Resources Top 5: Sunrise Energy Metals fills scandium war chest after oversubscribed SPP

• Robert Friedland’s Sunrise chockablock in applications for a $1.5m SPP, taking raise to $7.5m
• EWC has taken a number of key steps toward securing the funding critical to its future development and growth
• Uvre will this week complete the purchase of five prospective New Zealand gold assets

Your standout small cap resources stocks for Tuesday, July 1, 2025

Sunrise Energy Metals (ASX:SRL)

A strongly supported share purchase plan (SPP) has resulted in Sunrise Energy Metals raising $1.5 million, taking the recent capital raising total to $7.5m and filling the company’s war chest to advance its Syerston scandium project in NSW.

In fact, the SPP was so well supported that applications were received for approximately $4m with the company scaling back applications so that eligible applicants will receive 37.52% of the SPP shares and options sought.

The SPP provided eligible shareholders with the opportunity to subscribe for up to $5,000 of SPP shares at 30c per share together with options on a 1-for-1 basis exercisable at 40c and expiring on May 31, 2027.

These were the same price and terms as those offered in the placement which raised $6m.

Sunrise Energy Metals (ASX:SRL) shares reached $1.195, an increase of 48.44% on the June 30 close, and closed at $1.175. 

The combined $7.5m raised under the placement and SPP will primarily be used to accelerate work on the Syerston Scandium Project Feasibility Study, which will review the current capital and operating cost estimates for the project through to production of scandium oxide from the Syerston mine site in central NSW. A $1bn stock during a cobalt boom in 2017, SRL is trading at only $130m today. But it’s worth watching given the presence of Ivanhoe Mines doyen and mining billionaire Robert Friedland as its non-executive co-chair. 

While cobalt and nickel were once its focus, scandium is now the metal on the mind of SRL investors.

“On behalf of the board, I would like to thank our shareholders for their participation in the SPP and acknowledge their ongoing support for the company,” Sunrise’s managing director Sam Riggall said.

“Whilst the company is delighted with the strong support shown by its shareholders, it is also conscious that the targeted size of the offer has meant that shareholders will not receive their full application amount.

“The company looks forward to applying the total funds raised towards advancing its Syerston Scandium Project located in central New South Wales. 

“This project has the potential to become the world’s first source of mineable, high-grade scandium at a time of high uncertainty as to the supply of this increasingly valuable critical mineral due to ongoing global trade tensions.”

Energy World Corporation (ASX:EWC)

After taking a number of key steps toward securing funding critical to its future development and growth, Energy World Corporation (ASX:EWC) surged to a three-year high of 7.5c, an increase of 257.2% on the June 30 close, before closing at 4.8c.

These include a change to its capital structure, subject to shareholder approval at an upcoming general meeting, and a number of changes to its board of directors.

EWC has a strategy to deliver critical energy solutions for the Philippines and Indonesia and has entered into a subscription agreement with Energy World International (EWI) and Slipform Engineering Group, in relation to the US$432 million plus accrued interest owed under a Debt Repayment and Investment Agreement (DRIA).

If approved by shareholders, this will see the conversion of shares in exchange for the full repayment of all debt under the DRIA.

Conversion shares will be issued at 88c, about 44x the current 30-day VWAP of A$0.02, and the estimated conversion amount at completion of US$440.5m would result in around 782.2m shares being issued, which is ~25% of current EWC shares on issue.

This would see the combined EWI/Slipform shareholding increase from 41% to approximately 53%.

The lenders have been instrumental in supporting EWC with the development of its power and LNG related projects, and continue to support the company.

Along with the change in capital structure, a number of board changes have been made, including the resignation of Brian Allen as managing director after 24 years. He is also stepping down as chair.

Alan Jowell has been appointed interim chair effective July 1, 2025, until a permanent chair can be appointed and Edward McCartin has been appointed CEO, also with effect on July 1. 

Allen will continue to work for the company for up to six months and remain on the board as a director.

McCartin brings a vast amount of experience in the LNG and power industries.

In the last 25 years, he has been involved in the financing, construction and operation of power stations in the Philippines, Indonesia and the USA, as well as the development of power stations in Chile, Iceland, India, Kenya, Peru, Thailand, China, Vietnam and the USA. 

“It has been a long journey for the company and its shareholders, and while we still have a way to go before our assets are commercialised, the past nine months have brought transformational changes in strategy and direction,” Jowell said. 

“We believe these changes have set the company on a path toward securing the funding critical to its future development and growth.”

“LNG continues to play a vital role in strengthening South East Asia’s power and energy markets,” new CEO McCartin said.

“Clean natural gas offers a dependable base load power source – available day and night, in all weather – making it the best option for many nations. 

“It not only supports industrial growth and economic development but also provides grid stability for renewable technologies, which are often intermittent. 

