CANBERRA — Australian scandium mine developer Sunrise Energy Metals experienced a 20% surge in its share price in early trading on Monday, August 10, 2026, following news that the company is among the potential recipients of U.S. support for critical mineral projects.

Scandium, a rare earth element, is increasingly difficult to source due to restrictions imposed by China. It is vital for manufacturing solid oxide fuel cells, high-strength metal alloys used in defense and aerospace equipment, and wireless communication chips.

The CEO of Sunrise Energy Metals highlighted the growing challenges in sourcing scandium for chipmakers and defense firms, underscoring the strategic importance of the mineral.

This development reflects broader efforts by the U.S. to secure supply chains for critical minerals amid geopolitical tensions and supply constraints.

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