Sunrise Energy Metals Limited CEO and Managing Director Sam Riggall announce conditional finance support from Export Finance Australia (EFA) for up to AUD 400 million of debt funding for the Sunrise Battery Materials Complex in New South Wales (Sunrise Project). EFA has advised that it will commence detailed due diligence on the Sunrise Battery Materials Complex. EFA is Australia's export credit agency and provides financial solutions to support Australian exporters through loans, guarantees, bonds and insurance.

EFA also manages the Australian Government's $2 billion Critical Minerals Facility which was established in 2021 to support projects that are aligned with the Australian Government's Critical Minerals Strategy and are otherwise in Australia's national interest. As outlined in EFA's non-binding letter of support, a successful outcome from the EFA assessment and due diligence process is contingent on several conditions including: Satisfactory independent technical review of the Sunrise Project; an acceptable contracting strategy for the engineering, construction and commissioning of the Sunrise Project; Finalising a comprehensive funding plan for the Sunrise Project including equity investment and securing debt funding from other lenders; Meeting eligibility criteria, credit and risk requirements including but not limited to EFA's "know your customer" and anti-bribery requirements and checks; and The Sunrise Project complying with EFA's environmental and social risk policies, including receiving the required regulatory and environmental approvals. Designed to be one of the integrated producers of battery-grade nickel and cobalt sulphate, the Sunrise refinery will support production of up to 25ktpa of nickel and 7ktpa of cobalt, suitable for precursor feedstocks.

The Project also hosts the highest- grade scandium resource. Located adjacent to the Central-West Renewable Energy Zone in New South Wales, the Sunrise Project will source 100% renewable power for its operations and is forecast to be a first quartile nickel cash cost producer. The Project is well positioned to benefit from substantial growth in battery and electric vehicle demand in coming decades as well as delivering a low-cost, low-risk supply chain solution for customers built on Australian resources and Australian technology.