US Eyes Funding for Friedland-Backed Syerston Scandium Project

US Interest in Funding Syerston Scandium Project

Sunrise Energy Metals, backed by Robert Friedland, is seeking a $67 million loan from the Export-Import Bank of the United States (EXIM) for its Syerston scandium project. This loan would cover roughly half of the project’s development costs. Located 450 km west of Sydney, the Syerston project contains one of the world’s largest and highest-grade scandium deposits. Recent resource updates show nearly 46 million tonnes at 414 parts per million, doubling the contained scandium to 19,000 tonnes.

EXIM’s interest reflects the US’s need to build reliable scandium supply chains for critical industries such as aerospace, automotive, and semiconductors. Currently, China dominates scandium supply, while the US accounts for about 90% of global demand. The bank’s potential financing supports reducing supply chain risks amid recent Chinese export controls imposed in April 2025. Sunrise’s shares surged nearly 30% on this news, highlighting strong market confidence.

Strategic Importance of Syerston Scandium Project

The Syerston scandium project offers a strategic opportunity to diversify global supply. Sunrise’s managing director Sam Riggall emphasized that Syerston is a vital source given the tightening supply and geopolitical risks. Robert Friedland echoed this sentiment, noting Australia’s role as a trusted US ally and a critical supplier of strategic metals. As the company completes a feasibility study expected by late 2025, it seeks to secure off-take agreements and advance towards a final investment decision.

Alongside scandium, Sunrise also develops a nickel-cobalt project in New South Wales, holding one of the world’s largest cobalt deposits outside the Democratic Republic of Congo. This broader portfolio strengthens Sunrise’s position as a key player in supplying battery and critical metals globally.

SuperMetalPrice Commentary:

The US Export-Import Bank’s potential $67 million backing of Sunrise Energy’s Syerston project marks a pivotal step in securing scandium supply amid escalating geopolitical risks. As scandium’s role grows in advanced technologies, diversifying sources away from China becomes crucial. This financing could accelerate Syerston’s development and enhance supply chain resilience for critical metals essential to US defense and technology sectors. Market interest and stock gains reflect investor confidence in Sunrise’s strategic metals portfolio, positioning it as a future leader in scandium and battery materials.