Sunrise Energy Metals Limited's CEO and Managing Director Sam Riggall announced completion of the acquisition of the Hylea Project. The Company announced in April 2021 an agreement to acquire the Hylea Project comprising Exploration Licences EL8520, EL8641 and EL8801, located in New South Wales, from Lotus Resources Limited (Lotus) to expand the Company's footprint over additional nickel, cobalt and scandium mineralisation in the highly prospective Lachlan Fold Belt. Completion of the acquisition was subject to the receipt of Ministerial Approval for the transfer of the Hylea Project Exploration Licences. Ministerial Approval has now been received and settlement of the transaction has occurred with the company paying Lotus $1 million in cash and $1.5 million in SRL shares. Concurrent with the approval process, the Company has been undertaking a detailed review of the existing data to map out future exploration plans. The Hylea Project is located approximately 50 kilometres north of the Sunrise Project on the western side of the Lachlan Fold Belt. Its geology exhibits late-stage post-orogenic zoned Alaskan-Ural style intrusives covering an area of some 25 square kilometres and is similar to the Sunrise Project, where the weathered surface expression of the intrusive hosts nickel, cobalt and scandium mineralisation. In 2018 Lotus completed a 54 hole drill program for 3,624 metres that intersected a well-developed laterite profile developed over ultramafic rock types including dunites, pyroxenites and peridotites. While the drilling covered approximately 600 metres of lateral extent, the aeromagnetic signature of the Hylea prospect extends, like Sunrise, over 5 kilometres.