Just a week ago, Sunrise Energy Metals doubled the project’s mineral estimate.
Australian critical minerals developer Sunrise Energy Metals has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to US$67 million in potential funding for its Syerston Scandium Project in New South Wales. The proposed financing would cover roughly half of the project’s estimated development cost.
Just last week, Sunrise revised the project’s mineral estimate upwards, more than doubling the contained scandium inventory. The Syerston deposit is already considered the world’s largest and highest-grade scandium resource, according to the company.
The Scandium Market Has Been Tightening in Recent Months
Global demand for scandium has tightened in recent months, particularly in North America, after China, the dominant global supplier, imposed export controls on scandium and six other rare earth elements in April 2025. These restrictions, along with Beijing’s broader bans on exports of critical minerals to the U.S. late last year, have intensified Washington’s push to diversify supply chains.
EXIM’s interest in Syerston aligns with a series of U.S. initiatives aimed at securing critical mineral supplies from allied nations. In January, the bank introduced a new financing tool for foreign critical mineral projects. Other government bodies, such as the Department of Defense and Department of Energy, have also ramped up efforts to strengthen domestic and allied supply chains of critical minerals.
Photo: iStock/ buranatrakul
