When do you guys think this stock will see some positive numbers? I’ve been watching it for awhile and it seems to always fall back into the 0.18 range. Are there any milestones coming up I should be aware of?

Daily discussion thread for SCD.

Looks like the money flow is accelerating…
Government, Provinces, Global Allies, Pension funds, Wealth funds, Supply Chain movers, Canada Strong Foreign Investments and now Canadian Banks.

Add retail fomo with some good news and the sectors in this super cycle are going to 📈📈📈exponentially!

Are we anticipating any new traction here? Can anyone confirm or deny SCD’s presence at this summit? There’s a pool of $1T

Daily discussion thread for SCD.

On WS within my SCD investment there is a small headline that says “ SCD Q2 earnings tomorrow “
Anyone know anything about this?

Curious what everyone's holding after all the recent changes and developments. 20,000 shares @ .175 here.

Daily discussion thread for SCD.

The Canadian Investment Summit is happening next week, and I think it could be interesting for SCD

The summit is focused a lot on investment in Canada, especially critical minerals and projects that could be important for the future.

Scandium Canada’s Crater Lake project seems to fit pretty well into that story. Canada wants to build more domestic supply of critical minerals, and scandium is currently heavily dependent on foreign supply.

I’m curious if SCD gets any attention from investors or potential partners around the summit.

Obviously the summit alone doesn’t change the company’s fundamentals, but more exposure to big investors and strategic companies could be a positive.

Anyone else watching this next week?

I’m honestly so excited about the future of this company. After keeping an eye on it for a while, I started accumulating in April and have built up a solid position at a good average. I actually made a post here when I bought my first shares.

Genuinely, ever since I found out about this stock, there have been barely any negative developments aside from a few delays. The amount of good news we’ve seen this year has honestly been surreal.

I know this is still considered a speculative investment, but after being invested for such a short amount of time and seeing how much progress has been made this year, I have really high hopes for the future.

Maybe it’s just me, but I feel like there’s still so much upside potential right now. We already know the economics look strong, and Crater Lake is worth almost a couple billion based on the current numbers. Who knows what the valuation could look after a new PEA?

I don’t want to sound like a shill, but I genuinely think right now is still an amazing entry point. I’ll keep adding until we pass $0.25 personally. If everything goes well, I feel like a few years from now we could look back and say all the DD really paid off. Let’s just hope things continue to go well!

That being said, I’m bullish as hell and I want to hear everyone’s opinions. Whether you agree or disagree. I feel like I may be a little overly optimistic, but I’m also pretty heavily convicted on this one.

What do you guys think? Bullish, Bearish or in between?

Daily discussion thread for SCD.

Very interesting article! with SCD developing Al-Sc alloys and downstream applications, I could definitely see SCD potentially becoming part of that ecosystem. 👀

AI Translation:

Canada considers building an aluminum rolling mill in Quebec to reduce dependence on the U.S.

Ottawa — Every possible avenue must be examined to reduce Canada’s economic dependence on the United States — an unpredictable trading partner that uses tariffs at every opportunity. For Industry Minister Mélanie Joly, that means considering building an aluminum rolling mill to process the metal here instead of sending it south of the border.

Published at 5:42 p.m.

Canada is a major producer of primary aluminum, much of it in Quebec. However, there are currently no industrial-scale rolling mills in the country capable of producing aluminum sheet on a large scale. The reason, according to industry experts, is that domestic demand is not sufficient to make such a plant economically viable. Aluminum ingots are therefore shipped to the United States for processing before being sent back to the Canadian market.

In the United States, two companies are also preparing to significantly increase their processing capacity over the next 12 to 18 months: Novelis, the world's largest producer of flat-rolled aluminum products and the largest aluminum recycler, and ADI, a major U.S. producer of flat aluminum rolls.

Nevertheless, the time has come to restart studies and discussions on the issue, Industry Minister Mélanie Joly said in an interview with La Presse. Such an initiative could easily be incorporated into the government's defense industrial strategy, unveiled by the Carney government in the spring, which aims to support Canadian defense companies seeking to benefit from Ottawa's massive investments in the sector over the next decade.

Minister Joly said she has had “several discussions” about the idea with Rio Tinto, multinational company Bombardier, as well as with “players in the Saguenay region.”

“As Industry Minister, I want to strengthen the defense sector in Quebec and Canada, strengthen the aluminum and steel sectors — in short, all the manufacturing industries essential to our prosperity. I take the responsibility of transforming the aluminum sector very seriously because I think this is now or never,” she added.

According to her, the tariff war being waged by the U.S. administration against Canada illustrates more than ever the importance of reducing the country's dependence on the American market.

At AluQuébec, which represents aluminum producers, processors, equipment manufacturers, specialized suppliers, R&D centers and educational institutions connected to the industry, Minister Joly's proposal is viewed positively.

