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SYDNEY — Shares of Sunrise Energy Metals Ltd. rebounded more than 10% on Monday, recovering Friday's losses as investors refocused on its newly approved scandium mine.

Sunrise shares rose A$1.18, or 10.19%, to A$12.76, the session high, after trading as low as A$11.83. About 315,000 shares changed hands, valuing the company at roughly A$2.2 billion.

No price-sensitive announcement was found on Monday.

Friday's drop

The gain recovers a sharp fall. Sunrise shares fell 8.24% on Friday amid broader market weakness and uncertainty over its proposed Nasdaq move.

Mine approved

Sunrise approved the final investment decision for the Syerston Scandium Project on Nov. 2. The company describes it as the world's first major primary scandium mine, with early works underway and first commercial production targeted for the second half of 2028.

The US$322 million (A$458 million) development will process 64,000 tonnes of ore a year to produce 60 tonnes of scandium oxide at more than 99.9% purity over a 32-year mine life.

It is backed by up to US$400 million in conditional U.S. debt funding.

Chairman Robert Friedland said "Syerston has the potential to fundamentally change that dynamic" by providing a secure, long-term source of high-purity scandium.

China factor

The board said Syerston represents a step toward establishing a secure, large-scale and independent source of scandium outside China.

Nasdaq move

Sunrise is also progressing a proposed redomiciliation to the U.S. and Nasdaq listing, with a scheme booklet expected to be distributed to shareholders shortly.

The stock is up about 188% over the past year.