Wed, Nov 13, 5:02 PM (60 days ago)
Scandium International Mining Corp. (SCY) reported a net loss of $79.6K for Q3 2024, significantly down from a profit of $74.7K in Q3 2023, driven by a $171.5K unfavorable change in derivative liabilities and a $24.2K decrease in foreign exchange gains. Year-to-date losses totaled $235.1K compared to a profit of $181.0K in the prior year, influenced by similar factors. Revenue remains nonexistent as the company is still in the exploration stage, primarily focused on its Nyngan Scandium Project in Australia. Total assets decreased to $1.45M from $1.78M, with cash reserves declining to $718.5K, indicating a need for additional financing to support ongoing operations. The company’s liabilities also fell to $254.2K, reflecting a reduction in accounts payable and derivative liabilities. Management continues to emphasize cost control and is exploring potential offtake agreements to advance the Nyngan project. The company's ability to sustain operations is contingent upon securing further funding and achieving profitability from its mineral properties, amidst ongoing market uncertainties.