Sunrise Energy Metals Ltd. secured up to $400 million in long-term debt financing from the US Department of War to support its operations. The investment, provided by the US Department of War's Office of Strategic Capital (OSC), is intended to develop the world's first primary mine for scandium. source_ref:1,2,4
The Sunrise Energy Metals project is located at the Syerston Project in New South Wales, Australia. source_ref:5,6
Scandium is classified as a critical mineral in both Australia and the US. The metal is used to produce ultra-high strength alloys for advanced fighter jets and in solid oxide fuel cells for AI data centers. source_ref:7,8
The US Geological Survey reported that the entire world consumed 60 tonnes of scandium in 2025. Sunrise Energy Metals aims to produce 60 tonnes of high-purity scandium annually by 2028. source_ref:9,10
Supply chain security and US interests
The deal grants the US government first rights to purchase scandium from Sunrise Energy Metals. The US Department of War's loan is reportedly conditional on the construction of a scandium metal refining facility in the US. source_ref:11,18
David A. Lorch, director of the OSC and senior advisor to US Deputy Secretary of War Steve Feinberg, described the transaction as a step in establishing supply chain resiliency. source_ref:17
Company response
Chairman Robert Friedland called the funding a landmark moment for the company and the Australian mining industry. Sunrise Energy Metals CEO Sam Riggall discussed the investment on 'Bloomberg: The Asia Trade'. source_ref:13,20
