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Sunrise Energy Metals ( (AU:SRL) ) has provided an announcement.
Sunrise Energy Metals reported a substantial upgrade to the Ore Reserve Estimate at its Syerston Scandium Project, increasing contained scandium by 87% versus 2016 figures and underpinning a 32-year mine life at roughly 60 tonnes per annum of scandium oxide, with flexibility to expand. During the December quarter, the company advanced feasibility work, secured a Letter of Interest for up to US$67 million in potential financing from the U.S. Export-Import Bank and approximately A$98 million in equity commitments to fund pre-construction activities, and awarded key Front-End Engineering Design and processing contracts, while maintaining strong safety and environmental performance. Lockheed Martin obtained an option over the first 15 tonnes per annum of scandium oxide for five years, and growing engagement with U.S. scandium users, amid Chinese export licensing restrictions and rising scandium prices, highlights Syerston’s emerging role as a strategic non-Chinese source of primary scandium for Western supply chains.
The most recent analyst rating on (AU:SRL) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Sunrise Energy Metals stock, see the AU:SRL Stock Forecast page.
More about Sunrise Energy Metals
Sunrise Energy Metals is an Australian resources company focused on the Sunrise Battery Complex and the Syerston Scandium Project in central New South Wales, targeting production of scandium oxide for advanced materials and battery-related markets. The Syerston deposit is described as the world’s largest and highest-grade source of mineable scandium on a granted mining lease, benefiting from established infrastructure, secured land and water rights, and positioning the company as a potential strategic supplier in the scandium sector.
Average Trading Volume: 598,963
Technical Sentiment Signal: Buy
Current Market Cap: A$1.29B
See more insights into SRL stock on TipRanks’ Stock Analysis page.