The mooted 30-year Owendale project will initially produce 20t per annum of scandium, rising to 40tpa in year five of operations after further capex of $15.6 million.

The current global supply of scandium oxide is approximately 15-20tpa, with recent prices ranging from US$1100-3000/kg depending on the quality of the material.

Platina is forecasting life-of-mine operating costs of about $525/kg and has used a scandium price of $1550/kg for its modelling.

While scandium is predominantly used in the solid oxide fuel cell industry, Platina said the element's greatest value lies in the functional properties it imparts when alloyed with aluminium.

"When used in combination with other common aluminium alloys, scandium can produce stronger, heat tolerant, weldable aluminium products," Platina said.

"These products are being increasingly incorporated into transportation applications for light-weighting (electric vehicles) and lowering fuel efficiency requirements."

Platina said it's now focused on completing the environmental impact assessment, mining licence application, development applications (mine and process plant), securing offtake and project financing.

Platina is estimated to currently have just over A$1 million cash.