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US Defense loan clears way for Sunrise’s Syerston scandium project
Sunrise Energy Metals secured a $400 million conditional US Department of Defense loan commitment and plans a US listing, with a possible final investment decision by year-end.
Sunrise Energy Metals, where Robert Friedland is non-executive chairman, said it has secured a $400 million conditional loan commitment from the US Department of Defense for its Syerston scandium project in New South Wales, Australia, according to Mining.com.
The company also disclosed plans to list on a US securities exchange. Sunrise expects to make a final investment decision by year-end, and early works have already begun as the project moves toward construction.
Sunrise said the Syerston deposit is among the largest and highest-grade mineable scandium deposits in a Western jurisdiction. It also cited earlier delays tied to shifting demand, including a period when nickel attracted attention at the site and a lack of scandium buyers beyond solid oxide fuel cells.
The project’s capital expenditure has been estimated at A$450 million to A$475 million (about $315 million to $333 million), roughly four times a previous A$120 million feasibility estimate. Sunrise said production could start around 2028, targeting 60 tonnes of scandium per year, and that demand could rise as fuel cells expand into broader defense, data center, and AI infrastructure uses.