Sunrise Energy Metals (SRL) Q1 2026 TU earnings summary

Executive summary

• Syerston Mineral Resource Estimate (MRE) increased by 98% to 19,007 tonnes of contained scandium at 414 g/t, with over 90% now in Measured and Indicated categories.

• High-grade resource (600 g/t cut-off) rose 161% to 1,155 tonnes, with over 99% in Measured and Indicated categories.

• Updated Ore Reserve Estimate (ORE) up 87%, supporting a 32-year mine life producing ~60 tonnes per annum of scandium oxide.

• Letter of Interest from U.S. EXIM Bank for up to US$67 million in project financing, over half the estimated development cost.

• No lost time injuries or reportable environmental incidents during the quarter.

Financial highlights

• Cash on hand at 30 September 2025 was $12.05 million.

• Net cash used in operating activities for the quarter was $1.63 million.

• Proceeds from exercise of options totaled $2.99 million.

• Estimated quarters of funding available: 7.4.

Outlook and guidance

• Updated Feasibility Study for Syerston Scandium Project scheduled for completion in early 2026.

• Ongoing engagement with potential customers and end-users, especially in North America and Asia.

• Market conditions for the Sunrise Battery Materials Complex (Ni-Co) remain subdued; focus is on cost minimization and project optionality.