Scandium International Mining (SCYYF) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-54416
Entity Registrant Name	SCANDIUM INTERNATIONAL MINING CORP.
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	98-1009717
Entity Address, Address Line One	2011 Phaeton Lane
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89521
City Area Code	775
Local Phone Number	355-9500
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		355,860,813
Entity Central Index Key	0001408146
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash	$ 718,474	$ 1,021,956
Prepaid expenses and receivables	13,446	40,211
Total Current Assets	731,920	1,062,167
Reclamation bond (Note 3)	11,163	11,037
Mineral property interests (Note 3)	704,053	704,053
Total Assets	1,447,136	1,777,257
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and accrued liabilities	49,027	60,782
Total Liabilities	254,211	349,259
Shareholders’ Equity
Capital stock (Note 5) (Authorized: Unlimited number of common shares; Issued and outstanding: 355,860,813 (2023 – 355,860,813)	111,144,603	111,144,603
Treasury stock (Note 6) (1,033,333 common shares) (2023 – 1,033,333)	(1,264,194)	(1,264,194)
Additional paid in capital (Note 5)	7,306,631	7,306,631
Accumulated other comprehensive loss	(853,400)	(853,400)
Deficit	(115,140,715)	(114,905,642)
Total Shareholders’ Equity	1,192,925	1,427,998
Total Liabilities and Shareholders’ Equity	1,447,136	1,777,257
Warrant [Member]
LIABILITIES AND SHAREHOLDERS’ EQUITY
Derivative liability – warrants (Note 5)	199,991	283,373
Related Party [Member]
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable with related parties (Note 4)	5,193	5,104
Equipment [Member]
ASSETS
Mineral property interests (Note 3)	$ 704,053	$ 704,053

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common Stock, Shares, Issued (in shares)	355,860,813	355,860,813
Common Stock, Shares, Outstanding (in shares)	355,860,813	355,860,813
Treasury Stock, Common, Shares (in shares)	1,033,333	1,033,333
Treasury Stock, Common, Shares (in shares)	1,033,333	1,033,333

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ / shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
EXPENSES
Exploration (recovery)	$ 23,981	$ 30,653	$ 61,616	$ 211,779
General and administrative	18,770	27,882	64,296	74,169
Insurance	7,028	7,921	22,697	23,603
Professional fees	7,854	15,844	81,750	68,239
Salaries and benefits	32,903	52,449	98,666	183,738
Travel	0	0	398	3,737
Operating Expenses	(90,536)	(134,749)	(329,423)	(565,265)
Foreign exchange gain (loss)	8,377	32,548	36	1,952
Interest income	9,409	12,348	24,252	30,080
Unrealized loss on derivative liability – warrants gain (Note 5)	(6,870)	164,585	70,062	714,209
Income (loss) and comprehensive income (loss) for the period	$ (79,620)	$ 74,732	$ (235,073)	$ 180,976
Basic and diluted income (loss) per common share (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding – basic and diluted (in shares)	355,860,813	355,860,813	355,860,813	355,860,813

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) for the period	$ (79,620)	$ (133,772)	$ 74,732	$ (235,073)	$ 180,976
Items not affecting cash:
Amortization				0	0
Stock-based compensation				0	59,539
Accrual reversal				0	0
Unrealized loss on derivative liability – warrants	6,870		(164,585)	(70,062)	(714,209)
Unrealized gain on foreign exchange				(13,446)	(2,715)
Decrease (increase) in prepaid expenses and receivables				26,765	12,869
Decrease in accounts payable, accrued liabilities and accounts payable with related parties				(11,666)	(254,150)
Net Cash Provided by (Used in) Operating Activities				(303,482)	(717,690)
Change in cash during the period				(303,482)	(717,690)
Cash, beginning of period		1,135,020		1,021,956	1,852,710
Cash, end of period	$ 718,474	$ 1,021,956	$ 1,135,020	718,474	1,135,020
Cash paid during the 9-month period for interest				0	0
Cash paid during the 9-month period for taxes				$ 0	$ 0

