- Last 2026-11-06
- A$11.58
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Syerston Scandium Project FID ApprovedRecent Project Economic Study
- Application for quotation of securities - SRLPost Cash Checkpoint Security Event
- September 2026 Quarterly Activities and Cash FlowLatest Four Activities Reports
- Application for quotation of securities - SRLPost Cash Checkpoint Security Event
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 27All sources ▸- Application for quotation of securities - SRLFinancing
- Redomicile to the US and progress on Nasdaq listingCorporate Action
- Response to ASX QueryGovernance
- Notification regarding unquoted securities - SRLFinancing
- 2026 Annual ReportResults
- Investor PresentationPresentation
- Sunrise strengthens management teamLeadership
- U.S. Office of Strategic Capital US$400m Conditional LoanEconomic Arrangement
- Sunrise Accelerates Expansion StudyOther
- Appointment of Chief Financial OfficerLeadership
- June 2026 Quarterly Activities and Cash FlowResults
- NSW Critical Minerals Royalty Deferral Scheme AcceptanceEconomic Arrangement
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Company target second half2026 | Syerston final investment decision | Construction Or Commissioning | Company Guided | High | Requires finance and binding sales terms plus revised scope engineering; already late in guidedwindow. |
| 12November2026 Melbourne12:30 | Annual General Meeting | Governance | Confirmed | Medium | Capital and governance resolutions matter for ownership and execution accountability. |
| Concept evaluation in progress | 180tpa concept study results | Study | Company Guided | High | Must establish cost and market-supported output before expansion receives value. |
| Customer qualification and negotiations | Binding qualified scandium offtake | Economic Arrangement | Company Guided | High | Commercial volumes and realized price must support debt tranches and scale. |
| Unscheduled conditions and definitive documents | OSC definitive finance and closing | Financing | Company Guided | High | Only closing and draw availability make proposed facility usable liquidity. |
| Approval-driven corporate action | Delaware scheme and Nasdaq approvals | Corporate Action | Company Guided | Medium | One-for-one reorganisation may broaden funding reach but no fundamentalcashflow upliftassured. |
Executive roster
As of 2026-10-13Background checks ▸FY26annualexecutiverosterreconciledwithJulyCFOappointment(effectiveAugust24)andAugust17technical/commercial/operationsappointments. Nonexecutive directors excluded fromcurrentexecutiveteam.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Sam Riggall | Managing Director · Chief Executive Officer | Executive Director · Chief Executive | — | 2026 Annual Report |
| John Mullumby | Chief Financial Officer | Finance | 2026-08-24 | Appointment of Chief Financial Officer |
| Melanie Leydin | Company Secretary | Company Secretary | 2011-07-07 | 2026 Annual Report |
| Geoffrey Newcombe | Project Director Syerston | Operations · Senior Management | — | Sunrise strengthens management team |
| David Petitjean | Vice President Sales and Marketing | Commercial · Senior Management | — | Sunrise strengthens management team |
| Timothy Langan | Vice President Scandium Product Development · Principal Metallurgist Scandium Alloys | Technical · Senior Management | — | Sunrise strengthens management team |
| Miha Zakotnik | Chief Technology Officer Metallization | Technical · Senior Management | — | Sunrise strengthens management team |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Syerston Scandium Project
AU
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.
- 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
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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured + Indicated + Inferred | 51.7M t dry ore | 408ppmSc at300ppmSc cutoff | Others | 2025-09-09 |
| Ore Reserve | Proved + Probable | 2M t dry ore | 644ppmSc at550ppmSc cutoff | Others | 2025-09-30 |
Tenements1
Permits & approvals4
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining Lease1770 | New South Wales | Granted | — | Yes |
| Development consent | New South Wales | Granted | — | Yes |
| Groundwater licences and extraction rights | New South Wales | Granted | — | Yes |
| 22kV power-line relocation and remaining execution approvals | New South Wales | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| 60tpa Syerston Feasibility Study | DFS | Current | 2026-03-03 | Narrow 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
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.
