SCANDIUM INTERNATIONAL MINING PROVIDES UPDATE TO SHAREHOLDERS

RENO, Nev., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Scandium International Mining Corp. (TSX:SCY) (“Scandium International” or the “Company”) provides the following update to shareholders.

Dear fellow shareholders,

We wanted to update you regarding what is happening at Scandium International Mining Corp. and more specifically, our Nyngan Scandium project in NSW Australia.

1.   Nyngan Scandium Project: We have continued to advance the project which has a 25-year mining license:

a. In October 2023, we announced a critical step in the timeline as we broke ground at the site, marking the physical development of the site following the results of the 2023 drilling program.

b. We are completing surveys, undertaking soil management including the establishment of water exclusion embankments and stripping of topsoil, and placing temporary office quarters at the site for future development activities.

c. The FID (final investment decision) is dependent upon customer contracts and strategic partnerships which remain under discussion.

d. Given our ability to produce 38 tons annually under our mining license, we believe the Nyngan deposit is the most advanced Scandium project and will be one of the first projects to be developed when the market demand for Scandium becomes more mature.

2.   Scandium market development: We are increasingly convinced of the potential applications and market for Scandium. Customer enquiry and published research on new applications for Scandium beyond Scandium Aluminum alloys, including some solid-state batteries and some solid electrolyte fuel cells is encouraging. The entrance of Rio Tinto into Scandium production gives greater validation to market development. While the adoption of Scandium into commercial application has been slower than expected, momentum is growing.

3.   Dependable supply outside of China and Russia: One of the important factors for greater market adoption of Scandium has been its availability which, like many rare metals, is dependent currently on China and Russia. Customers are rightly concerned about whether China will restrict rare earth and metal exports and so are hesitant to commit to a line of production without a secure supply outside of those countries. The governments of the United States, Canada, Australia, and Europe have recognized this by putting Scandium on their critical metals list which should ultimately help us go into production.