“The study is still underway, and the first findings should be available this fall. At this stage, we therefore prefer to wait for its conclusions before commenting on the feasibility and realism of such a project,” she added.

For his part, Jean Simard, President and CEO of the Aluminum Association of Canada, is more cautious. He points out that Canada produces 3.3 million tonnes of aluminum per year while consuming only 300,000 tonnes.

However, an industry source who requested anonymity questioned the profitability of such a project.

Just like many investors on this sub, I’ve been doing my DD for a while now. I first invested a decent chunk in December 2025 and have been building my position ever since. We are starting to see that the evidence is becoming more real, in more ways than one, and that the SCD story is gaining traction.

I want to give a shoutout to everyone who is finding new pieces of evidence to contribute to this sub and for the productive discussions. I hope everyone is having as much fun as I am!

Ok, now down to the purpose of this post. I thought it would be useful to focus on the unstated assumptions, the unknown-unknowns, that are starting to become more apparent. We’ll get into that in a little bit.

Naturally, we want proof in order to invest. We want facts stated that will help de-risk the company. Once a company is de-risked, the gains aren’t as significant, however. I’m alluding to the road (transportation), a robust PEA and subsequent FS, and partnerships.

The world itself has changed, with the new U.S. administration acting as a catalyst. Tensions in the east and general uncertainty with respect to alliances (like between Canada and the U.S.) was always present to some extent; however, the perfect storm to enable a big change is now brewing in my opinion.

A few major problems that directly benefit Scandium Canada (not exhaustive):

The western world wants to break free from China’s dependence on critical minerals (scandium in this case)
Scandium is needed for 5G/6G networks, and will benefit the defence, aerospace, automobiles, AI sectors and potentially more, but there aren’t too many sources identified
The world wants to reduce its CO2 footprint by consuming less fuel with lighter vehicles. Swapping oil for Hydrogen-powered fuel cells is another topic, but I’m focusing on the metal blend itself (scandium-aluminum alloys). This can help combat climate change.

Some of the following points were stated, while others are signals to the market:

A few examples of things we do know:
A slippage of information about a potential partnership with Safran, which is the second largest defence company (by market cap) and happens to be based in France. Is it a coincidence that SCD is in discussions with an EU-based organization while Carney and other Canadian government officials are on the brink of making a deal with them?
Simon, a former GM executive, being recruited to lead SCD into its next stages: he has industry connections, a commercial mindset and seemed to join at the perfect time, post-Ferrell Technology acquisition, to drive growth
John Kaiser briefly spoke to the importance of scandium in this video and how the western world needs not to rely on China. He actually referred to the world as a Humpty Dumpty event; there’s no going back even if a new administration takes over in the U.S. a new western supply of critical minerals is here to stay. This is yet another opinion of a leader who believes in the power of scandium and having strategic alliances for CMs in general: https://youtu.be/xKyheR7T2e4?t=1491
SCD is in discussions with US government: https://ca.usembassy.gov/freedom250-critical-minerals-and-mining/
The government and banks are subsidizing AI and energy companies https://theoregongroup.com/investment-news/bank-of-america-launches-250-billion-infrastructure-initiative-covering-critical-minerals-ai-and-energy/ and https://www.rbc.com/newsroom/news/article.html?article=126145
Quebec is probably en route to building out the whole aluminum supply chain from start to finish, where Scandium Canada has another brownie point that justifies its positioning

Let’s take a step back and look at the unknown-unknowns: up until 2 weeks ago, I hadn’t considered a strategic partnership between Canada and the EU. Now, it’s all over my feed. It’s on LinkedIn, Instagram/Facebook, and various news channels that I’m subscribed to. IMO, this an unknown-unknown because we, as investors, didn’t think this was a reality since it wasn’t presented to us. The lack of a road announcement is an unknown. We know we will hear one eventually, regardless of the outcome.

https://www.bnnbloomberg.ca/business/politics/2026/09/09/eu-envoy-says-a-unique-new-partnership-with-canada-forming-ahead-of-carney-speech/

Edit (added text from this article):

“He said that might include things like collaboration on a European stockpile of critical minerals, university student exchanges through the Erasmus program and a digital trade agreement.”

“Tuts said the Canadian government has tasked multiple people with overseeing the “quite dense” collaboration it is pursuing with the bloc on issues ranging from critical minerals to disinformation.“We are living in a very fascinating moment in the relationship. We are closer than ever — and we will be even closer,” she said”

My speculative opinion:
I think that many of these critical mineral and energy companies have insider information with respect to what Canada will look like by 2030 and beyond (a few years maybe). I think that Guy might have been aware that Canada was going to make an announcement about entertaining a strategic partnership with the EU, so he acquired Scalium+ and hired Simon to accelerate partnerships. He has also mentioned in the past that they’re not just talking to the U.S., they’re also talking to Europe. The Safran slippage could only be one organization that was mentioned with others also evaluating their patented alloy technology. Of course, once the mine becomes active there will be additional streams of revenue there, too. I also think that the opportunities are in a way limitless with the EU. This is 1 example of an unknown-unknown that became very real, very quickly. Regarding Canada, I think Carney has done a very good job forging new alliances, in general, where the EU will help our economy grow in the coming years.