- 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
Historical2020realungearedposttaxPEP,notcurrentunderwriting.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | M+I and Inferred | 177M t ore | M+I0.56%Ni/0.09%Co; Inferred0.26%Ni/0.10%Co;0.35%NiEq cutoff | Nickel · Cobalt | 2020-09-28 |
| Ore Reserve | Proven + Probable | 143.2M t ore | 0.59%Ni,0.10%Co,47ppmSc | Nickel · Cobalt | 2020-09-28 |
Tenements8
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Sunrise Project Execution Plan | Updated Feasibility | Superseded | 2020-09-28 | Historical25yearDCF atUSD22000/tNi,59200/tCo,USD1500/kgSc2O3 and0.70FX; capitalA2609m andposttaxNPVA1720m,IRR15.44%. Issuercurrentlyuneconomic; not adopted. |
Other
Clonagh Trend
AU
Contingent investment/earn-in; current earned ownership not established, no geological inventory or cash-flow schedule valued.
- Ownership
- —
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Millungera Basin Geothermal
AU
Contingent investment/earn-in; current earned ownership not established, no geological inventory or cash-flow schedule valued.
- Ownership
- —
- Commodity
- othersr
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Minore
AU
Held exploration tenements; no current resource or financed development established.
- Ownership
- 100%r
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements2
Other
Hylea
AU
Held exploration tenements; no current resource or financed development established.
- Ownership
- 100%r
- Commodity
- Nir
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements3
Other
Nyngan
AU
Held exploration tenements; no current resource or financed development established.
- Ownership
- 100%r
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements1
Other
Westrella Limestone
AU
Held exploration tenements; no current resource or financed development established.
- Ownership
- 100%r
- Commodity
- othersr
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements1
Other
Agni Semiconductor SAFE investment rights
US
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.
- 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)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares | Ordinary Share | 172.3M | — | — |
| Options atA$0.40 | Option | 950.5K | A$0.4 | 2027-05-31 |
| Options atA$4.25 | Option | 2.9M | A$4.25 | 2027-11-11 |
| Unquoted performance rights maximum dilution | Performance Right | 5M | A$0 | — |
KPI history
Operating metrics
Operating metric source table7
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents | Company | 2024-12-31 | Point In Time | 6,033,000 AUD | Reported |
| Cash and cash equivalents | Company | 2025-03-31 | Point In Time | 4,823,000 AUD | Reported |
| Cash and cash equivalents | Company | 2025-06-30 | Point In Time | 10,714,000 AUD | Reported |
| Cash and cash equivalents | Company | 2025-09-30 | Point In Time | 12,049,000 AUD | Reported |
| Cash and cash equivalents | Company | 2025-12-31 | Point In Time | 47,942,000 AUD | Reported |
| Cash and cash equivalents | Company | 2026-03-31 | Point In Time | 117,199,000 AUD | Reported |
| Cash and cash equivalents | Company | 2026-06-30 | Point In Time | 115,439,000 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Sc2O3 Study Capacity | syerston | 32-year lifeofmine aftercommissioning | 60 | 60 t/year Sc2O3 | Current |
| Broadened Initial Capital | syerston | Initialmine/refineryUSmetallization/infrastructurebuild | 450,000,000 | 475,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-09Ann. 2026-10-12 | Raising | A$12M | 2.9M | — | Completed | — |
| 2026-09-08 | Raising | A$48.2M | 15.2M | — | Completed | — |
| 2026-06-30Ann. 2026-09-08 | Raising | A$115.2M | 38.6M | — | Completed | — |
| 2026-08-10 | Debt | US$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.
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
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
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
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
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 %
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
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: —
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 %
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
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 %
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The issuer describes a team with mining development, finance and scandium-related backgrounds and has released a feasibility study. The project is still in development, and disclosed related-party arrangements and evidence gaps limit the assessment.
Decision-relevant facts
Material summary
Sam Riggall
Managing Director and Chief Executive Officer
Disclosed related-party engineering services
Sunrise’s FY2026 annual report says Riggall is also a non-executive director of Clean TeQ Water and that a Sunrise subsidiary paid its subsidiary A$557,368 for engineering services during the year, which Sunrise described as arm’s length. The report discloses A$159,590 accrued payable at 30 June 2026.
