Sunstone Metals Ltd · ASX:STM
Sunstone Metals — Investor Presentation (October 2026)
30 slides from Sunstone Metals's investor presentation, Oct 14, 2026
Slide 1: Advancing Two Multi-Decade Gold-Copper Projects
rsonal use only Advancing Two Multi-Decade Gold-Copper Projects Investor Presentation Patrick Duffy, MD & CEO 14-15 October 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 rsonal use only undertaking, express or implied, is made and, to the maximum extent “forward-looking statements”. A
Slide 3: Our Strategy
Two potential We have the necessary rsonal use only 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 Exploration success, comp
Slide 4: Our Flagship Assets
Our Flagship Assets El Palmar rsonal use only 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 potent
Slide 5: Our Experienced Team
Our Experienced Team BOARD OF DIRECTORS MANAGEMENT TEAM Patrick Duffy Paul Merriner rsonal use only Managing Director & CEO Geology Manager Ex-Red 5, Glencore and Xstrata, Mr Duffy brings international Ex-Red 5, Goldfields and PanAust, Mr Merriner has been involved leadership and capital markets exp
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 rsonal use only • Single national mining department 6 Forms part of the worlds most endowed copper gold belt • 2 world-class operating mines – Fruta del Nort
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) rsonal use only • Mirador Copper Mine (Chinese-owned) Low mining input costs are a competitive advantage • Energy and Labour are both significantly lower than in
Slide 8: Our Commodity Advantage
Our Commodity Advantage Record high gold prices – up 65% in 2025 Strategic demand for tier-1 scale copper assets rsonal use only Regional conflicts, trade restrictions, ST interest rate risks New copper supply coming from difficult jurisdictions Shift towards Gold from USD debasement trade E
Slide 9: Bramaderos
rsonal use only 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) rsonal use only 20 18 Potential to deliver 16 0.9 – 1.7 2 further MRE growth by 14 converting a portion of 12 the Exploration Target through further drilling 3.5 – 9.5 3 10 8 6 4 1 Bramaderos, 6.2 2 0 Mineral Resource
Slide 11: Bramaderos Oct-26 MRE 6.2Moz AuEq
Bramaderos Oct-26 MRE 6.2Moz AuEq Bramaderos Oct-26 Mineral Resource grew 72% to 6.2Moz AuEq1,2 rsonal use only • The cluster of gold-copper porphyry systems at surface now covers an area of 2km x 1.8km Hills in background • Expanded inventory includes Indicated Resources of 3.3Moz AuEq1,2, deriskin
Slide 12: rsonal use only
rsonal use only sunstonemetals.com.au ASX: STM 12 12 12 ASX:STM
Slide 13: Large already, with enormous upside
Large already, with enormous upside Mineralisation at surface, minimal pre- strip, very low strip ratio rsonal use only April-25 Scoping Study1: • Predictable, low-risk porphyry geology • Very low mining strip ratio of 1.4:1 • Straight-forward, multi-decade mining • Material upgrade to recoveries 1
Slide 14: Limon: Epithermal-Porphyry System
rsonal use only Limon: Epithermal-Porphyry System Hills in background 14 ASX:STM Refer ASX announcements 13 December 2022, 9 November 2023, 6 August 2024, 21 August 2024, 24 November 2025
Slide 15: Bramaderos: Low-Risk Development
Bramaderos: Low-Risk Development 1. Predictable, low-risk geology Cluster of gold-copper-silver porphyry systems at surface rsonal use only • current 6.2Moz AuEq Mineral Resource2 including 53% Indicated classification • rapid resource conversion potential for 4.4M – 11.2Moz AuEq Exploration Targe
Slide 16: El Palmar
rsonal use only 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 16 16 16 ASX:STM
Slide 17: El Palmar: Surrounded by Giants
El Palmar: Surrounded by Giants Highly prospective mineralised district related to the rsonal use only 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 • 1B
Slide 18: El Palmar: Uncovering the next Giant
El Palmar: Uncovering the next Giant Significant gold-copper deposit Mineral Resource estimate 1.2Moz AuEq1 rsonal use only • 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
Slide 19: El Palmar: True Tier-1 Scale Potential
El Palmar: True Tier-1 Scale Potential El Palmar strategic advantage to commence as an Open Pit rsonal use only • 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
Slide 20: El Palmar: Targeting the deeper system
El Palmar: Targeting the deeper system EPDD026 grades suggest the T3 system can deliver very high grades rsonal use only Drill core from EPDD026 20 Refer ASX announcements 15 February 2023, 20 June 2023, 11 September 2023 ASX:STM
Slide 21: Mispriced => rerate opportunity
Mispriced => rerate opportunity ASX STM Shares on Issue 284.0M1 rsonal use only Market Capitalisation A$58.2M2 Cash and Equities A$11.6M4 Enterprise value A$46.2M Outstanding options 7.0M5 Share ownership 1 284.0M shares on issue. 2 Based on share price of $0.205 on 13 Oct 2026. 3 Source: Company Pu
Slide 22: 2026/27 Value-accretive catalysts
2026/27 Value-accretive catalysts Current project status Value-accretive catalysts Bramaderos rsonal use only • 6.2Moz AuEq Mineral Resource • Mineral Resource delivered 13 October • 4.4 – 11.2Moz AuEq Exploration Target1 • Drilling: Melonal / Limon Deep target (additional) • Met testwork and enviro
Slide 23: rsonal use only
rsonal use only CALL EMAIL WEB ASX:STM +61 3 7044 2627 info@sunstonemetals.com.au sunstonemetals.com.au
Slide 24: 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. rsonal use only Inaugural Sunstone Sustainability Report released November 2023 • Significant environmental monitoring programs
Slide 25: Resource Overview
Resource Overview Sunstone has an advanced portfolio of exploration projects in Ecuador. The portfolio comprises: 1. The Bramaderos Gold-Copper Project rsonal use only Sunstone owns an 87.5% interest, and SolGold Canada, Inc, now a subsidiary of Jianxi Copper, holding 12.5% (loan carried through to
Slide 26: Resource Overview (continued)
Resource Overview (continued) 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 Acquisition Agreement. A Staged Acquisition Agreement to rsonal use only acquire the n
Slide 27: 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 Ms Emily Henry, an employee of Exora Consulting Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy (MAusIM
Slide 28: Information on Exploration Targets
Information on Exploration Targets Bramaderos The Bramaderos porphyry Exploration Target within the Bramaderos concession is estimated from four areas – the The Copete and Porotillo exploration targets are areas of outcropping porphyry stockwork veining that occur extensions to the Brama-Alba system
Slide 29: 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 30: 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 0.205 284 31-Aug-26 58 (2) 57 7.4 8 Net Debt Source: 3
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