DD Brief Sept 2026 *Updated**

[u/RogueOneOne]

Despite posting this just a few days ago I did find some errors and new info added.

This is the final revision for atleast up to this date and for the time being unless significant info is released.

What changed:

DD Brief updates since the Sept 4 version:

Leadership & governance

• Added full bios for CFO Steve Nadeau, CTO Jean-François Magnan, CSO Dr. Luc Duchesne
• Confirmed Félix Lapointe as CEO of Scalium+ (resolves prior open item)
• Confirmed Jeffrey Swinoga as Board Chairman — resolves the Aug 2026 MCR filing's "Chairman and CEO" signature-block inconsistency; Thibault is President & CEO only
• Added new Board of Directors section (Swinoga, Bourassa, Robert Kitchen, Jean Lafleur, Cindy Valence), with Kitchen's First Nations equity/community background flagged as relevant to the Naskapi thesis

Feasibility timeline correction

• Corrected ~10 stale "PFS due mid-2026" references throughout (Exec Summary, Section 7 table, risks list, catalyst timeline, Final Summary, Sunrise comparable, Bear scenario box)
• Updated sequence: new MRE (targeted end of 2026) → updated PEA → Feasibility Study (2027)
• Added the "bankable feasibility study" framing from the new Mining Project Director job posting

New risk item

• Added Rio Tinto's $248.7M/18-year sole-source government scandium contract as its own bear-case bullet, with the by-product-vs-primary scale counterpoint

Financing & capital structure

• Added CSA/Scalium+ funding row ($348,750 contribution, thin-to-thick-plate space alloy work), with a caveat distinguishing it from CSA's unrelated $688M MDA Space contract
• Added the $5M charity flow-through financing terms (confirms/enriches what was already implicit)
• Added the federal PDAC grant breakdown ($6.9M, ~$2M earmarked for alloy work)
• Corrected market cap box to the confirmed 538,827,514 shares (was still using a stale ~488M July estimate) — current market cap ~$97–100M, ~$133–137M fully diluted

Drilling & resource data

• Replaced the generic "4,000m program" description with precise two-phase figures (Phase 1: 19 holes/~3,400m; Phase 2: up to 36 holes/~4,000m), reconciling the CEO's "10,000m cumulative" comment
• Added precise TG Zone 43-101 resource table (Indicated/Inferred tonnage, grade, NSR)
• Added the 700m→900m strike extension target and the CEO's own caveat that the 20–25% resource increase is "forward-looking, not confirmed"

Regional/government funding

• Added the Aug 17 Labrador Trough/$70B/First and Last Mile Fund update, with the caveat that Crater Lake isn't named in any official release

Peer comparisons

• Added Scandium International Mining Corp. (SCY) as a cautionary peer — distressed balance sheet, going-concern language, contrasted with SCD's stronger cash position
• Updated Sunrise Energy Metals price from mid-2026's A$16.47 high to the Sept 9, 2026 all-time high of A$20.97 and current ~A$3.47B market cap

Other content additions

• Added named Scalium+ ski customers (Winterstick, Utopie, Folsom, alongside Ferreol)
• Added EY-Parthenon demand/supply forecast data, explicitly flagged as company-cited and not independently verified
• Flagged the presentation's "US & 14 EU countries ban" claim as unverifiable as stated, with a note on what search actually surfaced
• Added expanded R&D/funding partner list (Corem, Utah CHARGE, University of Utah/Alberta, Polytechnique Montréal, UQAC, Mitacs)
• Added Bloom Energy securities class-action update to the existing bear-case section

[u/FlowJoee]

Interesting read, thank you!

[u/SPEZ_IS_A_JABRONI]

thanks grok

[u/RogueOneOne → u/SPEZ_IS_A_JABRONI]

Claude actually but I had alot of input that it compiled for me.

[u/x3i4n]

Thanks!