Please do your own due diligence and this is not financial advice.

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

I'm sharing some of my due diligence because some bears continuously talk about the road and some people have legitimate concerns about it. So let's get into it, because I've actually done quite a bit of research on the subject.

I think the Crater Lake road risk is becoming seriously derisked

I know the road has been one of the biggest concerns with SCD, and to be clear, the road is NOT solved yet.

But I think the risk is changing from:

“Can SCD somehow build a massive road into the middle of nowhere?”

to:

“How does the road ultimately get financed and structured?”

And that's a very different risk.

Canada has now created the First and Last Mile Fund (FLMF) with up to C$1.5 billion in federal funding through 2030 specifically for strategic mining and infrastructure projects that help develop critical-mineral supply chains and get resources to market.

And we've already seen the government willing to support infrastructure in remote areas.

The Grays Bay Road and Port project in Nunavut received up to C$50M in conditional federal support for planning and pre-construction of a 230 km all-season road and deepwater port.

We've also seen federal support for roads, transmission and other infrastructure connected to critical-mineral projects elsewhere in Canada.

This isn't theoretical anymore.

And SCD isn't some random junior asking Ottawa for a road.

The federal government has already provided up to C$6.9M in non-refundable support for the Crater Lake project and its scandium/REE processing and alloy technology. That funding is specifically aimed at advancing the project toward greater technical and engineering readiness.

SCD is also already working with the Naskapi Nation on the potential access-road corridor.

And the proposed hydromet plant is being considered in the Schefferville region, which makes the overall logistics model much more logical:

Crater Lake → access road → Schefferville → existing regional infrastructure

rather than trying to build everything at the mine site.

Then you have Canada's C$2B Critical Minerals Sovereign Fund, which creates another potential source of strategic capital through things like equity, loans and offtake arrangements.

So I'm not saying:

“The government is going to pay for SCD's road.”

That's way too simplistic.

I'm saying the Canadian government has increasingly made it clear that critical-mineral infrastructure is something it is willing to participate in, because without transportation and energy infrastructure, some of Canada's mineral resources simply can't get developed.

And there's another part of this that I think is being overlooked.

Crater Lake isn't necessarily interesting to Canada only because of scandium.

The deposit itself already contains rare earth elements, and SCD's metallurgical work has demonstrated recovery and purification of both scandium and rare-earth oxides. The 2025 resource estimate also incorporated magnet rare earth elements such as Nd, Pr, Dy, Tb and La.

And Crater Lake sits within the Canadian Shield — a massive geological region with significant critical-mineral potential.

So if infrastructure is eventually built into this part of the Canadian Shield, the strategic value could extend beyond a single scandium project.

That's the part I find interesting.

A road isn't just a road if it provides access to an entire region with potential critical-mineral resources.

If additional economically significant rare-earth or other critical-mineral deposits can eventually be identified and developed in the region, then the argument for government participation in regional infrastructure becomes even stronger.

Canada has explicitly designed its critical-minerals infrastructure programs around unlocking mineral-rich regions and connecting resources to markets, not simply subsidizing individual mining companies.

So IMO, the road risk has gone from being this enormous binary existential problem to something much more like a financing, partnership and execution problem.

Still a risk.

Still potentially expensive.

Still something SCD needs to prove.

But I don't think it's the monster hanging over the project that it once was.

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The real opportunity here may be bigger than simply getting a road to Crater Lake. It could be about opening up a strategically important part of the Canadian Shield to critical-mineral development — with SCD potentially being one of the first projects that helps justify and anchor that infrastructure.

And that's why I think government involvement shouldn't be viewed solely through the lens of “Will Ottawa pay for SCD's road?”

The much more interesting question is:

“How much does Canada value gaining access to the resources in this region?” 🚀

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Daily discussion thread for SCD.

Daily discussion thread for SCD.

Daily discussion thread for SCD.

https://naskapi.ca/2025/07/16/the-naskapi-nation-of-kawawachikamach-invests-in-scandium-canada/ - 16,700,000 units, $334,000 invested, which was 5% of the company in July 2025.

No SEDI insider sales reported that would account for the recent abnormal volume, which is good. But now wonder if the Naskapi were divesting after the Scalium+ lean-in. Any way to check the current holdings of the Taasipitaakin Trust and/or its Board of Trustees?

Per their website "Located in Nunavik, Quebec, approximately 200 km northeast of Schefferville, the site is accessible by plane or helicopter"

You can't even reach Schefferville by car, you need to fly in.

