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Highlights
- Sunrise Energy's shares were trading 0.34% higher today (August 5) at AU$2.98 per share at 1.55 PM AEST.
- ASX 200 Materials index was 1.61% higher at 15,686.80 points.
Shares of Sunrise Energy Metals Limited (ASX:SRL) are trading in green today (5 August 2022).
The stock of SRL, which operates in the mining and metals industries, is turning around from lower levels after breaking through an upside-down trend line.
Sunrise Energy's shares were trading 0.34% higher today at AU$2.98 per share at 1.55 PM AEST today. This underperforms ASX 200 Materials index, which was 1.61% higher at 15,686.80 points at 1.57 PM AEST.
It is to be noted that Sunrise shares have grown over 7% in the last five trading sessions.
Why Sunrise shares started falling?
On 22 July 2022, Sunrise Energy shared its quarterly activities report for the period ended 30 June 2022.
Even after providing the positive report, the company's shares fell 4% on the next trading day of the result announcement. This might be because of the other activities in the mining industry.
However, Sunrise shares started picking up the pace after that and have gained almost 30% since then (25 July 2022) and on a YTD basis, Sunrise shares have gained around 65%.
Key takeaways from SRL’s quarterly report
The Sunrise Battery Materials Complex (the "Sunrise Project") has seen an increase in direct interest and involvement as a result of the growing demand for electric vehicles (EVs), geopolitical unpredictability, and the need for battery and auto manufacturing to safeguard supply chains.
Speaking with potential funders about The Sunrise Project's sustainability benefits, such as its use of renewable energy sources and low carbon production, is becoming more and more crucial.
The Macquarie Arc's huge tenement package continued to be explored during the quarter with the goal of better understanding its geological potential.
Image Source: © Pavelshelkovenko | Megapixl.com
The development of scandium alloys is still progressing, with an emphasis on alloys of aluminium that contain scandium and the growing need for scandium in hydrogen electrolysers.
As of 30 June 2022, the company had AU$24.9 million in cash.
The long-lead electrical transmission line (ETL) work scope is still moving forward. Currently, CY22, the application to join the NSW electricity grid, is still being processed.
The National Heavy Vehicle Regulator (NHVR) and the oversized transport route from Port Pirie to Sunrise planning and approvals made progress throughout the quarter. The design and scope of the necessary adjustments to the civil and overhead services along the route for large transport are currently under process and continuous discussions with important road and power authorities.
A total of 58 RC drill holes (out of a 96-hole program that was planned) were finished across the Hylea Project during the quarter.
