Sunstone Metals (STM) Noosa Mining Conference 2026 summary

Resource Growth and Exploration Updates

• Drilling at Melonal, Copete, and Porotillo is expected to significantly upgrade the resource later this year, with consistent strong results and an exploration target of 1.7–3.5 million ounces in the area.

• Every drill hole in the new area has been fully mineralized from surface to depth, indicating robust resource potential and improved project economics.

• At Bramaderos, both epithermal and deeper porphyry systems are being targeted, with past high-grade results and a new high-conviction hole planned to test for a large copper-gold system.

• El Palmar holds a current resource of 1.2 million ounces, with a much larger exploration target of 15–45 million ounces, and drilling is set to restart soon.

• Updated mineral resource estimates and further drilling campaigns are planned for late 2026.

Project Economics and Valuation

• A recent scoping study outlined a long-life, low-cost project with a 1.4x stripping ratio and no pre-strip required, projecting a $3,000/oz profit margin at current gold prices.

• The resource is expected to grow from 3.6 million ounces to potentially 8–10 million ounces by feasibility study stage, supporting annual production of 300,000–400,000 ounces for at least 20 years.

• Current enterprise value per ounce is AUD 10, compared to a peer range of AUD 30–50, highlighting a significant valuation gap.

• Market capitalization of A$52.5M and enterprise value of A$40.9M as of July 2026.

• Projects are positioned in the lowest cost quartile globally, with Ecuador’s USD-based economy providing inflation protection.

Strategic Direction and Market Context

• Advancing two large, long-life, low-cost gold-copper projects with a focus on value realization and scalable development.

• Positioned in Ecuador, a mining-friendly jurisdiction with low operating costs and strong government support for responsible mining.

• Benefiting from record high gold prices and increasing global copper demand, with a projected 14MMt copper supply shortfall by 2040.

• Backed by a strategic 10% investment from DGR Global, providing funding and technical expertise.

• The company aims to demonstrate a pathway to success similar to Cascabel, with a large open pit opportunity and deeper targets at El Palmar.