Sunstone Metals Ltd · ASX:STM
Sunstone Metals — Investor Presentation (April 2026)
29 slides from Sunstone Metals's investor presentation, Apr 16, 2026
Slide 1: Defining Multi Decade Gold-Copper Projects
Defining Multi Decade Gold-Copper Projects Investor Presentation Patrick Duffy, MD & CEO 16 April 2026 sunstonemetals.com.au ASX: STM
Slide 2: Disclaimer
Disclaimer DISCLAIMER FORWARD-LOOKING STATEMENTS To the maximum extent permitted by law, no representation, warranty or This Presentation includes certain statements that may be deemed undertaking, express or implied, is made and, to the maximum extent “forward-looking statements”. All statements in
Slide 3: Our Strategy
Two potential We have the necessary large, long-life, skillsets to execute low-AISC assets Tier 1 projects High Quality Our Strategy Gold-Copper Assets With the Right People Crafting our advantage Prioritise In the Right value Commodities realisation Resource growth, scalable development, Copper Gol
Slide 4: Our Flagship Assets
Our Flagship Assets El Palmar Delivering a world-class asset • Major bulk scale, low-cost gold-copper deposit in Northern Ecuador • 17,799m of drilling defines mineralisation extending over 1,750m deep • 1.2Moz AuEq2 Maiden JORC Resource1 from top 450m of the T1 target • 15M – 45Moz AuEq3 JORC Explo
Slide 5: Our Experienced Team
Beach Our Experienced Team BOARD OF DIRECTORS MANAGEMENT TEAM Patrick Duffy Dr Bruce Rohrlach Managing Director & CEO General Manager - Exploration Ex-Red 5, Glencore and Xstrata, Mr Duffy brings international Ex-WMC, Intrepid and SolGold, Dr Rohrlach has been part of leadership and capital markets
Slide 6: Ecuador – Rich in Gold and Copper
Ecuador – Rich in Gold and Copper Apr-25 President Noboa re-elected for a four-year term • President actively encouraging responsible mining • Single national mining department 6 Forms part of the worlds most endowed copper gold belt • 2 world-class operating mines – Fruta del Norte 1 Mirador 2 • Ma
Slide 7: Ecuador – Our Cost Advantage
Ecuador – Our Cost Advantage Ecuador has two world-class, lowest cost-quartile operating mines Comparable energy prices (Nov 2025)1 $1.15 $1.10 • Fruta del Norte Gold Mine (Lundin Gold) $0.40 $1.03 $0.99 $1.20 • Mirador Copper Mine (Chinese-owned) $0.30 $0.74 $0.90 US$/litre US$/kWh Low mining input
Slide 8: Our Commodity Advantage
Our Commodity Advantage Record high AUD gold prices – up 65% in 2025 Strategic demand for tier-1 scale copper assets Regional conflicts, trade restrictions, shift from USD New copper supply coming from difficult jurisdictions Inflation subsiding, USD rate cuts are imminent Net Zero Transitio
Slide 9: Bramaderos
Bramaderos Cluster of open pit multi-decade development opportunities Located in an ideal mining location sunstonemetals.com.au ASX: STM 9 99 ASX:STM
Slide 10: Bramaderos: The Ideal Project
Bramaderos: The Ideal Project Bramaderos Project, Au-Equivalents (Moz’s) 2 Potential to deliver further MRE growth by converting a portion of 3 the Exploration Target through further drilling 1 New discovery New 113m @ discovery24:: @ 0.64g/t 0.64g/t AuEq AuEq 0.9Moz AuEq was converted from the Expl
Slide 11: Bramaderos: Unlocking Regional-Scale
Bramaderos: Unlocking Regional-Scale High-tonnage, near-surface Mineral Resource at Brama-Alba-Melonal with depth extensions and nearby targets ready for drilling Hills in background 1 • The Bramaderos cluster of gold-copper mineralised bodies at surface now covers an area of 2km x 1.8km • 31% of ma
Slide 12: sunstonemetals.com.au ASX: STM 12 12
sunstonemetals.com.au ASX: STM 12 12 12 ASX:STM
Slide 13: Bramaderos: Copete-Porotillo Target
Bramaderos: Copete-Porotillo Target1 New Copete-Porotillo Exploration Target: 1.7 – 3.5 Moz Au Eq2 Total Bramaderos Exploration Target: 5.0 – 12.9 Moz AuEq3 • Recent high-grade surface porphyry Hills in background mineralisation results at Porotillo1 included: • 22m @1.19g/t AuEq (open in each direc
Slide 14: Limon: High-Grade Epithermal System
Limon: High-Grade Epithermal System Hills in background 1: ~17k m’s of drilling to-date (12k m’s in the Limon epithermal) 14 ASX:STM
Slide 15: Bramaderos: Low-Risk Development
Bramaderos: Low-Risk Development 1. Predictable, low-risk geology Cluster of gold-copper-silver porphyry systems at surface • pit-constrained 3.6Moz Au-Eq Mineral Resource • rapid resource conversion potential for 5.0M – 12.9Moz AuEq Exploration Target • mineralisation is consistent and predictabl