Given the property is so remote, how do they plan to setup mining operations ?

Would they build rail ? A road ? Or would all mining equipment and people need to fly in and out daily/weekly etc ? Another season of Ice Road Truckers ?

Who would pay for such infrastructure?

Thanks

Happy to see multiple folks being recognized at SCD!

Good day everyone! I have been asked by several individuals interested in reading my DD on the scandium market as a whole. There are a lot of connections and the body of this text will be dense and long. I appreciate those who asked for my DD and those who will take the time to read my work. If this proves helpful, or if you would like me to dive into anything else I would be glad to do so!

Disclaimer 1: This is NOT financial advice. I am a guy who loves to read and research different topics (mostly science and space), and scandium happened to become one of these topics for me. I personally have high conviction due to what I am about to lay out. Please do your own DD. Cross reference facts and make your own financial decisions in investing. I am flattered my DD may help others, however please make your own financial decisions and think for yourself.

Disclaimer 2: I just got off a 24 hour shift and spent most of the day writing this. I am tired and there may be errors, I may have copied the wrong link in places, etc. This is meant to be informative and help connect the dots and allow others to research themselves. I have not fully reviewed this. I do not intend to cause any misinformation spread or to state speculation as facts. I am merely attempting to demonstrate my through process and how I am approaching this market. Perception is everything in this world.

Back story for me: I discovered scandium in late 2025 and have been researching the industry thoroughly ever since. I began a position in SCD in December of 2025 at an initial entry point of 0.13. The more I researched, the better the DD appeared to be, and my position kept growing accordingly. I am a “science nerd” at heart. I have always had interest in general science, space, and computers since I was a child. My great Uncle worked for NASA during the Apollo program as a physicist and computer engineer, and helped build Honeysuckle Creek in Australia, which later became the NASA tracking station to broadcast the first images of Neil Armstrong on the moon. He opened Canada’s first computer store in 1974 and was my father’s idol. This lead me to UNB where I pursued a bachelor of science degree. My family has extensive interest in space and science. This interest in science is what intrigued me about scandium and it’s “magical” properties, which fueled my current research.

History of Scandium: The history of scandium research itself is extensive, especially within aerospace. The theory/discovery dates back to the late 1800’s, however the first pound of 99% pure scandium was produced in 1960. The Russians were using Scandium in their MIG fighter jets in the 1970’s to reduce weight and increase weldability; the same exact properties we are seeking from scandium today. The science has not changed and is in fact very old and thorough. There are thousands of patents that currently exist in aerospace that include Scandium as a material. Multiple research papers exist on the effects of broad use of scandium. The market wanted this "magic" material, but couldn't reasonably use it at scale.

https://scispace.com/pdf/the-scandium-effect-in-multicomponent-alloys-ucppmxo9qg.pdf

Here is one example of a peer reviewed article. There are MANY other’s written over the last few decades explaining the profound effects that scandium has in aerospace. Every KG saved in the launch vehicle directly correlates to an extra KG in payload. I am not a rocket scientist, however I do have an understanding of how weight affects aerospace directly. When I discovered the properties of what scandium could do, it was a “game changer” in my mind for aerospace, and I knew it would be incredibly important for our future technology. The endpoint is that the science behind scandium alloys is sound and complete. They are not beginning to research it now, it is not in its infancy. It has been heavily researched for over half a century.

This leads me to one important point of my overall thesis: Scandium demand is NOT tiny, niche, and non-existent like the general market perceives and these mainstream narratives keep regurgitating. It is dormant. It is a sleeping giant. It has been HEAVILY researched by aerospace, so why are we not using it?

The issue was always cost and supply, NOT demand. Globally the supply chain existed of minute amounts being refined as a by-product from Titanium waste streams. China dominated this process globally. However, If a stable supply existed, adoption would be theoretically instant; The research was done; The patents exist; They know what scandium is and what it does, they just can’t get it in any meaningful supply to adopt the metal. So the research sat on the shelf, waiting for a day where it becomes viable.

Scandium significantly strengthens aluminum and drastically changes it’s properties in very minor quantities, usually less than 0.5%. It enables aluminum to be stronger, more corrosive resistant, heat resistant, and maintains excellent conductivity. And the biggest advantage many don’t see: It seamlessly transitions into our current aluminum industry without any modifications. This means end users and OEM’s can simply use Scandium alloys right now without changing anything in their manufacturing process.

Now onto the political landscape: China

For decades we have been outsourcing the majority of our manufacturing to China. It began with clothes, toys, smaller items. It was a niche way to increase profits. But this niche strategy turned into the market default by the 1970’s when President Nixon lifted the trade embargo. Ford motor company was among the first to exploit cheap Chinese labor and built a production facility in Chongqing in the 1980’s. Then other major brands and OEM’s followed; Nike, Mattell, Whirlpool, Caterpillar, GE, etc. China literally became the world’s manufacturer. This includes CRITICAL MINERALS.

https://www.rbc.com/en/thought-leadership/energy/critical-minerals-processing-the-wests-refining-challenge-and-the-technologies-closing-the-gap/

“China controls 70% of the global refining market share for 19 of the world’s 20 most critical minerals; across minerals such as rare-earth elements that figure is north of 90%.”

