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Sunrise Energy Metals to pursue US listing after $400M Pentagon loan
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Australia's Sunrise Energy Metals announced plans to pursue a U.S. listing after being awarded a $400 million loan by the Pentagon. The company's stock surged 16% in Sydney following President Trump's announcement of the loan at a roundtable with mining executives last week. The loan is part of over $2 billion in funding for companies producing batteries and critical minerals. Sunrise owns a scandium project in Australia that could become a major source of the element outside China. Scandium is used to strengthen aluminum in sectors such as aerospace. The company's chairman is Robert Friedland.
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Last Updated: August 10, 2026 | 9:34 AM ET
Australia's Sunrise Energy Metals has announced its intention to pursue a U.S. listing, following the award of a $400 million loan from the Pentagon.
The company's stock surged 16% in Sydney on Monday after President Trump disclosed the loan during a roundtable discussion with mining executives last week. The funding is part of a broader package exceeding $2 billion aimed at supporting companies involved in battery production and critical minerals.
Sunrise Energy Metals owns a scandium project in Australia, which the company says could serve as a major source of the element outside of China. Scandium is used to strengthen aluminum in industries such as aerospace.
Image: Robert Friedland, chairman of Sunrise Energy Metals, on Monday. (Chris Ratcliffe/Bloomberg News)
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US loans $400M to Australian scandium project to challenge China's dominance