LYCOPODIUM LIMITED — Capital/Financing Update 2017

May 30, 2017

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Lycopodium Limited

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ABN 83 098 556 159

Level 5, 1 Adelaide Terrace East Perth, Western Australia 6004 Australia

PO Box 6832 East Perth, Western Australia 6892 Australia T: +61 (0) 8 6210 5222 www.lycopodium.com.au

ASX RELEASE

31 May 2017

NYNGAN SCANDIUM PROJECT

Lycopodium is pleased to announce it has been awarded the EPCM contract to build Scandium International Mining Corp’s ( TSX:SCY ) Nyngan Scandium Project in New South Wales, Australia.

We are excited to continue our collaborative relationship with Scandium International, moving now from the feasibility study work into the project execution phase. Lycopodium looks forward to developing the Nyngan Scandium Project through design, construction, commissioning and ramp-up to commercial production, in accordance with project goals that have been established jointly with Scandium International.

The Nyngan Scandium project has now received its’ key environmental and mining permits required to construct the mine, as designed. Construction and development of the Project remains subject to project financing.

The award of this work provides further example of the depth and breadth of Lycopodium’s minerals processing expertise.

For further information:

Peter De Leo Managing Director Lycopodium Limited

• T: +61 8 6210 5222 F: +61 8 6210 5201

• E: limited@lycopodium.com.au

Celebrating 25 years of Engineering and Project Delivery Excellence