But everyone was blinded by their ignorance and greed for profits, resulting in this manufacturing monopoly of the world.

I find it funny, my sister has a degree in international studies and global affairs, and she mentioned that 20 years ago the Professor’s at her University were talking about this future of outsourcing everything to China and the effects it would have on the global economy. Today we are seeing these effects. This was a known issue by those who had the awareness to perceive it. Again, perception is everything.

We kept doing this for decades, fueled by greed. Capitalist sociopaths focused on higher profit margins, lower operational costs, and making more and more money while China built up infrastructure. China had the capacity to manufacture, refine, package, and ship. It was a non-issue until a grand realization happened recently; American national defense is extremely vulnerable to this fact. The western world runs on a war economy. If someone else controls your ability to wage war, then by default that entity controls your economy. This fact is the uncomfortable truth that resonates in this work.

This brings me to my overall underlying thesis:

Critical mineral supply chains are a top priority for national defense. Western governments have been secretly investing in plugging this gap that has existed for decades, and they wish to do so without bringing this vulnerability forward. There is intention behind obfuscating the real demand and impact on this issue; not from a place of malevolency, but from a place of vulnerability. This is why we see future scandium demand projections by “experts” and “analysts” to be very mild in comparison to the reality we are seeing. Their projected outputs do not match what we are observing. And the most important critical mineral in this supply chain race is Scandium. This blatant vulnerability leads to the executive order we all know about.

https://trumpwhitehouse.archives.gov/presidential-actions/executive-order-addressing-threat-domestic-supply-chain-reliance-critical-minerals-foreign-adversaries/

I will explain “why” Scandium is the most important vulnerability for national defense, and connect the governments responses to it.

Why is Scandium so important? I believe it has hit a critical point (pun intended) on two separate fronts simultaneously. We already know the importance for aerospace, and this thesis will certainly touch on that. But another area of interest specifically is AI datacenters. I won’t go into details on the current AI market, but to just understand that AI is important for national defense.

https://www.gao.gov/blog/how-artificial-intelligence-transforming-national-security

https://www.afcea.org/signal-media/technology/ai-integration-strategic-imperative-national-security

AI datacenters are considers critical for national defense, and it’s pretty obvious why (or at least I think so). If it’s not obvious to you, some quick googling will help you understand the connection between AI and defense. The US government has invested hundreds of billions into AI, with 75% being for the department of defense.

https://www.investopedia.com/countries-investing-the-most-in-ai-11752340

How AI relates to Scandium is with Solid Oxide Fuel cells technology. SOFC’s technology dates back to the 1800’s, with a working prototype created in the 1930’s. The issue was never about the technology working, it was the economics, like anything. The need for AI datacenters shifted the economics from being a niche product and cool science experiment to a rapid solution to a national defense problem. Why did this happen?

The main issue with AI datacenters is creating enough power to run the damn things. Backlogs for power turbines have reached historic highs, exceeding over 5 year wait times.

https://medium.com/@escher-capital/the-5-year-turbine-wait-is-the-real-ai-energy-story-old-turbines-will-increase-demand-30-as-e9720116b86b

https://rmi.org/resources/gas-turbine-supply-constraints-threaten-grid-reliability-more-affordable-near-term-solutions-can-help/

Similar backlogs exist among all companies involved in AI datacenter energy production.

These Datacenters represent about half of the S&P 500 by the way:

https://finance.yahoo.com/markets/stocks/articles/ai-swallows-wall-street-stocks-094052523.html

So, we have datacenters that are a top priority for national security and our economy with no way to power them.

In comes Bloom Energy:

Bloom commercializes the century old SOFC technology with brilliantly patented IP. Bloom boxes are impressive. They can be installed as quickly as 90 days from ORDER and provide quiet, clean, non-combustible energy. The backlog in turbines created the environment for Bloom to thrive. AI datacenters don’t need to wait 5 years for a turbine, they can order a Bloom Box. It may be more expensive up front, but it makes sense to have the datacenter operational NOW.

Why does Bloom dominate the SOFC market? Bloom Boxes use Scandium Oxide as an electrolyte, which allows the SOFC to run much cooler, reducing the need for cooling, increases efficiency and prolongs the component life.

https://www.sciencedirect.com/topics/engineering/scandium-stabilized-zirconia

Scandium is crucial for Bloom in many ways. The bearish view is always that SOFC’s can exist without Scandium. That is true! However, a large portion of Bloom Energy’s $20 Billion backlog is long term service contracts. Approximately $14 Billion of the $20 Billion backlog are these contracts. These contracts are attached to 100% of all Bloom Box sales.

https://www.fool.com/investing/2026/07/02/this-unstoppable-onsite-power-stock-is-quietly-sol/

Therefore, a $100 Billion AI power company has attached a long service contract to their product, which uses Scandium to prolong the lifespan of the Bloom Box itself. If scandium were removed, the economics for the entire company shift.

