Scandium International Mining (SCYYF) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 05, 2021
Cover [Abstract]
Entity Registrant Name	SCANDIUM INTERNATIONAL MINING CORP.
Entity Central Index Key	0001408146
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		316,272,595
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Document Transition Report	false
Entity File Number	000-54416
Entity Incorporation State Country Code	Z4
Entity Address Address Line 1	1430 Greg Street
Entity Address Address Line 2	Suite 501
Entity Address City Or Town	Sparks
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89431
City Area Code	775
Local Phone Number	355-9500
Entity Tax Identification Number	98-1009717

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current
Cash	$ 64,301	$ 170,284
Prepaid expenses and receivables	18,269	42,430
Total Current Assets	82,570	212,714
Reclamation bond (Note 4)	11,444	11,444
Equipment (Note 3)	3,351	4,660
Mineral property interests (Note 4)	704,053	704,053
Total Assets	801,418	932,871
Current
Accounts payable and accrued liabilities	494,788	451,932
Accounts payable with related parties (Note 5)	1,042,619	702,456
Total Liabilities	1,537,407	1,154,388
Shareholders' Deficiency
Capital stock (Note 6) (Authorized: Unlimited number of common shares; Issued and outstanding: 316,272,595 (2020 - 314,032,595)	110,033,074	109,627,071
Treasury stock (Note 7) (1,033,333 common shares) (2020 - 1,033,333)	(1,264,194)	(1,264,194)
Additional paid in capital (Note 6)	6,936,862	6,505,416
Accumulated other comprehensive loss	(853,400)	(853,400)
Deficit	(115,588,331)	(114,236,410)
Total Shareholders' Deficiency	(735,989)	(221,517)
Total Liabilities and Shareholders' Deficiency	$ 801,418	$ 932,871

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, issued	316,272,595	314,032,595
Common stock, outstanding	316,272,595	314,032,595
Treasury stock	1,033,333	1,033,333

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
EXPENSES
Amortization (Note 3)	$ 419	$ 576	$ 1,309	$ 1,730
Consulting (Note 5)	45,500	40,499	105,122	103,064
Exploration	33,458	19,694	55,873	48,875
General and administrative (Note 9)	90,683	70,036	181,740	227,877
Insurance	9,491	8,048	27,778	24,321
Professional fees	5,185	7,235	53,194	44,095
Salaries and benefits	116,112	116,139	350,287	344,549
Stock-based compensation (Notes 5 & 6)	0	0	610,385	258,376
Loss from operation	(300,848)	(262,227)	(1,385,688)	(1,052,887)
Foreign exchange gain (loss)	22,144	(2,830)	33,767	(11,077)
Sale of royalty (Note 10)	0	0	0	382,430
Loss and comprehensive loss for the period	$ (278,704)	$ (265,057)	$ (1,351,921)	$ (681,534)
Basic and diluted loss per common share	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	316,272,595	312,482,595	316,075,086	312,482,595

