Sunrise Energy Metals said its board had approved the final investment decision for Syerston. The company is targeting first commercial production in the second half of 2028.
The company forecasts the project will process 64,000 tonnes of ore a year and produce 60 tonnes a year of high-purity scandium oxide. It said mining is planned to use conventional open-pit methods, while processing would use hydrometallurgical leaching and refining.
Sunrise forecasts a 32-year operating life, comprising 21 years of mining and a further 11 years of processing stockpiled ore. The company estimated total development capital for the mine and refinery at US$322 million, excluding a metallisation plant under scoping study evaluation.
The positive FID was supported by a conditional commitment of up to US$400 million in long-term debt financing from the U.S. Department of War’s Office of Strategic Capital, Sunrise said. The company cautioned that its projections and financing-related statements are forward-looking and actual outcomes may differ materially.
Source: Download SRL official ASX announcement, 2026-11-02.
Sunrise Energy Metals photograph in its 2 November 2026 announcement, showing ground-breaking for the water pipeline on 9 October 2026.