Scandium Canada Ltd — Capital/Financing Update 2025

Jul 17, 2025

SCHEDULE 51-102F3

MATERIAL CHANGE REPORT

1. Name and Address of the Corporation

SCANDIUM CANADA LTD. (the "Corporation")
410, rue Saint-Nicolas, Suite 236
Montréal (Québec) H2Y 2P5

1. Date of Material Change

July 14, 2025

1. News Release

News releases, in French and English versions, were issued on July 15, 2025, through The Newswire and filed on SEDAR+.

1. Summary of Material Change

The Corporation Announced the Closing of a Private Placement of $334,000.

1. Full Description of Material Change

5.1 Full Description of Material Change

The Corporation announced the closing of its previously announced non-brokered private placement of $334,000 subscribed by Taasipitaakin Trust, a trust controlled by the Naskapi Nation of Kawawachikamach. The Taasipitaakin Trust has subscribed to 16,700,000 units of the Corporation (the "Units") at a price of $0.02 per Unit (the "Offering"). Each Unit consisted of one common share of the Corporation (the "Common Shares") and one Common Share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.05 per Common Share for a period of 24 months from the date of issuance thereof.

This investment was part of the strategic growth dynamic, and of the ongoing sustainable and mutually beneficial relationship with the Naskapi Nation. The investment will contribute to the ongoing development of the Crater Lake project, the only primary source of scandium currently under development in the world. The net proceeds from the Offering will be mainly used by the Corporation for general and corporate working capital purposes, with no specific use representing 10% or more of the gross proceeds. No proceeds from the Offering will be used for investor relations purposes nor any payments will be made to non-arm's length persons or to persons conducting investor relations activities. No commission or other form of compensation was paid in connection with the Offering.

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The securities issued under the Offering, including the Common Shares underlying the Warrants are subject to a hold period of four months and one day, under applicable Canadian securities laws and the concurrent TSX Venture Exchange (the “Exchange”) hold period pursuant to the policies of the Exchange. The Offering remains subject to the final approval of the Exchange.

5.2 Disclosure for Restructuring Transactions

Not applicable.

6. Reliance on subsection 7.1(2) of Regulation 51-102

Not applicable.

7. Omitted Information

Not applicable.

8. Executive Officer

For all additional information, please contact:

(s) Guy Bourassa
Mr. Guy Bourassa
Chief Executive Officer
Telephone: (418) 580-2320

9. Date of Report

July 15, 2025