Individual involvement documented · The issuer identifies the directorship and transaction; the disclosure alone does not establish misconduct or independently verify the arm’s-length assertion.
Feasibility study and project status
The company released a Syerston feasibility study in March 2026. It is an engineering assessment and not evidence that the mine is operating or that the financing and construction have been completed; the September quarter reports A$148.1 million in cash at quarter end, with about A$48.2 million from equity/options during the quarter.
Role overlaps event; causation unproven · Riggall was CEO; financing, study and project status are company-level and personal contribution is not independently isolated.
Evidence gaps · 4
- This is a partial public-record screen. Separate named-person topic searches and comprehensive prior-employer, court, regulator, safety and environmental checks have not been completed.
- The issuer’s career and qualification statements have not been independently verified with all previous employers, institutions or registers.
- No clearance or exhaustive negative search result is implied.
- The annual report lists Lynden Polonsky as chief development officer from January 2026, but his role continuation as at 31 October is not independently confirmed and he is not included as current.
John Mullumby
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- This is a partial public-record screen. Separate named-person topic searches and comprehensive prior-employer, court, regulator, safety and environmental checks have not been completed.
- The issuer’s career and qualification statements have not been independently verified with all previous employers, institutions or registers.
- No clearance or exhaustive negative search result is implied.
Melanie Leydin
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- This is a partial public-record screen. Separate named-person topic searches and comprehensive prior-employer, court, regulator, safety and environmental checks have not been completed.
- The issuer’s career and qualification statements have not been independently verified with all previous employers, institutions or registers.
- No clearance or exhaustive negative search result is implied.
Geoffrey Newcombe
Project Director Syerston
Cadia air-emissions offences and later resolution
The NSW EPA says Cadia Holdings pleaded guilty to three dust-emission offences between 2021 and May 2023 and was ordered to pay A$350,000 in fines plus A$61,500 to a monitoring network in 2025. Separate proceedings concerning two 2022 tailings dust incidents were discontinued in December 2025 after an enforceable undertaking. A company report identifies Newcombe as acting Cadia general manager on 31 October 2023, after the offence dates.
Employer context; no individual link established · The exact dates of his role, and any overlap with the emission events, are not established. The regulator finding was against Cadia Holdings, not Newcombe, and no personal responsibility is inferred.
Board’s FY2026 project delivery assessment
The FY2026 annual report said Newcombe commenced as project director on 1 December 2025. The board assessed his individual short-term incentive objectives at 42% of target; these included FEED, site readiness and a targeted 30 June 2026 investment decision. The report does not identify the score for each objective, so the reason for the outcome is not established.
Individual involvement documented · This is the company board’s disclosed individual assessment, not independent attribution of a project delay or finding of misconduct.
Evidence gaps · 3
- This is a partial public-record screen. Separate named-person topic searches and comprehensive prior-employer, court, regulator, safety and environmental checks have not been completed.
- The issuer’s career and qualification statements have not been independently verified with all previous employers, institutions or registers.
- No clearance or exhaustive negative search result is implied.
David Petitjean
Vice President Sales and Marketing
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- This is a partial public-record screen. Separate named-person topic searches and comprehensive prior-employer, court, regulator, safety and environmental checks have not been completed.
- The issuer’s career and qualification statements have not been independently verified with all previous employers, institutions or registers.
- No clearance or exhaustive negative search result is implied.
Timothy Langan
Vice President Scandium Product Development and Principal Metallurgist Scandium Alloys
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- This is a partial public-record screen. Separate named-person topic searches and comprehensive prior-employer, court, regulator, safety and environmental checks have not been completed.
- The issuer’s career and qualification statements have not been independently verified with all previous employers, institutions or registers.
- No clearance or exhaustive negative search result is implied.
Miha Zakotnik
Chief Technology Officer Metallization
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- This is a partial public-record screen. Separate named-person topic searches and comprehensive prior-employer, court, regulator, safety and environmental checks have not been completed.
