This market resolves YES if the trailing 2-month average Benchmark Mineral Intelligence (BMI) Sc2O3 (99.9%, Ex-Works China) spot price exceeds 4000 USD/kg on April 30, 2026.

What is being measured: Arithmetic average of BMI's monthly Sc2O3 (99.9% min, EXW China) price assessments for the 2-month period ending 1 month before April 30, 2026.

Measurement window:

• Settlement March 31: January–February BMI average

• Settlement June 30: April–May BMI average

• Settlement September 30: July–August BMI average

• Settlement December 31: October–November BMI average

Data timing: BMI publishes monthly; the 1-month lag ensures both months in the window are confirmed before settlement.

YES if:

• BMI Sc2O3 (99.9% EXW China) 2-month average exceeds 4000 USD/kg for the window

NO if:

• 2-month average is ≤ 4000 USD/kg per BMI (or Asian Metal proxy if BMI unavailable)

• If neither BMI nor Asian Metal data is available for the window, resolves NO

See measurable definition: measurables/scandium/sc_oxide_bmi_index_price.measurable.yaml

Primary sources:

1. Benchmark Mineral Intelligence — Rare Earths & Scandium Price Assessment (benchmarkminerals.com); Sc2O3 99.9% EXW China monthly index

Secondary sources: 2. Asian Metal — Sc2O3 99.9% weekly price index (asianmetal.com) 3. Fastmarkets — Rare Earths Price Reports, scandium oxide section