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period	$ (706,410)	$ (1,351,921)	$ (681,534)
Items not affecting cash:
Amortization		1,309	1,730
Stock-based compensation		610,385	258,376
Changes in non-cash working capital items:
Decrease in prepaid expenses and receivables		24,161	30,811
Increase in accounts payable, accrued liabilities and accounts payable with related parties		383,019	420,874
Net cash provided by (used in) operating activies		(333,047)	30,257
CASH FLOWS FROM FINANCING ACTIVITIES
Options exercised for common shares		227,064	0
Net cash provided by (used in) Financing activies		227,064	0
Change in cash during the period		(105,983)	30,257
Cash, beginning of period	145,825	170,284	115,568
Cash, end of period	$ 170,284	64,301	145,825
Cash paid during the 9-month period for interest		0	0
Cash paid during the 9-month period for taxes		$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (DEFICIENCY) (Unaudited) - USD ($)	Total	Common Stock	Additional Paid In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Deficit
Balance, shares at Dec. 31, 2019		312,482,595
Balance, amount at Dec. 31, 2019	$ 345,571	$ 109,375,661	$ 5,936,074	$ (1,264,194)	$ (853,400)	$ (112,848,570)
Stock-based compensation	254,760	0	254,760	0	0	0
Loss for the three months	(146,014)	$ 0	0	0	0	(146,014)
Balance, shares at Mar. 31, 2020		312,482,595
Balance, amount at Mar. 31, 2020	454,371	$ 109,375,661	6,190,834	(1,264,194)	(853,400)	(112,994,584)
Balance, shares at Dec. 31, 2019		312,482,595
Balance, amount at Dec. 31, 2019	345,571	$ 109,375,661	5,936,074	(1,264,194)	(853,400)	(112,848,570)
Loss for the three months	(681,534)
Balance, shares at Sep. 30, 2020		312,482,595
Balance, amount at Sep. 30, 2020	(77,587)	$ 109,375,661	6,194,450	(1,264,194)	(853,400)	(113,530,104)
Balance, shares at Mar. 31, 2020		312,482,595
Balance, amount at Mar. 31, 2020	454,371	$ 109,375,661	6,190,834	(1,264,194)	(853,400)	(112,994,584)
Stock-based compensation	3,616	0	3,616	0	0	0
Loss for the three months	(270,463)	$ 0	0	0	0	(270,463)
Balance, shares at Jun. 30, 2020		312,482,595
Balance, amount at Jun. 30, 2020	187,470	$ 109,375,661	6,194,450	(1,264,194)	(853,400)	(113,265,047)
Loss for the three months	(265,057)	$ 0	0	0	0	(265,057)
Balance, shares at Sep. 30, 2020		312,482,595
Balance, amount at Sep. 30, 2020	(77,587)	$ 109,375,661	6,194,450	(1,264,194)	(853,400)	(113,530,104)
Stock-based compensation	425,679	0	425,679	0	0	0
Loss for the three months	(706,410)	$ 0	0	0	0	(706,410)
Options exercised, shares		1,550,000
Options exercised, amount	136,697	$ 251,410	(114,713)	0	0	0
Balance, shares at Dec. 31, 2020		314,032,595
Balance, amount at Dec. 31, 2020	(221,517)	$ 109,627,071	6,505,416	(1,264,194)	(853,400)	(114,236,410)
Loss for the three months	(312,137)	$ 0	0	0	0	(312,137)
Options exercised, shares		2,240,000
Options exercised, amount	227,064	$ 406,003	(178,939)	0	0	0
Balance, shares at Mar. 31, 2021		316,272,595
Balance, amount at Mar. 31, 2021	(306,590)	$ 110,033,074	6,326,477	(1,264,194)	(853,400)	(114,548,547)
Balance, shares at Dec. 31, 2020		314,032,595
Balance, amount at Dec. 31, 2020	(221,517)	$ 109,627,071	6,505,416	(1,264,194)	(853,400)	(114,236,410)
Loss for the three months	(1,351,921)
Balance, shares at Sep. 30, 2021		316,272,595
Balance, amount at Sep. 30, 2021	(735,989)	$ 110,033,074	6,936,862	(1,264,194)	(853,400)	(115,588,331)
Balance, shares at Mar. 31, 2021		316,272,595
Balance, amount at Mar. 31, 2021	(306,590)	$ 110,033,074	6,326,477	(1,264,194)	(853,400)	(114,548,547)
Stock-based compensation	610,385	0	610,385	0	0	0
Loss for the three months	(761,080)	$ 0	0	0	0	(761,080)
Balance, shares at Jun. 30, 2021		316,272,595
Balance, amount at Jun. 30, 2021	(457,285)	$ 110,033,074	6,936,862	(1,264,194)	(853,400)	(115,309,627)
Loss for the three months	(278,704)	$ 0	0	0	0	(278,704)
Balance, shares at Sep. 30, 2021		316,272,595
Balance, amount at Sep. 30, 2021	$ (735,989)	$ 110,033,074	$ 6,936,862	$ (1,264,194)	$ (853,400)	$ (115,588,331)

