Australia-based Sunrise Energy Metals has announced plans to relocate its parent company to the United States and pursue a primary listing on Nasdaq, according to a company statement released on Friday, October 2, 2026. The relocation will be executed through a newly incorporated Delaware company, also named Sunrise Energy Metals, Inc., which will acquire all existing Sunrise shares and become the group's parent entity. Following the scheme implementation, the company will maintain a secondary listing on the Australian Securities Exchange (ASX).
The strategic move is aligned with a conditional commitment from the U.S. Department of War to provide up to $400 million in funding for the company's Syerston Scandium Project located in New South Wales. According to Sunrise's 2026 annual report, the project has secured all key permits and is targeting first production in the first half of 2028, with planned annual output of approximately 60 metric tons of scandium oxide.
Scandium has gained prominence as a critical mineral essential to Western defense and technology sectors, particularly following China's implementation of export controls on the mineral, as the nation remains the main producer globally. The company emphasized that the relocation would not alter its business operations, assets, or projects, with directors and senior management expected to maintain their current positions. Market sentiment appeared positive following the announcement, with shares of Sunrise Energy Metals trading up 6.9% at A$23.060 in the session.
Source: Reuters reporting via Mining.com, October 2, 2026.
Source: mining.com