Resources Top 5: SRL’s Syerston scandium turns heads as US EXIM Bank shows interest

• SRL’s strengthens position in ongoing scandium offtake and financing discussions 
• East Coast Research increases SRZ price target by 13.3% to 5.9c
• MTM signs Technology Collaboration Agreement with Ucore Rare Metals

Your standout small cap resources stocks for Tuesday, September 16, 2025

Sunrise Energy Metals (ASX:SRL)

Scandium’s importance as a strategic metal continues to grow in light of China’s export controls on critical minerals, and the Syerston project of Sunrise Energy Metals (ASX:SRL) in central NSW is turning plenty of heads in the Western world and particularly in the US.

Syerston is the world’s largest and highest-grade scandium deposit with 19,000t, a fact recognised by the US Export-Import Bank (EXIM) which has provided SRL with a Letter of Interest for potential financing of up to US$67 million ($103m).

This represents around 50% of the estimated development cost and comes with attractive repayment terms of up to 15 years with SRL climbing 38.81% to $4.65, a new high of seven years. The company’s market cap has grown to approximately $520m.

The potential investment has been welcomed by the company’s co-chair, highly successful global resources player Robert Friedland. 

“This Letter of Interest underscores the importance of scandium to the United States, both as a critical component in wireless communications technologies, and advanced alloys supporting the civilian and defence sectors,” he said. 

“As a key ally of the United States, Australia’s significant endowment of strategic metals positions it to be an important supplier in the future.”

While the LoI represents preliminary interest rather than a final commitment, it significantly strengthens SRL’s position in ongoing offtake and financing discussions.

If Sunrise Energy Metals proceeds with a formal application, EXIM will conduct requisite due diligence to determine if a final lending commitment would be made.

A lending commitment will depend on meeting EXIM’s underwriting criteria, authorisation process and finalisation of agreed terms and conditions that comply with EXIM policies and eligibility requirements.

Syerston has been identified as a candidate for financing for its potential to support development of reliable and secure supply chains for US industry under several EXIM programs, including its Supply Chain Resiliency Initiative and the China Transformational Exports Program. 

SRL has slightly delayed its feasibility study completion to mid-to-late October 2025 to incorporate substantial new metal inventory data and optimise the mine plan, which should enhance project economics rather than indicate challenges.

Stellar Resources (ASX:SRZ)

Stellar Resources (ASX:SRZ) continues to pass milestones as it establishes a derisked path to tin production at its Heemskirk project on Tasmania’s west coast. 

Strong drill hits, including 64m at 0.52% Sn, and a deal to procure a mothballed 900,000tpa processing plant are recent achievements that have seen SRZ reach a three-year high of 2.5c, a lift of 25% on the previous close.

Heemskirk is regarded as the highest-grade undeveloped tin project in Australia and third highest in the world with a resource of 7.48Mt at 1.04% Sn for 77,800t of tin.

Supported by a rising market, there appears to be considerable upside for SRZ as indicated by East Coast Research, which upped its price target by 13.3% to 5.9c two months after initiating coverage.

This follows 10,016m of drilling at Heemskirk, which is down the road from Metals X’s (ASX:MLX) 11,000tpa Renison Bell mine, an operation that supplies close to 4% of global tin metal.

Heemskirk, at a planned run rate of 3000-3500tpa in an updated PFS due next year, would supply around 1% of the market. 

As prices accelerate, even that level of output will unlikely make a dent in demand for the metal, 50% of which is used as solder in electronic circuit boards. Green demand alone will add 20% of annual supply to the demand picture by 2030, ECR analyst Riddhesh Chandwadkar said.

An MoU with Hartree Partners over the conversion of the Avebury nickel plant just 10km from Heemskirk could prove a game changer, according to ECR.

“This re-rating potential is underpinned by SRZ’s delivery of several key milestones, including the completion of over 10,016 metres of drilling at Heemskirk, high-grade depth intersections at Severn that demonstrate clear scope for resource growth and conversion, and the signing of a strategic MOU with Hartree over the Avebury Plant to evaluate access to nearby processing infrastructure,” Chandwadkar said. 

“These achievements not only strengthen the outlook for the upcoming updated MRE and PFS in 2025-26, but also significantly de-risk SRZ’s development pathway and enhance its value proposition as a future capital-efficient tin producer in a market defined by rising demand and constrained global supply.”

Metallium (ASX:MTM)

After taking steps to create a US-based rare earth refining pathway through a Technology Collaboration Agreement with Ucore Rare Metals, Metallium (ASX:MTM) set a new record of $1.14, an improvement of 18.14% on the previous close.

The new collaboration will combine Metallium’s Flash Joule Heating technology with the RapidS-X separation process of North American rare earth element separation company Ucore.

Each party will process the other’s feedstocks, integrating Metallium’s FJH with Ucore’s RapidSX to create the first US pathway for transforming a range of REE feedstocks into separated oxide products.

Metallium’s FJH rapidly upgrades complex feedstocks into clean chloride intermediates, cutting out many of the conventional processing steps including acid roasting and leaching.

These intermediates are directly compatible with Ucore’s US Department of War backed RapidSX, which delivers faster, more efficient separation of individual REE oxides such as neodymium, praseodymium, dysprosium and terbium, all critical inputs for EV motors, wind turbines and defence applications.

Litchfield Minerals (ASX:LMS)

Preparations for a second phase reverse circulation (RC) drilling campaign at the Oonagalabi project in the Northern Territory are well advanced with Litchfield Minerals (ASX:LMS) targeting gold and bismuth as well as sulphides.

Up to 14 RC holes for 3,750m will be drilled at multiple high-priority geophysical and geochemical targets with drilling scheduled to begin later this month.

“Each campaign at Oonagalabi reinforces our view that we are dealing with a system of genuine, potentially world-class scale,” MD Matthew Pustahya said. 

“The key hallmarks are lining up, robust structural architecture, pervasive alteration and mineralisation, credible energy and fluid drivers, strong metal tenor and continuity, and compelling geophysical signatures.

“In our last program we drilled six holes, each roughly spaced 150m apart, and every hole intersected mineralisation.”

“Our Phase 2 RC program is the most comprehensive target testing to date: ~80% of earthworks are complete, six new pads are built and 10 of 14 holes are already permitted.” 

American Uranium (ASX:AMU)

With a resource and interim scoping study for the In Situ Recovery Lo Herma uranium project on its books and buoyed by a big investment from a neighbour in Wyoming, newly renamed American Uranium (ASX:AMU) reached a 12-month high of 23c, a jump of 58.63% on the previous close. 

The company, formerly GTI Energy, is plotting a path to play a key role in domestic nuclear energy ambitions in the US. 

Just last week, cornerstone investor and North American yellowcake power Snow Lake Energy completed its investment in AMU and its near-term, low-cost ISR uranium project to now hold 9.9%.

Snow Lake is a 50/50 JV partner with Global Uranium and Enrichment (ASX:GUE) in the Pine Ridge project adjoining Lo Herma’s northern boundary.

AMU CEO Bruce Lane said the company was delighted that Snow Lake had completed a strategically significant investment as it advanced its own JV project along trend from Lo Herma.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.

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