Scandium Canada Completes Record 10,018-Metre Drilling Campaign at Crater Lake, Overdelivering on Every Objective Set for 2026

Scandium Canada’s 2026 drilling campaign at Crater Lake outperformed all operational targets.

What the company is saying

Scandium Canada Ltd. is highlighting the overachievement of its 2026 diamond drilling campaign at the Crater Lake scandium project in Nunavik, Québec. The company emphasizes that 49 holes totaling 10,018 metres were drilled—2.5 times the original 4,000-metre target—and a 15-tonne bulk sample was collected, 1.5 times the planned amount. Management, including President and CEO Simon Thibault and Director Guy Bourassa, frame these results as materially enhancing the understanding of the Crater Lake deposit and foundational for an updated mineral resource estimate due before the end of 2026. The narrative stresses that every campaign objective was exceeded, including a 485-metre extension of the TG deposit’s footprint and the discovery of a new parallel zone. The company positions itself as building North America's only vertically integrated scandium supply chain, with the current drilling campaign described as strengthening the base for future development and commercialization. The tone is confident and achievement-focused, with explicit thanks to the exploration team, Inuit employees, and First Nations representatives.

What the data suggests

The campaign delivered 10,018 metres of drilling across 49 holes, far surpassing the initial 4,000-metre, 16-hole plan. The bulk sample collected reached 15 tonnes, exceeding the 8 to 10 tonne target and providing ample material for metallurgical test work. The TG deposit’s prospective footprint was extended by 485 metres, more than double the 200-metre goal, now totaling 1.2 km. Exploration drilling was tripled, covering three target areas and resulting in the discovery of a new parallel zone with at least 500 metres of strike length. Of the 49 holes, 19 were for bulk sampling, 22 for extension testing, and 8 for exploration. Assay results for 15 new holes show scandium oxide grades such as 52.8 metres at 262.91 ppm (CLB26081), 49.25 metres at 281.02 ppm (CLB26082), and 31.05 metres at 306.52 ppm (CL26088), with several high-grade intervals over significant widths. Four holes have assays pending. A total of 6,600 drill core samples and 607 QA-QC samples were sent to Activation Laboratories Ltd. in Ontario. All results will be incorporated into an updated NI 43-101 mineral resource estimate expected before year-end 2026. The technical disclosure is detailed, with clear breakdowns of drilling, sampling, and assay outcomes, but no financial or cost data is provided.

Analysis

The announcement is a factual and detailed operational update on the completion of Scandium Canada Ltd.'s 2026 drilling campaign at the Crater Lake project. The majority of claims are realised and supported by specific numerical data: metres drilled, number of holes, bulk sample size, and assay results. Forward-looking statements are limited to the upcoming NI 43-101 resource estimate (expected before end of 2026) and a preliminary economic assessment in early 2027, both standard next steps for an exploration-stage company. There is no exaggerated language or overstatement of future value; the tone is positive but proportionate to the technical achievements. No large capital outlay or immediate financial impact is claimed, and the operational overdelivery is well-documented. The gap between narrative and evidence is minimal, with all key operational claims substantiated.

Risk flags

• ●Pending assay results for four holes introduce uncertainty regarding the full extent and grade of mineralization, which could affect the upcoming resource estimate if results are materially below expectations.
• ●No financial data on campaign costs or capital requirements is disclosed, making it impossible to assess capital efficiency or future funding needs. This lack of financial transparency could mask potential budget overruns or future dilution risk.
• ●The discovery of a new parallel zone is promising but remains early-stage; without resource definition or economic analysis, its contribution to project value is speculative until further drilling and studies are completed.
• ●The company’s narrative relies on the promise of vertical integration and future supply chain leadership, but these are long-term goals contingent on successful resource definition, permitting, financing, and market development. Execution risk remains high until these milestones are achieved.
• ●The operational overdelivery (2.5x metres drilled, 1.5x bulk sample) may imply higher-than-planned spending, which could strain cash resources or necessitate additional financing if not matched by increased project value.

Bottom line

Scandium Canada’s 2026 Crater Lake drilling campaign significantly exceeded all operational targets, with 10,018 metres drilled, a 15-tonne bulk sample, and a major extension of the TG deposit’s footprint. High scandium oxide grades were intersected over substantial widths, and a new parallel zone was discovered, but key assay results are still pending. The company’s technical disclosure is comprehensive, but the absence of cost or budget data leaves open questions about capital efficiency and future funding needs. The next major catalyst will be the updated NI 43-101 mineral resource estimate before year-end 2026, which will determine whether the operational success translates into material resource growth. Until the resource update and economic assessment are released, the project’s ultimate value and development timeline remain unproven. Investors should focus on the quality of the forthcoming resource estimate and any disclosures on financing or strategic partnerships.

Announcement summary

(TSXV:SCD) Scandium Canada Ltd. announced the completion of its 2026 diamond drilling campaign at the Crater Lake scandium mining project in Nunavik, Québec. The campaign ran from June 26 to mid-October 2026, with 49 holes drilled totaling 10,018 metres, approximately 2.5 times the originally planned 4,000 metres (16 holes). The campaign delivered a 15-tonne bulk sample for metallurgical test work, exceeding the 8 to 10 tonne target. The TG deposit's prospective footprint was extended by 485 metres (from 700 m to 1.2 km), surpassing the original 200-metre extension target. Exploration drilling covered three target areas (Discovery, North Zone, New East Zone), tripling the initial plan, and led to the discovery of a new parallel zone about 140 metres east of the TG deposit with at least 500 metres of strike length within the 2025 Pit Shell Design. Of the 49 holes, 19 collected the bulk sample along the TG deposit, 22 tested the North and South extensions, and 8 targeted the east and exploration areas. Table 2 presents weighted average scandium oxide (Sc₂O₃) assay results for 15 new holes since August 26, 2026, with assays for four holes pending. Notable results include: CLB26081 with 52.8 metres at 262.91 ppm Sc₂O₃ and 46.8 metres at 225.46 ppm; CLB26082 with 49.25 metres at 281.02 ppm and 30.10 metres at 208.09 ppm, including 6.25 metres at 328.41 ppm; CLB26083 with 14.90 metres at 211.81 ppm and 14.00 metres at 252.81 ppm; CL26088 with 31.05 metres at 306.52 ppm; CL26099 with 78.00 metres at 186.91 ppm, including 7.50 metres at 463.61 ppm. A total of 6,600 drill core samples and 607 QA-QC samples were sent to Activation Laboratories Ltd. in Ancaster, Ontario, including 2,431 drill core samples and 195 QAQC samples from the Bulk Sample drillholes, and 4,169 core samples and 412 QAQC samples from the Resource & Exploration drillholes. All sample preparation and analytical work was performed at Activation Laboratories Ltd. using the "8-REE" analytical package. The results, including pending assays, will be incorporated into an updated NI 43-101 mineral resource estimate to be released before the end of 2026. The campaign was managed by Laurentia Exploration, with contributions from Inuit employees and First Nations representatives. The scientific and technical information was reviewed and approved by Eric Kinnan, P.Geo. (OGQ No. 00788), an independent consulting geologist and Qualified Person as defined by NI 43-101.

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