NATURE AND CONTINUANCE OF OPERA

NATURE AND CONTINUANCE OF OPERATIONS	9 Months Ended
	Sep. 30, 2021
NATURE AND CONTINUANCE OF OPERATIONS
1. NATURE AND CONTINUANCE OF OPERATIONS	1. NATURE AND CONTINUANCE OF OPERATIONS Scandium International is a specialty metals company focused on the evaluation and potential development of projects into producing assets. The Company pursues project opportunities from both known geologic resources and existing mine process solutions when it identifies further recovery potential. The Company is an exploration stage company and anticipates incurring significant additional expenditures prior to production at any and all of its properties. 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 under the symbol “SCY”. These condensed 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. In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
BASIS OF PRESENTATION
2. BASIS OF PRESENTATION	2. BASIS OF PRESENTATION Basis of presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed 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 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 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 interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020, and with our Annual Report on Form 10-K filed with the SEC on February 28, 2021. Operating results for the nine-month period ended September 30, 2021, may not necessarily be indicative of the results for the year ending December 31, 2021. These unaudited interim condensed 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 interim condensed 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 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 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 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 Company has no leases with a term of greater than 12 months. Short term lease expenses totaled $22,445 during the nine months ended September 30, 2021, and $22,149 during the nine months ended September 30, 2020. The following table presents information about the assets that are measured at fair value on a recurring basis as at September 30, 2021 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, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 64,301 $ 64,301 $ - $ - Total $ 64,301 $ 64,301 $ - $ - Recently Adopted and Recently Issued Accounting Standards Accounting Standards Update 2021-04 - Earnings Per Share (Topic 260), Debt Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40). This update is to provide clarity around earnings per share calculations and is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is reviewing this standard but expects little or no impact on its financial statements. Accounting Standards Update 2019-12 – Income Taxes (Topic 740), The Financial Accounting Standards Board (“Board”) is issuing this Update as part of its initiative to reduce complexity in accounting standards. This standard is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. The Company has implemented this standard for 2021, with little or no impact on its financial statements. Accounting Standards Update 2019-01 – Leases (Topic 842), Codification Improvements - Issue 3 Transition Disclosures Related to Topic 250, Accounting Changes and Error Corrections. The amendments in this Update clarify the Board’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The Company has implemented this standard for 2021, with little or no impact on its financial statements.

EQUIPMENT

EQUIPMENT	9 Months Ended
	Sep. 30, 2021
EQUIPMENT
3. EQUIPMENT	3. EQUIPMENT December 31, 2020, Net Book Value Additions (disposals) (write-offs) Amortization September 30, 2021, Net Book Value Computer equipment $ 4,660 $ - $ (1,309 ) $ 3,351 December 31, 2019, Net Book Value Additions (disposals) (write-offs) Amortization September 30, 2020, Net Book Value Computer equipment $ 6,967 $ - $ (1,730 ) $ 5,237

MINERAL PROPERTY INTERESTS

MINERAL PROPERTY INTERESTS	9 Months Ended
	Sep. 30, 2021
MINERAL PROPERTY INTERESTS
4. MINERAL PROPERTY INTERESTS	4. MINERAL PROPERTY INTERESTS September 30, 2021 Scandium and other Balance, September 30, 2020, December 31, 2020 $ 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). A definitive feasibility study was completed on the property in 2016. In April 2019, the Company received notice from the New South Wales Department of Planning and Environment (the “Department”) that, due to a procedural issue within the Department, the Company’s Mine Lease Grant (“ML 1763”) pertaining to the Nyngan Scandium Project, previously issued by the Department, is invalid. On September 10, 2020, the Company announced receipt of a Final Determination letter from the Deputy Secretary, Mining, Exploration and Geoscience resolving the outstanding objection filed by the landowner in 2016. This Final Determination will allow all measured and indicated resources included in the Nyngan Scandium Project Definitive Feasibility Study (“DFS”) to be reinstated in a Mining Lease grant. In May 2019, the Company filed a new mine lease application with the Department, related to the Nyngan Scandium Project to compensate for the procedural issue. On July 24, 2019, the Company announced that a new mine lease (“ML 1792”) had been granted. 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 August 2018, the Company was granted an Exploration License for the Kiviniemi Scandium Property in central Finland from the Finnish regulatory body governing mineral exploration and mining in Finland. During fiscal 2018, a reclamation bond of $11,444 (€10,000) was placed.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
RELATED PARTY TRANSACTIONS
5. RELATED PARTY TRANSACTIONS	5. RELATED PARTY TRANSACTIONS During the 9-month period ended September 30, 2021, the Company expensed $441,277 for stock-based compensation for stock options issued to Company directors. During the 9-month period ended September 30, 2020, the Company expensed $196,551 for stock-based compensation for stock options issued to Company directors. During the 9-month period ended September 30, 2021, the Company expensed a consulting fee of $76,500 to one of its directors. During the 9-month period ended September 30, 2020, the Company expensed a consulting fee of $76,500 to one of its directors. The expensed consulting fees in both years were accrued and remain unpaid. As at September 30, 2021, the Company owed $1,042,619 to various directors and officers of the Company. (December 31, 2020 - $702,456)

