Sunrise Energy Metals (SRL) H2 2026 earnings summary

Executive summary

• Completed Syerston Scandium Project Feasibility Study, confirming a 32-year mine life and initial 60 tpa scandium oxide production, positioning the company as a key Western supplier amid tightening Chinese export controls.

• Raised ~$98 million through three equity placements to fund pre-construction and early works, with cash reserves rising to $115.4 million.

• Secured conditional commitments for up to US$467 million in project debt funding from U.S. government agencies, supporting project financing and de-risking construction.

• Lockheed Martin secured an option for 25% of initial scandium oxide output, highlighting strategic offtake partnerships.

Financial highlights

• Net loss after tax increased to $15.2 million (2025: $6.2 million), mainly due to higher exploration and evaluation expenses.

• Other income rose to $2.7 million (2025: $0.5 million), driven by increased interest income.

• Net assets grew to $113.1 million (2025: $10.2 million), reflecting strong capital inflows.

• Cash and cash equivalents surged from $10.7 million to $115.4 million.

Outlook and guidance

• Targeting final investment decision and commencement of Syerston construction in late 2026, with commissioning expected in 1H28.

• Expansion study underway to potentially triple scandium oxide capacity to 180 tpa, contingent on demand and financing.

• Ongoing efforts to secure additional offtake agreements and downstream investments in scandium-enabled technologies.