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	355,860,813
Balance at Dec. 31, 2022	$ 111,144,603	$ 7,019,116	$ (1,264,194)	$ (853,400)	$ (114,952,846)	$ 1,093,279
Stock-based compensation	0	26,949	0	0	0	26,949
Income (loss) for the period	$ 0	0	0	0	236,000	236,000
Balance (in shares) at Mar. 31, 2023	355,860,813
Balance at Mar. 31, 2023	$ 111,144,603	7,046,065	(1,264,194)	(853,400)	(114,716,846)	1,356,228
Balance (in shares) at Dec. 31, 2022	355,860,813
Balance at Dec. 31, 2022	$ 111,144,603	7,019,116	(1,264,194)	(853,400)	(114,952,846)	1,093,279
Income (loss) for the period						180,976
Balance (in shares) at Sep. 30, 2023	355,860,813
Balance at Sep. 30, 2023	$ 111,144,603	7,078,655	(1,264,194)	(853,400)	(114,771,870)	1,333,794
Balance (in shares) at Mar. 31, 2023	355,860,813
Balance at Mar. 31, 2023	$ 111,144,603	7,046,065	(1,264,194)	(853,400)	(114,716,846)	1,356,228
Stock-based compensation	0	21,684	0	0	0	21,684
Income (loss) for the period	$ 0	0	0	0	(129,756)	(129,756)
Balance (in shares) at Jun. 30, 2023	355,860,813
Balance at Jun. 30, 2023	$ 111,144,603	7,067,749	(1,264,194)	(853,400)	(114,846,602)	1,248,156
Stock-based compensation		10,906	0	0	0	10,906
Income (loss) for the period	$ 0	0	0	0	74,732	74,732
Balance (in shares) at Sep. 30, 2023	355,860,813
Balance at Sep. 30, 2023	$ 111,144,603	7,078,655	(1,264,194)	(853,400)	(114,771,870)	1,333,794
Stock-based compensation		227,976	0	0	0	227,976
Income (loss) for the period	$ 0	0	0	0	(133,772)	(133,772)
Balance (in shares) at Dec. 31, 2023	355,860,813
Balance at Dec. 31, 2023	$ 111,144,603	7,306,631	(1,264,194)	(853,400)	(114,905,642)	1,427,998
Income (loss) for the period	$ 0	0	0	0	(151,196)	(151,196)
Balance (in shares) at Mar. 31, 2024	355,860,813
Balance at Mar. 31, 2024	$ 111,144,603	7,306,631	(1,264,194)	(853,400)	(115,056,838)	1,276,802
Balance (in shares) at Dec. 31, 2023	355,860,813
Balance at Dec. 31, 2023	$ 111,144,603	7,306,631	(1,264,194)	(853,400)	(114,905,642)	1,427,998
Income (loss) for the period						(235,073)
Balance (in shares) at Sep. 30, 2024	355,860,813
Balance at Sep. 30, 2024	$ 111,144,603	7,306,631	(1,264,194)	(853,400)	(115,140,715)	1,192,925
Balance (in shares) at Mar. 31, 2024	355,860,813
Balance at Mar. 31, 2024	$ 111,144,603	7,306,631	(1,264,194)	(853,400)	(115,056,838)	1,276,802
Income (loss) for the period	$ 0	0	0	0	(4,257)	(4,257)
Balance (in shares) at Jun. 30, 2024	355,860,813
Balance at Jun. 30, 2024	$ 111,144,603	7,306,631	(1,264,194)	(853,400)	(115,061,095)	1,272,545
Income (loss) for the period					(79,620)	(79,620)
Balance (in shares) at Sep. 30, 2024	355,860,813
Balance at Sep. 30, 2024	$ 111,144,603	$ 7,306,631	$ (1,264,194)	$ (853,400)	$ (115,140,715)	$ 1,192,925

