The firm, which is focused on its key asset of the CS Pozzolan Perlite project in Nevada, said the project had completed a commercial scale trial for production of horticultural grade expanded perlite with an MOU partner firm as well as for ground natural pozzolan with a large cement company.
READ: Sunrise Resources to gain new shares in VR Resources as preparation begins for drilling at Junction project
Sunrise added that an initial 15-year mine plan had been completed during the year targeting production of up to 100,000 tonnes of perlite and 500,000 tonnes of natural pozzolan, with mine permitting targeting completion in the third quarter of 2019.
Outside of CS, the firm said it had discovered more perlite at its NewPerl project, expanding the claim holding by 250%, while it had also started drilling at the Junction Copper-Silver Gold project, through which it would receive 50,000 further shares in Junction’s operator VR Resources Ltd.
Meanwhile, Sunrise said it had also decided to surrender its Cue Diamond project in Australia, saying its strategy was to focus expenditure on the CS project.
Patrick Cheetham, executive chairman of Sunrise, said that the firm had also seen “a number of positive market developments this year, both for natural pozzolan and perlite”, which had resulted in “a high level of interest in our project from potential customers and the first commercial trials in customers' facilities”.
The company reported a loss before income tax for the year of £786,672 compared to £311,046 last year, while it ended the year with cash and cash equivalents of £235,722.
In late-afternoon trading, Sunrise shares were down 4.1% at 0.12p.