- The issuer’s career and qualification statements have not been independently verified with all previous employers, institutions or registers.
- No clearance or exhaustive negative search result is implied.
- A third-party court index lists a similarly named plaintiff in a 2026 Noveon matter; the underlying pleading, identity, nature and disposition were not available and remain unresolved.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-08-10 · 169,437,920 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 30.38% | 51,477,645 | |
| 2 | 16.20% | 27,452,467 | |
| 3 | 10.85% | 18,382,379 | |
| 4 | 7.08% | 12,006,094 | |
| 5 | 6.54% | 11,085,713 | |
| 6 | 6.17% | 10,451,888 | |
| 7 | 3.33% | 5,634,589 | |
| 8 | 1.96% | 3,323,189 | |
| 9 | 1.81% | 3,069,985 | |
| 10 | 1.40% | 2,365,508 | |
| 11 | 0.90% | 1,526,094 | |
| 12 | 0.53% | 895,551 | |
| 13 | 0.52% | 885,398 | |
| 14 | 0.38% | 637,700 | |
| 15 | 0.33% | 559,450 | |
| 16 | 0.33% | 556,735 | |
| 17 | 0.27% | 454,599 | |
| 18 | 0.21% | 358,329 | |
| 19 | 0.18% | 312,438 | |
| 20 | 0.16% | 267,106 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 19.86%Calc. on issued shares | 2026-07-31 | |
| 9.05%Voting power | 2026-05-14 | |
| 6.17%Issued shares | 2026-08-10 | |
| 5.90%Voting power | 2026-09-29 | |
| 5.50%Voting power | 2026-09-23 |
Other named investors
Issuer-confirmed investors whose existing holding is not quantified in the reviewed disclosure
| Investor | Disclosed holding | Confirmed at |
|---|---|---|
| 2.4M shares | 2026-08-18 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The 20 accounts total 151,702,857 shares and 89.53% at 10 August; nominee accounts do not identify underlying beneficial owners.
- Ivanhoe’s 33,654,272 ordinary shares are dated to the 31 July exercise by a director notice; the annual report’s 19.86% divides by the later 10 August denominator and is not relabelled as the July percentage.
- Pengxin’s August register figure is a direct holding rather than a new notice; the earlier January notice percentage is historical.
- Citigroup ceased being a substantial holder on 15 October after a 13 October initial notice; this does not imply zero remaining ownership.
- Director and group interests can overlap register accounts and nominees; do not add these views. Options and performance rights are excluded.
- Capital issues and changes in holdings after measurement dates can make historical percentages stale.
Sources
- 2026 annual report
Sunrise / ASX · Published 2026-09-08 · Accessed 2026-10-31
20 registered accounts and denominator as at 10 August; visually inspected.
PDF pages 81–82; local downloads/SRL/2026/2026-09-08_2026 Annual Report_11e9a6ba8b18b446.pdf
- Appendix 3Y: Robert Friedland
Sunrise / ASX · Published 2026-08-04 · Accessed 2026-10-31
Ivanhoe Capital 33,654,272 ordinary shares after 31 July option exercise.
Pages 1–2; local downloads/SRL/2026/2026-08-04_Change of Director's Interest Notice_38d67f242a5886ff.pdf
- Form 604: Kiril Sokoloff
Sunrise / ASX · Published 2026-05-15 · Accessed 2026-10-31
13,907,424 votes and 9.05% on 14 May.
Page 1 visually inspected; local downloads/SRL/2026/2026-05-15_Change in substantial holding_c2cf31f321938295.pdf
- Form 604: Pengxin
Sunrise / ASX · Published 2026-02-03 · Accessed 2026-10-31
10,451,888 shares and 7.28% following 29 January dilution.
Page 1; local downloads/SRL/2026/2026-02-03_Change in substantial holding_7f46061c6a0c6495.pdf
- Form 603: Valvino Lamore
Sunrise / ASX · Published 2026-10-02 · Accessed 2026-10-31
10,000,000 votes and 5.90% on 29 September.