Slide 16: El Palmar
El Palmar Defining a bulk-scale, low-cost Gold-Copper Tier 1 deposit sunstonemetals.com.au ASX: STM 16 16 16 ASX:STM
Slide 17: El Palmar: Surrounded by Giants
El Palmar: Surrounded by Giants Highly prospective mineralised district related to the Toachi Fault Zone Tier 1 regional deposits • 2.7Bt Alpala copper-gold porphyry deposit (0.53% CuEq) at Cascabel • 0.53Bt Tandayama-America copper-gold porphyry deposit (0.36% CuEq) at Cascabel • 1Bt Llurimagua cop
Slide 18: El Palmar: Uncovering the next Giant
El Palmar: Uncovering the next Giant Significant gold-copper deposit Mineral Resource estimate 1.2Moz AeEq1 • Drilling totaling 17,699m completed to date • Three targets defined, with T2 and T3 both extending at depth beyond 1,750m • Deep drilling at T3 delivers results such as 251m @ 0.56g/t AuEq c
Slide 19: El Palmar: True Tier-1 Scale
El Palmar: True Tier-1 Scale El Palmar strategic advantage to commence as an Open Pit • Same scale cross-section comparison with the 3Bt Alpala deposit at Cascabel • Depth to top of the main Alpala orebody is ~700m Immense potential for El Palmar to continue to grow High tonnage, low-cost potential
Slide 20: Our Strategy: 2026 Value realisation catalysts
2026: Value realisation catalysts 1. Resource growth • Drilling at Copete-Porotillo • Targeted drilling at Melonal • Upgrade Bramaderos 3.6Moz Au-Eq Mineral Resource Our • Evaluating Limon high-grade epithermal options • El Palmar surface exploration activities Strategy 2. Scalable development • Bra
Slide 21: Significant room for value appreciation
Significant room for value appreciation ASX STM Cap-raise Shares on Issue 226.8M1 $0.576 Cap-raise Market Capitalisation A$79.4M2 $0.156 Cash and Equities A$7.8M4 Enterprise value A$71.6M Outstanding options (in-the-money) 8.8M5 Share ownership 1 A 30-1 share consolidation was completed in February
Slide 22: Call Email Web
CALL EMAIL WEB ASX:STM +61 3 7044 2627 info@sunstonemetals.com.au sunstonemetals.com.au
Slide 23: Our Community Focus
Our Community Focus Sunstone appreciates the strong community support that it has at its projects and takes its environmental, social and governance issues very seriously. Inaugural Sunstone Sustainability Report released 27 November 2023 • Significant environmental monitoring programs across all pr
Slide 24: Resource Overview
Resource Overview Sunstone has an advanced portfolio of exploration projects in Ecuador. The portfolio comprises: 1. The Bramaderos Gold-Copper Project Sunstone owns an 87.5% interest, and SolGold Canada, Inc. (formerly Cornerstone Capital Resources) a subsidiary of SolGold, holding 12.5% (loan carr
Slide 25: Resource Overview
Resource Overview Sunstone has an advanced portfolio of exploration projects in Ecuador. The portfolio comprises: 2. The El Palmar Gold-Copper Project Sunstone holds 74.5% of the highly prospective 800ha El Palmar gold-copper porphyry project in Ecuador. Sunstone can acquire 100% through a Staged Ac
Slide 26: Competent Person Statement
Competent Person Statement Competent Persons Statement - Bramaderos The information in this report that relates to Mineral Resources is based on information compiled by Mr Rob Spiers. Mr Rob Spiers is a full-time employee of Spiers Geological Consultants (SGC) and is a Member of the Australasian Ins
Slide 27: Information on Exploration Targets
Information on Exploration Targets Bramaderos The Bramaderos porphyry Exploration Target within the Bramaderos concession is estimated from 5 areas – the Two domains were modelled to generate the Copete-Porotillo exploration target to depths of 200m and 400m extensions to the Brama-Alba system that
Slide 28: Information on Exploration Targets (continued)
Information (continued) on Exploration Targets El Palmar The Exploration Target within the El Palmar concession is estimated from within the T1, T2 and T3 areas. The Exploration Target does not include interpreted or known porphyry mineralisation at the T4 and T5 target areas. It was decided to not
Slide 29: Peer Comparison Data (page 21)
Peer Comparison Data (page 21) Ordinay Fully Mineral ASX Share price Paid Shares on Date of Market Cap Enterprise Resource EV/ Ticker Company Name ($/share)* issue (M) Appendix 2A ($M) Net Debt Value Moz AuEq Oz AUEq Comments STM Sunstone Metals 0.350 227 18-Mar-26 79 (8) 72 4.8 15 Net Debt Source: