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Australia’s Sunrise Energy Metals has announced it has granted U.S. defense contractor Lockheed Martin an option to purchase up to 15 tonnes of scandium oxide over five years from its Syerston Scandium Project. The agreement marks a significant milestone for both companies as they seek to strengthen critical mineral supply chains between the United States and Australia.
Following the announcement, Sunrise Energy Metals’ shares surged by as much as 15.6%, reaching A$5.49—the company’s strongest trading session since early October. The option, once finalized through binding offtake agreements, would represent about 25% of the project’s total annual scandium production capacity.
Scandium, a critical mineral used in defense, aerospace, and clean energy applications, remains largely sourced from China, Russia, and Ukraine. The U.S. has not produced scandium domestically since 1969, making this partnership a strategic step toward diversifying supply chains and reducing reliance on foreign sources.
Robert Friedland, co-chair of Sunrise Energy Metals, emphasized the broader geopolitical importance of the collaboration, noting that it underscores the U.S.-Australia critical minerals pact recently signed by President Trump and Prime Minister Albanese in Washington. The agreement aims to accelerate the development of secure and sustainable sources for minerals vital to national defense and advanced manufacturing.
Sunrise also stated that testing and qualification work under the agreement will help advance the use of scandium-containing components across Lockheed Martin’s product platforms. The partnership aligns with similar efforts by rare earths miner NioCorp, which is working with Lockheed Martin to develop scandium-aluminum alloys under a Pentagon-funded program.
The deal highlights growing international efforts to secure critical mineral supplies, support defense innovation, and boost Australia’s role as a trusted global supplier of strategic resources.
