Scandium International Mining Corp. reported significant financial challenges for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company recorded exploration expenses of $23,981 for the third quarter of 2024, a decrease from $30,653 in 2023. For the nine-month period, exploration expenses fell sharply to $61,616 from $211,779 in the previous year. General and administrative expenses also decreased, totaling $18,770 for Q3 2024, down from $27,882 in Q3 2023, and $64,296 for the nine months ended September 30, 2024, compared to $74,169 in 2023.

Despite these reductions in expenses, the company reported a net loss of $(79,620) for Q3 2024, a stark contrast to a profit of $74,732 in Q3 2023. The nine-month loss was $(235,073), compared to a profit of $180,976 in the same period of 2023. This dramatic shift in profitability is attributed to the absence of operating revenues, as the company continues to focus on exploration and development activities without generating income from mineral sales.

Professional fees for the third quarter of 2024 were $7,854, down from $15,844 in the same period of 2023, while salaries and benefits decreased to $32,903 from $52,449. However, for the nine-month period, professional fees increased to $81,750 from $68,239, and salaries and benefits dropped to $98,666 from $183,738 in the previous year.

The company’s financial condition remains precarious, with a cash position of $718,474 as of September 30, 2024, down from $1,021,956 at the end of 2023. Current liabilities decreased to $254,211, attributed to a reduction in the warrant derivative liability and payment of accrued salaries. The company continues to seek additional financing to advance its Nyngan property in New South Wales, Australia, where physical development commenced in November 2023.

Strategically, Scandium International Mining Corp. has focused on its Nyngan Scandium Project, which is expected to contribute significantly to local economies. The company has also completed a drilling program at the Honeybugle Scandium Project, identifying new scandium-enriched formations. However, the ongoing political upheavals affecting commodity prices and the company's reliance on external financing raise substantial doubts about its ability to continue as a going concern without generating profits or securing additional financial support.