Note 1 - Nature and Continuance

Note 1 - Nature and Continuance of Operations	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Nature of Operations [Text Block]	1. NATURE AND CONTINUANCE OF OPERATIONS Scandium International Mining Corp. (the “Company”) is a specialty metals and alloys company focusing on scandium and other specialty metals. The Company was incorporated under the laws of the Province of British Columbia, Canada in 2006. The Company currently trades on the Toronto Stock Exchange (TSX) under the symbol “SCY”. The Company’s focus is on the exploration and evaluation of its specialty metals assets, specifically the Nyngan scandium deposit located in New South Wales, Australia, The Company is an exploration stage company and anticipates incurring significant additional expenditures prior to production and any and all of its properties. These condensed interim consolidated financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance the Nyngan property. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing and maintaining continued support from its shareholders and creditors. These are material uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern. In the event that additional financial support is not received, or operating profits are not generated, the carrying values of the Company’s assets may be adversely affected. The political upheavals in various countries have caused significant volatility in commodity prices. While these effects are expected to be temporary, the duration of the business disruptions internationally and related financial impact cannot be reasonably estimated at this time.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. BASIS OF PRESENTATION Basis of presentation The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed interim consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. In the opinion of management, all adjustments necessary for a fair statement of the condensed interim consolidated balance sheets, results of operations and comprehensive loss and cash flows for the interim periods have been made. Certain information and footnote disclosures normally included in the condensed interim consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, and with our Annual Report on Form 10-K filed with the SEC on April 1, 2024. Operating results for the nine-month period ended September 30, 2024, may not necessarily be indicative of the results for the year ending December 31, 2024. These unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, EMC Metals USA Inc., Scandium International Mining Corp., Norway AS, SCY Exploration Finland Oy, and EMC Metals Australia Pty Ltd. (“EMC-A”). Use of estimates The preparation of unaudited condensed interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, asset impairment, stock-based compensation, derivative liabilities and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. The Company considers itself to be an exploration stage company and will consider the transition to development stage after it receives funding to begin mine construction, and board approval. Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including cash, receivables, accounts payable and accrued liabilities, and accounts payable with related parties are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The carrying value of the reclamation bond approximates its fair value as a result of the interest rate being in line with market interest rates. Derivative liabilities are recorded at fair value, and are financial liabilities classified as held-for-trading. The Company had no leases in the nine months ending September 30, 2024 and 2023. The Company’s warrants have an exercise price in Canadian dollars while the Company’s functional currency is US dollars. Therefore, in accordance with ASU 815 – Derivatives and Hedging, the warrants are presented as derivative liabilities. This liability value has no effect on the cash flow of the Company and does not represent a cash payment of any kind. The derivative liability is a result of the uncertainty associated with US dollar cash flows as a result of the underlying foreign currency fluctuations between the exercise price in Canadian dollars and the Company’s functional currency of US dollars. The following table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at September 30, 2024 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset: September 30, Quoted Prices Significant Other Significant Derivative liability - warrants $ (199,991 ) $ — $ (199,991 ) $ - Recently Adopted and Recently Issued Accounting Standards Accounting Standards Update 2023-07 – Segment Reporting (Topic 280). This update is to improve the disclosures about a public entity’s reportable segments through enhanced disclosures about significant segment expenses and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is reviewing this standard but anticipates little impact on its financial statements. Accounting Standards Update 2023-09 – Income Taxes (Topic 740). This update is to enhance the transparency and decision usefulness of income tax disclosures for fiscal years beginning after December 15, 2024. The Company is reviewing this standard to determine the impact on its financial statements.