Page 1 visually inspected; local downloads/SRL/2026/2026-10-02_Becoming a substantial holder_7c4cfa70f61f4a0c.pdf
- Form 604: SailingStone
Sunrise / ASX · Published 2026-09-29 · Accessed 2026-10-31
9,407,560 votes and 5.5% on 23 September.
Page 1; local downloads/SRL/2026/2026-09-29_Change in substantial holding_5ae26e32a6b61de8.pdf
- Form 605: Citigroup
Sunrise / ASX · Published 2026-10-19 · Accessed 2026-10-31
Citigroup ceased substantial status on 15 October, not necessarily zero ownership.
Page 1; local downloads/SRL/2026/2026-10-19_Ceasing to be a substantial holder_3837e8a3dfd191de.pdf
- Corrected Appendix 3Y: Sam Riggall
Sunrise / ASX · Published 2026-08-20 · Accessed 2026-10-31
Corrected director interests after sales through 18 August.
Pages 2–4; local downloads/SRL/2026/2026-08-20_Change of Director's Interest Notice - Correction_900b4e4cdadfc6c6.pdf
- Application for quotation of securities - SRL
Sunrise Energy Metals Limited / ASX · Published 2026-08-04 · Accessed 2026-11-06
Ordinary shares on issue: 169,437,920 at 2026-07-31; used as the denominator for calculated substantial-holder percentages.
Appendix 2A for the 13,000,000 shares issued 31 July 2026 on option exercise, total ordinary shares on issue
Disclosed activity
Insider transactions
Trading activity0 buys · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-08-12to 2026-08-18 | Sam Riggall
Details & evidence for Sam Riggall on 2026-08-12Correction says 242,629 shares and $4,483,340.75 at $18.478 per share; source does not label currency. The exact daily distribution is not disclosed. As disclosed: On-market sale
Replaces 1 earlier record(s). Change of Director's Interest Notice - Correction ↗ | SaleFully paid ordinary shares | 242,629 | —Not Disclosed | AUD 18.478Disclosed price | 675,150 |
| 2026-07-31 | Robert Martin FriedlandIvanhoe Capital Holdings Pte. Ltd.
Details & evidence for Robert Martin Friedland on 2026-07-313 million options exercised for 3 million shares with payment of $0.40 per option; notice does not specify currency or cash total. As disclosed: Issue of shares upon exercise of unlisted options
Ivanhoe Capital Holdings Pte. Ltd. · Notice reports an indirect interest via this holder Change of Director's Interest Notice ↗ | ExerciseFully paid ordinary shares | 3,000,000 | —Not Disclosed | AUD 0.4Disclosed price | 33,654,272 |
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Sign in or enter a guest codeChronological evidenceSource-document inventory29 documents
Selected eligible ASX ordinary closeMarket Data · MediumExtracted
Eligible local ASX SRL ordinary raw and adjusted close A$16.219999 on 13 October 2026; volume 1,667,616; market data provider via miners.collect_stock_prices. This is the cutoff observation, not a 24 October quote.
- Document ID
- doc-srl-market-20261013
- Published UTC
- 2026-10-13T06:10:00Z
- Projects
- —
- Commodities
- others
Application for quotation of securities - SRLFinancing · HighPartial
Latest complete Appendix 2A security totals through cutoff: 172,341,994 ordinary shares, 950,487 40-cent options, 2,941,177 A$4.25 options and 5,024,936 performance rights.
- Document ID
- doc-srl-2026-10-12-3a703817
- Published UTC
- 2026-10-11T21:39:42.000Z
- Projects
- —
- Commodities
- others
Redomicile to the US and progress on Nasdaq listingCorporate Action · HighPartial
Conditional one-for-one Delaware holding company redomicile and Nasdaq listing. ASX CDIs default, direct US shares electable; approvals pending and OSC terms remain non-binding.
- Document ID
- doc-srl-2026-10-02-3a703193
- Published UTC
- 2026-10-01T23:39:58.000Z
- Projects
- —
- Commodities
- others
Response to ASX QueryGovernance · MediumPartial
Issuer responds to ASX placement timing inquiry; confirms single Valvino Lamore subscriber and formal board approval dates, corrected plural investors wording.
