February 29, 2024 – Scandium Canada Ltd. (the “Company” or "Scandium Canada") (TSXV:SCD) (OTC:SCDCF) is pleased to provide an update on its mineral processing campaign announced in its press release of October 24, 2023.

The Company started optimizing its mineral processing and hydrometallurgical flowsheet for scandium and rare earths at SGS Canada Inc. in Lakefield, Ontario, to support the preparation of a Pre-Feasibility Study (PFS) of the Crater Lake Project in northeastern Québec. This optimization campaign uses a 600 kg ore sample from a 15-ton bulk sample extracted from Crater Lake.

Scandium Canada’s President and COO, Pierre Neatby, said: “The test work at SGS is moving forward with the support of Yakum Consulting. It is a very important component of the PFS that we are planning to deliver, and we are pleased with the progress of the first phase of the testwork.”

The optimization program uses the base-case flowsheet reported in the 2022 Preliminary Economic Assessment (PEA)1. It works to improve the recovery of the payable metals (scandium and rare earths) while improving the flowsheet's capital and operating costs.  

The current work confirms a 26.8% increase of the scandium concentrate grade after LIMS (Low-Intensity Magnetic Separation) and WHIMS (Wet High-Intensity Magnetic Separation) when compared to the results shown in the PEA.

The results in the table below show that samples processed at SGS Lakefield in February 2024 with similar initial ore grade (159 mg/kg vs 160 mg/kg) returned a concentrate with 26.8% higher Sc content (289 mg/kg vs 228 mg/kg) with the same Sc recovery (93.8%) when compared to the sample used in the PEA.

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The results of the work at SGS, with several smaller samples, were to confirm the best operating parameters for the LIMS and WHIMS and prepare the running of at least 500kg of ore to produce concentrate for the next phase of testing which is the presssure acid leach.

Peter Kondos and Yeonuk Choi of YaKum Consulting Inc. said: “We are excited and encouraged by the results of the magnetic separation phase of the pilot work. We are looking forward to the next phase of testing, and participating in the commercial success of this project.”

The optimization work is supported by a $500,000 grant from Le Consortium de recherche et d’innovation en transformation métallique (CRITM), which is one of the nine industrial research sector groups (RSRIs) in Québec. CRITM is funded by the Ministry of Natural Resources and Forests of Québec. It is a network dedicated to industrial research and offers companies strategic support and financial assistance to carry out their research projects.

The scientific and technical content concerning mettalurgy and processing contained in this press release was reviewed and approved by Peter Kondos, Ph.D., FAusIMM, Scandium Canada’s Technical Advisor, Metallurgical Processing, a Metallurgist and a “Qualified Person” as defined by NI 43-101.

ABOUT SCANDIUM CANADA LTD.

Scandium Canada is a Canadian technology metals company focused on advancing its flagship Crater Lake scandium and rare earth project in Québec.

For further information please contact:

Website: www.scandium-canada.com          Twitter: @ScandiumCanada        Facebook: Scandium Canada Ltd.
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This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking statements. Forward-looking statements including, but not limited to Scandium Canada’s future plans and objectives regarding the Crater Lake Project (the “Project”), which constitute forward looking information that involve various risks and uncertainties. Although Scandium Canada believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Although Scandium Canada has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to its ability to see through the next phases of development on the Project, its ability to produce a pre-feasibility study or a feasibility study regarding the Project, its ability to execute on its development plans in terms of metallurgy or exploration, the availability of financing for activities, as well as those risks set out in the Company’s Management Discussion and Analysis for its most recent quarter and other disclosure documents available under the Company’s SEDAR+ profile. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Forward-looking information contained herein is made as of the date of this news release and Scandium Canada disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 NI 43-101 Preliminary Economic Assessment of the Crater Lake Project in Québec, with an effective date of July 26, 2022, and prepared by WSP Canada Inc. is available under Scandium Canada Ltd.’s Issuer Profile on SEDAR+ (www.sedarplus.com).