Sunstone Metals Ltd · ASX:STM
Sunstone Metals — Investor Presentation (September 2026)
31 slides from Sunstone Metals's investor presentation, Sep 10, 2026
Slide 1: Advancing Two Multi-Decade Gold-Copper Projects
Advancing Two Multi-Decade Gold-Copper Projects Investor Presentation Patrick Duffy, MD & CEO 9-10 September 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-cost 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 Natural Resource growth, complement scalable deve
Slide 4: Our Flagship Assets
Our Flagship Assets El Palmar Real potential for a world-class asset • Major bulk scale deposit at surface in Northern Ecuador • 1.2Moz AuEq2 Maiden JORC Resource1 from top 450m of the T1 target • 15M – 45Moz AuEq3 JORC Exploration Target1 (in addition to MRE) • Immense growth potential along the co
Slide 5: Our Experienced Team
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 experi
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 6 • 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 •
Slide 7: Ecuador – Our Cost Advantage
Ecuador – Our Cost Advantage Ecuador has two world-class, lowest cost-quartile operating mines 1 • Fruta del Norte Gold Mine (Lundin Gold) • Mirador Copper Mine (Chinese-owned) Low mining input costs are a competitive advantage • Energy and Labour are both significantly lower than in Australia and c
Slide 8: Our Commodity Advantage
Our Commodity Advantage Record high gold prices – up 65% in 2025 Strategic demand for tier-1 scale copper assets Regional conflicts, trade restrictions, ST interest rate risks New copper supply coming from difficult jurisdictions Shift towards Gold from USD debasement trade Electrification d
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: Positioned for rapid growth
Bramaderos: Positioned for rapid growth 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 The Project-wide Total Explor
Slide 11: Bramaderos: Resource to grow rapidly
Bramaderos: Resource to grow rapidly High-tonnage, near-surface Mineral Resource at Brama-Alba-Melonal with depth extensions and nearby targets ready for drilling • Bramaderos 2025 Mineral Resource estimate of 3.6Moz AuEq, complemented Hills in background by an additional Project-wide Total Explorat
Slide 12: Bramaderos: Copete-Porotillo drilling
Bramaderos: Copete-Porotillo drilling New Copete-Porotillo Exploration Target: 1.7 – 3.5 Moz AuEq2 Total Bramaderos Exploration Target: 5.0 – 12.9 Moz AuEq3 • Two rigs drilling to a target depth of 200m’s Hills in background • Campaign will drive rapid inventory growth • All 20 assayed holes to-date
Slide 13: Limon: Epithermal-Porphyry System
Limon: Epithermal-Porphyry System Hills in background 13 ASX:STM Refer ASX announcements 13 December 2022, 9 November 2023, 6 August 2024, 21 August 2024, 24 November 2025
Slide 14: sunstonemetals.com.au ASX: STM 14 14
sunstonemetals.com.au ASX: STM 14 14 14 ASX:STM
Slide 15: Scoping Study Highlights
Scoping Study Highlights1 Mineralisation at surface with minimal pre-strip • Predictable, low-risk porphyry geology • Very low mining strip ratio of 1.4:1 • Based on November 2025 MRE • Resource will continue to grow rapidly with further drilling Material upgrade to recoveries 1-Sep 2 : • Gold 85% -
Slide 16: Bramaderos: Low-Risk Development
Bramaderos: Low-Risk Development 1. Predictable, low-risk geology Cluster of gold-copper-silver porphyry systems at surface • current pit-constrained 3.6Moz AuEq Mineral Resource2 • rapid resource conversion potential for 5.0M – 12.9Moz AuEq Exploration Target1 • mineralisation is consistent and p
Slide 17: El Palmar
El Palmar Pursuing a bulk-scale, low-cost Gold-Copper Tier 1 deposit located on the prodigious copper-rich Toachi Fault sunstonemetals.com.au ASX: STM 17 17 17 ASX:STM
Slide 18: 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 19: 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 • Maiden resource defined from near-surface drilling representing a
Slide 20: El Palmar: True Tier-1 Scale Potential
El Palmar: True Tier-1 Scale Potential 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 grow into a major Au-Cu deposit • Explor
Slide 21: El Palmar: Targeting the deeper system
El Palmar: Targeting the deeper system EPDD026 grades suggest the T3 system can deliver very high grades Drill core from EPDD026 21 Refer ASX announcements 15 February 2023, 20 June 2023, 11 September 2023 ASX:STM
Slide 22: Mispriced => rerate opportunity
Mispriced => rerate opportunity ASX STM Shares on Issue 284.0M1 Market Capitalisation A$56.8M2 Cash and Equities A$11.6M4 Enterprise value A$45.2M Outstanding options 7.0M5 Share ownership 1 284.0M shares on issue. 2 Based on share price of $0.20 on 7 Sept 2026. 3 Source: Company Public MROR Stateme
Slide 23: 2026/27 Value-accretive catalysts
2026/27 Value-accretive catalysts Current project status Value-accretive catalysts Bramaderos • 3.6Moz AuEq Mineral Resource • Upgrade Mineral Resource late 2026 • 5.0 – 12.9Moz AuEq Exploration Target1 • Drilling: Melonal / Limon Deep target (additional) • Met testwork and environmental baseline •
Slide 24: Call Email Web
CALL EMAIL WEB ASX:STM +61 3 7044 2627 info@sunstonemetals.com.au sunstonemetals.com.au
Slide 25: 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 November 2023 • Significant environmental monitoring programs across all proje
Slide 26: 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 27: 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 28: 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 29: Information on Exploration Targets
Information on Exploration Targets Bramaderos On the basis of the extensive surface and sub-surface geochemical datasets at Porotillo and Copete, two The Bramaderos porphyry Exploration Target within the Bramaderos concession is estimated from 5 areas – the domains were identified where there is coh
Slide 30: Information on Exploration Targets (continued)
Information on Exploration Targets (continued) Limon epithermal El Palmar The Limon epithermal Exploration Target was estimated on target prospects where there was a combination of The Exploration Target within the El Palmar concession is estimated from within the T1, T2 and T3 areas. diamond drilli
Slide 31: Peer Comparison Data (page 22)
Peer Comparison Data (page 22) 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 0.200 284 23-Jul-26 57 (12) 45 4.8 9 Net Debt Source:
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