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Friedland-backed Sunrise Energy Metals eyes US redomicile after $400M US loan
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Sunrise Energy Metals (ASX:SRL) announced plans to pursue a listing on a US securities exchange, following a conditional commitment of up to $400 million from the US Department of War's Office of Strategic Capital to support its Syerston scandium project in New South Wales, Australia. Chairman Robert Friedland stated the company may become an American company, as the US seeks to reduce dependence on China for scandium, a critical mineral essential for defense, advanced manufacturing, AI infrastructure, and wireless spectrum technologies. The Syerston project, one of the largest scandium deposits in a Five Eyes jurisdiction, is designed to produce 60 tonnes annually but has not yet begun construction. The financing aligns with the US-Australia Partnership on critical minerals.
Source report
Sunrise Energy Metals (ASX:SRL, OTCQX:SREMF) announced Monday its intention to pursue a listing on a U.S. securities exchange, following a conditional commitment of up to $400 million in financing from the U.S. Department of War’s Office of Strategic Capital. The funding is intended to support the development of Sunrise’s 100%-owned Syerston scandium project in New South Wales, Australia.
Scandium is considered essential for defence, advanced manufacturing, artificial intelligence infrastructure, and wireless spectrum technologies. The United States has not actively mined scandium in decades, leaving the market heavily dependent on China.
“It may become an American company,” said chairman Robert Friedland in a Bloomberg TV interview on Monday. “Uncle Sam likes these companies to be domiciled in the United States.”
Syerston hosts one of the largest and highest-grade mineable scandium deposits within a Five Eyes jurisdiction. The company is advancing the project as a scalable, long-life, and low-cost source of primary scandium outside China.
“This is a landmark moment for Sunrise and Australia’s mining industry, and the financing aligns with the goals of the US-Australia Partnership on critical minerals,” Friedland said in a news release.
“The world has entered an era in which access to critical minerals will shape industrial strength, technology leadership and national security. Scandium is one of the clearest examples, supporting the technologies, industries and defence capabilities that will shape the coming decades,” he added.
According to the U.S. Geological Survey (USGS), global scandium production totalled approximately 80 tonnes in 2025. Sunrise’s Syerston project, designed to produce 60 tonnes annually, is one of several proposed non-Chinese sources but has yet to begin construction.
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US loans $400M to Australian scandium project to challenge China's dominance