Australia’s Sunrise Energy Metals (ASX: SRL) plans to relocate its parent company to the United States through a newly incorporated Delaware company and seek a primary listing on Nasdaq, the company said on Friday.
The new US-based company, Sunrise Energy Metals, Inc., will acquire all Sunrise shares and become the group’s parent company.
The Melbourne-based firm said its primary listing will be on Nasdaq following the scheme implementation and a secondary listing on the ASX will ensue.
The move aligns with a conditional commitment for up to $400 million from the U.S. Department of War for the company’s Syerston Scandium Project in New South Wales, Sunrise said.
The project has its key permits in place and is targeting first production in the first half of 2028, with planned output of about 60 metric tons of scandium oxide a year, according to the company’s 2026 annual report.
Scandium is a critical mineral, whose importance to Western defense and technology sectors has been in the spotlight since main producer China imposed export controls.
Sunrise said the relocation would not change its business, assets, operations or projects, and its directors and senior management are expected to remain in their current roles.
Shares of Sunrise Energy Metals were up 6.9% at A$23.060 earlier in the session.
(Reporting by Aamir Shaik Khalid in Bengaluru; Editing by Subhranshu Sahu)