Note 3 - Mineral Properties Int

Note 3 - Mineral Properties Interests	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Mineral Industries Disclosures [Text Block]	3. MINERAL PROPERTY INTERESTS September 30, 2024 Scandium and other Balance, September 30, 2024, December 31, 2023 $ 704,053 Title to mineral property interests involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral property interests. The Company has investigated title to all its mineral property interests and, to the best of its knowledge, title to all of its properties is in good standing. SCANDIUM PROPERTIES Nyngan, New South Wales Property The Company holds a 100% interest in the Nyngan property in New South Wales, Australia (NSW). Royalties attached to the Nyngan property include a 0.7% royalty on gross mineral sales on the property, a 1.5% Net Profits Interest royalty to private parties involved with the early exploration on the property, and a 1.7% Net Smelter Returns royalty payable for 12 years after production commences. Another revenue royalty is payable to private interests of 0.2%, subject to a $370,000 cap. A NSW minerals royalty will also be levied on the project, subject to negotiation, currently 4% on revenue. Honeybugle property, Australia The Company holds a 100% interest in the Honeybugle property. Kiviniemi Scandium Property Finland In December 2023, the Company decided not to renew an Exploration License for the Kiviniemi Scandium Property in central Finland form the Finnish regulatory body governing mineral exploration and mining in Finland. As at September 30, 2024 the Company has a reclamation bond of $11,163 (€10,000). (December 31, 2023 - $11,037 (€10,000)).

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	4. RELATED PARTY TRANSACTIONS During the 9-month period ended September 30, 2024, the Company expensed $ Nil As at September 30, 2024, the Company owed $5,193 to an officer of the Company. (December 31, 2023 - $5,104).

Note 5 - Capital Stock and Addi

Note 5 - Capital Stock and Additional Paid in Capital	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Equity [Text Block]	5. CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL The holders of common stock are entitled to one not no Common Stock Issuances During the nine months ended September 30, 2024, and the year ended December 31, 2023, there were no share issuances pursuant to private placements. Warrants A summary of warrant activity for the nine-month period ended September 30, 2024, are as follows: Number of warrants Exercise price Expiry date Outstanding December 31, 2023 37,803,218 CAD$ 0.1075 May 20 - June 14, 2027 Outstanding September 30, 2024 37,803,218 CAD$ 0.1075 May 20 - June 14, 2027 A fair value of the derivative liability of $1,781,779 was estimated on the date of the subscription using the Black-Scholes pricing model. A fair value of the derivative liability of $283,373 was estimated at December 31, 2023, using the Black-Scholes pricing mode. For the nine-month period ended September 30, 2024, there was a non-cash gain on derivative liability – warrants of $70,062 (September 30, 2023 - $714,209) and an unrealized foreign exchange gain of $3,877 (September 30, 2023 - $2,832) resulting in a fair value as at September 30, 2024 of $199,991 with the following weighted average assumptions: September 30, 2024 Issuance date Exercise price CAD$ 0.1075 CAD$ 0.1075 Stock price CAD$ 0.015 CAD$ 0.09 Expected term (in years) 2.68 5 Expected dividend yield - - Expected stock price volatility 146.19 % 85.69 % Risk-free interest rate 3.04 % 2.73 % Stock Options The Company established a stock option plan (the “Plan”) under which it is authorized to grant options to executive officers and directors, employees and consultants and the number of options granted under the Plan shall not exceed 10% of the shares outstanding. Under the Plan, the exercise period of the options may not exceed ten Stock option transactions are summarized as follows: Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2022 34,665,000 $ 0.14 Granted 11,400,000 0.035 Expired (6,050,000 ) 0.22 Outstanding, December 31, 2023 40,015,000 0.10 Expired (3,290,000 ) 0.15 Outstanding, September 30, 2024 36,725,000 $ 0.09 Number currently exercisable 36,725,000 $ 0.09 As at September 30, 2024, incentive stock options were outstanding as follows: Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 7,450,000 7,450,000 0.065 March 19, 2025 100,000 100,000 0.075 May 22, 2025 5,900,000 5,900,000 0.140 November 13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 5,700,000 5,700,000 0.085 June 24, 2027 11,400,000 11,400,000 0.035 November 14, 2028 36,725,000 36,725,000 As at September 30, 2024 the Company’s outstanding and exercisable stock options have an aggregate intrinsic value of $ Nil Nil Stock-based compensation During the 9-month period ended September 30, 2024, the Company recognized as part of salaries and benefits, stock-based compensation of $ Nil nil nil

Note 6 - Treasury Stock

Note 6 - Treasury Stock	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Treasury Stock [Text Block]	6. TREASURY STOCK Number Amount Treasury shares, September 30, 2023, and December 31 2022 1,033,333 $ 1,264,194 Treasury shares comprise shares of the Company which cannot be sold without the prior approval of the TSX.

