false 0001408146 0001408146 2024-01-09 2024-01-09
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 9, 2024
 
SCANDIUM INTERNATIONAL MINING CORP.
(Exact name of registrant as specified in its charter)
 
000-54416
(Commission File Number)
 
British Columbia, Canada   98-1009717
(State or other jurisdiction   (IRS Employer
of incorporation or organization)   Identification No.)
 
1390 Ione Pass Trail, Reno, Nevada, 89523
(Address of principal executive offices) (Zip Code)
 
(775) 355-9500
 
Issuer’s telephone number
 
  N/A  
  (Former name or former address, if changed since last report)  
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act: None
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 7.01
Regulation FD Disclosure.
 
On January 9, 2024, Scandium International Mining Corp. issued a press release entitled “Scandium International Mining Provides Update to Shareholders”.
 
A copy of the press release is attached to this report as Exhibit 99.1 and incorporated herein by reference.
 
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including the exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01
Financial Statements and Exhibits.
 
The following Exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.
 
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
Scandium International Mining Corp.
Date:
 January 9, 2024
  
(Registrant)
       
     
image01.jpg
     
Harry de Jonge, Comptroller
 
 

Exhibit 99.1

 image02.jpg

NEWS RELEASE

TSX: SCY

January 9, 2024

NR 24-01

www.scandiummining.com

 

 

SCANDIUM INTERNATIONAL MINING PROVIDES UPDATE TO SHAREHOLDERS

 

Reno, Nevada, January 9, 2024 - Scandium International Mining Corp. (TSX:SCY) (“Scandium International” or the “Company”) provides the following update to shareholders.

 

Dear fellow shareholders,

 

We wanted to update you regarding what is happening at Scandium International Mining Corp. and more specifically, our Nyngan Scandium project in NSW Australia.

 

 

 

1.

Nyngan Scandium Project: We have continued to advance the project which has a 25-year mining license:

 

 

a.

In October 2023, we announced a critical step in the timeline as we broke ground at the site, marking the physical development of the site following the results of the 2023 drilling program.
 

b.

We are completing surveys, undertaking soil management including the establishment of water exclusion embankments and stripping of topsoil, and placing temporary office quarters at the site for future development activities.
 

c.

The FID (final investment decision) is dependent upon customer contracts and strategic partnerships which remain under discussion.
 

d.

Given our ability to produce 38 tons annually under our mining license, we believe the Nyngan deposit is the most advanced Scandium project and will be one of the first projects to be developed when the market demand for Scandium becomes more mature.

 

 

2.

Scandium market development: We are increasingly convinced of the potential applications and market for Scandium. Customer enquiry and published research on new applications for Scandium beyond Scandium Aluminum alloys, including some solid-state batteries and some solid electrolyte fuel cells is encouraging. The entrance of Rio Tinto into Scandium production gives greater validation to market development. While the adoption of Scandium into commercial application has been slower than expected, momentum is growing.

 

 
 

 

 

3.

Dependable supply outside of China and Russia: One of the important factors for greater market adoption of Scandium has been its availability which, like many rare metals, is dependent currently on China and Russia. Customers are rightly concerned about whether China will restrict rare earth and metal exports and so are hesitant to commit to a line of production without a secure supply outside of those countries. The governments of the United States, Canada, Australia, and Europe have recognized this by putting Scandium on their critical metals list which should ultimately help us go into production.

 

 

4.

Stock price: All of us are unhappy and disappointed with the status of our share price. Management retains a 22% shareholding and has not sold a single share. While the decline has been coincident with a significant weakness in the Canadian junior mining sector, it is nevertheless frustrating. Our strategic story is a good one and we will endeavor to make it more widely known.

 

 

5.

No need to raise equity: Our company remains debt-free following the Q2 2022 equity raise. We continue to minimize our cash burn which includes the CEO and CFO and board members not receiving cash compensation. We estimate our existing cash balance enables us to continue our current level of activities for at least the next three years without the need to raise new capital.

 

 

6.

The future: Our company has been on the Scandium journey for over a decade, and we want to reassure you that the Nyngan Scandium project is ready to go into production as the market develops.

 

 

Sincerely,

 

Peter Evensen Chief Executive Officer and

Chris Evensen, Chief Financial Officer

 

Qualified Person Statement

Mr. John Thompson, BE, FAusIMM and Vice President – Project Development, and a “Qualified Person” as defined in NI 43-101, has verified the data, by checking assay data against assay lab certificates, and has approved the technical information in this news release.

 

For inquiries to Scandium International Mining Corp, please contact: 

 

Peter Evensen (CEO)
Tel: (775) 355-9500

 

Harry de Jonge (Comptroller)
Tel: (702) 703-0178

 

 
 

 

Email: ir@scandiummining.com

 

This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include but are not limited to statements regarding the Offering, the use of proceeds, and closing of the final tranche of the Offering. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

 

 
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Document And Entity Information
Jan. 09, 2024
Document Information [Line Items]  
Entity, Registrant Name SCANDIUM INTERNATIONAL MINING CORP.
Document, Type 8-K
Document, Period End Date Jan. 09, 2024
Entity, File Number 000-54416
Entity, Incorporation, State or Country Code A1
Entity, Tax Identification Number 98-1009717
Entity, Address, Address Line One 1390 Ione Pass Trail
Entity, Address, City or Town Reno
Entity, Address, State or Province NV
Entity, Address, Postal Zip Code 89523
City Area Code 775
Local Phone Number 355-9500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001408146
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