CAPITAL STOCK AND ADDITIONAL PA

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL	9 Months Ended
	Sep. 30, 2021
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL
6. CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL	6. CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL 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 15% of the shares outstanding. Under the Plan, the exercise period of the options may not exceed ten years from the date of grant and vesting is determined by the Board of Directors. Stock option transactions are summarized as follows: Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2019 34,610,000 $ 0.19 Granted 14,425,000 0.10 Exercised (1,550,000 ) 0.12 Expired (12,385,000 ) 0.14 Outstanding, December 31, 2020 35,100,000 0.17 Granted 6,175,000 0.18 Exercised (2,240,000 ) 0.13 Expired (3,535,000 ) 0.16 Outstanding, September 30, 2021 35,500,000 $ 0.18 Number currently exercisable 35,500,000 $ 0.18 As at September 30, 2021, incentive stock options were outstanding as follows: Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 4,400,000 4,400,000 0.370 February 21, 2022 250,000 250,000 0.300 October 6, 2022 5,700,000 5,700,000 0.225 January 19, 2023 350,000 350,000 0.185 August 30, 2023 4,625,000 4,625,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,950,000 7,950,000 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 3, 2026 35,500,000 35,500,000 As at September 30, 2021 the Company’s outstanding and exercisable stock options have an aggregate intrinsic value of $731,217 (December 31, 2020 - $1,891,329). Stock-based compensation During the 9-month period ended September 30, 2021, the Company recognized stock-based compensation of $610,385 (September 30, 2020 - $258,376) in the statement of operations and comprehensive loss. There were 6,175,000 stock options granted during the 9-month period ended September 30, 2021 (September 30, 2020 – 8,525,000). The weighted average fair value of the options granted in the 9-month period was C$0.12 (September 30, 2020 – C$0.65). The fair value of all compensatory options granted is estimated on grant date using the Black-Scholes option pricing model. The weighted average assumptions used in calculating the fair values of stock options granted in the 9-month period ended September 30 are as follows: 2021 2020 Risk-free interest rate 0.32 % 1.31 % Expected life 5 years 5 years Volatility 87.19 % 86.26 % Forfeiture rate N/A N/A Dividend rate N/A N/A

TREASURY STOCK

TREASURY STOCK	9 Months Ended
	Sep. 30, 2021
TREASURY STOCK
7. TREASURY STOCK	7. TREASURY STOCK Number Amount Treasury shares, September 30, 2021, and December 31 2020 1,033,333 $ 1,264,194 Treasury shares comprise shares of the Company which cannot be sold without the prior approval of the TSX.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	9 Months Ended
	Sep. 30, 2021
SEGMENTED INFORMATION
8. SEGMENTED INFORMATION	8. SEGMENTED INFORMATION The Company’s mineral properties are located in Australia. The Company’s capital assets’ geographic information is as follows: September 30, 2021 Australia United States Total Equipment $ - $ 3,351 $ 3,351 Mineral property interests 704,053 - 704,053 $ 704,053 $ 3,351 $ 707,404 December 31, 2020 Australia United States Total Equipment $ - $ 4,660 $ 4,660 Mineral property interests 704,053 - 704,053 $ 704,053 $ 4,660 $ 708,713

SALE OF ROYALTY

SALE OF ROYALTY	9 Months Ended
	Sep. 30, 2021
SALE OF ROYALTY
9. SALE OF ROYALTY	9. SALE OF ROYALTY On January 16, 2020, the Company received net proceeds of $382,430 (C$500,000) from completion of a royalty buyback agreement. The Company’s royalty interest was related to the Windfall Lake gold property in Quebec, Canada, and was carried at zero value on the balance sheet.