Note 7 - Segmented Information

Note 7 - Segmented Information	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7. SEGMENTED INFORMATION The Company’s mineral properties are located in Australia. The Company’s capital assets’ geographic information is as follows: September 30, 2024 Australia United States Total Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053 December 31, 2023 Australia United States Total Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of presentation The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed interim consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. In the opinion of management, all adjustments necessary for a fair statement of the condensed interim consolidated balance sheets, results of operations and comprehensive loss and cash flows for the interim periods have been made. Certain information and footnote disclosures normally included in the condensed interim consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, and with our Annual Report on Form 10-K filed with the SEC on April 1, 2024. Operating results for the nine-month period ended September 30, 2024, may not necessarily be indicative of the results for the year ending December 31, 2024. These unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, EMC Metals USA Inc., Scandium International Mining Corp., Norway AS, SCY Exploration Finland Oy, and EMC Metals Australia Pty Ltd. (“EMC-A”).
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of unaudited condensed interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, asset impairment, stock-based compensation, derivative liabilities and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. The Company considers itself to be an exploration stage company and will consider the transition to development stage after it receives funding to begin mine construction, and board approval.
Fair Value Measurement, Policy [Policy Text Block]	Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including cash, receivables, accounts payable and accrued liabilities, and accounts payable with related parties are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The carrying value of the reclamation bond approximates its fair value as a result of the interest rate being in line with market interest rates. Derivative liabilities are recorded at fair value, and are financial liabilities classified as held-for-trading. The Company had no leases in the nine months ending September 30, 2024 and 2023. The Company’s warrants have an exercise price in Canadian dollars while the Company’s functional currency is US dollars. Therefore, in accordance with ASU 815 – Derivatives and Hedging, the warrants are presented as derivative liabilities. This liability value has no effect on the cash flow of the Company and does not represent a cash payment of any kind. The derivative liability is a result of the uncertainty associated with US dollar cash flows as a result of the underlying foreign currency fluctuations between the exercise price in Canadian dollars and the Company’s functional currency of US dollars. The following table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at September 30, 2024 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset: September 30, Quoted Prices Significant Other Significant Derivative liability - warrants $ (199,991 ) $ — $ (199,991 ) $ -
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted and Recently Issued Accounting Standards Accounting Standards Update 2023-07 – Segment Reporting (Topic 280). This update is to improve the disclosures about a public entity’s reportable segments through enhanced disclosures about significant segment expenses and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is reviewing this standard but anticipates little impact on its financial statements. Accounting Standards Update 2023-09 – Income Taxes (Topic 740). This update is to enhance the transparency and decision usefulness of income tax disclosures for fiscal years beginning after December 15, 2024. The Company is reviewing this standard to determine the impact on its financial statements.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	September 30, Quoted Prices Significant Other Significant Derivative liability - warrants $ (199,991 ) $ — $ (199,991 ) $ -

Note 3 - Mineral Properties I_2

Note 3 - Mineral Properties Interests (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Mineral Interests [Table Text Block]	September 30, 2024 Scandium and other Balance, September 30, 2024, December 31, 2023 $ 704,053

Note 5 - Capital Stock and Ad_2

Note 5 - Capital Stock and Additional Paid in Capital (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Number of warrants Exercise price Expiry date Outstanding December 31, 2023 37,803,218 CAD$ 0.1075 May 20 - June 14, 2027 Outstanding September 30, 2024 37,803,218 CAD$ 0.1075 May 20 - June 14, 2027
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2022 34,665,000 $ 0.14 Granted 11,400,000 0.035 Expired (6,050,000 ) 0.22 Outstanding, December 31, 2023 40,015,000 0.10 Expired (3,290,000 ) 0.15 Outstanding, September 30, 2024 36,725,000 $ 0.09 Number currently exercisable 36,725,000 $ 0.09
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]	Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 7,450,000 7,450,000 0.065 March 19, 2025 100,000 100,000 0.075 May 22, 2025 5,900,000 5,900,000 0.140 November 13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 5,700,000 5,700,000 0.085 June 24, 2027 11,400,000 11,400,000 0.035 November 14, 2028 36,725,000 36,725,000
Derivative Financial Instruments, Liabilities [Member]
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	September 30, 2024 Issuance date Exercise price CAD$ 0.1075 CAD$ 0.1075 Stock price CAD$ 0.015 CAD$ 0.09 Expected term (in years) 2.68 5 Expected dividend yield - - Expected stock price volatility 146.19 % 85.69 % Risk-free interest rate 3.04 % 2.73 %

