Sunrise Energy Metals (SRL ASX) has unveiled a dual-track capital raising initiative targeting $7.5 million. Funds are slated to accelerate the development of its Syerston Scandium Project in NSW.
The raise combines a $6 million placement at $0.30 per share with a Share Purchase Plan (SPP) offering retail shareholders the opportunity to subscribe on identical terms for up to $1.5 million.
The placement includes a 1-for-1 unlisted option for every new share, exercisable at $0.40 by May 2027.
The placement is a steep 57% discount to Sunrise’s closing share price prior to the announcement. Cornerstone backing comes from Ivanhoe Capital Holdings, linked to prominent mining financier Robert Friedland, which has committed $3 million.
The capital raise is framed against a backdrop of tightening global supply chains and rising geopolitical tensions regarding critical minerals, which plays a key role in next-gen aerospace alloys, semiconductors, and defence applications.
Use of Funds
CEO Sam Riggall emphasized the strategic timing of the raise, noting that the funds will support both commercial and technical de-risking of what is one of the world’s largest and highest-grade scandium resources.
Proceeds from the placement and SPP will be directed towards three core initiatives.
First, Sunrise will advance drilling to further delineate high-grade scandium zones.
Second, it will complete a feasibility study on the project, aimed for Q3 2025, and including revised capital and operating cost assumptions.
Third, the company will continue outreach to potential offtake partners and end-users, with a focus on U.S.-based customers.
Part of the funds will also go toward evaluating a potential U.S.-based metallisation facility for producing high-purity scandium metal.
