Sunstone Metals Ltd · ASX:STM
Sunstone Metals — Investor Presentation (February 2026)
30 slides from Sunstone Metals's investor presentation, Feb 12, 2026
Slide 1: Defining Multi Decade Gold-Copper Projects
Defining Multi Decade Gold-Copper Projects Investor Presentation Patrick Duffy, MD & CEO 10 and 12 February 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 With the Our Strategy Gold-Copper Assets 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 Exploratio
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 • President actively encouraging responsible mining • Single national mining department Forms part of the worlds most endowed copper gold belt • 2 world-class operating mines – Fruta del Norte, Mirador • All maj
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 $0.30 $0.74 $0.90 • Mirador Copper Mine (Chinese-owned) US$/litre US$/kWh $0.20 $0.60 Low
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 discovery24:: New discovery New 0.9Moz AuEq was converted from the Exploration Target 113m @ 113m @ 0.64g/
Slide 11: Bramaderos: Our Two Areas of Focus
Bramaderos: Our Two Areas of Focus Brama-Alba: 1.6km long Brama- mineralised porphyry system Alba Limon; just behind hill • Outcropping gold-copper-silver • MRE undertaken by Tier 1 consultant Rob Spiers • Attractive mining metrics ✓ Very low strip ratio ✓ Higher grade domains close to surface • Sig
Slide 12: 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 13: sunstonemetals.com.au ASX: STM 13 13
sunstonemetals.com.au ASX: STM 13 13 13 ASX:STM
Slide 14: 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 • RecentHillshigh-grade in background surface porphyry mineralisation results at Porotillo1 included: • 22m @1.19g/t AuEq (open in each directi
Slide 15: 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) 15 ASX:STM
Slide 16: Bramaderos: Development Optionality
Bramaderos: Development Optionality Bramaderos is a world-class gold and copper discovery with multiple pathways to establishing a large 10M+oz AuEq mining centre in southern Ecuador Stage 1: Stage 3: Establish Brama-Alba- Convert porphyry targets Melonal as a Stage 1 at Playas, Limon Porphyry, deve
Slide 17: El Palmar
El Palmar Defining a bulk-scale, low-cost Gold-Copper Tier 1 deposit 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 • Deep drilling at T3 delivers results such as 251m @ 0.56g/t AuEq c
Slide 20: 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 21: 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 • Evaluating Limon high-grade epithermal options Our • El Palmar surface exploration activities 2. Scalable development Strategy • Bra
Slide 22: Significant room for value appreciation
Significant room for value appreciation ASX STM Cap-raise Shares on Issue 6,795M1 1.9 cents Cap-raise Market Capitalisation A$115.5M2 0.5 cents Cash and Equities A$7.8M3 Enterprise value A$107.7M Outstanding options (in-the-money) 272M5 Share ownership 1 A 30-1 share consolidation has been initiated
Slide 23: Call Email Web
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. Inaugural Sunstone Sustainability Report released 27 November 2023 • Significant environmental monitoring programs across all pr
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 Sunstone owns an 87.5% interest, and SolGold Canada, Inc. (formerly Cornerstone Capital Resources) a subsidiary of SolGold, holding 12.5% (loan carr
Slide 26: 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 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 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 28: 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 domains The Bramaderos porphyry Exploration Target within the Bramaderos concession is estimated from 5 areas – the were identified where there is coh
Slide 29: Information on Exploration Targets (continued)
Information (continued) on Exploration Targets 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 22)
Peer Comparison Data (page 22) Ordinay Fully Mineral ASX Share price Paid Shares Date of Market Cap Enterprise Resource EV/ Ticker Company Name ($/share)* on issue (M) Appendix 2A ($M) Net Debt Value Moz AuEq Oz AUEq Comments STM Sunstone Metals 0.017 6,795 30-Jan-26 116 (9) 107 4.8 22 Net Debt Sour
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