Scandium Canada Secures Full Funding for 2026 Development Program Following Strong Shareholder Support
Scandium Canada Ltd. enters 2026 with approximately $21.9 million in funding and unanimous shareholder approval, enabling three key workstreams focused on alloy qualification, feasibility studies, and drilling that could position the company as a primary scandium supplier for advanced manufacturing.
Scandium Canada Ltd. has received overwhelming shareholder support at its 2026 Annual General and Special Meeting, with all resolutions approved by strong majorities. The company's slate of six directors received unanimous 100% support, demonstrating confidence in management as the company enters a critical development phase. A total of 71,044,186 common shares were represented at the meeting, representing 18.48% of issued and outstanding shares.
The company now holds approximately $15 million in cash and $6.9 million in confirmed non-dilutive Canadian government funding, providing full financing for its 2026 work program. This financial position results from an oversubscribed public offering on March 17, 2026, which raised $17,250,046, and a federal grant of $6,915,478 secured on March 2, 2026, under Natural Resources Canada's Global Partnerships Initiative. The grant funds are available for deployment against specific milestones, with all proceeds allocated against three defined catalysts over the next twelve months.
The 2026 work program focuses on three distinct workstreams that could significantly advance the company's position in the scandium market. First, the qualification campaign for two proprietary aluminum-scandium alloys is underway with industrial partners. These alloys are supplied as powders for Laser Powder Bed Fusion 3D printing and wires for welding, Wire Arc Additive Manufacturing, and advanced manufacturing applications. Milestones will be communicated on a rolling basis through 2026 as each qualification stage is cleared.
Second, an independent Preliminary Feasibility Study covering the TG zone of the Crater Lake project is in progress, led by Norda Stelo. Engineering contracts have been awarded, work is advancing, and completion is targeted for the end of summer 2026. The study integrates mineral resource, mine plan, processing, and capital and operating cost parameters. Third, a $5 million drilling campaign on the Crater Lake property is scheduled for the 2026 field season, with the primary objective of recovering a representative sample of the TG zone to support metallurgical testwork scheduled for the first half of 2027.
"With $15 million in cash and $6.9 million in government grant funding, we are entering 2026 with every dollar allocated against a defined catalyst: alloy qualification, the PFS, and drilling at Crater Lake. Our focus this year is execution," said Guy Bourassa, Chief Executive Officer of Scandium Canada. The company's ultimate goal is to bring the world's leading primary source of scandium into production, enabling the development and commercialization of aluminum-scandium alloys for lighter, greener, longer-lasting, high-performance materials.
Shareholders also approved the company's Share Option Plan with 93.03% support and Restricted Share Unit Plan with 94.83% support. Raymond Chabot Grant Thornton was re-appointed as the company's auditor with 99.98% approval. Following the meeting, Jeff Swinoga continues as Chairman of the Board and Guy Bourassa as Chief Executive Officer. The company's financial disclosures can be found on the SEDAR+ website at https://www.sedarplus.ca.