- Document ID
- doc-srl-2026-10-01-3a703082
- Published UTC
- 2026-09-30T23:50:28.000Z
- Projects
- —
- Commodities
- others
Notification regarding unquoted securities - SRLFinancing · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2026-09-28-3a702668
- Published UTC
- 2026-09-28T03:56:10.000Z
- Projects
- —
- Commodities
- others
2026 Annual ReportResults · HighPartial
FY26 audited baseline: cash A$115.439m, NPAT loss A$15.171m, additional post-balance option receipts A$48.179m; Syerston early works, unfunded full development; historical Sunrise nickel-cobalt currently uneconomic.
- Document ID
- doc-srl-2026-09-08-3a701269
- Published UTC
- 2026-09-07T23:36:35Z
- Projects
- —
- Commodities
- others
Investor PresentationPresentation · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2026-09-08-3a701286
- Published UTC
- 2026-09-08T01:29:15.000Z
- Projects
- syerston
- Commodities
- others
Sunrise strengthens management teamLeadership · MediumPartial
Syerston project, sales, scandium alloy and metallization appointments: Geoffrey Newcombe, David Petitjean, Timothy Langan and Miha Zakotnik.
- Document ID
- doc-srl-2026-08-17-3a698880
- Published UTC
- 2026-08-16T22:23:29.000Z
- Projects
- —
- Commodities
- others
U.S. Office of Strategic Capital US$400m Conditional LoanEconomic Arrangement · HighPartial
Conditional proposed US$400m 25-year OSC facility, final documentation and approvals outstanding. Expanded mine/refinery and US metallization scope carries A$450–475m initial capital estimate.
- Document ID
- doc-srl-2026-08-10-3a698432
- Published UTC
- 2026-08-09T22:32:25.000Z
- Projects
- syerston
- Commodities
- others
Sunrise Accelerates Expansion StudyOther · MediumPartial
Concept/Class 5 evaluation for additional 120tpa oxide; no capital, operating, production-target or economic outcome determined.
- Document ID
- doc-srl-2026-07-23-3a697530
- Published UTC
- 2026-07-23T00:32:36.000Z
- Projects
- syerston
- Commodities
- others
Appointment of Chief Financial OfficerLeadership · MediumPartial
John Mullumby appointed CFO effective 24 August 2026, replacing interim CFO Trevor Eton who remains a non-executive director.
- Document ID
- doc-srl-2026-07-22-3a697489
- Published UTC
- 2026-07-22T03:40:58.000Z
- Projects
- —
- Commodities
- others
June 2026 Quarterly Activities and Cash FlowResults · HighPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2026-07-09-3a696883
- Published UTC
- 2026-07-08T22:50:18Z
- Projects
- —
- Commodities
- others
NSW Critical Minerals Royalty Deferral Scheme AcceptanceEconomic Arrangement · MediumPartial
Syerston admitted to NSW royalty deferral scheme allowing payment deferral for up to five years; no evidence of royalty waiver.
- Document ID
- doc-srl-2026-07-06-3a696652
- Published UTC
- 2026-07-05T22:57:25.000Z
- Projects
- syerston
- Commodities
- others
Strategic Investment in Agni Semiconductor LLCEconomic Arrangement · MediumPartial
US$5m conditional SAFE investment in Agni; approximately 17% fully diluted stake conditional on full seed subscription, warrants and reorganisation, not established current holding.
- Document ID
- doc-srl-2026-06-15-3a695284
- Published UTC
- 2026-06-14T22:52:19.000Z
- Projects
- agni
- Commodities
- others
March 2026 Quarterly Activities and Cash FlowResults · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2026-04-21-3a691718
- Published UTC
- 2026-04-20T23:42:49Z
- Projects
- —
- Commodities
- others
Partner With I-Pulse and Greenvale MiningEconomic Arrangement · MediumPartial
Millungera conditional pulsed-power drilling earn-in, minimum A$5m partner-funded; ultimate I-Pulse65%, Greenvale20%, Sunrise15%, no Sunrise funding before earn-in completion.
