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Consideration for the acquisition is A$1 million cash and $1.5 million in cash or shares.
Lotus, which was formerly known as Hylea Metals, considers the project non-core after acquiring the Kayelekera uranium project in Malawi in 2019.
Hylea sits 50km to the north of Sunrise's US$1.8 billion shovel-ready nickel-cobalt-scandium project.
Sunrise said the 25sq.km project exhibited similar structural geology to the Sunrise project.
The company said previous drilling by Lotus intersected a well-developed at or near-surface laterite and in-situ clay profile developed over ultramafic rock types including dunites, pyroxenites and peridotites.
"Acquisition of the Hylea project is consistent with our strategy to expand our footprint in the highly prospective Lachlan Fold Belt by adding to our already sizeable inventory of nickel and cobalt," Sunrise CEO Sam Riggall said.
"We believe that demand for these metals in coming years will be enormous.
"With enough nickel and cobalt in our current Sunrise resource to support approximately 1.5TWh of cathode capacity, our objective is to continue adding to this resource base in a region that provides safe, sustainable, low-cost supply."
The project is expected to produce enough nickel and cobalt to support the manufacture of one million electric vehicles each year.
The Sunrise laterite also hosts a platinum resource of nearly 1.1 million ounces.
Sunrise has been advancing a partner process for the project.
Resource sector entrepreneur Robert Friedland holds 14.4% of Sunrise and is its co-chairman.
Shares in the company, which were recently consolidated on a 10:1 basis, were up 2.2% to A$2.35. Lotus shares dropped 7.1% to 13c.
