Sunrise Energy Metals closed 16% higher on the Australian Securities Exchange on Monday at 18.49 Australian dollars, briefly spiking as much as 29% during the session.
Sunrise Energy Metals Limited, SREMF
The move followed Friday’s announcement that the U.S. Department of Defense’s Office of Strategic Capital conditionally committed up to $400 million to the company under a proposed 25-year debt facility.
The funding is earmarked for the development of the Syerston Project in New South Wales, which is set to become the world’s first primary scandium mine.
Australian miner Sunrise Energy Metals is weighing a relocation of its headquarters to the US after it agreed to a $400 million loan with the Trump administration last week https://t.co/SXo5OSsKlH
— Bloomberg (@business) August 10, 2026
Scandium is a silvery-white rare earth element prized for its ability to strengthen aluminum while remaining heat-resistant and flexible. It has key uses in defense, aerospace, and AI data center infrastructure.
Sunrise Chairman Robert Friedland called the deal “a landmark moment” for the company and Australia’s mining industry.
“The world has entered an era in which access to critical minerals will shape industrial strength, technology leadership and national security,” Friedland said in a statement to the ASX.
David A. Lorch, director of the OSC and senior advisor to Deputy Secretary of Defense Steve Feinberg, said the deal would “help address foreign dependencies in scandium supply.”
China dominates the global rare earth supply chain, producing nearly 70% of the world’s rare earths and processing close to 90% of global supply.
Western governments have flagged this dominance as a strategic vulnerability, particularly as demand for critical minerals rises alongside clean energy and defense spending.
The Trump administration has been moving aggressively to reduce U.S. reliance on Chinese minerals, and Friday’s DoD announcement was part of a broader package of deals.
The Pentagon also committed to lend $1.4 billion to battery company Sila Nanotechnologies, $150 million to magnet producer Niron Magnetics, and made an $85.5 million equity investment in Strategic Bauxite.
Sunrise CEO Sam Riggall told CNBC in late June that the Syerston Project would have “the capacity to replace everything that China supplies today from this one mining operation.”
The company said on Friday it had begun preparations to list on a U.S. exchange, though it cautioned there is no guarantee the listing will be completed.
The announcement came shortly after a meeting between President Trump and mining executives last week.
Sunrise shares opened the Monday session sharply higher before paring some gains through the close.
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