- Document ID
- doc-srl-2026-03-24-3a689960
- Published UTC
- 2026-03-23T21:21:25.000Z
- Projects
- millungera
- Commodities
- others
Half Year Accounts - December 2025Results · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2026-03-12-3a689268
- Published UTC
- 2026-03-11T22:06:08Z
- Projects
- —
- Commodities
- others
Feasibility Study Demonstrates Scalable OperationStudy · HighPartial
March 2026 feasibility announcement and appended JORC resource/reserve: 60tpa oxide, 32 years, 88% recovery, US$120m narrow-scope capital and price-sensitive post-tax NPV8; subsequent broadened capital supersedes this scope.
- Document ID
- doc-srl-2026-03-03-3a688595
- Published UTC
- 2026-03-02T22:31:40.000Z
- Projects
- syerston
- Commodities
- others
USGS Mineral Commodity Summaries 2026: ScandiumCommodity Data · HighExtracted
USGS estimates 2025 scandium oxide consumption 60t, production 80t and capacity above 90tpa. US$640/kg 99.99% oxide is ex-works China in 5–100kg lots; not a Western long-term contract. Canadian 9tpa capacity and DLA procurement are competing supply evidence.
- Document ID
- doc-srl-usgs-scandium-2026
- Published UTC
- 2026-02-06T00:00:00Z
- Projects
- syerston
- Commodities
- others
December 2025 Quarterly Activities and Cash FlowResults · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2026-01-29-3a686067
- Published UTC
- 2026-01-28T22:33:16Z
- Projects
- —
- Commodities
- others
September 2025 Quarterly Activities and Cash FlowResults · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2025-10-24-3a679686
- Published UTC
- 2025-10-24T01:59:54Z
- Projects
- —
- Commodities
- others
Lockheed Martin Secures up to 25% Syerston ScandiumEconomic Arrangement · MediumPartial
Lockheed Martin purchase option for 15tpa oxide for first five years, subject to formal binding offtake terms and qualification.
- Document ID
- doc-srl-2025-10-24-3a679625
- Published UTC
- 2025-10-23T21:34:02.000Z
- Projects
- syerston
- Commodities
- others
2025 Annual ReportResults · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2025-09-08-3a675849
- Published UTC
- 2025-09-08T06:14:48Z
- Projects
- —
- Commodities
- others
June 2025 Quarterly Activities and Cash FlowResults · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2025-07-22-3a672007
- Published UTC
- 2025-07-21T22:51:40Z
- Projects
- —
- Commodities
- others
March 2025 Quarterly Activities and Cash FlowResults · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2025-04-24-3a666738
- Published UTC
- 2025-04-24T01:53:23Z
- Projects
- —
- Commodities
- others
Half Year Accounts - December 2024Results · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2025-03-04-3a663339
- Published UTC
- 2025-03-04T01:45:17Z
- Projects
- —
- Commodities
- others
Renewal of Research Agreement with UACJ CorporationEconomic Arrangement · MediumPartial
Joint alloy development renewed through January 2026, each party bearing own costs with jointly owned IP; no later renewal established.
- Document ID
- doc-srl-2025-02-14-3a661589
- Published UTC
- 2025-02-13T21:35:00.000Z
- Projects
- syerston
- Commodities
- others
December 2024 Quarterly Activities and Cash FlowResults · MediumPartial
Selected issuer operational and financial pages reviewed; historical observations retained separately from the latest dated balances.
- Document ID
- doc-srl-2025-01-28-3a660389
- Published UTC
- 2025-01-27T23:53:29Z
- Projects
- —
- Commodities
- others
Sunrise Project Execution PlanStudy · MediumPartial
Historical 2020 Sunrise nickel-cobalt PEP, original resource/reserve and economics retained only as historical technical context; no current funded economic case.
