Sunrise Energy Metals (ASX:SRL) is targeting scandium production in the second half of 2028 after approving a final investment decision (FID) for its Syerston Scandium Project in New South Wales.
The US$322 million ($458 million) development will see Sunrise process 64,000 tonnes of ore annually to produce 60 tonnes per annum of scandium oxide at greater than 99.9% purity over a 32-year mine life.
The project is backed by a conditional debt financing commitment of up to US$400 million from the US Department of War’s Office of Strategic Capital, with the company holding $148.1 million in cash as of 30 September 2026.
Chairman Robert Friedland says the decision to proceed with the development of Syerston reflects the board’s confidence in the quality of the project resource and the ‘significant’ market opportunity ahead.
“Scandium has long been recognised for its exceptional properties and potential across a range of advanced technologies, but its adoption has been constrained by the absence of reliable, scalable supply,” Friedland points out.
“Syerston has the potential to fundamentally change that dynamic by delivering a secure, long-term, and primary source of high-purity scandium to global markets.”
Sunrise also plans to redomicile to the US and list on Nasdaq through a scheme of arrangement.
Sunrise Energy Metals is focused on advancing its 100%-owned Syerston Scandium Project in NSW with the aim of delivering the world’s first source of mineable, ‘high-grade’ scandium.
Write to Paula Fabe at Mining.com.au
Main image: Sunrise Energy Metals
