--- title: "Sunrise Energy Metals secures US defence loan for scandium project" publisher: "Stockmark.IT" author: "Stockmark.IT Website" published: "2026-08-20T07:48:58+00:00" modified: "2026-08-20T07:48:58+00:00" date: 2026-08-20 canonical: "https://stockmark.it/friedlands-forgotten-metal-wins-400m-us-backing/" category: "Companies" categories: ["Companies", "Energy", "Technology"] image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/sunrise-energy-metals-secures-us-defence-loan-for-scandium-1.png?fit=1536%2C1024&quality=80&ssl=1" format: "news" language: "en-GB" --- # Sunrise Energy Metals secures US defence loan for scandium project **Published:** August 20, 2026 **Author:** Stockmark.IT Website **Categories:** Companies, Energy, Technology **Featured image:** ![Sunrise Energy Metals secures US defence loan for scandium project](https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/sunrise-energy-metals-secures-us-defence-loan-for-scandium-1.png?fit=1536%2C1024&quality=80&ssl=1) --- Sunrise Energy Metals has secured a conditional loan commitment of 400 million US dollars from the United States Department of Defense to advance its Syerston scandium project in New South Wales. The financing, valued at approximately 556 million Canadian dollars, marks a significant milestone for the company, which is chaired by billionaire Robert Friedland. The deal includes a right of first offer on the project’s output, a provision designed to support the supply needs of American companies, including defence contractors. The company also announced its intention to list on a US securities exchange, signalling a strategic pivot towards the North American market. The project hosts one of the largest and highest-grade mineable scandium deposits within a Western jurisdiction. While Sunrise is targeting a final investment decision by the end of the year, early works are already under way. The development of the site has been delayed for over two decades, initially due to a focus on nickel and a lack of demand for scandium beyond solid oxide fuel cells. However, the metal has recently found applications in semiconductors, 3D printing for defence components, and artificial intelligence infrastructure. CEO Sam Riggall noted that fuel cells have moved beyond being a niche green technology to becoming central to the deployment of AI and data centres, particularly in the United States where gas generation capacity is constrained. New company estimates issued in August peg capital expenditures for the project at between 450 million and 475 million Australian dollars, or 315 million to 333 million US dollars. This figure is almost four times the feasibility study estimate of 120 million US dollars from March, reflecting the company’s decision to consider a processing plant in the United States and the ability to triple output to 180 tonnes. Once in production, potentially in 2028, the project is expected to produce 60 tonnes of scandium annually. This output would address a global market that the US Geological Survey estimates at between 40 and 70 tonnes per year, although annual demand could reach 300 tonnes by 2030 due to increased use in fuel cells. Scandium is essential for defence, advanced manufacturing, and wireless spectrum technologies. The United States has not actively mined the metal in decades, leaving the market heavily dependent on China, which produces 100 per cent of the world’s scandium metal. Riggall stated that there is no 5G or 6G wireless technology without scandium, highlighting the metal’s critical role in industrial processes and defence capabilities. The Syerston deposit contains 45.9 million measured and indicated tonnes grading 414 parts per million scandium, equating to 19,007 tonnes of contained scandium, along with 5.7 million inferred tonnes grading 364 parts per million for 2,082 tonnes of contained scandium. The urgency to secure non-Chinese supply chains was highlighted earlier this year when activist investor Hunterbrook Capital released a report expressing doubts about the growth plans of US-listed fuel cell company Bloom Energy due to a lack of scandium supply. Hunterbrook alleged that Chinese scandium oxide was still reaching Bloom through Thailand, Japan, and South Korea. Bloom subsequently described the report’s financial claims as false and misleading. Riggall said the report highlighted the dependence of supply chains on China and the acute awareness of supply chain vulnerabilities within the defence sector, which is legally required to address such issues. As part of its engagement with Washington, Sunrise has broadened the scope of the Syerston project to cover not only the development of the mine and refinery but also the construction of scandium metal refining capacity in the United States. This includes increased investments in power and water infrastructure. Friedland stated that the world has entered an era where access to critical minerals will shape industrial strength, technology leadership, and national security. He suggested that Sunrise may become an American company, noting that the US government prefers such companies to be domiciled in the United States. Riggall compared the project to large copper developments he has worked on, such as Oyu Tolgoi in Mongolia, describing Syerston as a tiny project that could replicate in one mine what has taken China 20 years to build. --- **Original URL:** https://stockmark.it/friedlands-forgotten-metal-wins-400m-us-backing/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*