An excerpt from the June 28, 2024 Stockwatch article Diamond & Specialty Minerals Summary for June 28, 2024
2024-06-28 17:49 ET - Market Summary
by Will Purcell
Guy Bourassa's Scandium Canada Inc. (SCD) closed unchanged at three cents on 291,000 shares. The company has capped a busy 48 hours in which it churned out several news releases, cheering that it has sold 10 million shares at five cents per share. The $500,000 is a first tranche of what one hopes will be a significantly larger private placement in support of drilling at the company's Crater Lake scandium and rare earth project in Quebec. In addition to the placement, Scandium Canada is also seeking up to $3-million through a rights offering. That cash, the company says, is for metallurgical work, environmental studies and market development work, along with administrative expenses.
Crater Lake hosts 11.8 million tonnes indicated at 276 grams of scandium oxide per tonne, along with about 600 grams per tonne of neodymium oxide, a similar grade of lanthanum oxide and lesser amounts of other rare earth oxides. Another 15.9 million tonnes are inferred at comparable grades. A two-year-old dream sheet proposed a mine with a modest scale, 2,350 tonnes per day, and a hefty cost, about $871-million, but with a promotable rate of return.
https://www.stockwatch.com/News/Item?bid=Z-C:*MKTDIAM-3571739&symbol=*MKTDIAM®ion=C
Good luck to All!