Sunrise Energy Metals has secured $32.5 million in a follow-on placement to advance the Syerston scandium project, the world’s largest scandium deposit, bringing the company closer to on-site construction.
The conditional placement involves five million fully paid ordinary shares at $6.50 each, representing a 33 per cent premium to an earlier December placement and a slight 2.3 per cent discount to the December 12 closing price. Each new share comes with an unlisted option exercisable at $7.25 over two years, giving investors potential additional upside.
This raise lifts total capital secured since June 2025 to $105 million, $59 million of which remains subject to shareholder approval at a meeting scheduled for late January 2026.
“The additional funds raised over the past two months, combined with potential proceeds from the exercise of options and export credit agency funding support, allows us to commit to pre-construction activities and target on-site construction by mid-2026,” Sunrise Energy Metals chief executive officer Sam Riggall said.
“Our objective is to bring to market a reliable, large and Western source of scandium supply outside the arbitrary application of China’s export control regulations, where scandium’s designation as a ‘dual-use item’ leaves Western customers particularly vulnerable to supply disruption”
The funds will fund pre-construction activities, including engineering, utilities connections, infill drilling and early works contracting, critical steps to de-risk construction and support a final investment decision.
Riggall said the potential for future expansion, driven by strong demand in solid oxide fuel cells, advanced defence alloys and semi-conductor applications, with artificial intelligence (AI)-focused data centre growth in the US boosting the outlook for scandium use.
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