Sunrise Energy Receives $103m LOI from US Export-Import Bank for Syerston Project Development
Sunrise Energy Metals (ASX: SRL) has continued its run of success at the Syerston scandium project in NSW after receiving a letter of interest (LOI) for up to $103 million in potential financing support from the US Export-Import Bank (EXIM).
EXIM offers international financing – including export credit insurance, working capital guarantees, loan guarantees and direct loans – and the new funding would provide approximately half the capital Sunrise needs to develop the project.
The company released a mineral resource estimate (MRE) earlier this month that confirmed Syerston as the world’s largest and highest-grade scandium deposit after achieving a 160% increase in mineralisation.
US Supply Chain Support
The size and potential of that critical minerals deposit has enhanced Syerston’s potential to support development of reliable and secure supply chains for US industry under several EXIM programs, including its Supply Chain Resiliency Initiative and the China Transformational Exports Program.
According to co-chair Robert Friedland, the LOI highlights the importance of scandium to the US—both as a critical component in wireless communications technologies and advanced alloys supporting the civilian and defence sectors.
“As a key ally of the US, Australia’s significant endowment of strategic metals positions it to be an important supplier in the future,” he noted.
Chief executive officer Sam Riggall said the strong show of support by EXIM for the financing and development of Syerston would strengthen the company’s engagement with customers to secure offtake arrangements.
Significant Scandium Resource
The new Syerston MRE identified 1,155 tonnes of contained scandium at an average grade of 665 grams per tonne, with more than 99% of the resource now in the Measured and Indicated categories.
The significant increase has led Sunrise to delay its release of a Syerston feasibility study until late October, to allow it to incorporate the new metal inventories in the ore reserve estimate and optimisation of the project’s mine plan.
Global scandium supply remains tight since China imposed export controls on it in April 2025.