Australia's Sunrise Energy Metals plans US redomicile, primary Nasdaq listing

Oct 2 (Reuters) - Australia's ‌Sunrise Energy Metals ​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.

Here are some more details:

• 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)

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