Note 6 - Treasury Stock (Tables

Note 6 - Treasury Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Class of Treasury Stock [Table Text Block]	Number Amount Treasury shares, September 30, 2023, and December 31 2022 1,033,333 $ 1,264,194

Note 7 - Segmented Information

Note 7 - Segmented Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Long-Lived Assets by Geographic Areas [Table Text Block]	September 30, 2024 Australia United States Total Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053 December 31, 2023 Australia United States Total Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053

Note 2 - Basis of Presentatio_2

Note 2 - Basis of Presentation - Fair Value Measurement inputs and valuation techniques (Details) - Warrant [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2022
Derivative liability - warrants	$ 199,991	$ 283,373	$ 1,781,779
Fair Value, Recurring [Member]
Derivative liability - warrants	(199,991)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative liability - warrants	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative liability - warrants	(199,991)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative liability - warrants	$ 0

Note 3 - Mineral Properties I_3

Note 3 - Mineral Properties Interests (Details Textual)	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Regulatory Asset, Noncurrent	$ 11,163		$ 11,037
Nyngan Property [Member]
Royalty Percentage on Gross Mineral Sales	0.70%
Net Profits Interest Royalty Percentage	1.50%
Net Smelter Returns Royalty Percentage	1.70%
Revenue Royalty, Payable to Private Interest, Percentage	0.20%
Revenue Royalty, Payable to Private Interest, Cap	$ 370,000
Nsw Minerals Royalty, Percentage	4%
Nyngan Property [Member] | Scandium Properties [Member]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100%
Honeybugle Property [Member] | Scandium Properties [Member]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100%
Kiviniemi Scandium Property [Member] | Reclamation Bond [Member]
Regulatory Asset, Noncurrent	$ 11,163	€ 10,000	$ 11,037	€ 10,000

Note 3 - Mineral Property Inter

Note 3 - Mineral Property Interest - Schedule of Mineral Interest (Details)	Sep. 30, 2024 USD ($)
Balance, June 30, 2024, December 31, 2023	$ 704,053

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Expense	$ 0	$ 59,539
Officer [Member]
Other Liabilities	5,193		$ 5,104
Share-Based Payment Arrangement, Option [Member] | Director [Member]
Share-Based Payment Arrangement, Expense	$ 0	$ 54,317

Note 5 - Capital Stock and Ad_3

Note 5 - Capital Stock and Additional Paid in Capital (Details Textual) shares in Thousands, $ / shares in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)
Common Stock, Votes Per Share	1
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares	$ 0
Common Stock, No Par Value (in dollars per share) | $ / shares	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value	$ 0		$ 0
Share-Based Payment Arrangement, Expense	$ 0	$ 59,539
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares	0	0
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period	10 years
Warrant [Member]
Derivative Liability	$ 199,991		$ 283,373	$ 1,781,779
Derivative, Gain on Derivative	70,062	$ 714,209
Unrealized Foreign Currency Transaction Gain Losses Unrealized	$ 3,877	$ 2,832

ote 5 - Capital Stock and Addit

ote 5 - Capital Stock and Additional Paid in Capital - Summary of Warrants (Details) - Purchase Warrants [Member] - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Class of Warrant or Right, Outstanding (in shares)	37,803,218	37,803,218
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.1075	$ 0.1075