NEVADA GOLD MINES LETTER OF INT

NEVADA GOLD MINES LETTER OF INTENT ("LOI")	9 Months Ended
	Sep. 30, 2021
NEVADA GOLD MINES LETTER OF INTENT ("LOI")
10. NEVADA GOLD MINES LETTER OF INTENT ("LOI")	10. NEVADA GOLD MINES LETTER OF INTENT (“LOI”) On June 25, 2021, the Company entered into a Letter of Intent (“LOI”) with Nevada Gold Mines (“NGM”) to initiate a joint technical and economic feasibility program at NGM’s Phoenix Mine, near Battle Mountain, Nevada. The purpose of this joint development program is to confirm the economic and technical viability of a critical metals recovery (“CMR”) project at the mine site. The total development program is budgeted at $2.7 million, with the first stage budget being $500,000. NGM and the Company will each pay 50% of the budgeted cost. The LOI may be terminated with no firm obligation for the Company.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2021
NATURE AND CONTINUANCE OF OPERATIONS
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed 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 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 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 interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020, and with our Annual Report on Form 10-K filed with the SEC on February 28, 2021. Operating results for the nine-month period ended September 30, 2021, may not necessarily be indicative of the results for the year ending December 31, 2021. These unaudited interim condensed 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 interim condensed 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 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 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 Company has no leases with a term of greater than 12 months. Short term lease expenses totaled $22,445 during the nine months ended September 30, 2021, and $22,149 during the nine months ended September 30, 2020. The following table presents information about the assets that are measured at fair value on a recurring basis as at September 30, 2021 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, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 64,301 $ 64,301 $ - $ - Total $ 64,301 $ 64,301 $ - $ -
Recently Adopted and Recently Issued Accounting Standards	Accounting Standards Update 2021-04 - Earnings Per Share (Topic 260), Debt Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40). This update is to provide clarity around earnings per share calculations and is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is reviewing this standard but expects little or no impact on its financial statements. Accounting Standards Update 2019-12 – Income Taxes (Topic 740), The Financial Accounting Standards Board (“Board”) is issuing this Update as part of its initiative to reduce complexity in accounting standards. This standard is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. The Company has implemented this standard for 2021, with little or no impact on its financial statements. Accounting Standards Update 2019-01 – Leases (Topic 842), Codification Improvements - Issue 3 Transition Disclosures Related to Topic 250, Accounting Changes and Error Corrections. The amendments in this Update clarify the Board’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The Company has implemented this standard for 2021, with little or no impact on its financial statements.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 30, 2021
NATURE AND CONTINUANCE OF OPERATIONS
Schedule of fair value, by balance sheet grouping	September 30, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 64,301 $ 64,301 $ - $ - Total $ 64,301 $ 64,301 $ - $ -

EQUIPMENT (Tables)

EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2021
EQUIPMENT
Schedule of property, plant and equipment	December 31, 2020, Net Book Value Additions (disposals) (write-offs) Amortization September 30, 2021, Net Book Value Computer equipment $ 4,660 $ - $ (1,309 ) $ 3,351 December 31, 2019, Net Book Value Additions (disposals) (write-offs) Amortization September 30, 2020, Net Book Value Computer equipment $ 6,967 $ - $ (1,730 ) $ 5,237

MINERAL PROPERTY INTERESTS (Tab

MINERAL PROPERTY INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2021
MINERAL PROPERTY INTERESTS (Tables)
Schedule of mineral interests	September 30, 2021 Scandium and other Balance, September 30, 2020, December 31, 2020 $ 704,053

