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2026-11-06
◂ Monitor SRL ASX

SUNRISE ENERGY METALS LIMITED

DFS Unfunded Developer · Others · Nickel · Cobalt · AU · US Rating locked: sign in to view v8 · srl-20261024t202031-full
Last 2026-11-06
A$11.58
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$2B
EV
A$1.8B
Cash
A$115.4M
Debt
A$0
4 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

9 assets

Core asset

Syerston Scandium Project

AU

DFS Unfunded Developer100% ownedOthers

Early works and FEED ongoing; full mine/refinery and US metallization development requires FID and financing close. Additional120tpa expansion concept has no approved economic outcome.

Developer · DFS unfunded developer
Study
Feasibility Study
Post-tax NPV (study prices, attributable)
A$1.3bd
NPV restated at our deck (attributable)
Locked
IRR
76%s
Initial capex (100%)
A$462.5md
Capital intensity
—
LoM AISC
—
Mine life
32.0 yrss
Published study economicsIssuer or study metrics
NPVUS$890M8% discount
IRR76%Published return
Initial capexUS$120MPublished capital estimate
Operating cost534USD/kg Sc2O3 C1
Initial capexA$462.5MPublished capital estimate

Original narrow-scope post-taxNPV atUS3000/kgoxide andAUD:USD0.66; not economicNPV of expandedAugustscope.

Derived midpoint of latest450–475m fullscope capital range; no updatedstudyNPV.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured + Indicated + Inferred51.7M t dry ore408ppmSc at300ppmSc cutoffOthers2025-09-09
Ore ReserveProved + Probable2M t dry ore644ppmSc at550ppmSc cutoffOthers2025-09-30
Tenements1
ml1770Granted— None · No expiry supplied
Permits & approvals4
PermitJurisdictionStatusExpiryCritical path
Mining Lease1770New South WalesGranted—Yes
Development consentNew South WalesGranted—Yes
Groundwater licences and extraction rightsNew South WalesGranted—Yes
22kV power-line relocation and remaining execution approvalsNew South WalesPending—Yes
Economic studies1
StudyStageStatusDateSummary
60tpa Syerston Feasibility StudyDFSCurrent2026-03-03Narrow oxide scope60tpa,64ktpaore,656ppmfeed,88%recovery,32years; US120m capital excludedmetallization. August broad scope capital450–475mAUD supersedes capital without new consolidatedNPV.

Material

Sunrise Nickel-Cobalt Project

AU

DFS Unfunded Developer100% ownedNickelCobalt

Activities reduced to minimum holding while nickel and cobalt markets remain weak; the 2020 PEP is historical and no current funded construction plan is disclosed.

Resource / scoping · Resource stage
Contained metal (attributable)
935.0k td
Resource grade
0.5%d
% Measured + Indicated
95.2%d
Resource tonnes
177.00 Mtd
Our value per attrib. contained unit
Locked
Mining method
open pit
Published study economicsIssuer or study metrics
NPVA$1.7B8% discount
IRR15.4%Published return
Initial capexA$2.6BPublished capital estimate

Historical2020realungearedposttaxPEP,notcurrentunderwriting.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceM+I and Inferred177M t oreM+I0.56%Ni/0.09%Co; Inferred0.26%Ni/0.10%Co;0.35%NiEq cutoffNickel · Cobalt2020-09-28
Ore ReserveProven + Probable143.2M t ore0.59%Ni,0.10%Co,47ppmScNickel · Cobalt2020-09-28
Tenements8
sunrise-el4573Granted— None · No expiry supplied
sunrise-el8928Granted— None · No expiry supplied
sunrise-el8833Granted— None · No expiry supplied
sunrise-el9259Granted— None · No expiry supplied
sunrise-el9317Granted— None · No expiry supplied
sunrise-el9598Granted— None · No expiry supplied
sunrise-el9627Granted— None · No expiry supplied
sunrise-ml1770Granted— None · No expiry supplied
Economic studies1
StudyStageStatusDateSummary
Sunrise Project Execution PlanUpdated FeasibilitySuperseded2020-09-28Historical25yearDCF atUSD22000/tNi,59200/tCo,USD1500/kgSc2O3 and0.70FX; capitalA2609m andposttaxNPVA1720m,IRR15.44%. Issuercurrentlyuneconomic; not adopted.

Other

Clonagh Trend

AU

Early ExplorerCopperGold

Contingent investment/earn-in; current earned ownership not established, no geological inventory or cash-flow schedule valued.

Exploration · Early explorer
Ownership
—
Commodity
Cur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Millungera Basin Geothermal

AU

Early ExplorerOthers

Contingent investment/earn-in; current earned ownership not established, no geological inventory or cash-flow schedule valued.

Exploration · Early explorer
Ownership
—
Commodity
othersr
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Minore

AU

Early Explorer100% ownedCopperGold

Held exploration tenements; no current resource or financed development established.

Exploration · Early explorer
Ownership
100%r
Commodity
Cur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements2
minore-el8961Granted— None · No expiry supplied
minore-el9031Granted— None · No expiry supplied

Other

Hylea

AU

Early Explorer100% ownedNickelCobaltPlatinum Group Metals

Held exploration tenements; no current resource or financed development established.

Exploration · Early explorer
Ownership
100%r
Commodity
Nir
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements3
hylea-el8520Granted— None · No expiry supplied
hylea-el8641Granted— None · No expiry supplied
hylea-el8801Granted— None · No expiry supplied

Other

Nyngan

AU

Early Explorer100% ownedCopperGold

Held exploration tenements; no current resource or financed development established.

Exploration · Early explorer
Ownership
100%r
Commodity
Cur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements1
nyngan-el9211Granted— None · No expiry supplied

Other

Westrella Limestone

AU

Early Explorer100% ownedOthers

Held exploration tenements; no current resource or financed development established.

Exploration · Early explorer
Ownership
100%r
Commodity
othersr
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements1
westrella-ml1769Granted— None · No expiry supplied

Other

Agni Semiconductor SAFE investment rights

US

Early Explorer100% ownedOthers

Sunrise owns 100% of its contractual conditional US$5m SAFE investment rights; this percentage describes the instrument only. Current Agni share ownership and payment completion are unconfirmed; approximately 17% is a prospective fully diluted outcome.

Equity investment · Held
Investee
—
Holding
—
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)