Note 5 - Capital Stock and Ad_4

Note 5 - Capital Stock and Additional Paid in Capital - Schedule of Derivative Liabilities at Fair Value (Details)	Sep. 30, 2024	Dec. 31, 2022
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.1075	0.1075
Warrants and Rights Outstanding, Measurement Input	0.1075	0.1075
Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.015	0.09
Warrants and Rights Outstanding, Measurement Input	0.015	0.09
Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	2.68	5
Warrants and Rights Outstanding, Measurement Input	2.68	5
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0	0
Warrants and Rights Outstanding, Measurement Input	0	0
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	146.19	85.69
Warrants and Rights Outstanding, Measurement Input	146.19	85.69
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	3.04	2.73
Warrants and Rights Outstanding, Measurement Input	3.04	2.73

Note 5 - Capital Stock and Ad_5

Note 5 - Capital Stock and Additional Paid in Capital - Schedule of Stock Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Outstanding (in shares)	40,015,000	34,665,000
Outstanding, weighted average exercise price (in dollars per share)	$ 0.1	$ 0.14
Granted (in shares)		11,400,000
Granted, weighted average exercise price (in dollars per share)		$ 0.035
Expired (in shares)	(3,290,000)	(6,050,000)
Expired, weighted average exercise price (in dollars per share)	$ 0.15	$ 0.22
Outstanding (in shares)	36,725,000	40,015,000
Outstanding, weighted average exercise price (in dollars per share)	$ 0.09	$ 0.1
Number currently exercisable (in shares)	36,725,000
Number currently exercisable, weighted average exercise price (in dollars per share)	$ 0.09

Note 5 - Capital Stock and Ad_6

Note 5 - Capital Stock and Additional Paid in Capital - Schedule of Stock Options Outstanding (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options Outstanding (in shares)	36,725,000	40,015,000	34,665,000
Number of Options Exercisable (in shares)	36,725,000
Exercise Price (in dollars per share)	$ 0.09	$ 0.1	$ 0.14
Options Expiring March 19, 2025 [Member]
Number of Options Outstanding (in shares)	7,450,000
Number of Options Exercisable (in shares)	7,450,000
Exercise Price (in dollars per share)	$ 0.065
Expiry Date	Mar. 19, 2025
Options Expiring May 22, 2025 [Member]
Number of Options Outstanding (in shares)	100,000
Number of Options Exercisable (in shares)	100,000
Exercise Price (in dollars per share)	$ 0.075
Expiry Date	May 22, 2025
Options Expiring November 13, 2025 [Member]
Number of Options Outstanding (in shares)	5,900,000
Number of Options Exercisable (in shares)	5,900,000
Exercise Price (in dollars per share)	$ 0.14
Expiry Date	Nov. 13, 2025
Options Expiring May 23, 2026 [Member]
Number of Options Outstanding (in shares)	6,175,000
Number of Options Exercisable (in shares)	6,175,000
Exercise Price (in dollars per share)	$ 0.18
Expiry Date	May 23, 2026
Options Expiring June 24, 2027 [Member]
Number of Options Outstanding (in shares)	5,700,000
Number of Options Exercisable (in shares)	5,700,000
Exercise Price (in dollars per share)	$ 0.085
Expiry Date	Jun. 24, 2027
Options Expiring November 14 2028 [Member]
Number of Options Outstanding (in shares)	11,400,000
Number of Options Exercisable (in shares)	11,400,000
Exercise Price (in dollars per share)	$ 0.035
Expiry Date	Nov. 14, 2028

Note 6 - Treasury Stock - Sched

Note 6 - Treasury Stock - Schedule of Treasury Stock (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Treasury Stock, Common, Shares (in shares)	1,033,333	1,033,333
Treasury Value	$ 1,264,194	$ 1,264,194

Note 7 - Segmented Informatio_2

Note 7 - Segmented Information - Capital Assets by Geographic Area (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Mineral property interests	$ 704,053	$ 704,053
Property, Plant and Equipment, Net, Including Mineral Rights, Total	704,053	704,053
AUSTRALIA
Mineral property interests	704,053	704,053
Property, Plant and Equipment, Net, Including Mineral Rights, Total	704,053	704,053
UNITED STATES
Mineral property interests	0	0
Property, Plant and Equipment, Net, Including Mineral Rights, Total	$ 0	$ 0