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Syerston Scandium Project Mineral Resource Update Robert Friedland, Co-Chairman Sam Riggall, Managing Director September 2025For personal use only
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2 Certain statements in this news release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results, and speak only as of the date of this release. Readers are cautioned that actual results may vary from those presented. All such forward-looking information and statements are based on certain assumptions and analyses made by Sunrise Energy Metals’ management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; changes in commodity prices; delays in financing or project funding; unexpected failure or inadequacy of infrastructure, or delays in the development of infrastructure, and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Readers are cautioned not to place undue reliance on forward-looking information or statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release. The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Stuart Hutchin who is a Member of the Australian Institute of Geoscientists (#5285), and a full-time employee of Mining One Pty Ltd. Mr Hutchin has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hutchin, who is a consultant to the Company, consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Cautionary statementFor personal use only
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Sunrise Energy Metals portfolio 3 •Largest high-grade scandium resource globally •Feasibility study update underway •Markets are strategic – e.g. semiconductors, defense alloys, microelectronic mechanical systems (MEMS) •Strategy is to develop a source of mineable scandium for customers •Prospective copper-gold targets across the Cloncurry district covering 1,000 km2 north-east of Mt Isa •Focus is on the 400km north-south structural corridor hosting Osborne, Starra, Swan and Ernst Henry •Shallow drill program to commence in FY25 Exploration Syerston Scandium Sunrise Nickel-Cobalt •Large, long-life, low-cost resource •Permitted, engineered and development-ready •Market currently flooded with excess Chinese supply (Indonesia / DRC) •Plan is to limit work and preserve options until market conditions improve For personal use only
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4 Syerston Scandium Project For personal use only
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5 Syerston Mineral Resource Estimate •Measured and Indicated Mineral Resource1 materially increases following step out drilling campaign at the Syerston Scandium Project which now comprises, o a global resource of 19,007 tonnes of contained scandium (at a 300 g/t Sc cut-off) at an average grade of 414 g/t (a 98% increase in contained metal, with over 90% of the global resource now in Measured and Indicated categories) o a high-grade resource of 1,155 tonnes of contained scandium (at a 600 g/t Sc cut-off) at an average grade of 665 g/t (a 161% increase in contained metal, with over 99% of the high-grade resource now in Measured and Indicated categories). •Mineralisation extends from surface to 35 metres depth •The high-grade zone of mineralisation at Syerston will form the basis of the Ore Reserve Estimate and mine plan to be used in the Feasibility Study. Syerston Mineral Resource Estimate (JORC 2012) Cut-off Class Mt (dry) Sc (g/t or ppm) Sc (t) Sc2O3 Eq (t)* 300 g/t Sc Measured 5.10 444 2,265 3,466 Indicated 40.83 410 16,742 25,615 M+I 45.93 414 19,007 29,081 Inferred 5.73 364 2,082 3,186 M+I+I 51.66 408 21,090 32,267 600 g/t Sc Measured 0.47 678 317 486 Indicated 1.27 661 838 1,282 M+I 1.74 665 1,155 1,767 Inferred 0.01 627 4 7 M+I+I 1.74 665 1,159 1,774 1. For further details of historically reported Mineral Resource and Ore Reserve Estimates, see the Company’s ASX announcements of, 17 March 2016, 30 August 2016, 28 September 2020 and 5 February 2025 and 9 September 2025 (“Mineral Resource Estimate doubles contained scandium metal at Sunrise Energy Metals’ Australian rare earths deposit ). “The Measured and Indicated Resource has increased substantially as a result of the targeted drilling campaign, proving up additional zones of high-grade mineralisation supporting decades of future production.” Note: Scandium tonnes multiplied by 1.53 to convert to Sc 2O3 For personal use only
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6 •The Syerston Scandium Project is a typical surficial deposit hosted within a Tertiary age lateritic weathered profile. •Enrichment of the metals of economic interest occurred during a secondary process ascribed principally to chemical weathering of the underlying metal rich ultramafic rocks. •During weathering, selective leaching of more soluble elements such as magnesium and silica occurred, leaving a highly iron-enriched laterite residue rich in base and precious metals. •Due to the shallow mineralisation, mine strip ratios will be very low. •Additionally, zones of high-grade scandium can be selectively mined in the early years of operation Geology and Metallurgy Drill hole locations and categorisation of Mineral Resource Estimate at a 300 g/t Sc cut-off For personal use only
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Granted Mining Lease (ML1770) adjacent to excellent road and rail infrastructure Development Consent granted and Environmental Impact Statement approved Water rights secured, electrical connection application submitted Freehold land rights surrounding the project are secured Syerston Scandium Project: location and infrastructure 7 For personal use only
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8 •In July 2024 and March 2025, the Company announced updates to an earlier 2016 Syerston Scandium Project Feasibility Study •The Syerston Project benefits from not only an exceptional resource base, but also a granted Mining Lease adjacent to excellent infrastructure, an approved Development Consent and Environmental Impact Statement, secured freehold land rights, native title clearances and water access rights •The Syerston Feasibility Study is due for completion in late September 2025 and will support the Company’s on-going discussions regarding financing and offtake. Syerston Scandium Project Feasibility Study 1. refer to the Company’s ASX announcements of 9 July 2024 and 7 March 2025 and 9 September 2025 (“Mineral Resource Estimate doubles contained scandium metal at Sunrise Energy Metals’ Australian rare earths deposit ). “The Syerston Scandium Project will bolster the supply of one of the most important rare earth metals at a time when supply disruptions are becoming the norm.” Mr Robert Friedland, Co-Chairman For personal use only