CAPITAL STOCK AND ADDITIONAL _2

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2021
Shareholders' Deficiency
Schedule of stock option activity	Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2019 34,610,000 $ 0.19 Granted 14,425,000 0.10 Exercised (1,550,000 ) 0.12 Expired (12,385,000 ) 0.14 Outstanding, December 31, 2020 35,100,000 0.17 Granted 6,175,000 0.18 Exercised (2,240,000 ) 0.13 Expired (3,535,000 ) 0.16 Outstanding, September 30, 2021 35,500,000 $ 0.18 Number currently exercisable 35,500,000 $ 0.18
Schedule of stock options outstanding	Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 4,400,000 4,400,000 0.370 February 21, 2022 250,000 250,000 0.300 October 6, 2022 5,700,000 5,700,000 0.225 January 19, 2023 350,000 350,000 0.185 August 30, 2023 4,625,000 4,625,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,950,000 7,950,000 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 3, 2026 35,500,000 35,500,000
Schedule of weighted average assumptions for fair values	2021 2020 Risk-free interest rate 0.32 % 1.31 % Expected life 5 years 5 years Volatility 87.19 % 86.26 % Forfeiture rate N/A N/A Dividend rate N/A N/A

TREASURY STOCK (Tables)

TREASURY STOCK (Tables)	9 Months Ended
	Sep. 30, 2021
TREASURY STOCK (Tables)
Schedule of treasury stock	Number Amount Treasury shares, September 30, 2021, and December 31 2020 1,033,333 $ 1,264,194

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
SEGMENTED INFORMATION (Tables)
Schedule of segmented information	September 30, 2021 Australia United States Total Equipment $ - $ 3,351 $ 3,351 Mineral property interests 704,053 - 704,053 $ 704,053 $ 3,351 $ 707,404 December 31, 2020 Australia United States Total Equipment $ - $ 4,660 $ 4,660 Mineral property interests 704,053 - 704,053 $ 704,053 $ 4,660 $ 708,713

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Cash	$ 64,301	$ 170,284
Total	64,301
Quoted Prices in Active Markets (Level 1)
Cash	64,301
Total	64,301
Significant Other Observable Inputs (Level 2)
Cash	0
Total	0
Significant Unobservable Inputs (Level 3)
Cash	0
Total	$ 0

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
NATURE AND CONTINUANCE OF OPERATIONS
Short-term lease expense	$ 22,445	$ 22,149

EQUIPMENT (Details)

EQUIPMENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net book value, beginning of period			$ 4,660
Amortization	$ (419)	$ (576)	(1,309)	$ (1,730)
Net book value, end of period	3,351		3,351
Computer Equipment
Net book value, beginning of period			4,660	6,967
Additions (disposals) (write-offs)			0	0
Amortization			(1,309)	(1,730)
Net book value, end of period	$ 3,351	$ 5,237	$ 3,351	$ 5,237

MINERAL PROPERTY INTERESTS (Det

MINERAL PROPERTY INTERESTS (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
MINERAL PROPERTY INTERESTS (Tables)
Mineral property interests	$ 704,053	$ 704,053

MINERAL PROPERTY INTERESTS (D_2

MINERAL PROPERTY INTERESTS (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2018	Dec. 31, 2016
Nyngan property [Member]
Ownership percentage			100.00%
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 percentage	0.20%
Revenue royalty is payable	$ 370,000
NSW minerals royalty percentage	4.00%
Honeybugle property [Member]
Ownership percentage	100.00%
Kiviniemi Scandium Property Finland [Member]
Reclamation bond		$ 11,444

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounts payable with related parties	$ 1,042,619		$ 702,456
Stock-based compensation	610,385	$ 258,376
Director [Member]
Accounts payable with related parties	1,042,619		$ 702,456
Stock-based compensation	441,277	196,551
Consulting fee	$ 76,500	$ 76,500

