SCANDIUM INTERNATIONAL MINING PROVIDES UPDATE TO SHAREHOLDERS - Seite 2

4.   Stock price: All of us are unhappy and disappointed with the status of our share price. Management retains a 22% shareholding and has not sold a single share. While the decline has been coincident with a significant weakness in the Canadian junior mining sector, it is nevertheless frustrating. Our strategic story is a good one and we will endeavor to make it more widely known.

5.   No need to raise equity: Our company remains debt-free following the Q2 2022 equity raise. We continue to minimize our cash burn which includes the CEO and CFO and board members not receiving cash compensation. We estimate our existing cash balance enables us to continue our current level of activities for at least the next three years without the need to raise new capital.

6.   The future: Our company has been on the Scandium journey for over a decade, and we want to reassure you that the Nyngan Scandium project is ready to go into production as the market develops.

Sincerely,

Peter Evensen Chief Executive Officer and
Chris Evensen, Chief Financial Officer

Qualified Person Statement

Mr. John Thompson, BE, FAusIMM and Vice President – Project Development, and a “Qualified Person” as defined in NI 43-101, has verified the data, by checking assay data against assay lab certificates, and has approved the technical information in this news release.

This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include but are not limited to statements regarding the Offering, the use of proceeds, and closing of the final tranche of the Offering. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

CONTACT: For inquiries to Scandium International Mining Corp, please contact: 

Peter Evensen (CEO)
Tel: [phone]

Harry de Jonge (Comptroller)
Tel: [phone]

Email: [e-mail]