Sunrise Energy Metals (SRL) AGM 2026 presentation summary

Syerston development

• Final investment decision approved in Nov 2026; site construction and early works commenced, with land, key approvals, power and water options secured.

• Ore reserves grade 644 ppm scandium, containing >2 kt scandium oxide; shallow resource (~30 m) and low strip ratio support simple mining.

• Initial production target is 60 tpa scandium oxide at 3N quality, with first production targeted for 2H 2028 after a 24-month construction timeline.

• Large resource base supports modular expansion; Syerston is positioned as a multi-decade source of scalable supply in Australia.

Funding and strategic positioning

• U.S. Department of War Office of Strategic Capital announced a conditional 25-year debt commitment of up to US$400m for initial development and expansion.

• The debt facility can support downstream alloy and semiconductor investment; the U.S. Department of War receives a right of first offer on output, prioritizing U.S. defense industrial-base demand.

• U.S. Export-Import Bank issued a conditional letter of interest for up to US$67m in financing; a U.S. exchange listing process has commenced while maintaining the ASX listing.

• Cash was US$105m at 5 Nov 2026, with ~US$9m in unexercised options; debt was zero.

Scandium markets and downstream investment

• Demand themes include solid oxide fuel cells for scalable off-grid power, scandium-aluminium alloys for aerospace and defence, 5G/6G communications, and semiconductor memory and photonics.

• A US$5m strategic equity investment in Agni Semiconductor targets non-volatile memory using aluminium scandium nitride ferroelectric diode technology.

• Agni’s chips are reported to tolerate ~600°C and target defence applications including hypersonics, nuclear, satellites and missiles; the cited defence market exceeds US$2.5B.

• Agni technology metrics include 7x faster read/write latency, 15x denser memory, 50% lower search energy and 60% lower write energy versus incumbent NVM technologies.