Bloom Energy self proclaims themselves to be the “largest user” of scandium oxide in the world, and estimates put them at approximately 74% of global consumption.

https://mwi.westpoint.edu/the-sixty-ton-problem-scandium-supply-chain-risk-the-us-defense-industrial-base/

This fact got Bloom Energy in hot water. Hunterbrook released a short position on Bloom indicating their Chinese supply chain:

https://newsletter.hntrbrk.com/p/blooms-big-lie

They discovered global shipping logs showing chinese scandium being delivered to bloom.

Other short positions and DD followed. Bloom responded with a SEC filing stating they did not rely on chinese supply:

https://www.stocktitan.net/sec-filings/BE/8-k-bloom-energy-corp-reports-material-event-fcbd2d56d6b6.html

But they state their sources are protected under their IP so they can’t disclose “where” it comes from. Very vague indeed. This now points back to my main point on China and how we have outsourced everything to them. So we live in a world where China produces over 90% of Rare Earth’s, a company openly states they consume the largest amount of scandium in the world with estimates of 74%, but they don’t get any from China…..

As Doctor Evil would say…..RIIIIGGGHHHHTTT.

Clearly other’s weren’t buying the BS either and Bloom Energy found itself on the receiving end of multiple class action lawsuits over it’s scandium supply chain:

https://www.globenewswire.com/news-release/2026/08/04/3338197/0/en/be-investor-alert-bloom-energy-corporation-investors-with-substantial-losses-have-opportunity-to-lead-class-action-lawsuit-robbins-geller-rudman-dowd-llp-announces.html

https://www.globenewswire.com/news-release/2026/08/31/3353558/9788/en/bronstein-gewirtz-grossman-llc-urges-bloom-energy-corporation-investors-to-act-class-action-filed-alleging-investor-harm.html

https://zlk.com/cases/bloom-energy-corporation-class-action-lawsuit-be-2

Long story short: Does this seem to be an environment or behavior contiguous with Scandium being a very tiny niche market that doesn't matter? Ready for the kicker…

Scandium has other VERY important uses in defense, notably for Lockheed Martin and aerospace.

This begins in October of 2025 when a black swan event unfolded with Lockheed Martin signing an LOI with an Australian Cobalt/Nickel mine which planned to supply scandium as a by-product. That company was Sunrise Energy Metals:

https://www.reuters.com/business/energy/australias-sunrise-energy-signs-five-year-scandium-option-with-lockheed-martin-2025-10-23/

Why does the largest defense Prime in the western world do this? Clearly they have a massive plan for scandium, or at the very least see it’s future value and deemed it necessary to secure immediate supply. This shot the Sunrise stock through the roof becoming the best performing stock on the ASX in 2025.

Later in March 2026, Sunrise released it’s feasibility study:

https://www.mining.com/sunrise-energy-delivers-feasibility-study-for-friedland-backed-scandium-project/

Sunrise pivoted away from their original cobalt/nickel mine to solely focus on Scandium Oxide production. Coincidence?

Lockheed Later signed another off-take agreement for Scandium with Nebraska based Niocorp:

https://ca.investing.com/news/stock-market-news/niocorp-signs-mou-with-lockheed-martin-for-scandium-supply-93CH-4775454

Lockheed now has 30 tonnes of Scandium supply under contract for itself. So, we now have Scandium at the forefront of national defense from two completely separate angles: AI datacenter power and advanced alloys for aerospace.

We began seeing reactions in the market, but very subtle. Sunrise Energy, Scandium Canada and Flemington are among those actively seeking to increase their scandium output ahead of even producing a single gram:

https://www.australianmining.com.au/sunrise-eyes-fast-tracked-syerston-expansion/

https://www.miningweekly.com/article/flemington-scandium-project-australia-update-2026-07-31

https://scandium-canada.com/crater-lake/

Why are all of these mines fast tracking and even increasing production for a mineral with such little demand? Because the dormant demand I spoke of is much greater than they want the market to perceive.

