Sunrise Secures $6 Million Placement and Strong SPP Support for Scandium Study
Sunrise Energy Metals has secured $6 million through a placement and is seeing strong support for its Share Purchase Plan, aiming to fast-track the Syerston Scandium Project feasibility study by Q3 2025.
- Completed $6 million placement at $0.30 per share with options
- Strong uptake of Share Purchase Plan targeting $1.5 million
- Funds to support completion of Syerston Scandium Project feasibility study
- Recent 3,600m drilling campaign targeting high-grade scandium zones
- Upcoming webinar on scandium use in aluminium alloys
Capital Raise to Propel Scandium Project
Sunrise Energy Metals Limited has successfully completed a $6 million placement to institutional and sophisticated investors, issuing 20 million shares at $0.30 each, accompanied by options exercisable at $0.40 through May 2027. This capital injection is designed to accelerate the development of the Syerston Scandium Project, located near Fifield in New South Wales, which hosts one of the world's largest and highest-grade scandium deposits.
Alongside the placement, the company is running a Share Purchase Plan (SPP) targeting an additional $1.5 million, which has seen strong uptake from existing shareholders. The SPP is set to close on June 24, with results expected by the end of the month. Together, these funds will underpin the completion of an updated feasibility study for the Syerston Project, anticipated by the end of the third quarter of 2025.
Advancing Resource Definition Through Drilling
Sunrise recently wrapped up a significant drilling campaign comprising 125 holes over approximately 3,600 metres, focusing on zones of high-grade scandium mineralisation west and south of the current mineral resource. The campaign aimed to expand and better define the resource base, with over 3,500 samples now submitted for assay. These results will feed into an updated Mineral Resource Estimate, a critical input for the upcoming feasibility study update.
CEO Sam Riggall highlighted the strategic importance of this capital raise amid tightening global scandium supply, particularly given China's export restrictions impacting technology markets. He emphasised the company's commitment to building a resilient and scalable scandium supply chain, working closely with end users to meet growing demand.
Engaging Investors and Market Participants
To further engage shareholders and the broader market, Sunrise plans to host an online webinar focused on scandium's applications in aluminium alloys, a market where the company has been active for over a decade. This session will provide updates on product development initiatives and evolving market trends, offering investors deeper insight into the project's potential and the broader scandium landscape.
With the feasibility study update and assay results pending, Sunrise Energy Metals is positioning itself to capitalize on the increasing strategic importance of scandium, a critical metal for advanced materials and clean technology sectors.
Bottom Line?
As assay results and feasibility updates unfold, Sunrise’s progress will be pivotal in shaping scandium’s supply dynamics and investor sentiment.
Questions in the middle?
- What will the assay results reveal about the extent and grade of scandium mineralisation?
- How might updated feasibility findings impact project economics and timelines?
- What market response will the upcoming scandium webinar generate among investors and end users?