- Document ID
- doc-srl-2020-pep
- Published UTC
- 2020-09-27T23:09:55.000Z
- Projects
- sunrise-ni-co
- Commodities
- nickel · cobalt
Evidence facts98
115439000 AUD
2026-06-300 AUD
2026-06-3015000 AUD
2026-06-30113142000 AUD
2026-06-300 AUD
2026-06-30-15171000 AUD
2026-06-30-9764000 AUD
2026-06-30627000 AUD
2026-06-30153850236 shares
2026-06-3048179000 AUD
2026-09-08Mining lease and development consent granted; management plans progressed, power-line relocation and execution approvals remain text
2026-09-080 AUD
2026-06-304619000 AUD
2026-06-30117199000 AUD
2026-03-3147942000 AUD
2025-12-3147965000 AUD
2025-12-310 AUD
2025-12-31220000 AUD
2025-12-31-3810000 AUD
2025-12-31-3577000 AUD
2025-12-316000 AUD
2025-12-31132525504 shares
2025-12-3147942000 AUD
2025-12-3112049000 AUD
2025-09-3010714000 AUD
2025-06-3010167000 AUD
2025-06-300 AUD
2025-06-30224000 AUD
2025-06-30-6206000 AUD
2025-06-30-5579000 AUD
2025-06-309000 AUD
2025-06-30115227404 shares
2025-06-3010714000 AUD
2025-06-304823000 AUD
2025-03-316033000 AUD
2024-12-316172000 AUD
2024-12-310 AUD
2024-12-31280000 AUD
2024-12-31-2726000 AUD
2024-12-31-2756000 AUD
2024-12-314000 AUD
2024-12-3190227498 shares
2024-12-316033000 AUD
2024-12-31172341994 shares
2026-10-12181258594 shares
2026-10-12462500000 AUD
2026-08-1051660000 t
2025-09-09408 ppm
2025-09-0921090 t
2025-09-095100000 t
2025-09-09444 ppm
2025-09-092265 t
2025-09-0940830000 t
2025-09-09410 ppm
2025-09-0916742 t
2025-09-0945930000 t
2025-09-09414 ppm
2025-09-0919007 t
2025-09-095730000 t
2025-09-09364 ppm
2025-09-092082 t
2025-09-092035000 t
2025-09-30644 ppm
2025-09-301311 t
2025-09-30890000000 USD
2026-01-311348484848.4848485 AUD
2026-01-3176 %
2026-01-31120000000 USD
2026-01-3139.21568627450981 t/yr
2026-01-31817020.0 USD/t
2026-01-3132 years
2026-01-3188 %
2026-01-318 %
2026-01-314590000.0 USD/t
2026-01-31Feasibility Study text
2026-03-032026-01-31 date
2026-03-032028-06-30 date
2026-03-03177000000 t
2020-09-280.5282485875706215 %
2020-09-28935000 t
2020-09-28890000 t
2020-09-28177000000 t
2020-09-280.09491525423728814 %
2020-09-28168000 t
2020-09-28150000 t
2020-09-28143200000 t
2020-09-280.59 %
2020-09-28844880.0 t
2020-09-28143200000 t
2020-09-280.1 %
2020-09-28143200.0 t
2020-09-282609000000 AUD
2020-09-281720000000 AUD
2020-09-2815.44 %
2020-09-28open pit text
2020-09-2816.219999 AUD/share
2026-10-13640 USD/kg Sc2O3
2025-12-3160 t/year Sc2O3
2025-12-31Conflicts requiring judgment4
- Conditional Agni expected stake
June15 highlight says approximately18percent whereas transaction detail physicalpage3 says approximately17percent fully diluted. Retain lower body-detail17percent as conditional context; neither is a current measured holding.
- SyerstoninitialcapitalandNPVscope
The August A$450–475m scope replaces the old US$120m scope; no updated consolidated NPV is disclosed. A fresh DCF includes power savings, downstream margin and a separately costed expansion alternative.
- sharesoutstanding
LatestOct12completeAppendix2Asets172,341,994ordinaries; Juneaudited153,850,236retainedashistoricalbalance.
- AgniSAFEpayment/currentownership
June quarter wording and annual accounts do not establish a retained funded shareholding. Model the US$5m future payment once and a contingent SAFE at entry cost in the central case, with 0.3x/2x value alternatives; no current 17% ownership is assumed.