Friedland-backed Sunrise raises another $21.5M for scandium project

Dawn Power Metals (ASX: SRL), the Australian scandium miner backed by Robert Friedland, has actually increased one more A$ 32.5 million ($ 21.5 million) to money pre-construction of its front runner Syerston task in New South Wales.

In a news release on Tuesday, the business stated it has actually obtained capitalist dedication to get 5 million shares at A$ 6.50 per share. The concern rate stands for a little price cut to the supply’s closing rate of A$ 6.65 in Sydney recently.

This stands for the 3rd positioning that Dawn revealed over the previous month. On November 17, it increased A$ 46 million via releasing brand-new shares valued at A$ 4.25 each, adhered to by one more A$ 18.86 million by releasing shares at A$ 4.90 each.

Along With its April funding round, Dawn has actually currently increased roughly A$ 105 million to speed up service its Syerston scandium task. Of that quantity, A$ 59 million stays based on authorization at an investors’ conference following month.

Along with personal positionings, the scandium programmer previously called Tidy TeQ might additionally obtain access to a $67 million loan, as revealed by the Export-Import Financial Institution of the USA (EXIM) in September.

” The extra funds increased over the previous 2 months, incorporated with prospective profits from the workout of choices and export debt company moneying assistance, permit us to devote to pre-construction tasks and target on-site building by mid-2026,” Dawn chief executive officer Sam Riggall stated in a declaration.

Shares of Dawn rallied to begin the week, shutting Tuesday’s session at A$ 7.38 each with a market capitalization of A$ 977.8 million ($ 649.3 million).

Top-quality scandium down payment

Situated regarding 450 kilometres west of Sydney, the Syerston task stands for among the globe’s biggest and highest-grade down payments of scandium. A current source upgrade revealed it has virtually 46 million gauged and suggested tonnes rating 414 components per million scandium.

Classified as an important mineral by numerous Western countries, scandium is a crucial foundation for semiconductors that power mobile interactions, aerospace and vehicle applications. The United States represent regarding 90% of total need, however competing China regulates the majority of the supply.

In the middle of profession unpredictabilities, the United States is seeking to develop different supply resources via allied countries like Canada and Australia and to establish future residential resources. In October, protection supplier Lockheed Martin revealed its intent to buy about a quarter of Syerston’s annual scandium output as component of the brand-new Australia-US critical minerals pact

According to Dawn’s price quotes, the Syerston task can generating roughly 60 tonnes of scandium a year over a 32-year mine life, based upon the most recent ore get upgrade.