Sunrise Energy Metals (SRL) Q2 2026 TU earnings summary

Executive summary

• Updated Syerston Ore Reserve Estimate supports a 32-year mine life with annual production of approximately 60 tonnes of scandium oxide, with potential for expansion.

• No lost time injuries or reportable environmental incidents occurred at the Sunrise Battery Complex during the quarter.

• Lockheed Martin secured an option to purchase up to 25% of the first five years of scandium production, subject to final offtake agreements.

• Ongoing engagement with U.S. scandium users reflects increased interest due to tightening supply and higher prices following China's export restrictions.

Financial highlights

• Commitments from three placements in November and December raised A$98 million to fund pre-construction activities at Syerston.

• Cash on hand at 31 December 2025 was $47.9 million, with material inflows of ~$38 million from capital raisings and option exercises during the quarter.

• Net cash used in operating activities for the quarter was A$1.94 million.

• Estimated quarters of funding available is 24.7, indicating strong liquidity.

Outlook and guidance

• Updated Syerston Feasibility Study is expected to be completed in early 2026, incorporating increased production and upgraded metal inventories.

• Pre-construction activities, including FEED and engineering contracts, are underway with completion expected by mid-2026.

• The company is planning a Modification Application to align with the updated project footprint and expects approval before construction.