SYDNEY — Shares of Sunrise Energy Metals Ltd rocketed 16.07% on Monday, climbing $2.56 to close at $18.49, after the company secured a conditional $400 million debt financing commitment from the U.S. Department of War to advance its flagship scandium project in New South Wales.

The rally marks one of the sharpest single-day gains yet for the Melbourne-based mineral exploration company, extending a rally that has already made it one of the best-performing stocks on the Australian Securities Exchange over the past year.

The War Department's Office of Strategic Capital announced a $400 million conditional loan commitment to Sunrise Energy Metals to build out the company's scandium operations. The proposed 25-year facility is structured for phased drawdowns tied to milestones and equity contributions, and is intended to fund project expenditures while substantially de-risking development and enhancing capital flexibility.

The deal gives the Department of War a right of first offer on the output of Sunrise's Syerston project, with the scandium produced expected to support demand from U.S. companies, including firms in the defense industrial base. Syerston, located in New South Wales, is designed to produce 60 tonnes of scandium annually and is one of several proposed sources of the metal outside China, though construction has not yet begun.

Sunrise Energy Metals Chairman Robert Friedland, in a statement announcing the commitment, called it a landmark moment for the company and for Australia's mining industry, saying the financing aligns with the goals of the U.S.-Australia Partnership on critical........

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