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9 Comparing scandium sources 0% 20% 40% 60% 80% 100% 0 100 200 300 400 500 600 700 800 Sc Recovery Sc Concentration in process feedstock (ppm / mg/L) Comparing Sources of Scandium Feedstock Sunrise Red Mud (Alumina) TiO2 Spent Acid Zircon Sand Waste Waste reprocessing is the major source of scandium today A stand-alone high-grade scandium mine will bring greater market certainty for customers whose major concerns have been concentration of Chinese supply, environmental impacts and supply risk from by-product sources For personal use only
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10 Deliverables Delivered Upcoming Finalise Feasibility Study (3Q25) Offtake discussions (ongoing) Engagement on US Government critical metals programs (ongoing) Progress aluminium alloy development work (ongoing) Granted Mining Lease Environmental Impact Statement completed Water rights secured and pump testing completed Electrical connection application filed for renewable energy supply Metallurgical test work and piloting successfully completed Scandium patents Update Syerston Mineral Resource and Ore Reserve Estimates For personal use only
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11 Scandium market For personal use only
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12 Scandium 101 •Scandium (Sc) is the lightest transition metal and classified as a rare earth element (REE) - it is common in the earth’s crust, but at very low concentrations •It has a potent ability to transform the properties of other elements and compounds, especially in aluminium and in piezoelectric and ferroelectric applications •Scandium has rarely been produced via mining – usually waste reprocessing or as by-product •A lack of diversified supply options, and concerns that production cannot scale fast enough to meet new demand, has limited Sc adoption despite its intrinsic industrial value For personal use only
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13 Global supply •China’s share of global scandium supply exceeds that of almost all strategic metals, including gallium, germanium, silicon and rare earths •China has actively pursued a vertical integration strategy to control supply and pricing into western markets •Higher tech applications require extremely pure refined metal, which can only be sourced from China 0% 20% 40% 60% 80% 100% Refined Metal Primary Global supply by location China Philippines Russia Source: USGS, Mineral Commodity Summaries 2024 – Scandium,and company estimates based on supplier discussions. For personal use only
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1. https://tio2.info/2020/12/30/Asia-s-largest-titanium-dioxide-manufacture-is-trapped-in-an-environmental-vortex-Lomon-Billions-has-been-accused-of-sewage-for-many-years/#google_vignette14 •Most of China's scandium production has come from re- processing of TiO2 pigment waste, which is acidic and usually contains traces of radioactive elements (U, Th) •This feedstock has low concentrations of scandium (c. 10- 20ppm) and is often disposed of by deep-welling, landfill or direct riverine discharge, leaving a significant impact on ground water quality1 •Industry consolidation, government fiscal support and low environmental regulatory oversight has enabled China to control global scandium supply Chinese supply – titanium dioxide pigment waste An example of acidic TiO2 waste sludge after dewatering For personal use only
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15 New trade and export controls on scandium A new US trade landscape US trade policies have rapidly increased the landed cost of scandium in the US: new tariffs on Chinese chemical (Sc2O3 and ScF3) and metal (ingot and powder) imports, plus aluminum- specific tariffs defense contractors to satisfy foreign entity of concern (FEOC) tests US trade controls on transfer of high- tech components and equipment (eg semiconductors) closing trans-shipment loopholes China’s response In April 2025 MOFCOM declared scandium a ‘dual-use item’ under the new Dual Use Items Export Control Regulations (ECR), resulting in: no Sc exports since April a new reporting and notification regime on all Sc exports, which will be enforced extra-territorially prohibitions on US companies and their customers transferring products from any location where those products ‘incorporate, intermingle, or use’ Chinese scandium For personal use only
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16 Sunrise – leadership in the development of Sc end markets For personal use only
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A long history of partnering to develop the Sc market Joint cooperation on development of aluminium- scandium alloys for automotive and aerospace Development of extruded parts for commercial aircraft Market development for aluminium-scandium master alloys Supply and recycling process for scandium- containing 3D printing material Development of scandium-containing alloys for electric buses Jointly develop strong and heatresistant Sc-containing aluminum alloys for transportation parts and equipment High-strength, low-concentration alloy to accelerate adoption in automotive Sc-containing printable welding wire in rocket construction and launch Development of high-Sc alloy for use in 5G/6G telecommunications technologies For personal use only
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Patents Heat treatment of aluminum alloys containing silicon and scandium Fabrication of Sc containing sputtering targets Aluminum-Magnesium-Lithium-Scandium alloys for additive manufacturing High strength aluminum alloy conductor foils for batteries Aluminum alloy welding wire strengthened with scandium A growing patent portfolioFor personal use only
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19 Investment Conclusion For personal use only
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Investment summary 20 High quality asset •A large, high-grade source of mineable scandium, adjacent to excellent infrastructure •Amenable to shallow, low strip mining with decades of expandable resource available Advanced and with low sovereign risk •Piloting and metallurgical test work completed with excellent results •Mining Lease granted, key permits in place and good state government and community support Strategic •Critical in modern semiconductor technologies and 3D printed alloys •Declaration by China of scandium as a 'dual use' item and export controls •The project has a high 'solution-to-cost' ratio for western customers and governments Upside and optionality •Sunrise has almost a decade of investment in scandium development work and partnerships •Alloys present an enormous volume opportunity •The leap from tens to hundreds of tonnes of demand can only be supported by primary mine supply For personal use only
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Investors Craig Sainsbury craig.sainsbury@automiocgroup.com.au Corporate Sam Riggall +61 3 9797 6700 For personal use only