CAPITAL STOCK AND ADDITIONAL _3

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Shareholders' Deficiency
Number of stock options outstanding, beginning	35,100,000	34,610,000	34,610,000
Number of stock options granted	6,175,000	8,525,000	14,425,000
Number of stock options exercised	(2,240,000)		(1,550,000)
Number of stock options expired	(3,535,000)		(12,385,000)
Number of stock options outstanding, ending	35,500,000		35,100,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.17	$ 0.19	$ 0.19
Weighted average exercise price of stock options granted	0.18		0.10
Weighted average exercise price of stock options exercised	0.13		0.12
Weighted average exercise price of stock options expired	0.16		0.14
Weighted average exercise price of stock options outstanding, ending	$ 0.18		$ 0.17
Number currently exercisable	37,000,000
Weighted average exercise price, Number currently exercisable	$ 0.18

CAPITAL STOCK AND ADDITIONAL _4

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 1) - $ / shares	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of options exercisable	35,500,000
Number of stock options outstanding, beginning	35,500,000	37,000,000	35,100,000	34,610,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.18	$ 0.18	$ 0.17	$ 0.19
Option 1
Number of options exercisable	4,400,000
Number of stock options outstanding, beginning	4,400,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.370
Expiration date	Feb. 21, 2022
Option 2
Number of options exercisable	250,000
Number of stock options outstanding, beginning	250,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.300
Expiration date	Oct. 6, 2022
Option 3
Number of options exercisable	5,700,000
Number of stock options outstanding, beginning	5,700,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.225
Expiration date	Jan. 19, 2023
Option 4
Number of options exercisable	350,000
Number of stock options outstanding, beginning	350,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.185
Expiration date	Aug. 30, 2023
Option 5
Number of options exercisable	4,625,000
Number of stock options outstanding, beginning	4,625,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.150
Expiration date	May 9, 2024
Option 6
Number of options exercisable	50,000
Number of stock options outstanding, beginning	50,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.130
Expiration date	Jun. 24, 2024
Option 7
Number of options exercisable	7,950,000
Number of stock options outstanding, beginning	7,950,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.065
Expiration date	Mar. 19, 2025
Option 8
Number of options exercisable	100,000
Number of stock options outstanding, beginning	100,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.075
Expiration date	May 22, 2025
Option 9
Number of options exercisable	5,900,000
Number of stock options outstanding, beginning	5,900,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.140
Expiration date	Nov. 13, 2025
Option 10
Number of options exercisable	6,175,000
Number of stock options outstanding, beginning	6,175,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.180
Expiration date	May 3, 2026

CAPITAL STOCK AND ADDITIONAL _5

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 2)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Shareholders' Deficiency
Risk-free interest rate	0.32%	1.31%
Expected life	5 years	5 years
Volatility	87.19%	86.26%
Forfeiture rate	0.00%	0.00%
Dividend rate	0.00%	0.00%

CAPITAL STOCK AND ADDITIONAL _6

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Shareholders' Deficiency
Aggregate intrinsic value of outstanding and exercisable stock options	$ 731,217		$ 1,891,329
Stock-based compensation	$ 610,385	$ 258,376
Number of stock options granted	6,175,000	8,525,000	14,425,000
Weighted average fair value of stock options granted	$ 0.12	$ 0.65

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
TREASURY STOCK (Tables)
Treasury shares, number	1,033,333	1,033,333
Treasury stock, amount	$ (1,264,194)	$ 1,264,194

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Equipment	$ 3,351	$ 4,660
Mineral property interests	704,053	704,053
Capital assets	707,404	708,713
United States [Member]
Equipment	3,551	4,660
Mineral property interests	0	0
Capital assets	3,551	4,660
Australia [Member]
Equipment	0	0
Mineral property interests	704,053	704,053
Capital assets	$ 704,053	$ 704,053

SALE OF ROYALTY (Details Narrat

SALE OF ROYALTY (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 16, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
SALE OF ROYALTY (Details Narrative)
Sale of royalty	$ 382,430	$ 0	$ 0	$ 0	$ 382,430

NEVADA GOLD MINES SCANDIUM INTE

NEVADA GOLD MINES SCANDIUM INTERNATIONAL MINING CORP LETTER OF INTENT (LOI) (Details Narrative)	1 Months Ended
	Jun. 25, 2021USD ($)
First stage budgeted cost	$ 500,000
Development program budgeted cost	$ 2,700,000
NGM [Member]
Budgeted cost payable percentage	50.00%