Mr. Peter Evensen reports

SCANDIUM INTERNATIONAL MINING DISCOVERS NEW MINERALIZED LATERITE FORMATION AT HONEYBUGLE, EL7977, NSW

Scandium International Mining Corp. has released the results of its recently completed air core drilling campaign at its Honeybugle property in New South Wales (NSW), Australia. The drilling program consisted of 32 drill holes in an approximately 300-by-400-metre area as a follow-up to previous scout drilling programs completed during 2016 and 2018.

Peter Evensen, chief executive officer of Scandium International, commented: "We are very excited to announce the discovery of this scandium-enriched laterite at Woodlong. With SCY's renewed focus on its scandium portfolio announced in 2Q 2022, discovering a scandium-enriched laterite formation less than two metres from surface only 24 kilometres from the Nyngan scandium project opens up significant potential for long-term development of the company's scandium portfolio."

The laterite mineralization, consisting of both hematite and limonite, lies less than two metres below the surface. The laterite zone appears to thicken to both the west and south. The scandium grades are reasonably consistent within the central portion of the laterite at greater than 300 parts per million Sc.

The underlying saprolite zone is considerably thinner but contains reasonable grades of scandium (greater than 200 ppm Sc). Additional metallurgical testing is required on the saprolite mineralization to determine suitability for potential economic extraction.

Laterite zone assay intervals at Woodlong

The entire log of laterite zone assay intervals at Woodlong is disclosed herein.

Holes EHAC076 to 107 were drilled as part of the 2023 program.

EL7977 Honeybugle

The company's Honeybugle tenement, EL7977, contains areas of lateritic material common to the region and is situated 24 kilometres south of EMC's Nyngan scandium project area. The property itself is located in semi-arid broad-acre wheat farming country and is routinely planted. Farming is the largest industry in the area, although other mining activity is evident, past and present.

The tenement encompasses 34.7 square kilometres, and includes four prospects identified by distinct magnetic anomalies that reflect underlying mafic to ultramafic bedrock: Seaford, Woodlong, Yarran Park and Mallee Valley. These prospects were tested by companies exploring principally for platinum, nickel and cobalt during the 1980s, but scandium was of little interest at that time. Surface soil and rock chip sampling conducted by previous explorers and the company detected anomalous scandium values (20 to 30 ppm Sc) on each of the four prospects.

Sample preparation and analysis

The drilling, sampling, packaging and transport of the drill samples were carried out to industry standards for quality assurance/quality control. Scandium International employed an independent local geology consulting and drill supervisory team, RME Geological Services Pty. Ltd., of Orange, New South Wales, Australia (RMEGS), to manage the drilling program on site. Bulk samples of drill returns were collected at one-metre intervals from a cyclone mounted on the drilling rig and stored in polythene bags. A separate three-tier riffle splitter was used on site to obtain two-to-4.5-kilogram samples collected over one-metre intervals for assay. Individual sample identifiers were cross-checked during the process. The samples for assay were placed in sealed polyweave bags that remained in RMEGS's possession until the completion of the drilling program, at which time they were transported to the RMEGS offices in Orange. There, the sequence of sample numbers was validated and the assay samples were submitted to Australian Laboratory Services' (ALS) laboratory in Orange. The remnant bulk samples were taken to secure long-term storage in Orange.

Sample preparation at ALS consisted of weighing, drying, crushing and pulverizing the entire sample to better than 85 per cent passing 75 micrometres, and splitting. The analytical technique consisted of fusion X-ray fluorescence for laterite material (ALS code ME-XRF12n), with a detection limit of 0.001 per cent for scandium.

Qualified person statement

John Thompson, BE, FAusIMM, vice-president -- project development and a qualified person as defined in National Instrument 43-101, has verified the data, by checking assay data against assay lab certificates, and has approved the technical information in this news release.

We seek Safe Harbor.