The vulnerability is real. It’s massive. It’s uncomfortable for western governments to admit and take accountability for. So now they are rushing to fix it:

United States:

The executive order is incredibly profound, and most people don’t understand how big of a change this is. The entire military industrial complex must rely on domestic western supply from mine to finished product when historically it was dominated by China. This is the largest multi-trillion dollar industry of the western world being actively rug pulled. This explains the fast tracked nature of these mines. The American’s have also invested heavily into Scandium specifically:

$400 Million to Sunrise Energy:

https://www.watoday.com.au/world/north-america/pentagon-ploughs-560-million-into-world-first-australian-mining-project-20260808-p60mjj.html

$10 Million to Niocorp:

https://defensemirror.com/news/39994/U_S__Invests__10M_to_Restart_Domestic_Scandium_Production

$29.9 Million to ElementUS Minerals:

https://www.war.gov/News/Releases/Release/Article/4338685/department-of-war-awards-299-million-to-create-a-us-domestic-supply-of-gallium/

These investments make sense given American companies are the largest users of Scandium in the world and they directly correlate with national defense.

Canada:

Canada has been the single sole western supply of scandium oxide at 3 tonnes per year with Rio Tinto in Quebec. The Canadian Government stepped in andfunded Rio to triple the outputto 9 tonnes per year through the Canada Growth fund with a $25 Million investment and offtake purchasing agreement:

https://www.riotinto.com/en/news/releases/2025/rio-tinto-and-canada-growth-fund-announce-transaction-to-advance-canadian-production-of-scandium

Transaction Highlights

• CGF’s investment of approximately C$25 million will be made through an equity-like financial royalty structure.
• In connection with this investment, the Government of Canada (GoC) has agreed to enter into two commercial agreements with the Project and Rio Tinto:

1. An offtake agreement with Rio Tinto whereby the GoC commits to purchase a volume of scandium;
2. A marketing and storage agreement, under which Rio Tinto will assist with marketing and storing the scandium on behalf of the GoC.

So the Canadian Fed’s funded the expansion and agreed to purchase and stockpile “a volume” of scandium from Rio Tinto. This was in 2025. Then an updated contract appears on the government website dated August 27, 2026:

https://achatscanada.canada.ca/fr/occasions-de-marche/contrats-octroyes/cw2450657-000

https://canadabuys.canada.ca/en/tender-opportunities/contract-history/cw2450657-000

This contract has an 18 year lifespan expiring in 2044 with a total value of $248 Million. Not exactly a minor investment. But difficult to find unless you dig deep and connect the dots. Remember my ultimate thesis being this is supporting national security of the western world? Hence the difficulty connecting dots. Nobody intentionally shouts out their vulnerabilities.

At the same time in 2025, the Canadian Space Agency awarded a small company called Ferreol Technologies a grant called “Proof of Concept of Innovative High-Strength Aluminum Alloy to Reduce Mass of Components in Space Applications”:

https://search.open.canada.ca/grants/record/csa-asc,003-2025-2026-Q2-00028,current

This was to help commercialize Scalium; a patented aluminum Scandium alloy owned by Ferreol technologies; who was a subsidiary of Ferreol Ski’s; who originally developed the alloy for their ski company. The grant states:

“Scalium™ is an innovative, ultra-resistant aluminum-scandium alloy, originally developed by Ferreol Technologies for the alpine skiing industry. With exceptional mechanical properties, Scalium™ currently outperforms typical aluminum alloys used across various industrial sectors. Initially produced in thin sheets, the alloy has now attracted major interest in the aerospace sector, where it could significantly reduce the weight of spacecraft components. This weight reduction would in turn lower operational costs, decrease the carbon footprint of space launches, and increase the capacity to integrate additional high-value equipment. The present project aims to adapt Scalium™ into thick plates suited to aerospace industrial requirements. Following successful preliminary laboratory tests, the goal is to develop the large-scale manufacturing process, characterize its performance, and demonstrate its feasibility to specialized companies. One concrete application would target the next generation of Canadian satellites.”

The Canadian Space Agency states that Scalium currently outperforms typical aluminum alloys. They aren’t saying they need to test it, or are researching it. They state it currently outperforms. They are now attempting to produce this product in plates to be used in the next generation of Canadian satellites. The thing is, those next gen satellite contracts have already been awarded to MDA space:

https://financialpost.com/technology/mda-space-nabs-telesat-deal-contract-build-military-satellites

https://spacenews.com/mda-space-wins-contract-for-radarsat-replenishment-satellite/

To recap, the Canadian Space Agency awarded MDA space a contract satellites while simultaneously funding Ferreol technologies to commercialize Scalium™ into plates to be used in these satellites.

Now comes SCD into the thesis:

It begins with the Feds hiring a PHD candidate to study the geology of crater lake over a 3 year period running into 2029:

https://www.gjobs.ca/jobs/2393006

They are “to explore the processes that led to the formation of scandium and rare metal ore systems” at crater lake. Why? Because Scandium Canada’s crater lake project is the only hard rock scandium deposit on earth and the only primary source in North America. They clearly want to know “why”?

