SCD was a 1-cent stock earlier this year so not one we have closely followed. Today, with an 800% YTD gain, it is $49M market cap. Insiders own 2%. It has little cash, no revenue, losses and negative cash flow. Crater Lake features a 2025 NI 43-101 mineral resource estimate for the TG Zone, incorporating 2024 drilling results, with a 2022 preliminary economic assessment completed. The company finished a 500 kg metallurgical pilot test in May 2025 at SGS Canada, optimizing flowsheets to boost scandium recovery, cut concentrate transport by 27,000 tonnes annually, and lower costs ahead of a 2026 pre-feasibility study. The CEO has highlighted SCD's active engineering, partnerships, and potential government critical minerals support. It is very early days here, and a lot more capital and time is needed. It will be a big capital cost project. However, considering the investor interest in th space, we are sure the company will be able to find financing in order to continue to proceed with development.
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