Mr. Guy Bourassa reports

SCANDIUM CANADA ANNOUNCES CLOSING OF $17.3 MILLION BOUGHT DEAL LIFE OFFERING, INCLUDING FULL EXERCISE OF OVER-ALLOTMENT OPTION

Scandium Canada Ltd. has closed its previously announced bought deal private offering pursuant to which the company issued a total of 78,409,300 units of the company at a price per unit of 22 cents for aggregate gross proceeds to the company of $17,250,046, including the full exercise of the overallotment option.

The offering was led by Research Capital Corp., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Red Cloud Securities Inc.

Each unit comprises one common share in the capital of the company and one common share purchase warrant of the company. Each warrant entitles the holder thereof to acquire one common share in the capital of the company at a price per warrant share of 30 cents at any time until Sept. 17, 2028.

The units were issued in reliance on the listed issuer financing exemption available under the amendments by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to: (i) National Instrument 45-106, Prospectus Exemptions, set forth in Part 5A thereof to purchasers resident in Canada, except Quebec; (ii) Regulation 45-106, Prospectus Exemptions, set forth in Part 5A thereof to purchasers resident in Quebec and in other qualifying jurisdictions outside of Canada on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws, and are not subject to a statutory hold period pursuant to applicable Canadian securities laws.

The net proceeds from the sale of the units will be used by the company for: (i) project expenditures and works on the Crater Lake project; (ii) development and precommercialization work on the company's proprietary Al-Sc (aluminum-scandium) alloys; and (iii) for general corporate and working capital purposes.

In consideration for their services, the underwriters received aggregate cash commissions of $1,023,122.76 and 4,650,558 non-transferable common share purchase warrants. Each broker warrant entitles the holder thereof to purchase one common share in the capital of the company at an exercise price of 22 cents at any time until Sept. 17, 2028. The broker warrants were issued under prospectus exemptions in accordance with National Instrument 45-106 (as defined above) and are subject to a statutory restricted period of four months and one day (including the common shares issuable upon the exercise of such broker warrants if exercised prior to the expiry of the hold period).

The closing of the offering remains subject to the final approval of the TSX Venture Exchange.

About Scandium Canada Ltd.

Scandium Canada is a public company, the ultimate goal of which is to bring the world's leading primary source of scandium into production, enabling the development and commercialization of Al-Sc alloys. The company is leveraging its Al-Sc alloy development division and the development of its Crater Lake mining project to meet the growing need for lighter, greener, longer-lasting, high performance materials. The company aims to become a market leader in scandium, while committing itself to building a more responsible economy through innovation and agility.

We seek Safe Harbor.