Friedland-backed Sunrise Energy Metals eyes US redomicile after $400M US loan

Published Aug 10, 11:07 PM UTC

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.