Scandium Canada Announces Upsize of Bought Deal LIFE Offering of Units to $15 Million

Press Release

March 4, 2026

MONTREAL, QUEBEC – Scandium Canada Ltd. (TSX-V: SCD) (the “Company”) is pleased to announce that, due to strong investor demand, is has entered into an amendment agreement with Research Capital Corporation (“RCC”), as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters (together with RCC, the “Underwriters”), to increase the size of its previously announced bought-deal offering, pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis, 68,182,000 units of the Company (the “Units”) at a price per Unit of C$0.22 (the “Issue Price”) for aggregate gross proceeds to the Company of C$15,000,040 (the “Offering”).

Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (a “Warrant Share”) at a price per Warrant Share of C$0.30 for a period of 30 months from the Closing Date (as defined herein).

The Company has agreed to grant the Underwriters an option (the “Underwriters’ Option”), exercisable in full or in part up to 48 hours prior to the Closing Date, to sell up to an additional 10,227,300 Units on the same terms for additional gross proceeds of up to $2,250,006. The Offering will be completed pursuant to the terms of an underwriting agreement to be entered into among the Company and the Underwriters.

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 pre-commercialization work on the Company’s proprietary Al Sc alloys; and (iii) for general corporate and working capital purposes.

The Units will be 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 (“National Instrument 45-106”) set forth in Part 5A thereof to purchasers resident in Canada, except Québec; (ii) Regulation 45-106 respecting Prospectus Exemptions (“Regulation 45-106”, and collectively with National Instrument 45-106, “NI 45-106”) set forth in Part 5A thereof to purchasers resident in Québec. The securities issued in connection with the Offering are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be offered in the United States or to, or for the account or benefit of, U.S. persons, pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

The Offering is expected to close on or about March 17, 2026, or such other date as the Company and the Underwriters may agree (the “Closing Date“). Completion of the Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the “Exchange”).

In consideration for their services, the Company has agreed to pay to the Underwriters a cash commission equal to up to 6% of the aggregate gross proceeds of the Offering (including gross proceeds from any exercise of the Underwriter’s Option). The Company has also agreed to issue to the Underwriters non-transferable warrants (the “Broker Warrant”) in an amount equal to up to 6% of the number of Units sold in connection with the Offering (including Units sold from any exercise of the Underwriter’s Option). Each Broker Warrant shall entitle the holder thereof to purchase one common share in the capital of the Company at an exercise price of $0.22 for a period of 30 months following the Closing Date. The Broker Warrants will be 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).

There is an amended and restated offering document related to the Offering (the “Offering Document“) that can be accessed under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at https://scandium-canada.com/. Prospective investors should read this Offering Document and other documents on the Company’s SEDAR+ profile before making an investment decision.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available. “United States” and “U.S. person” have the meaning ascribed to them in Regulation S under the U.S. Securities Act.

ABOUT SCANDIUM CANADA LTD.

Scandium Canada (TSX-V: SCD) is a public company whose ultimate goal is to bring the world’s leading primary source of scandium into production, enabling the development and commercialization of aluminum-scandium (Al-Sc) alloys. The Corporation is leveraging its Al-Sc alloys 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 Corporation aims to become a market leader in scandium, while committing itself to building a more responsible economy through innovation and agility.

For additional information, please contact :

Scandium Canada Ltd. Guy Bourassa Chief Executive Officer Phone: +1 (418) 580-2320 Email: info@scandium-canada.com

Website: www.scandium-canada.com LinkedIn: Scandium Canada Ltd. X: @ScandiumCanada Facebook: Scandium Canada Instagram: @scandiumcanada

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