“With abundant global supply and growing demand, I believe EWC is well positioned to lead in its markets and to help drive sustainable economic progress in Indonesia and the Philippines.”
l

Uvre (ASX:UVA)

Uvre will this week complete the purchase of five prospective New Zealand gold assets, a move welcomed by investors with shares trading up to 13.5c, a new 12-month high and a 35% increase on the previous close, before closing at 12c.

The company has met final conditions precedent and is set to acquire the Waitekauri, Lottin Point, Roaring Meg, Oturehua and Invincible projects, which cover about 332km2.

This follows confirmation from New Zealand Petroleum & Minerals (NZPAM) stating that the company’s application under Section 41AE of the Crown Minerals Act 1991 for change of control has been granted.

The flagship NZ project is Waitekauri, which is 8km from OceanaGold’s 10Moz Waihi gold mine on the North Island, and the three main exploration prospects sit next to four different 1Moz deposits.

Waitekauri historically produced gold and silver at an average grade of 48g/t and last week, Uvre reported rock chips up to 18.4g/t, paving the way for its first drilling program.

With much of the project being underexplored, Uvre (ASX:UVA) will seek bonanza-grade gold and silver – and potentially a multi-million-ounce resource.

Exploration is ramping up following the rock chip assays from Waitekauri with encouraging sampling results also returned from another brownfield project, Oturehua.

As part of the acquisition, highly successful mining executives Norm Seckold and Peter Nightingale will be appointed to the Uvre board as non-executive directors.

At a general meeting on June 27, shareholders approved the issue of the consideration shares, meaning Uvre can proceed to settlement of the transaction including board changes.

Shareholders also approved Uvre’s $4m equity raising at 8c per share by lead manager Bell Potter, with settlement scheduled to occur on Wednesday, July 2, 2025.

Asian Battery Metals (ASX:AZ9)

As the size of the Oval copper-nickel-PGE discovery continues to grow, Asian Battery Metals believes it may have a camp-scale system on its hands at the Yambat project in Mongolia and investors share the confidence with shares up 22.75% to a daily high of 2.7c, before closing at 2.6c.

Final phase 3 assays from 16 holes totalling 2938.9m have confirmed multiple, high-grade copper-nickel massive sulphide zones at Oval.

Hole OVD036 extended the high-grade zone 130m down-dip of the previous massive sulphide intercept in OVD025 at North Oval after returning 8.7m grading 2.44% copper, 1.52% nickel, 1.4g/t E3 (platinum, palladium and gold) and 0.06% cobalt from 112.8m, including 2m at 3.72% Cu and 3.82% Ni from 113.3m 

Drilling also confirmed the northwest extension of high-grade massive sulphides intersected in holes OVD021 and OVD027 at the Oval with OVD040 returning 6.9m at 3.49% Cu, 3.61% Ni, 0.76g/t E3 and 0.14% Co from 93.5m within 70.2m at 0.65% Cu, 0.65% Ni, 0.18g/t E3 and 0.03% Co from 49m.

Adding further interest, results from OVD038 and OVD039 suggest that semi-continuous mineralisation is present over a strike of more than 800m including the North Oval and Oval gabbroic intrusions.

“These results continue to demonstrate the strength of the mineralised system at Yambat,” Asian Battery Metals (ASX:AZ9) managing director Gan-Ochir Zunduisuren said.

“High-grade zones at Oval and North Oval are now confirmed to extend both at depth and along strike.”

Magmatic Resources (ASX:MAG)

Stage 1 of the purchase by Magmatic Resources of the Weebo gold project in the strongly gold mineralised southern Yandal Greenstone Belt of WA has been completed with the company preparing for its maiden exploration, including aircore drilling.

The project, which totals 136km2 near Leinster, is in the vicinity of five gold projects – Vault Minerals’ (ASX:VAU) Darlot mine, Gold Fields’ Agnew-Lawlers project, Bellevue Gold’s (ASX:BGL) namesake mine and Northern Star Resources’ (ASX:NST) Bronzewing and Thunderbox mines.

Stage 1 covers five exploration licences and a prospecting licence while stage 2 covers the remaining three exploration licences.

The deal saw Magmatic Resources (ASX:MAG) pay in $50,000 cash and 36 million in company shares, valued at $1.44m, with a further 14m shares contingent on milestones. MAG shares were up as much as 8.53% to a daily top of 5.2c and ended the day at 5c.

Weebo hosts some notable walk-up drilling targets, with previous shallow aircore drilling returning hits like 4m at 29.9g/t gold from 8m. 

“Our Western Australian exploration team is already well advanced in designing upcoming exploration programs having spent the past week at all nine tenements,” MAG MD David Richardson said.

“Programs of Work are finalised and upon approval we plan an immediate program of aircore drilling.”

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Uvre, Asian Battery Minerals and Magmatic Resources are Stockhead advertisers, they did not sponsor this article.