Australia's Sunrise Energy signs five-year scandium option with Lockheed Martin, shares jump

Oct 24 (Reuters) – Australia's Sunrise Energy Metals said on Friday it has granted U.S. defence contractor Lockheed Martin an option to purchase up to 15 tonnes of scandium oxide produced over five years from its onshore Syerston Scandium Project. Shares of Sunrise were up as much as 15.6% to A$5.49 by 2333 GMT, set for their strongest trading session since early October. Under the agreement, the Australian diversified miner said the option to purchase will be subject to the conclusion of binding offtake agreements between the two parties, with full exercise of the option representing about 25% of the project's annual production capacity. Earlier, rare earths miner NioCorp said it is working with Lockheed to develop a scandium and aluminum alloy for use in military equipment as part of a P