Sunrise Energy Metals has received a letter of interest from the Export-Import Bank of the United States (EXIM) for up to $US67 million ($103 million) in financing for its Syerston scandium project in central New South Wales.
Based on current estimates in the project feasibility study, the potential funds would represent around half the development capital required for the project. The study is scheduled for completion in mid-to-late October to incorporate new ore reserve estimates and an optimised mine plan.
Sunrise managing director Sam Riggall said the company was encouraged by EXIM’s support.
“We expect it to strengthen our engagement with customers to secure offtake arrangements as we move the project towards a final investment decision and development,” Riggall said.
Sunrise co-chair Robert Friedland highlighted scandium’s importance to the US, describing it as a critical component in wireless communications technologies and advanced alloys for both civilian and defence applications.
“As a key ally of the United States, Australia’s significant endowment of strategic metals positions it to be an important supplier in the future,” Friedland said.
Support from the US Government’s export credit agency underscores scandium’s strategic value, particularly since China imposed export controls on rare earths in April 2025.
Sunrise Energy Metals recently confirmed the Syerston project as the world’s largest and highest-grade scandium resource, with a global resource of 19,007 tonnes at an average grade of 414g/t (300g/t cut-off).
The project has been identified as a candidate for financing under several EXIM programs, including the Supply Chain Resiliency Initiative and the China Transformational Exports Program. Project debt would be eligible for repayment terms of up to 15 years.
If Sunrise proceeds with a formal application, EXIM will conduct due diligence before making a final lending commitment, subject to underwriting criteria, approval processes, and compliance with agency policies.
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