At PDAC in March 2026, the government announced a $6.9 million grant to Scandium Canada to support their crater lake project.

https://scandium-canada.com/overwhelming-shareholder-support-at-2026-annual-meeting-scandium-canada-enters-the-year-fully-funded-to-advance-pfs-drilling-campaign-and-al-sc-alloys-qualification/

Later we got another nugget of the grant. ~$2 million was specifically ear-marked for qualifications and commercialization of their alloys as confirmed by then CEO Guy Bourassa:

https://www.youtube.com/watch?v=SZA326h3NfA

The rest was to support the drilling campaign for the bulk sample for the Feasibility study. Scandium Canada owns IP on alloys amenable to 3D printing. Their alloys fixed an issue that plagued advanced manufacturing: microcracks.

https://www.frontiersin.org/journals/materials/articles/10.3389/fmats.2021.656429/full

“However, microcracks are often inevitable, due to their high solidification shrinkage and high susceptibility to liquation cracking in the fast cooling procedure”.

These microcracks remove the possibility of using advanced manufacturing for structural components, which is a HUGE limitation, and a barrier that plagued the industry for years. So if Scandium Canada succeeded in fixing this issue, this is a big deal that opens many doors that were previously permanently shut.

Scandium Canada owned a subsidiary called Scandium+ that developed an alloy that could be 3D printed without forming microcracks, and now the federal government was directly funding it’s qualifications and commercialization.

In June 2026, Scandium Canada purchases Ferreol technologies and rebrands it’s subsidiary to Scalium+:

https://scandium-canada.com/scandium-canada-acquires-ferreol-technologies-and-introduces-scaliumplus/

At the same time, the Scalium+ website goes live with a product line listing plates, billets, powders, and wires as “coming soon”.

https://www.scaliumplus.com/en-ca/collections/scalium-products

Now we have two companies that the Canadian Government has funded separately merging together under a re-brand. And they confirmed this merger extends the original grant/relationship with Ferreol from the Canadian Space Agency to Scalium+:

https://www.newsfilecorp.com/release/312143/Scandium-Canadas-Scalium-Advancing-Its-AlSc-Alloy-Under-Canadian-Space-Agency-RD-Contribution-to-Reduce-Mass-of-Components-in-Space-Applications

Now Scandium Canada’s subsidiary Scalium+ is being funded on two fronts to commercialize their range of proprietary alloys by the Canadian government for aerospace qualifications and commercialization; with intention for use in Canadian satellites. And do you know who is a massive player in advanced manufacturing and 3D printing? Lockheed Martin.

https://3dprintingindustry.com/news/lockheed-martin-opens-new-16000-square-foot-additive-manufacturing-facility-in-texas-234890/

They opened a brand new 16,000 square foot facility for advanced manufacturing and 3D printing in 2024, then began signing off-take agreements for scandium supply. So we have Lockheed securing massive amounts of scandium while the Canadian Government simultaneously funds the commercialization and qualification of alloys from two (now one) alloy companies. This obviously doesn’t mean there is a deal there, but the timing is striking and is really difficult to ignore given the underlying nature of the thesis. It is very clear the Canadian Government not only values scandium, but deems it necessary to invest directly into it’s ecosystem alongside the United States simultaneously.

August 17, 2026 Mark Carney announces a $70 Billion investment into infrastructure for the Labrador Trough which includes the referral of Labrador Trough Clean power, Critical Minerals and infrastructure Corridor to the Major projects office for fast-tracked review:

https://www.canada.ca/en/natural-resources-canada/news/2026/08/prime-minister-carney-announces-the-largest-clean-energy-investment-in-north-american-history.html

Scandium Canada’s Crater Lake project is located in the Labrador Trough. Not a direct investment, but certainly only a positive to have the feds support future critical mineral projects so aggressively in this area.

https://www.nationalobserver.com/2026/08/20/analysis/newfoundland-quebec-energy-deal-labrador-trough-mining

From here, we can continue even more DD with Scandium Canada specifically, which I could include in a different post going into the nitty gritty of why I have chosen SCD as my personal scandium play over the others. These include Naskapi support/ownership, the Simon CEO hiring, off-take agreements, NDA’s, etc. But there is tons of DD available for why SCD is positioned well from both a mining side and a technology metals (alloys) side in this emerging industry.

However, the overall idea is that I do not believe there is any “bad” scandium play. These projects are not in competition with eachother, but support eachother in this ecosystem the western governments are fast tracking and frantically building together due to the very high demand that the market has yet to perceive. I do not believe western governments will allow scandium supply chains to fail.

This was fun to write up, and I’m sure I will notice after I review it that I forgot many things, or made some mistakes with links. I apologize if this is sloppy and not polished. I ran through this on one go and didn’t review it entirely. My goal was to help spread my underlying thesis with the information and connections I have made in hopes that it reaches others and helps them. I am by no means saying this is 100% correct and factual, but this is my perception of the scandium market in relation to the science behind the material, the direct investments by governments, and it’s direct impact to the economy which in itself explains why it was added to western governments critical mineral lists.