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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$115.4M2024-12-31: 6,033,000 A$2025-03-31: 4,823,000 A$2025-06-30: 10,714,000 A$2025-09-30: 12,049,000 A$2025-12-31: 47,942,000 A$2026-03-31: 117,199,000 A$2026-06-30: 115,439,000 A$ Finite
Debt A$0 Net cash A$115.4M
Basic shares 172.3M 2026-10-12
Runway 28.5 quarters Issuer5B115.439m/4.046moperatingquarterburn=28.5quarters, beforeconstructionandAgni. Typednetburn4.619mincludesinvesting; postJune48.179mreceivedisrecordedseparatelyandisnotanupdatedbalance.

Liquidity

Financial position

Audited June cash A$115.439m, no interest-bearing debt. Confirmed post-June option receipts and later exercised option reductions support an estimated cutoff bridge; full development still requires financing. OSC/EXIM documents are conditional and provide no currently drawable facility.

Capital structure

Ownership and dilution

Ordinary shares
172.3M
Fully diluted
181.3M

153,850,236 ordinary shares at June 2026; 172,341,994 at 12 October. Maximum contractual dilution adds 5,024,936 performance rights, 950,487 options at A$0.40 and 2,941,177 options at A$4.25. Scenario valuation conditions option exercise on same-date intrinsic value and includes any future funding shares separately.

Security classes4
ClassTypeQuantityStrikeExpiry
Fully paid ordinary sharesOrdinary Share172.3M——
Options atA$0.40Option950.5KA$0.42027-05-31
Options atA$4.25Option2.9MA$4.252027-11-11
Unquoted performance rights maximum dilutionPerformance Right5MA$0—

KPI history

Operating metrics

Comparable series use a shared scale

Cash and cash equivalents · Company · Point In Time

AUD

7 periods
  1. 2024-12-316,033,000 AUD
    Reported
  2. 2025-03-314,823,000 AUD
    Reported
  3. 2025-06-3010,714,000 AUD
    Reported
  4. 2025-09-3012,049,000 AUD
    Reported
  5. 2025-12-3147,942,000 AUD
    Reported
  6. 2026-03-31117,199,000 AUD
    Reported
  7. 2026-06-30115,439,000 AUD
    Reported
Operating metric source table7
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompany2024-12-31Point In Time6,033,000 AUDReported
Cash and cash equivalentsCompany2025-03-31Point In Time4,823,000 AUDReported
Cash and cash equivalentsCompany2025-06-30Point In Time10,714,000 AUDReported
Cash and cash equivalentsCompany2025-09-30Point In Time12,049,000 AUDReported
Cash and cash equivalentsCompany2025-12-31Point In Time47,942,000 AUDReported
Cash and cash equivalentsCompany2026-03-31Point In Time117,199,000 AUDReported
Cash and cash equivalentsCompany2026-06-30Point In Time115,439,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Sc2O3 Study Capacitysyerston32-year lifeofmine aftercommissioning6060 t/year Sc2O3Current
Broadened Initial CapitalsyerstonInitialmine/refineryUSmetallization/infrastructurebuild450,000,000475,000,000 AUDCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-09Ann. 2026-10-12RaisingA$12M2.9M—Completed—
2026-09-08RaisingA$48.2M15.2M—Completed—
2026-06-30Ann. 2026-09-08RaisingA$115.2M38.6M—Completed—
2026-08-10DebtUS$400M——Announced—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Latestannual,quarterandselectedoriginaltermspluscutoffASXmetadatasearchreviewed; allmaterialdisclosedconditionalfacilities,royalties,customeroptions,processpartners,earn-ins,SAFEandcorporateproposalrecorded. NolivedisclosedcommodityorFXhedges.

Proposed facility requires diligence, definitive documents, equity deployment and binding eligible customer offtake; no current available debt.

Other · Conditional
Counterparties
US Office of Strategic Capital
Applies to
Syerston Scandium Project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Maximum proposed facility: 400,000,000 USD
Proposed tenor: 25 years
How it affects our valuation

No valuation treatment is available for this arrangement.

No current committed or undrawn facility; not added to OSC as assured extra capacity.

Other · Conditional
Counterparties
US Export-Import Bank
Applies to
Syerston Scandium Project · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Potential debt: 67,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Option/qualification partnership; price and binding offtake absent; not 25% contracted currentproduction.

Offtake · Conditional
Counterparties
Lockheed Martin
Applies to
Syerston Scandium Project · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Purchase option: 15 t Sc2O3/year
Term: 5 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory royalty included in study economics. Deferral scheme accepted, repayment detail not established; no unquantified value uplift.

Royalty · Active
Counterparties
New South Wales Government
Applies to
Syerston Scandium Project · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Revenue royalty: 4 %
Deferral: 5 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Ivanhoe royalty included in Syerston embedded study; no separate bridge deduction. Historical nickel-cobalt retained at zero.

Royalty · Active
Counterparties
Ivanhoe royalty beneficiary
Applies to
Syerston Scandium Project · Sunrise Nickel-Cobalt Project · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty: 2.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

FEED, continuous ion exchange and cRIP design providers. Contract pricing and guarantees not fully disclosed; revised capital range and execution factor cover cost/technology risk.

Tolling Or Processing · Active
Counterparties
Clean TeQ Water · GR Engineering Services
Applies to
Syerston Scandium Project · Others
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Renewal ended January2026; no later renewal established. No contract cash, asset mark or ongoing guaranteed purchases attributed.

Strategic Partnership · Expired
Counterparties
UACJ
Applies to
Syerston Scandium Project · Others
Economic direction
Mixed
Period
Through 2026-01-31; start date not stated
Key terms
Own costs: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Exploration earn-in toward up to 75%; completion and current earned interest remain undisclosed. No resource or reserve is reported.

Earn In · Active
Counterparties
Continental Copper Pty Ltd
Applies to
Clonagh Trend · Copper · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Initial earn-in: 51 %
Initial remaining commitment: 2,800,000 AUD
Potential final ownership: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Partner funded validation of pulsed-power drilling; geothermal heat-in-place is not reserves or saleable energy and completion unverified.

Earn In · Conditional
Counterparties
Greenvale Energy · I-Pulse
Applies to
Millungera Basin Geothermal · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Partner spend minimum: 5,000,000 AUD
Eventual Sunrise share: 15 %
Funding before completion: 0 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional US$5m SAFE commitment. Fully subscribed seed funding and warrant exercise could result in approximately 17% fully diluted ownership; current shares and payment completion are not established.

Strategic Partnership · Conditional
Counterparties
Agni Semiconductor LLC
Applies to
Agni Semiconductor SAFE investment rights · Syerston Scandium Project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
SAFE commitment: 5,000,000 USD
Expected maximum stated FD stake: 17 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Internal reorganisation and Nasdaq dual listing proposal; one-for-one economicbasis, no acquisition cash premium and no present change to ASX ordinary referenceprice.

Other · Conditional
Counterparties
Sunrise Energy Metals Inc Delaware
Applies to
Company-wide · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Security exchange ratio: 1 new share or CDI per ordinary
How it affects our valuation

No valuation treatment is available for this arrangement.